All tagged Doray Minerals ASX:DRM
Doray Minerals Limited (ASX: DRM) Chairman Julius Matthys reiterated his Board’s support for the Scheme of Arrangement with Silver Lake Resources Limited (ASX: SLR) prior to the vote today by shareholders (carried 99.19% of votes in favour) and option holders (carried 100% of votes in favour) at Scheme Meetings in Perth.
Pending Supreme Court of Western Australia approval of the Scheme of Arrangement, Silver Lake Resources will acquire all issued ordinary shares in Doray Minerals. Mr Matthys said the merger would create an enlarged group which would have two strongly performing gold operations in Western Australia and a balance sheet that would enable the group to extract maximum value from the combined assets and pursue a committed growth strategy.
Next Friday, Doray Minerals shareholders will be asked to approve a merger with Silver Lake Resources to create a $600 million, two-mine ASX-listed gold producer with pro-forma production of 240,000 ounces a year and a resource base of 4.6 million ounces. This merger of two Perth-based companies is the biggest response yet by ASX-listed stocks to global investor interest in industry consolidation.
The largest shareholder of Doray Minerals (ASX: DRM) has thrown its significant support behind the Perth-based gold miner's $609 million scrip merger with Silver Lake Resources (ASX: SLR). Perennial Value Management has told Doray it intends to vote its 12.94% stake in favour of the merger at next week's scheme meeting. Investor feedback since Doray and Silver Lake announced their merger plan in November has been overwhelmingly positive. It comes at a time when the market is looking for consolidation in the gold sector. A merged Doray-Silver Lake will have annual production of about 240,000 ounces and about $116 million in cash and equivalents. Doray's shares have risen from 36c to 49c since the merger was announced. Silver Lake has experienced a similar share price appreciation.
Doray Minerals (ASX: DRM) has announced results from recent surface reverse circulation (RC) drilling focused on testing several near-mine exploration targets at its Deflector Gold Copper Mine, which have reaffirmed the untapped potential of the operation. The results continue to show the high-grade prospectivity of Deflector and the potential for additional discoveries.
Riding on the back of successful events last year, the Investor Insight Rooftop Series has returned to Bob’s Bar in 2019 with another diverse trio of guest speakers putting their companies on display.
Doray Minerals (ASX: DRM) has shelved plans to sell its non-core Andy Well and Gnaweeda gold projects to Westgold Resources (ASX: WGX) by mutual agreement. Doray said the two projects would be re-evaluated once its merger with Silver Lake was complete. Doray shareholders are due to vote on the scrip merger, via a scheme of arrangement, on March 22.
Doray Minerals' (ASX: DRM) scrip merger with Silver Lake Resources (ASX: SLR) to create a leading growth-focused $500 million ASX gold producer has received the tick of approval from an independent expert, who ruled the proposal fair and reasonable and in the best interest of Doray shareholders. Doray shareholders will be asked to vote on the scheme of arrangement merger at a meeting in Perth on 22 March. The merger will create a multi-asset producer with annualised output of 240,000 ounces of gold equivalent.
The expert panel at this week’s WA Mining Club lunch in Perth were suitably cautious about the mining sector’s fortunes for 2019 after being overly optimistic at the start of last year.
Doray Minerals (ASX: DRM) says a solid quarter of operations at its flagship Deflector gold-copper mine has it perfectly placed to meet the full-year guidance of 80,000 to 85,000oz of gold at all-in sustaining costs of $1050 to $1150/oz. Impressively, Doray also said it was on track to fully repay all debts by the end of June. Releasing its December quarter activities report this morning, Doray said Deflector had produced 18,944oz and 660 tonnes of copper during the three-month period, at AISC of $1354/oz, in line with Doray's first-half budget and on track for the full-year targets. Doray also said work on an agreed merger with Silver Lake Resources (ASX: SLR), which was launched during the quarter, was on track for the scheme booklet to be mailed to shareholders my the middle of next month.
Doray Minerals (ASX: DRM) has delivered shareholders an early Christmas present with the signing of a binding term sheet to divest the non-core Andy Well and Gnaweeda gold projects to Westgold Resources (ASX: WGX) for $15 million in cash and shares. The deal replaces an earlier announcement arrangement with Canadian group Galane, which has been terminated. Doray expects completion of the deal with Westgold to be completed in February. The proposed deal has no impact on Doray’s agreed merger with Silver Lake Resources (ASX: SLR).