Australian gold miner Genesis Minerals to buy Magnetic Resources for $452 million (updated)

Magnetic Resources NL

15/02/2026 22:15

Genesis offers A$2.0 apiece to Magnetic shareholders

Offer represents 25% premium to stock's last close

Magnetic shares hit record high of A$2.00

Genesis shares up 5.4%

Updates with details, background and share moves

Feb 16 (Reuters) - Australian gold miner Genesis Minerals GMD.AX said on Monday it will acquire Magnetic Resources MAU.AX, a mid-tier gold developer, for an implied equity value of about A$639 million ($451.65 million).

Genesis Minerals is offering Magnetic shareholders A$1.40 per share in cash and 0.0873 new fully paid Genesis share for each Magnetic share, implying a total offer price of A$2.00 per share. That values Magnetic at a 25% premium to its last closing price.

Shares of Magnetic Resources surged 25% to an all-time high of A$2.00, matching the offer price. Genesis Minerals' shares jumped as much as 5.4%.

The board of Magnetic Resources has unanimously recommended that its shareholders vote in favour of the acquisition.

If the deal goes through, Genesis will acquire Magnetic's flagship Lady Julie gold project, which had an estimated combined mineral resource of 2.24 million ounces, as of January 2026.

"Exchanging Magnetic shares for Genesis shares will enable Magnetic shareholders to retain exposure to Lady Julie with the benefit of Genesis ... diversified operating cash flow and robust balance sheet," Magnetic Managing Director George Sakalidis said.

Genesis said the Lady Julie project adjoins its recently acquired Laverton Gold project in Western Australia, "meaning there is scope for substantial synergies and cost savings".

($1 = 1.4148 Australian dollars)

 (Reporting by Anjali Singh in Bengaluru; Editing by Chris Reese, Edmund Klamann and Sherry Jacob-Phillips)

 ((anjali.singh2@thomsonreuters.com;))