End of FY23 Monday Morning M & A

It’s been a busy start to the ASX on the last Monday of the 2023 Financial Year.

Heading off the big names on the list are Perenti Limited. The mining services group, has snapped up ASX listed drilling contractor DDH1.

DDH1 Rig in Operation – Via LinkedIn


According to Managing Director and CEO of Perenti Mark Norwell, this is the next step for Perenti, who also have BTP, Ausdrill and Barminco in their stable

“This is a compelling transaction that represents an exciting next step in delivering on Perenti’s purpose, to create enduring value and certainty, by building a portfolio of complementary high quality businesses. Perenti has a long history in drilling from its Ausdrill heritage and Barminco Diamond Drilling business and understands the attractiveness of the market. Norwell said.

While Northern Star Resources also announced to the market this morning an expansion to their portfolio by aquiring the Millrose Gold Project, from Strickland Resources Ltd. The location of the Millrose Gold Project is within a 40km distance of Northern Star`s Jundee operations. The asset adds a published Mineral Resource of 346koz gold at a grade of 1.80g/t. Stuart Tonkin, Northern Star Resources Managing Director said of the deal “This bolt-on acquisition, which also comes with significant brownfields exploration upside, will provide us with further confidence to plan organic and profitable growth for Jundee, which already is the lowest cost asset in our tier-1 portfolio.”

The take over of Musgrave Minerals by Westgold Resources has also been active on the market this morning. Musgrave has advised its shareholders to reject the offer and you take no actions. The offer was that Westgold all scrip offer of 1 Westgold share for every 5.37 Musgrave shares. Shareholders were provided with five reasons that the board considered the offer was not in the best interests.