Aureka shareholders have backed the proposed acquisition of the Fiddlers Creek Gold Mine and Wedderburn Gold Processing Mill with 51.6 million votes in favour and just five against. Completion is expected around 30 October, subject to remaining transaction conditions.
- 51,600,283 votes supported the HGH acquisition, with five against
- All four meeting resolutions passed with at least 99.98% support
- Aureka will pay $2.5 million cash and issue up to 53.3 million consideration shares
- Completion is expected around 30 October 2026
- The deal would move Aureka from explorer to integrated Victorian gold producer
Shareholders Approve Fiddlers Creek and Wedderburn Acquisition
Aureka Limited (ASX:AKA) has cleared the most visible hurdle in its move into gold production, with shareholders approving the acquisition of High Grade Holdings Pty Ltd, owner of the producing Fiddlers Creek Gold Mine and Wedderburn Gold Processing Mill.
The vote was close to unanimous: 51,600,283 votes supported the acquisition resolution and just five opposed it. The result completes the shareholder-approval stage of the transaction outlined in the Fiddlers Creek mine deal, which had remained conditional ahead of the 23 October meeting.
Consideration Shares and Placement Also Approved
Investors also approved the issue of up to 53,333,334 consideration shares to HGH shareholders, as well as the ratification of Tranche 1 placement shares and the issue of 10,625,000 Tranche 2 placement shares. Each of the four resolutions passed with at least 99.98% of votes cast in favour, although abstentions were excluded from the poll majority calculations.
Under the proposed transaction, Aureka will pay $2.5 million in cash and issue the consideration shares at a deemed price of $0.12 each. Shares issued to HGH holders with at least 10% of the target company will be subject to 12 months of voluntary escrow. The Tranche 2 placement shares are expected to be issued within five business days of the meeting.
Completion Would Add Operating Mine and Processing Mill
Completion is expected on or around 30 October 2026, but the acquisition has not yet closed. The company said remaining conditions under the Share Sale Agreement must still be satisfied or waived before the transaction completes.
If it does close, Aureka would own both the Fiddlers Creek underground gold and silver mine, which restarted production in 2025, and the Wedderburn mill, described as one of a limited number of gold processing facilities in Victoria. Aureka says the mill currently processes Fiddlers Creek ore and has stated spare capacity, creating a proposed operating base for its wider Victorian portfolio.
Integrated Portfolio Brings Production Alongside Exploration
Aureka’s pro-forma portfolio is stated to contain approximately 455,000 ounces of inferred JORC Mineral Resources, including 398,000 ounces at Irvine and 56,000 ounces at the St Arnaud Comstock project. Those figures are presented on the assumption that the mine and mill acquisition completes; they do not, by themselves, establish future production levels or project economics.
Managing director James Gurry described the vote as an endorsement of Aureka’s strategy to transition from explorer to producer. Marcus Binks, nominated by HGH, is expected to join the board as a non-executive director around 1 December, adding another transaction-dependent step for the company to execute after completion.
Bottom Line?
The shareholder vote is decisive, but the investment story now turns from approval to execution: closing the deal, issuing the shares and demonstrating that the mine and mill can deliver the promised operating platform.
Questions in the middle?
- Will the remaining Share Sale Agreement conditions be satisfied in time for the expected 30 October completion?
- How consistently can Fiddlers Creek supply ore to the Wedderburn mill after the transaction closes?
- What production, cash-flow and capital requirements will emerge once Aureka reports as an operating producer?