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<ul>
  <li>
<a href="https://smartkarma.com/entities/apollo-consolidated-ltd">Apollo Consolidated</a> was a Western Australian-based gold exploration company whose primary asset was the Lake Rebecca Gold Project, located 150km east of Kalgoorlie.</li>
  <li>In late 2021, the company became the subject of a bidding war between Ramelius Resources and Gold Road Resources, culminating in a successful takeover by Ramelius Resources.</li>
  <li>The company was officially delisted from the Australian Securities Exchange (ASX) on December 16, 2021, following the compulsory acquisition of all remaining shares by Ramelius.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Apollo Consolidated was a Western Australian-based gold exploration company whose primary asset was the Lake Rebecca Gold Project, located 150km east of Kalgoorlie.
  In late 2021, the company became the subject of a bidding war between Ramelius Resources and Gold Road Resources, culminating in a successful takeover by Ramelius Resources.
  The company was officially delisted from the Australian Securities Exchange (ASX) on December 16, 2021, following the compulsory acquisition of all remaining shares by Ramelius.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Apollo Consolidated (AOP AU) - Aug 2026

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 20 March, gold play <strong><a href="https://www.smartkarma.com/entities/breaker-resources-nl" target="_blank" data-smartkarma-citation="entities:19210:1" rel="noopener">Breaker Resources Nl (BRB AU)</a></strong> announced a Offer from <strong><a href="https://www.smartkarma.com/entities/ramelius-resources-ltd" target="_blank" data-smartkarma-citation="entities:5968:1" rel="noopener">Ramelius Resources (RMS AU)</a></strong> of 1 RMS for every 2.82 BRB shares. </li>
<li>The all-scrip takeover Offer backs out an implied Offer price of A$0.403/share or a 38.9% premium to last close.</li>
<li>The Offer is conditional on 50.1% tendering with 19.92% of shares out supportive. The first close is the 1 May. </li>
</ul>


On the 20 March, gold play Breaker Resources Nl (BRB AU) announced a Offer from Ramelius Resources (RMS AU) of 1 RMS for every 2.82 BRB shares. 
The all-scrip takeover Offer backs out an implied Offer price of A$0.403/share or a 38.9% premium to last close.
The Offer is conditional on 50.1% tendering with 19.92% of shares out supportive. The first close is the 1 May. 


<ul>
<li>
<strong><a href="https://www.smartkarma.com/entities/dgo-gold-ltd" target="_blank" data-smartkarma-citation="entities:8312:1" rel="noopener">DGO Gold Ltd (DGO AU)</a></strong>'s board has recommended <a href="https://www.smartkarma.com/entities/gold-road-resources-ltd" target="_blank" data-smartkarma-citation="entities:6698:1" rel="noopener"><strong>Gold Road Resources (GOR AU</strong>)</a>'s all-scrip off-market Offer.</li>
<li>The indicative Ofer price is a 28% premium to last close. A key condition is  80% minimum acceptance by DGO shareholders. </li>
<li>A successful Offer would give the Gruyere gold mine owner a foothold in <strong><a href="https://www.smartkarma.com/entities/de-grey-mining-ltd" target="_blank" data-smartkarma-citation="entities:6192:1" rel="noopener">De Grey Mining (DEG AU)</a></strong>'s world-class Hemi Gold Discovery.</li>
</ul>



DGO Gold Ltd (DGO AU)'s board has recommended Gold Road Resources (GOR AU)'s all-scrip off-market Offer.
The indicative Ofer price is a 28% premium to last close. A key condition is  80% minimum acceptance by DGO shareholders. 
A successful Offer would give the Gruyere gold mine owner a foothold in De Grey Mining (DEG AU)'s world-class Hemi Gold Discovery.


<div>
<p>Back on the 18th October, gold miner <a href="https://www.smartkarma.com/entities/ramelius-resources-ltd" target="_blank" data-smartkarma-citation="entities:5968:1" rel="noopener">Ramelius Resources (RMS AU)</a> made a <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02436827-6A1056350?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">recommended takeover offer</a> for <a href="https://www.smartkarma.com/entities/apollo-consolidated-ltd" target="_blank" data-smartkarma-citation="entities:10021:1" rel="noopener">Apollo Consolidated (AOP AU)</a>, by way of cash and scrip, at A$0.56/share, a 27% premium to Apollo's 3-day VWAP. Apollo shareholders would receive 0.1375 Ramelius shares plus cash of $0.34 for every Apollo share held, in a roughly 39%/61% scrip/cash split. The Offer had the unanimous backing of Apollo's board, and Apollo directors holding 13.7% of shares out would tender their shares into the Offer. The Offer was conditional on 90% minimum acceptance by Apollo shareholders.</p>
</div>
<div>
<p>This looked like a done deal.</p>
<p>Then on the 21 October <a href="https://www.smartkarma.com/entities/gold-road-resources-ltd" target="_blank" data-smartkarma-citation="entities:6698:1" rel="noopener">Gold Road Resources (GOR AU)</a> made an unconditional off-market all-cash Offer  - <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02438747-6A1057185?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">at A$0.56/share</a>. Gold Road, holding 19.9% at the time of the announcement, also stood in the market at $0.56/share. </p>
<p>Yesterday, Ramelius bumped its Offer to <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02445673-2A1335292?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">A$0.62/share</a> comprising $0.34/share in cash plus 0.1778 Ramelius shares for Apollo shares. Ramelius also secured binding agreements to acquire a 19.9% shareholding in Apollo from Apollo’s board and Apollo’s second-largest shareholder.</p>
<p>The Bidder's Statement has been <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02446051-6A1060474?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">dispatched</a>, with a first closing date is on the 3 December. </p>
<p>The Offer is unconditional.</p>
<p>More below the fold.</p>
</div>


Back on the 18th October, gold miner Ramelius Resources (RMS AU) made a recommended takeover offer for Apollo Consolidated (AOP AU), by way of cash and scrip, at A$0.56/share, a 27% premium to Apollo's 3-day VWAP. Apollo shareholders would receive 0.1375 Ramelius shares plus cash of $0.34 for every Apollo share held, in a roughly 39%/61% scrip/cash split. The Offer had the unanimous backing of Apollo's board, and Apollo directors holding 13.7% of shares out would tender their shares into the Offer. The Offer was conditional on 90% minimum acceptance by Apollo shareholders.


This looked like a done deal.
Then on the 21 October Gold Road Resources (GOR AU) made an unconditional off-market all-cash Offer  - at A$0.56/share. Gold Road, holding 19.9% at the time of the announcement, also stood in the market at $0.56/share. 
Yesterday, Ramelius bumped its Offer to A$0.62/share comprising $0.34/share in cash plus 0.1778 Ramelius shares for Apollo shares. Ramelius also secured binding agreements to acquire a 19.9% shareholding in Apollo from Apollo’s board and Apollo’s second-largest shareholder.
The Bidder's Statement has been dispatched, with a first closing date is on the 3 December. 
The Offer is unconditional.
More below the fold.


Apollo (AOP AU)'s Shares Trading Through Ramelius' Revised Offer

<div>
<p><a href="https://www.smartkarma.com/entities/ramelius-resources-ltd" target="_blank" data-smartkarma-citation="entities:5968:1" rel="noopener">Ramelius Resources (RMS AU)</a> has made a <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02436827-6A1056350?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">recommended takeover offer</a> for <a href="https://www.smartkarma.com/entities/apollo-consolidated-ltd" target="_blank" data-smartkarma-citation="entities:10021:1" rel="noopener">Apollo Consolidated (AOP AU)</a>, by way of cash and scrip, at A$0.56/share, a 27% premium to Apollo's 3-day VWAP.</p>
</div>
<div>
<p>Apollo shareholders will receive 0.1375 Ramelius shares for every Apollo share held plus cash of $0.34 for each Apollo share, in a roughly 39%/61% scrip/cash split.</p>
</div>
<div>
<p>The Offer has the unanimous backing of Apollo's board and Apollo directors holding 13.7% of shares out will tender their shares into the Offer. The Offer is conditional on 90% minimum acceptance by Apollo shareholders.</p>
</div>
<div>
<p>This looks like a done deal.</p>
<p>The Apollo transaction roughly mirrors the deal structure of Ramelius' successful takeover of <a href="https://www.smartkarma.com/entities/spectrum-metals-ltd" target="_blank" data-smartkarma-citation="entities:2237:1" rel="noopener">Spectrum Metals (SPX AU)</a> last year and discussed in<em><a href="https://skr.ma/NUcy1" target="_blank" rel="noopener"> Spectrum Metals: Inside Ramelius' Wheelhouse</a></em>.</p>
</div>


Ramelius Resources (RMS AU) has made a recommended takeover offer for Apollo Consolidated (AOP AU), by way of cash and scrip, at A$0.56/share, a 27% premium to Apollo's 3-day VWAP.


Apollo shareholders will receive 0.1375 Ramelius shares for every Apollo share held plus cash of $0.34 for each Apollo share, in a roughly 39%/61% scrip/cash split.


The Offer has the unanimous backing of Apollo's board and Apollo directors holding 13.7% of shares out will tender their shares into the Offer. The Offer is conditional on 90% minimum acceptance by Apollo shareholders.


This looks like a done deal.
The Apollo transaction roughly mirrors the deal structure of Ramelius' successful takeover of Spectrum Metals (SPX AU) last year and discussed in Spectrum Metals: Inside Ramelius' Wheelhouse.


Ramelius (RMS AU) Adds Apollo To Its Portfolio

Australia

Apollo Consolidated Limited is a gold and base metals exploration and development company. The Company business focus is in West Africa particular the country of Cote d'Ivoire. Apollo based in Perth, Western Australia.

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Apollo Consolidated (AOP AU)

Primer: Apollo Consolidated (AOP AU) - Aug 2026

Apollo Consolidated was a Western Australian-based gold exploration company whose primary asset was the Lake Rebecca Gold Project, located...

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Trading at a 1.3%/9% gross/annualised spread, assuming late May settlement. This is a long GOR, short DGO trade. I'm hearing borrow of ~25bps.

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Apollo (AOP AU)'s Shares Trading Through Ramelius' Revised Offer

I think Gold Road may reload - but the Ramelius' Offer price is already a 91.5% premium to the six-month undisturbed VWAP. I question how much...

David Blennerhassett

Ramelius (RMS AU) Adds Apollo To Its Portfolio

Trading at a gross spread of 7.2% - similar to the gross spread at the time of Ramelius' Offer for Spectrum last year. I expect the deal to get...

David Blennerhassett

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