Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>After rejecting  <a href="https://www.smartkarma.com/entities/gold-fields-ltd" target="_blank" data-smartkarma-citation="entities:25109:1" rel="noopener">Gold Fields (GFI SJ)</a>'s Offer last month, calling terms “low ball and opportunistic”, <a href="https://www.smartkarma.com/entities/gold-road-resources-ltd" target="_blank" data-smartkarma-citation="entities:6698:1" rel="noopener">Gold Road (GOR AU)</a> has done a bang-up job how NOT to underpin that position.</li>
<li>After correcting minor information (on the 4th April) to an Australian Roadshow Investor Presentation, GOR has now retracted details of the underground mining potential at the Gruyere mine.</li>
<li>But don't expect any new developments in this transaction until after <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>'s Scheme vote on the 16th April.</li>
</ul>


After rejecting  Gold Fields (GFI SJ)'s Offer last month, calling terms “low ball and opportunistic”, Gold Road (GOR AU) has done a bang-up job how NOT to underpin that position.
After correcting minor information (on the 4th April) to an Australian Roadshow Investor Presentation, GOR has now retracted details of the underground mining potential at the Gruyere mine.
But don't expect any new developments in this transaction until after De Grey Mining (DEG AU)'s Scheme vote on the 16th April.


Gold Road (GOR AU)'s U-Turn On Gruyere's Underground Mine Estimates

<ul>
<li>
<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> has <a href="https://announcements.asx.com.au/asxpdf/20250324/pdf/06gyn9td9070tr.pdf" target="_blank" rel="noopener">rejected</a> an unsolicited offer from <a href="https://www.smartkarma.com/entities/gold-fields-ltd" target="_blank" data-smartkarma-citation="entities:25109:1" rel="noopener">Gold Fields Ltd (GFI SJ)</a>, </li>
<li>In a bid to secure control over the Gruyere JV mine in WA, Gold Roads offered A$2.27/share, "plus ... Gold Road’s interest in .. <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>."</li>
<li>To spice things up Gold Road countered with a proposal to acquire Gold Fields’ interest in Gruyere, which was also rejected by Gold Fields.</li>
</ul>



Gold Road Resources (GOR AU) has rejected an unsolicited offer from Gold Fields Ltd (GFI SJ), 
In a bid to secure control over the Gruyere JV mine in WA, Gold Roads offered A$2.27/share, "plus ... Gold Road’s interest in .. De Grey Mining (DEG AU)."
To spice things up Gold Road countered with a proposal to acquire Gold Fields’ interest in Gruyere, which was also rejected by Gold Fields.


More Gold Fever: Gold Field's Hostile Tilt For Gold Road

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<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> has rejected a non-binding proposal from <a href="https://www.smartkarma.com/entities/gold-fields-ltd-434088e3-4626-4b0b-a6ec-acfc202c86d8" target="_blank" data-smartkarma-citation="entities:28563:1" rel="noopener">Gold Fields (GFI US)</a>. The offer is A$2.27 plus value per share of Gold Road’s shareholding in De Grey.</li>
<li>The Board has rejected the offer mainly due to opportunistic timing and no value attributed to the potential underground expansion of the Gruyere mine (Gold Road/Gold Fields are JV partners).</li>
<li>The proposal is a logical consolidation to eliminate dis-synergies. The offer is reasonable compared to peer multiples, precedent transactions and historical trading ranges. </li>
</ul>



Gold Road Resources (GOR AU) has rejected a non-binding proposal from Gold Fields (GFI US). The offer is A$2.27 plus value per share of Gold Road’s shareholding in De Grey.
The Board has rejected the offer mainly due to opportunistic timing and no value attributed to the potential underground expansion of the Gruyere mine (Gold Road/Gold Fields are JV partners).
The proposal is a logical consolidation to eliminate dis-synergies. The offer is reasonable compared to peer multiples, precedent transactions and historical trading ranges. 


Gold Road (GOR AU): Rejects an NBIO from Gold Fields (GFI US)

External broker reports(aggregated public sources), Bell Potter Securities

Bell Potter

External broker reports(aggregated public sources)

Bell Potter Securities

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to individuals, institutions and corporations. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Strategic stake in DEG pays off.Northern Star Resources Ltd (NST, Buy, TP$19.55ps) and DeGrey Mining Ltd (DEG, Buy Spec, Val$2.15ps, pre-offer) announced that they had agreed that NST would acquire DEG by Scheme of Arrangement (the Scheme).</li><li>Under the terms of the allscrip Scheme, shareholders would receive 0.119 new NST shares for each DEG share.</li><li>The Scheme requires 75% shareholder approval (meeting expected in April 2025).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strategic stake in DEG pays off.Northern Star Resources Ltd (NST, Buy, TP$19.55ps) and DeGrey Mining Ltd (DEG, Buy Spec, Val$2.15ps, pre-offer) announced that they had agreed that NST would acquire DEG by Scheme of Arrangement (the Scheme).Under the terms of the allscrip Scheme, shareholders would receive 0.119 new NST shares for each DEG share.The Scheme requires 75% shareholder approval (meeting expected in April 2025).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gold Road Resources (GOR): Build Them a Golden Bridge.

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/evolution-mining-ltd" target="_blank" data-smartkarma-citation="entities:18363:1" rel="noopener">Evolution Mining</a>'s stock price has moved higher over the last year as <a href="https://www.smartkarma.com/entities/gold" target="_blank" data-smartkarma-citation="entities:22870:1" rel="noopener">Gold</a> has gone on a big run. The increased market cap should result in a global index inclusion.</li>
<li>
<a href="https://www.smartkarma.com/entities/evolution-mining-ltd" target="_blank" data-smartkarma-citation="entities:18363:1" rel="noopener">Evolution Mining (EVN AU)</a> has performed in line with its peers over the last year and trades in line with the group on most valuation parameters.</li>
<li>Positioning has jumped in <a href="https://www.smartkarma.com/entities/evolution-mining-ltd" target="_blank" data-smartkarma-citation="entities:18363:1" rel="noopener">Evolution Mining (EVN AU)</a> and its peers over the last couple of months. The index inclusion could result in outperformance over the next few weeks.</li>
</ul>



Evolution Mining's stock price has moved higher over the last year as Gold has gone on a big run. The increased market cap should result in a global index inclusion.

Evolution Mining (EVN AU) has performed in line with its peers over the last year and trades in line with the group on most valuation parameters.
Positioning has jumped in Evolution Mining (EVN AU) and its peers over the last couple of months. The index inclusion could result in outperformance over the next few weeks.


Evolution Mining (EVN AU): Global Index Inclusion in May as Gold Rallies

Australia

Gold Road Resources Limited operates as a mineral exploration and production company. The Company focuses on its Yamarna Gold Project located east of Laverton, Western Australia.

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Gold Road Resources (GOR AU)

Gold Road (GOR AU)'s U-Turn On Gruyere's Underground Mine Estimates

Trading ~2.8% adrift of the NBIO terms.There's probably limited fallout from retracting the underground mine figures. I still expect Gold Fields to...

David Blennerhassett

More Gold Fever: Gold Field's Hostile Tilt For Gold Road

Gold Road had a solid pop on the bell. Gold Fields has the clout to go higher. This is probably going higher. Gold Road needs to set the record...

David Blennerhassett

Gold Road (GOR AU): Rejects an NBIO from Gold Fields (GFI US)

The proposal is a logical consolidation to eliminate dis-synergies. The offer, while not a knockout bid, is reasonable. The offer disclosure will...

Arun George

Gold Road Resources (GOR): Build Them a Golden Bridge.

Under the terms of the allscrip Scheme, shareholders would receive 0.119 new NST shares for each DEG share. The Scheme requires 75% shareholder...

Bell Potter

Evolution Mining (EVN AU): Global Index Inclusion in May as Gold Rallies

The rally in gold has led to a huge mkt cap increase for EVN - that should lead to a global index inclusion. Valuations are in line with peers and...

Brian Freitas

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