11.7647 newly issued First Au shares for each Javelin Minerals share is the exchange ratio on an all-scrip, off-market takeover that would merge the two companies' gold portfolios in Western Australia's Eastern Goldfields. Should First Au complete a proposed 20:1 capital consolidation, that ratio adjusts to 0.5882 First Au shares per Javelin share. At those terms, Javelin shareholders would hold approximately 48.7% of the enlarged group, with existing First Au shareholders retaining 51.3%.
| Metric | Value |
|---|---|
| Exchange ratio, pre-consolidation | 11.7647 First Au shares per Javelin share |
| Exchange ratio, post 20:1 consolidation | 0.5882 First Au shares per Javelin share |
| Javelin pro-forma ownership | ~48.7% |
| First Au pro-forma ownership | ~51.3% |
| Combined reported mineral resources | ~350,600oz Au |
| Minimum acceptance threshold | 50.1% of Javelin shares |
Combined asset base
First Au brings Riverina East and Gimlet to the combined group; Javelin contributes Eureka and Coogee. All four projects sit near Kalgoorlie in the Eastern Goldfields. The brownfield sites together carry total reported mineral resources of approximately 350,600oz of gold.
Daniel Raihani, First Au's executive chairman, placed Gimlet, Eureka, and Coogee at the core of the combined resource count (over 350,000oz in his framing) and pointed to Riverina East's exploration upside as the added lever. He argued the merged platform delivers a stronger foundation for value creation than either company could build independently, citing experienced management teams and aligned shareholder bases across both sides of the combination.
Deal conditions
A binding takeover implementation deed is in place. Javelin's board has unanimously recommended acceptance, conditional on no superior proposal emerging and a favorable independent expert assessment. Minimum acceptance from 50.1% of Javelin shareholders is required, along with other regulatory and operational conditions.
Javelin shareholders located outside Australia and its territories will not receive scrip directly. A nominee will sell their newly issued First Au shares and forward the net proceeds to those shareholders.
Hamilton Locke is advising First Au on legal matters. Steinepreis Paganin is acting for Javelin Minerals.