Resources Top 5: West African gold M&A heats up as Perseus raises the stakes for Predictive
Perseus has raised the stakes in the race for Predictive, while GRE’s raise lands strongly and ACS delivers the day’s biggest shock.
Your standout small cap resources stocks for Wednesday, December 3, 2025.
- Perseus makes better offer for Predictive Discovery but Robex has time to respond
- GRE raises $5.2 million in strongly supported placement
- ACS increases 361.54% before trade is halted due to an ASX price query
Predictive Discovery (ASX:PDI)
The poker game to secure bigger shares of West Africa’s gold riches has intensified with two head-turning M&A moves made among the region’s players in successive days.
Trumping a previous bid by Robex Resources (ASX:RXR), Perseus Mining (ASX:PRU) has today made an all-scrip bid to scoop up the rest of Predictive Discovery (ASX:PDI), offering 0.136 PRU shares per PDI share.
The PRU proposal values each PDI share at 77.8c, representing a 34.8% premium to the 10-day VWAP of PDI and implying a fully diluted equity value of $2.1bn.
PDI reached a 13-year high of 79.5c, an increase of 27.2% on the previous close, while Robex was down as much as 24.66%.
Predictive’s board has called the PRU offer a “superior proposal” over the Robex offer which would see RXR shareholders receive 8.667 PDI shares for each RXR share, however, Robex has five business days ending on December 10, during which it has the right, but not the obligation, to provide a matching or superior proposal.
This new offer demonstrates the value to PRU of PDI’s Bankan gold project in Guinea which has an annual production profile of 250,000oz over a mine life of 12 years at an AISC of US$1,057/oz with total pre-production capital of US$463m.
The PDI move comes a day after ASX-listed explorer African Gold (ASX:A1G) revealed a merger with fellow Côte d’Ivoire player and largest shareholder Montage Gold, a TSX-listed developer with a market cap of C$3.2bn.
This merger would bring A1G’s Didievi project with a 989,000oz resource, under the wing of Montage, which is developing the Koné gold project with an annual production profile of more than 350,000oz and first gold pour scheduled for Q2-2027.
The all-scrip transaction will see A1G shareholders receive 0.0628 Montage shares for every A1G share and has an implied value of 50c per A1G share, implying an undiluted equity value for African Gold of $264m.
In a research update Argonaut said the proposed offer from PRU was competitive, giving PDI shareholders a 34.8% 10-day VWAP premium.
It also removed any ramp-up risks at Robex’s Kinerio project for PDI shareholders should the Robex-PDI merger go ahead.
As part of PRU's proposal, PDI will be provided with an A$37m loan facility to pay termination fees of the Robex-PDI proposed merger.
On the Montage-A1G merger, Argonaut said it presented a favourable outcome for A1G, monetising the value of the Didievi project for A1G shareholders.
“Potential superior proposals to the Montage Gold offer seem unlikely given Montage’s existing strategic shareholding in A1G, along with its advanced due diligence on the Didievi Project,” Argonaut said.
GreenTech Metals (ASX:GRE)
GreenTech Metals (ASX:GRE) has raised $5.2m in a strongly supported placement led by CPS Capital, overshooting the $4m target and signalling validation of the company and its Munni Munni project in WA’s West Pilbara.
The placement ticks off a key condition for GreenTech to secure up to 80% of the Munni Munni platinum-palladium-copper-nickel asset, giving it control over the full intrusive complex and its surrounding 346km2 landholding.
Funds will flow straight into groundwork, including an imminent drill campaign of around 20 holes aimed at twinning selected historical holes to support a JORC 2012-compliant mineral resource estimate expected in early 2026.
To accelerate progress, GreenTech has strengthened its team with the addition of experienced mining executive Stefan Murphy as a non-executive director.
Murphy, who is managing director of CZR Resources (ASX:CZR), brings deep operational, development and corporate experience, including leading CZR’s Robe Mesa iron ore project through to a sale involving Rio Tinto and the Robe River JV partners.
With more than 20 years across geology, operations, finance and M&A, his expertise in Pilbara-based project development adds significant strategic value as GreenTech advances Munni Munni and Whundo.
The explorer has also added one of Australia’s top mineral discovery specialists, Dr Kevin Frost, as technical adviser (geology).
Frost is best known for his role in discovering two Tier-1 deposits, Chalice’s (ASX:CHN) Gonneville PGE-Ni-Cu-Co discovery and the high-grade Spotted Quoll nickel deposit.
Accent Resources (ASX:ACS)
WA gold and iron ore focused Accent Resources (ASX:ACS) was a staggering 361.54% higher at 6c before trading was paused and then halted due to an ASX price query.
Accent has the Magnetite Range iron project in the Mid-West and Norseman gold project in the Eastern Goldfields.
During the September quarter, the company continued Magnetite Range PFS work focused on mining hydrological, heritage and environmental surveys to support the regulatory approvals process. This is expected to be completed in the second half of 2026.
Magnetite Range has a JORC 2012 magnetite resource of 523.3Mt grading 31.3% Fe.
Norseman has a JORC 2004 resource for Iron Duke and Surprise deposits of almost 1.04Mt at 1.8g/t for 59,500oz.
A mining lease application has been submitted to consolidate one mining lease and four prospecting licenses into one mining lease application.
Mont Royal Resources (ASX:MRZ)
Canadian critical minerals explorer Mont Royal Resources (ASX:MRZ) was one of the best ASX small cap performers in November and has continued its run, being 22.65% higher at 32.5c.
The company was up 522% in November after re-listing following a merger with Canada’s Commerce Resources that grants it the Ashram rare earths and fluorspar deposit in Québec.
Ashram is one of North America’s largest monazite-dominant, carbonatite-hosted REE deposits and boasts a resource of 73.2Mt at 1.89% TREO and 6.6% fluorspar in the indicated category and 131.1Mt inferred at 1.91% TREO and 4% CaF2.
MRZ is advancing testwork for Ashram with a new round of flotation optimisation underway in partnership with Auralia Metallurgy, a well-regarded specialist group with strong credentials in rare earth processing.
APC Minerals (ASX:APC)
Raising up to $1.5m from a placement and entitlement offer, APC Minerals (ASX:APC) aims to advance existing projects, including Laverton Downs and Nexus in WA, and identify potential new opportunities.
Firm commitments have been received from sophisticated and professional investors to raise $116,000 via a placement at 0.4c per share.
Eligible shareholders will be offered the opportunity to participate in a renounceable pro rata
entitlement offer to raise up to $1,384,776 at the same price.
The Laverton Downs gold project is 15km north of Laverton in the Eastern Goldfields and straddles the highly mineralised Lancefield and Rosemont-Barnicoat trends.
Nexus is an early stage exploration play in the West Arunta, an emerging rare earth and critical minerals region.
This article does not constitute financial product advice. You should consider obtaining independent financial advice before making any financial decisions. While GreenTech Metals and Mont Royal Resources are Stockhead advertisers, they did not sponsor this article.
Originally published as Resources Top 5: West African gold M&A heats up as Perseus raises the stakes for Predictive
