Good evening,

The M&A music is playing again at Ramelius Resources.

Street Talk can reveal that the gold mid-cap is in exclusive due diligence to acquire Toronto-listed WA gold miner Karora Resources, as it hunts for a new production centre to replace its ageing Edna May asset.

Karora’s portfolio, located 60 kilometres from Kalgoorlie, includes 100 per cent ownership of the Beta Hunt mine, Higginsville gold operations and the Spargos gold mine. Ramelius boss Mark Zeptner will spend between $700 million and $1 billion for the acquisition.

It is expected to produce 170,000 to 195,000 ounces of gold in 2024. By contrast, Ramelius has told shareholders it would hit 272,500 ounces this financial year.

Zeptner and his team are chasing the acquisition after a period of solid performance and perky gold prices. Ramelius shares have risen nearly 48 per cent in the past year, giving it a $1.8 billion market capitalisation and a strong balance sheet.

Edna May, which it bought from Evolution Mining in 2017, now accounts for just 2 per cent of the reserves, with a significant production slump ahead in the 2025 financial year.

Read the full story tomorrow and more on the Street Talk page.

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