Which will be the next ASX gold stocks to be acquired? Here are 3 possible candidates

Investors are wondering which will be the next ASX gold stocks to be acquired. There has been a flurry of M&A activity this year, capped off with Northern Star’s  (ASX:NST) purchase of De Grey (ASX:DEG) – for $5bn.

There have been other deals too including a merger between Westgold (ASX:WGX) and TSX-listed Karora, as well as a $2bn firesale of Newmont and Newcrest’s secondary assets in the aftermath of its takeover. But the De Grey deal tops the lot, not just because it is a $5bn deal, but it will solidify the position of Northern Star as the ASX’s number one gold miner.

De Grey’s Hemi project is expected to commence production in mid-2026 and produce 530,000 ounces over the next 10 years thereafter. It is not just a win for De Grey shareholders because they will get a big payday, but they’ll get it in the form of Northern Star shares and will own 20% of the consolidated entity. And finally, the takeover ensures Hemi will get the capital it needs to fund production. Don’t underestimate the importance latter point in a period of high inflation.

And of course, on top of all this, gold has been a hot commodity for several months now. It is up 25% since the start of 2024 and could hit US$3,000 next year if analysts are right.

In light of all of the above, let’s consider which gold stocks could be next to be acquired.

Candidates to be the next ASX gold stocks to be acquired

Spartan Resources (ASX:SPR)

Spartan is capped at over $1.7bn and is 19.9% owned by Ramelius. An obvious sign if ever it was one – because RMS cannot buy more without making a formal takeover offer. The stock recently raised over $200m in a capital raising to fund development of its Dalgaranga gold project in WA’s Murchison region and RMS chipped in.

Dalgaranga has 15.9Mt @ 5.61 g/t for 2.87Moz of gold. In just two years, Spartan has increased the ounces by 680% and the grace by 86%. This ASX gold stock, the 15th largest right now according to ListCorp, is headed by Simon Lawson, a former senior geologist at Northern Star. The key focus of the company is completing a Feasibility Study, infrastructure early works at a service level and underground development.

Genesis Minerals (ASX:GMD)

Genesis is a gold miner worth $2.5bn, targeting 3Moz production over the next 10 years from its Leonora Mill and Gwaila mine – which is slightly north of Kalgoorlie in WA. 2025 is shaping up to be a year of investing in growth for Genesis, but it won’t need to raise capital any time soon with an A$172m cash balance. It has told investors to expect 200koz at an AISC of A$2,300. The latter figure is expected to decrease as production increases. This could be just the tip of the iceberg as it seeks to build a resource at the neighbouring Tower Hill project and grows the resource at Gwaila.

Vault Minerals (ASX:VAU)

Vault is another A$2bn+ ASX gold stock. This one has four assets – the Mt Monge, Leonora and Deflector mines in WA, not to mention the Sugar Zone deposit in Canada. The latter is still at an exploration phase but has a Resource of 4.8Mt @ 8.2g/t for 1.28Moz. The former 3 assets are in production and the company has guided to 390-430,000 ounces in FY25, with just over half coming from Leonora which is expected to produce 210,000-230,000 oz in FY25. With 211,939 oz produced in FY24, we don’t think that’s an unreasonable expectation. Spartan has $523m in cash, not a cent in debt plus A$381m in Australian tax losses alone, not accounting for C$255m in Canada.

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