Magnetic Resources (ASX:MAU) is being acquired by Genesis (ASX:GMD) for $639m! Which ASX gold stocks could be next?

Magnetic Resources (ASX:MAU) investors will receive a sweet return on their investment, with ASX 100 miner Genesis (ASX:GMD) buying it out for $639m, 70% of which will be in cash and 30% of it will be in Genesis scrip.

It hasn’t been the first gold M&A deal amidst the current bull market and probably won’t be the last in it…but it is the latest one. Let’s take a look at this deal, and which stocks could be next.

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WA success stories

Both companies are West Australian companies, predominantly focused on the Laverton Gold belts and have been going about it since the mid 2000s, but the current boom helped the companies go to the next level – Genesis bought Dacian Gold and St Barbara in 2022 and 2023 and reaped the benefits; whilst Magmatic took Lady Julie from another prospective deposit to a major gold development.

Magnetic Resources (ASX:MAU): Why Genesis wanted it

In buying Magnetic, Genesis is getting its hands on Magnetic’s Lady Julie Gold Project. And if you look at the fundamentals of Lady Julie, it is easy to see why it wouldn’t be lucrative. It has a total resource of 39.1Mt @ 1.78g/t for 2.24Moz gold.

A DFS, last update in August 2025, envisioned a 9-year mine life producing over 122,000/oz over that time could deliver a $970m pre-tax NPV, >$2.23bn life of mine EBITDA and a 45% IRR pre-tax. And this was at a gold price of A$4,000/oz. Keep in mind gold is now >$7,000/oz!

On top of all of this, Lady Julie’s northern boundary borders the land acquired by Genesis when it bought Focus Minerals’ Laverton Gold project last year. So it could integrate into a larger operation and use the same infrastructure.

Making a strong company even stronger

Genesis is capped at over $7bn and has a pro forma >16Moz Mineral Resources and 5.2Moz Ore Reserves based from several deposits, led by the Gwalia mine which is one of Australia’s oldest mines and was once managed by future US President Herbert Hoover. The former figure does not include a historically reported 4.8Mt Resource from Focus’ assets that have not been verified with current JORC standards.

It comes off the back of a very strong January 2026 with 32koz produced, driven by 292kt in mill throughput at Laverton. The company closed January with $465m, up from $404m a month prior. Genesis is able to fund the deal with its own cash and will have $280m once this deal closes in June, while only diluting by 2.4%.

19.64% of Magnetic’s shareholders have backed the bid as has Magnetic’s board.  The deal is anticipated to close in June and is of course subject to a successful shareholder event and necessary regulatory approvals.

With this deal done, let’s look at which companies could be next.

5 ASX Gold stocks that could be next to be acquired!

1. Rox Resources (ASX:RXL)

Rox has the Youanmi gold project in WA’s Murchison region. It leverages a high-grade underground resource (~2.1–2.3 Moz of gold) with a DFS completed in late 2025. The DFS confirmed strong economics — pre-tax NPV of ~A$1.4bn at A$5,200/oz gold, post-tax NPV of ~A$965m, IRR 55%, rapid payback (~1.9 years), ~117koz average production over ~7 years, with peak ~176koz pa and AISC < A$2,000/oz — and first gold is targeted by mid-2027.

Capital requirements are substantial (~A$383 m pre-production capex) but funding via equity placements and indicative debt is progressing. DFS metrics remain robust even under lower gold prices, and resource remains open to growth. Potential acquiring neighbours could be Gold Fields and Northern Star, but other big developers like Regis Resources wanting to get in the region could give Youanmi a look too.

2. Saturn Metals (ASX:STN)

Saturn’s Apollo Hill project in the Eastern Goldfields has a ~2.2 Moz Mineral Resource hosted in a large bulk tonnage deposit (~137 Mt @ ~0.51 g/t). A Pre-Feasibility Study (PFS) has been completed, showing robust open pit economics with heap-leach processing, and the company is advancing toward a DFS targeted for 2H 2026 as resource expansion and drilling continue.

Northern Star could be an acquirer here too as it is in the region, as could AngloGold Ashanti. Other producers with ambitions in open pit, low-cost gold could see Apollo Hill as a district-scale addition.

3. Ausgold (ASX:AUC)

Ausgold’s Katanning project has completed a DFS (30 Jun 2025) showing compelling economics for a ~10-year mine life with a 3.6Mtpa plant feeding ~35.2Mt of ore for ~1.25Moz gold reserves and ~2.44Moz resources, ~140kozpa average production in first years, post-tax cashflow ~A$1.37 b at A$2,180/oz AISC, strong IRR (~53 %) and ~13-month payback.

The project is integrated with grid power — a lower-risk location — with an optimisation phase underway after a key land acquisition resolved tenure issues. In our view, companies like Silver Lake could see this as a mid-tier development fit or large miners with Australian portfolios like Newmont could also consider exposure to a belt with proven scale.

4. Barton Gold (ASX:BGD)

Moving onto a South Australian focused company, Barton’s Challenger Gold Project in the Gawler Craton has historical production (~1.2 Moz) and is under an ongoing DFS for a phased restart focused on its fully permitted Central Gawler Mill (CGM). The current resource sits at ~313 koz Au with additional potential near-surface targets.

A DFS began in late 2025 and targets Stage 1 operations (tailings reprocessing first, then fresh ore) with completion expected around H1 2026 and commissioning by late 2026. The strategy leverages existing infrastructure to reduce capex and risk. Prior to Oz Minerals’ acquisition we would’ve suspected it would be a candidate to acquire. Since its BHP ownership, we would envision this as a possibility but not as much as before given gold isn’t BHP’s number one focus.

5. Brightstar Resources (ASX:BTR)

Brightstar’s portfolio spans three gold hubs in WA with ~3 Moz total resource base across Laverton, Menzies and Sandstone. A DFS was delivered in mid-2025 for the Menzies/Laverton projects, showing an open pit path to ~338 koz over ~5 years based on ~6.4Mt @ ~1.81 g/t and low-risk open pit mining with a 1Mtpa plant. The company also owns a permitted processing facility near Laverton which enhances development optionality across its hubs.

Who could buy it out? Larger WA players like Westgold Resources or Karora Resources could be interested in consolidating hub-scale assets. Also mid-tier producers with processing capacity looking to bolt on regional ounces.