Ramelius launches unwelcome bid for Explaurum

A BIDDING war for the undeveloped Tampia gold project can’t be ruled out after Ramelius Resources launched a hostile scrip bid for Explaurum, the owner of the flagged 100,000 ounce per annum development near Narembeen in Western Australia.

Ramelius launches unwelcome bid for Explaurum Ramelius launches unwelcome bid for Explaurum Ramelius launches unwelcome bid for Explaurum Ramelius launches unwelcome bid for Explaurum Ramelius launches unwelcome bid for Explaurum

Tampia

Under the Ramelius scrip bid, Explaurum shares are being valued at A12.3c per share, capitalising the company at about $60 million.

That's up about 60% on Explaurum's value at the end of last week.

Explaurum shares surged by 48% this morning to 11c.

Ramelius claimed it had unsuccessfully tried to come to agreement with Explaurum's directors on a deal, while the target company said it was "surprised and disappointed" the bid had proceeded without "meaningful engagement".

Tampia is at bankable stage, with earlier feasibility work outlining a capital cost of about $120 million.

Ramelius started the current quarter with $95 million cash and was flagging its production to be similar to last year and in the range of 200-220,000 ounces at all-in-susta...

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