Canadian gold developer First Mining Gold has made an offer to purchase all of the issued and outstanding shares of Beattie Gold Mines.

First Mining will offer C$4.43641 in cash and 35 First Mining Shares per Beattie Gold share. This brings the total cash consideration to C$6.2m ($4.8bn), with First Mining to issue 49.1 million common shares.

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Beattie Gold Mines holds the mineral rights to mining claims that form the past-producing Beattie mining concession. This concession is a part of the Duparquet Gold Project in Quebec.

First Mining expects the proposed transaction to consolidate one of the Canada’s largest advanced-stage, undeveloped gold projects, including the Duquesne and Pitt deposits, to form a multimillion-ounce gold resource district.

Through its wholly owned subsidiary Clifton Star Resource, First Mining currently owns around a 25.3% stake in Beattie Gold. 

Clifton Star also owns a 10% stake in private company 2588111 Manitoba (258 Manitoba), which holds the mineral rights to mining claims that make up the former Donchester mining concession and Dumico property that also form part of the Duparquet Gold Project.

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Furthermore, Clifton Star has a 10% holding in 2699681 Canada (269 Canada), which owns the surface rights to the Beattie, Donchester and Dumico properties. 

First Mining also agreed to acquire all of the issued and outstanding shares of 258 Manitoba and 269 Canada that are not already owned by Clifton Star. 

These transactions are subject to the Beattie offer. All the transactions are expected to be closed in mid-September 2022.

First Mining Gold chairman Keith Neumeyer said: “This transformational acquisition has been a few years in the making and grows First Mining’s M&I gold resources by 40% and inferred gold resources by 50%.

“Duparquet fits perfectly with First Mining’s strategy and the capabilities of our team to advance and de-risk a second world class asset.”

Located immediately north of the town of Duparquet, Quebec, the 1,079ha Duparquet gold project comprises 50 mining claims, including two historical mining concessions.

First Mining CEO Dan Wilton said: “Duparquet hosts a robust resource profile where two past producing mines have operated in Quebec’s most prolific gold mining district. 

“Together with our ownership of the Pitt and Duquesne projects in Quebec located just east of Duparquet, First Mining will now have 100% ownership exposure to 3.3 million M&I ounces of gold and 2.0 million inferred ounces of gold located in the Abitibi, which is home to some of the largest and richest mineral deposits in the world.”