Perseus Mining Limited (ASX/TSX: PRU) has terminated its proposed acquisition of Predictive Discovery Limited following a revised merger agreement between Predictive and Robex Resources Inc. The update was released on December 16, 2025.
The decision follows Predictive’s assessment that Robex’s revised arrangement matched Perseus Mining’s definitive binding proposal announced on December 3, 2025. Under the existing agreement terms, Perseus Mining’s offer no longer qualifies as superior.
The outcome clarifies near-term consolidation plans around Predictive Discovery and signals Perseus Mining’s current stance on further corporate action in the asset.
Transaction Update and Termination Decision
Predictive Discovery confirmed receiving a revised arrangement agreement from Robex Resources on December 11, 2025. The Predictive board determined that the revised Robex merger matched the Perseus Mining proposal.
As a result, Perseus Mining’s offer was terminated in line with the arrangement agreement dated October 5, 2025. Perseus Mining had submitted a binding proposal seeking to acquire Predictive outright.
Perseus Mining remains Predictive’s largest shareholder. The Company acknowledged the board’s decision while outlining its assessment of relative value outcomes.
Key Terms of the Revised Robex Merger
Under the revised Robex merger, Predictive shareholders will hold 53.5 per cent of the combined entity. This represents an increase from the previously agreed 51.0 per cent ownership level.
Key highlights include:
- Increased Predictive ownership in the merged entity.
- Revised terms designed to match Perseus Mining’s binding proposal.
- No cash consideration disclosed in the updated announcement.
Perseus Mining recognised the marginal ownership improvement. However, it stated the revised merger remains inferior on a valuation basis.
Valuation and Strategic Assessment
Perseus Mining indicated that Predictive shares continue trading below the value implied by its withdrawn proposal. The Company cited this market discount as evidence of comparative inferiority.
Despite this view, Perseus Mining confirmed it does not intend to submit a revised bid. This position stands unless circumstances materially change.
The Company also reserved the right to reassess its position should the Predictive–Robex merger outlook shift. This leaves strategic optionality open without committing capital.
Market and Industry Context
Gold sector consolidation remains active amid sustained price strength and geopolitical uncertainty. Producers continue seeking scale, jurisdictional diversity, and development optionality.
West African assets remain strategically relevant due to established mining infrastructure. However, investors increasingly scrutinise execution risk, funding certainty, and shareholder dilution.
In this context, Perseus Mining has prioritised disciplined capital allocation. The Company has previously emphasised balance sheet strength and accretive growth opportunities.
Perseus Mining Share Performance Snapshot
Perseus Mining shares last traded at A$5.44, up A$0.04 on the session. Trading volume reached approximately 2.15 million shares.
The Company’s market capitalisation stands at A$7.29 billion. The bid-offer range was A$5.43 to A$5.44.
Investor sentiment appeared stable following the announcement. No immediate volatility was observed in early trading activity.
Investor Outlook and Forward Positioning
Perseus Mining confirmed it will not pursue Predictive further under current conditions. Management reiterated that flexibility should deal with evolving dynamics.
The update reinforces Perseus Mining’s disciplined approach to mergers and acquisitions. The Company continues monitoring opportunities aligned with shareholder value creation.
This announcement was approved for release by Managing Director and Chief Executive Officer Craig Jones.
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Closing Perspective
The termination of the Predictive proposal clarifies Perseus Mining’s near-term corporate strategy. It underscores the Company’s valuation discipline and measured acquisition approach.
For investors, the update reduces transaction uncertainty while preserving strategic flexibility. Perseus Mining remains positioned to respond should market conditions or asset valuations change.
FAQs
- Why did Perseus Mining terminate its Predictive Discovery acquisition?
Perseus Mining ended its proposal after Predictive’s board determined that Robex Resources’ revised merger matched Perseus’s binding offer, removing its superior proposal status.
- What changed in the revised Robex merger agreement?
The revised terms increased Predictive shareholders’ ownership in the combined entity from 51.0 per cent to 53.5 per cent, aligning the proposal with Perseus Mining’s offer.
- Does Perseus Mining still hold an interest in Predictive Discovery?
Yes. Perseus Mining remains Predictive Discovery’s largest shareholder despite withdrawing its acquisition proposal.
- Will Perseus Mining submit a new or higher offer?
Perseus Mining has stated it does not intend to submit a revised proposal unless circumstances materially change.
- How did the market respond to the announcement?
Perseus Mining shares traded steadily following the update, indicating a neutral initial investor response.
- What does this mean for Predictive Discovery shareholders?
Predictive shareholders will retain a 53.5 per cent stake in the merged Predictive–Robex entity if the transaction proceeds as planned.
- How does this development fit into broader mining sector trends?
The update reflects ongoing consolidation in the gold sector, where Companies prioritise valuation discipline, scale, and strategic alignment amid stable commodity prices.
