AngloGold Ashanti Ltd. (NYSE: AU), one of the world’s largest gold producers, has acquired Augusta Gold Corp. (OTCQB: AUGG) in a deal valuing the company at approximately $152.46 million, representing a 28% premium over Augusta’s prior market capitalization of $104.11 million, according to updated analysis from GoldStockData.com.
The acquisition spotlights AngloGold’s continued expansion in Nevada, specifically targeting the Bullfrog-Reward open pit project, a near-construction-ready asset with nearly 2 million ounces of gold resources. According to Augusta Gold’s latest internal data, the Reward deposit alone hosts approximately 500,000 oz at 0.75 g/t, with development permits due in 2025.
Industry analyst Don Durrett, founder of GoldStockData.com, commented on the acquisition via social media, writing:
The remark also drew attention to Lahontan Gold Corp. (TSXV: LG), another Nevada-based explorer whose Santa Fe project is viewed favorably by Durrett. He noted that while Lahontan has a fully diluted market cap of just $28 million, it controls a sizable resource base and holds growth potential comparable to Augusta’s.
Lahontan’s flagship Santa Fe project is situated in Nevada’s prolific Walker Lane trend. The company recently announced new drill targets across its 8,000-acre land package, with management owning over 30% of shares outstanding, highlighting their alignment with investors.
Durrett’s post implies that Lahontan could be significantly undervalued in light of Augusta’s buyout, given similar project characteristics but a much lower valuation.
As of July 17, Lahontan trades with a share price well below its junior peers, despite favorable geology, historical production, and planned resource expansion.
Market Context and Precious Metals Update
The acquisition comes amid renewed investor interest in precious metals. As of today, spot gold is trading at $2,429.60/oz, while silver sits at $31.68/oz, according to Kitco Metals. This bullish trend in gold prices, driven by central bank purchases and macroeconomic uncertainty, has encouraged M&A activity across the sector.
According to S&P Global Market Intelligence, global gold M&A deal value in the first half of 2025 is up over 40% year-over-year.
“Producers are hungry for near-term ounces with permits and infrastructure,” said Joe Mazumdar, economic geologist and editor of Exploration Insights. “With costs and inflation still pressuring development timelines, high-quality Nevada projects are especially attractive.”
The Bullfrog-Reward property, acquired through Augusta, adds to AngloGold’s expanding Nevada footprint. The asset is near where Barrick Gold previously mined 2.3 million ounces from 1989 to 1999. Augusta had anticipated an initial pour from Bullfrog by 2028 or 2029, which now becomes AngloGold’s responsibility.
The project has yet to complete a Preliminary Economic Assessment (PEA). Still, a Pre-Feasibility Study (PFS) is scheduled for completion in 2025, suggesting that AngloGold may aim to fast-track the development.