Daily Roundup

SDF.ASX PKO.ASX GNG.ASX GQG.ASX NST.ASX

Steadfast in Takeover Talks with Amwins and Dragoneer

Steadfast Group has entered into a Process Deed with Amwins Group and Dragoneer Investment Group, receiving a conditional offer of A$6.00 per share in cash. The proposal represents a substantial 51.9% premium to the last closing price and values the company's enterprise at approximately A$7.7 billion. This follows earlier proposals at A$5.50 and A$5.83 per share, suggesting the bidders are gradually sweetening their offer.

The deal remains non-binding and subject to satisfactory due diligence, regulatory approvals, and unanimous Board recommendation. Steadfast has granted the buyers an eight-week exclusivity period to complete their investigations. The company has also terminated its proposed minimum holding buy-back in light of the transaction discussions. J.P. Morgan and Citigroup are advising Steadfast on the deal, alongside Insight Capital Advisors and legal firm Mallesons.

Trading in Steadfast shares has been halted pending the formal announcement, with the halt expected to remain in place until the announcement is released or June 12, 2026, whichever comes first. This pause ensures all investors receive information simultaneously and maintains fair market access.

Peako Eyes Gold in Saudi Arabia

Peako Limited is making a bold expansion into Saudi Arabia's emerging gold sector, announcing the acquisition of six drill-ready gold projects spanning 862 square kilometers. The portfolio includes multiple high-priority targets with impressive historical intercepts, including 4 meters at 11.32 grams per tonne gold at Sukhaybarat South and 7 meters at 10.12 grams per tonne at Jabal Jumaymah.

The projects are strategically positioned within 65 kilometers of two operating mines—Sukhaybarat with roughly 2 million ounces of gold and Bulghah with approximately 3.4 million ounces. Saudi Arabia's government is actively courting explorers with attractive incentives, including cash rebates, interest-free debt funding for mine development, a 15-year tenure, a modest 1.5% royalty, and a competitive 20% corporate tax rate.

Peako has secured A$5.17 million in firm commitments through a share placement to fund the acquisition and kick off exploration. The company plans to commence drilling in the third quarter of 2026 to test the high-grade intercepts. The company has also bolstered its team by appointing Marcus Harden as a Non-Executive Director and Oliver Jones as Exploration Manager for the Kingdom of Saudi Arabia.

GR Engineering Lands Major Contract

GR Engineering Services has been appointed as the preferred contractor for the Sulphur Springs Copper-Silver-Zinc Project, a A$295 million engineering, procurement, and construction deal. The project, located 144 kilometers southeast of Port Hedland in Western Australia, will process 1.5 million tonnes per annum. An early works agreement is already in place, with long lead items and engineering work underway. The formal contract is expected to be executed shortly.

GQG Partners Reports Modest Outflows

GQG Partners reported Funds Under Management of A$163.3 billion as of May 31, 2026, down from the previous month. The investment manager experienced net outflows of A$1.9 billion in May alone, bringing year-to-date net outflows to A$11.9 billion. Investment performance also declined by A$1.7 billion during the month, reflecting broader market headwinds affecting the asset management industry.

Northern Star Responds to Elliott's Stake

Northern Star Resources has acknowledged recent press commentary following Elliott Investment Management's disclosure of a 3-4% stake in the company. The gold miner recognizes its share price underperformance and has welcomed constructive suggestions from the activist investor. The company is actively recruiting a new CEO and seeking a Board member with deep gold industry experience to strengthen governance and operational oversight.

Despite acknowledging challenges, Northern Star highlighted significant achievements, including resolving a major wall slip at KCGM, constructing a new processing plant at Fimiston, and acquiring the Hemi resource. The company remains committed to improving operations and expanding its mining portfolio.