Wesdome Gold Mines Ltd. (TSX: WDO, OTCQX: WDOFF) has completed its acquisition of Angus Gold Inc. (TSX-V: GUS, OTC: ANGVF), bringing Angus under its full ownership through a plan of arrangement that took effect on June 27, 2025. This transaction significantly expands Wesdome’s land holdings around its Eagle River mine in Northern Ontario, increasing the contiguous land package from 100 square kilometres to 400 square kilometres.
The terms of the acquisition provide Angus shareholders, excluding Wesdome, with $0.45 (CAD $0.62) in cash plus 0.0096 of a Wesdome share for each Angus share they held. Based on Wesdome’s closing share price on April 4, 2025, the total consideration values each Angus share at approximately $0.56 (CAD $0.77). This price represents a 59 percent premium over Angus’s 20-day volume-weighted average price prior to the announcement, delivering immediate value to Angus shareholders.
Wesdome already owned about 10.4 percent of Angus’s shares before the deal and secured lock-up agreements covering roughly 47 percent of Angus’s outstanding shares, ensuring strong support and minimizing deal uncertainty. The acquisition is valued at roughly $29.3 million (CAD $40 million).
The acquisition consolidates Wesdome’s presence in the Mishibishu Lake greenstone belt, a region known for its high-grade gold potential. By combining Angus’s Golden Sky project with its existing Eagle River assets, Wesdome now controls a 400 square kilometre contiguous land package, tripling its footprint in this prolific gold district.
This consolidation eliminates exploration competition in the area and allows Wesdome to leverage its existing infrastructure, including roads, water access, and partnerships with Indigenous communities, to accelerate exploration and development activities. The acquisition also adds three mineralized trends to Wesdome’s exploration pipeline, such as the Eagle River Splay, which has shown intercepts of 8.7 grams per tonne gold over 12.8 metres, and the Cameron Lake Banded Iron Formation, historically grading 11.8 grams per tonne over 3.5 metres.
Wesdome’s CEO, Anthea Bath, emphasized that the deal enhances the company’s long-term growth prospects through greenfield opportunities adjacent to its operating mine. The expanded land package supports a disciplined growth approach by consolidating regional assets and unlocking exploration upside.
Angus’s President and CEO, Breanne Beh, highlighted that the transaction validates the exploration work her team conducted, which included over 40,000 metres of drilling and multiple gold discoveries since 2020. The deal offers Angus shareholders immediate liquidity and exposure to a well-established gold producer with a strong balance sheet and operational platform.
The Eagle River operation itself consists of two mines: the Eagle underground mine, in production since 1995, and the Mishi open pit, operational since 2002. In 2024, these assets collectively produced 94,561 ounces of gold, underpinning Wesdome’s production base.
Wesdome’s acquisition of Angus Gold marks a significant step in expanding its footprint in one of Canada’s most promising gold regions. The deal offers Angus shareholders a balanced mix of cash and equity, reflecting a substantial premium while providing exposure to Wesdome’s growth potential. For Wesdome, the consolidation creates a stronger platform for exploration and development, leveraging existing infrastructure and geological continuity to pursue new discoveries and extend mine life.Â
