Javelin Minerals Limited (ASX:JAV) has confirmed that the off-market takeover bid by First Au Limited (ASX:FAU) is now open for acceptance by all Javelin shareholders and optionholders, as of Monday 9 November 2026, with the Javelin Board of Directors unanimously recommending shareholders accept the offer in the absence of a superior proposal.

Key Points

  • First Au Limited's takeover offer for Javelin Minerals opened for acceptances on 9 November 2026
  • Javelin shareholders will receive 0.5882 First Au shares for every one Javelin share held
  • Javelin optionholders will receive 0.5882 new First Au options for every one Javelin option held
  • Based on FAU's closing share price of $0.165 on 6 November, the offer equates to $0.0971 per JAV share, representing an 18.4% premium to the last JAV share price on 6 November
  • The offer is currently scheduled to close at 4:00pm AWST on 14 December 2026, unless extended or withdrawn

Takeover Offer Terms and Exchange Ratio

Under the terms of the offer, Javelin shareholders will receive 0.5882 First Au shares for every one Javelin share held, subject to the terms and conditions of the offer. A separate option offer provides Javelin optionholders with 0.5882 new First Au options for every one Javelin option held. The Bidder's Statement was lodged by First Au with the Australian Securities and Investments Commission on 2 November 2026, and the Target's Statement was also lodged by Javelin on the same date.

Board Recommendation and Independent Expert Report

The Javelin Board of Directors unanimously supports and recommends that shareholders accept the offer, in the absence of a superior proposal and subject to any qualifications set out in the Target's Statement. The Target's Statement includes an Independent Expert's Report prepared by BDO, as well as the directors' recommendation, and is intended to provide important information to assist Javelin shareholders in making an informed decision regarding the offer. The Target's Statement is available on the company updates platform under Javelin's ticker code JAV.

Shareholder and Optionholder Dispatch and Offer Closing Date

Javelin confirmed that a letter dated 9 November 2026 was dispatched to Javelin shareholders and optionholders in connection with the opening of the offer. The letter provides instructions on how to access the Bidder's Statement, Target's Statement and personalised acceptance forms, together with details on how to accept the offer. The offer is currently scheduled to close at 4:00pm Australian Western Standard Time on 14 December 2026, unless extended or withdrawn. Javelin stated it will continue to keep shareholders informed of any material developments in relation to the offer.