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Proxy firms Institutional Shareholder Services (ISS) and Glass Lewis have each recommended that shareholders of Osisko vote for the transaction with Gold Fields.
The South Africa-headquartered gold major has offered Osisko shareholders C$4.90 a share, which is about a 55% premium to the 20â€day volume-weighted average trading price on August 9 – the last day of trading before the offer was announced.
In its recommendation, ISS noted that the consideration represented a “significant” premium to the price of the shares, that the valuation of Osisko appears credible, and that the board of directors of Osisko engaged in a robust process in reviewing the proposal from Gold Fields.
A special meeting to consider the transaction is scheduled for October 17.
Gold Fields is buying Osisko to gain full control of the Windfall project, in Quebec. CEO Mike Fraser previously said that deposits with the scale and quality of Windfall were extremely rare.
Based on Osisko’s December 2022 feasibility study, Windfall is expected to produce about 300 000 oz/y of gold at an all-in sustaining cost of $758/oz. This positions Windfall to become one of the lowest-cost mines in Gold Fields’ portfolio, with a current projected mine life of ten years.
Gold Fields expects to deliver first gold from Windfall by the end of the fourth quarter of 2026, or early 2027.
