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De Grey Mining (ASX:DEG) has today stepped down before the footlamps into a night without name as Northern Star’s (ASX:NST) takeover scheme goes live.
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What that means is DEG shares will no longer trade on the ASX as of Wednesday, April 23, bringing to a close a relatively exciting era in materials sector history.
De Grey, after all, effectively found the Hemi deposit – a massive gold system in WA in an area where the consensus often held there were no more big deposits to be found.
Something I often like to talk about when covering De Grey, this finance journalist partied with one of the company’s geologists a few years ago; we ended up at a karaoke bar.
(For those who may reminisce on the 80s mining space, I’ll assure you the cowboy spirit isn’t dead.)
That geologist did get one thing wrong, though: On its own merit, De Grey’s stock price never quite climbed above $2/sh. It took NST’s takeover offer to do that.
As for why Northern Star wants De Grey, well, that’s obvious.
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Look at Hemi, then look at the gold price. (Worth noting: Gold prices were down on Wednesday as Trump rolled back on China tariffs, or at least, he hasn’t gone back on that backpedal yet.)
DEG last traded at $2.60/sh.
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