Amigo Holdings (AMGO): Reverse takeover in mining

This situation live

AMGO Amigo Holdings

£34m · 2.5p · +371% since the first step

15 Dec 2025 · Candidate search progressing; Ransley now Executive Chair · +439% until the next step The work on identifying potential RTO candidates continues to make meaningful progress, which would deliver some value to shareholders that would otherwise not be possible.

10 Jun 2026 · Candidate search continuing; no transaction certain · −13% until the next step Amigo continues to seek a possible reverse transaction ("RTO"), which is likely to be within the mining sector. However, there can be no certainty that an RTO will take place.

17 Jul 2026 · Candidate search continuing; new CEO hired · +11% until the next step as we enter this next phase of high-velocity growth and moving towards an RTO.

31 Jul 2026 · Preliminary; initial due diligence on several targets · +21% until the next step These evaluations are at a preliminary and exploratory stage

28 Sep 2026 · SPA signed; prospectus, funding and approvals pending · +2% until the next step subject to satisfaction of customary conditions precedent, Amigo is targeting to complete the Proposed Acquisition on or before 31 January 2027.

29 Sep 2026 · SPA executed; funding, prospectus and approvals pending · −10% since subject to satisfaction of customary conditions precedent, Amigo is targeting to complete the Proposed Acquisition on or before 31 January 2027.

Large acquisition / reverse takeover

Reverse takeover in mining

SPA executed; funding, prospectus and approvals pending

JAN31 Next: Publish prospectus and circular; shareholder approval; Completion in 99 days

Every step · 6

15 Dec 2025 Candidate search progressing; Ransley now Executive Chair – The work on identifying potential RTO candidates continues to make meaningful progress, which would deliver some value to shareholders that would otherwise... ↗
10 Jun 2026 Candidate search continuing; no transaction certain – Amigo continues to seek a possible reverse transaction ("RTO"), which is likely to be within the mining sector. However, there can be no certainty that an... ↗
17 Jul 2026 Candidate search continuing; new CEO hired – as we enter this next phase of high-velocity growth and moving towards an RTO. ↗
31 Jul 2026 Preliminary; initial due diligence on several targets – These evaluations are at a preliminary and exploratory stage ↗
28 Sep 2026 SPA signed; prospectus, funding and approvals pending – subject to satisfaction of customary conditions precedent, Amigo is targeting to complete the Proposed Acquisition on or before 31 January 2027. ↗
29 Sep 2026 SPA executed; funding, prospectus and approvals pending – subject to satisfaction of customary conditions precedent, Amigo is targeting to complete the Proposed Acquisition on or before 31 January 2027. ↗

What is happening

Amigo Holdings: Reverse takeover in mining – SPA executed; funding, prospectus and approvals pending. ['SPA executed; funding, prospectus and approvals pending']

In short: Craig Ransley became Executive Chair on 15 Dec 2025 to pursue a mining RTO, and Nathan Boom became CEO on 17 Jul 2026. On 28 Sep 2026 Amigo's subsidiary signed an SPA for Zirco SA and Cyndara (Kamiesberg mineral sands) for US$33m. The 29 Sep 2026 replacement only re-issues the resource table more legibly; the terms are unchanged. Completion is targeted by 31 Jan 2027, with funding unsecured.
Announced: 15 Dec 2025 · Candidate search progressing; Ransley now Executive Chair
Latest: 29 Sep 2026 · SPA executed; funding, prospectus and approvals pending
Management: Ransley, Anil Kumar and Nathan Boom claim 30-40 mines bought, sold or commissioned across 10+ countries
Funding stance: Fundraising pushed to subsidiaries where possible; PLC-level raise a last resort
Price: US$33m, working capital adjusted, cash-free and debt-free; SPA executed 28 Sep 2026
Sellers: Zirco Resources Proprietary Limited, Millrex Investments Limited and Lelau Mohuba Trust
Structure: Amigo intends to own 51% of Amigo SPV on Completion, subject to Ownership Adjustments; Amigo to be operator
Funding: Debt and/or equity raised in the SPV plus internal sources; discussions with funders at varying stages, none agreed
Target result: Unaudited FY25 loss R4,238,261; no revenue shown; JORC Resource 2.71bn tonnes
Timetable: Completion targeted on or before 31 Jan 2027; prospectus and circular to follow; Module 1 (~US$15m) within six months of Completion

What comes next

Publish prospectus and circular; shareholder approval; Completion (31 Jan 2027).

Briefing Pro

New to Amigo Holdings? Get up to speed in 2 minutes.

What it does, how it got here, what management promised and delivered – written from its own announcements.

Get the AMGO briefing →

From the company's own announcements. Not investment advice.

Also at Amigo Holdings 1 open

Dilutive fundraiseWRAP retail offer and loan notes – Final loan notes converting; Admission expected 14 April Insider conviction1 director buying – £31k in 2 buys · closed Takeover targetPossible offer – approach · closed Amigo Holdings – company page →