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Ausgold Ltd ASX:AUC

0 opened or increased2 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 1 reduced. 2 managers in total.

Position history by manager 2 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

19 Apr 2026 to today

Commentary Showing 2 of 4

DateManagerActionSummary

28 Aug 2026Raper CapitalHeldRaper Capital, an activist investor, has publicly opposed the OceanaGold takeover of Ausgold, circulating an open letter to Ausgold's board arguing the bid undervalues the company. The manager based the case on valuation comparisons to other recent sector mergers, citing deals such as Ramelius and Spartan, contending the offer doesn't reflect the potential value of the Katanning project once developed, or of the surrounding infrastructure.

Gold MiningArticle, price recorded $1.47

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28 Aug 2026L1 CapitalHeldL1 Capital, which holds a 9.1% stake in Ausgold, continues to hold its position and has committed to voting its shares in favor of OceanaGold's $776 million takeover bid, contingent on no superior offer emerging. The manager described the arrangement as one that removes downside risk for Ausgold shareholders while still preserving upside from the premium being offered, credited Ausgold's management with doing a great job extracting value for the Katanning gold project, which hasn't yet reached production, and argued the combination makes strategic sense for OceanaGold, giving it a foothold in a stable jurisdiction with production that complements its existing risk and capital profile.

Gold MiningArticle, price recorded $1.47

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2 more comments on AUCPro shows every comment, with a link to each source document.

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First mention by manager

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Price at first mentionThe share price recorded when each of 2 managers first commented on AUC.

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Articles

28 Aug 2026Ausgold's Takeover Offer Splits a Backer From an Activist Investor

About Ausgold Ltd

Materials, Metals and Mining

Ausgold (ASX:AUC), a Western Australian gold developer, is subject to a takeover bid from OceanaGold. In August 2026, L1 Capital said OceanaGold's proposed acquisition of Ausgold provided a recent win, having accumulated shares at around 50 cents, and committed its 9.1% stake to vote in favour of the $776 million bid. Raper Capital publicly opposed the takeover, circulating an open letter arguing the offer undervalues Ausgold relative to peers. Ausgold operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured 4 comments from 2 fund managers, L1 Capital and Raper Capital. Ausgold is a gold exploration and development company whose flagship asset is the 100%-owned Katanning gold project in Western Australia's Wheatbelt region, which hosts a multi-million ounce resource and is advancing toward development.

Market cap: $673m
Price to earnings: Loss-making
Return on equity: -8.5%
Dividend yield: 0.0%
Price to book: 4.00x
52-week range: $0.73 to $1.51

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Ausgold Ltd (ASX:AUC)?

Fund managers including L1 Capital and Raper Capital have invested in Ausgold Ltd (ASX:AUC).

What opportunities or catalysts do fund managers highlight for Ausgold Ltd?

L1 highlights OceanaGold's $776 million takeover offer, which delivers a strong return from its entry price.

What are the key risks to the Ausgold Ltd investment thesis, according to fund managers?

Raper argues the offer undervalues Ausgold relative to peers and opposes the deal, creating uncertainty about the outcome.

What does Ausgold Ltd (ASX:AUC) do?

Ausgold Limited is a gold and precious metals exploration company operating in Australia. Its flagship asset is the 100%-owned Katanning gold project, spanning approximately 3,500 square kilometers within the Katanning Greenstone Belt in the south-west Yilgarn Craton of Western Australia. Incorporated in 2009, Ausgold Limited is headquartered in Perth, Australia.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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