Adriatic Metals receives $2B acquisition offer from Dundee Precious Metals
Shares surge on both ASX and LSE following the announcement
Deal includes flexible cash and stock mix for shareholders
Adriatic Metals (ASX:ADT) shares saw a sharp rise after Toronto-listed Dundee Precious Metals (TSX:DPM) announced a proposed acquisition valued at US$1.25 billion. The strategic move has sparked significant interest in the market, with investors reacting to what could be a transformative deal for both mining companies.
Market Reaction Across Exchanges
The announcement, made late Friday, drove Adriatic Metals’ share price on the Australian Securities Exchange (ASX) up by 8.4% to AU$5.42 by mid-afternoon trading. On the London Stock Exchange (LSE), shares closed at £2.63, marking a 9.2% gain on the same day. This momentum reflects growing investor confidence in the potential synergies between the two firms.
Premium Valuation and Deal Structure
Under the terms of the agreement, Adriatic shareholders are to receive AU$5.56 per ASX share and £2.68 per LSE share. These figures represent notable premiums of 47.8% and 50.5%, respectively, over the prices before the offer period commenced on 20 May.
The acquisition will be executed via a UK scheme of arrangement and is expected to become effective in the fourth quarter of 2025. A mix-and-match facility is part of the transaction, giving Adriatic shareholders the option to receive either cash or new DPM shares—or a combination—tailored to their preference. The total cash component will be approximately £321 million, with 54.9 million new shares of DPM issued at a valuation of CA$20.33 per share, based on the 11 June closing price.
Strategic Synergies and Growth Outlook
The acquisition would bring Adriatic’s flagship silver project in Vareš, Bosnia and Herzegovina under Dundee Precious Metals’ expanding portfolio. According to executives from both companies, the merger is expected to create a stronger mining business with long-term value potential.
Laura Tyler, CEO of Adriatic, commented on the strategic alignment, citing shared strengths in asset quality and operational capabilities. Dundee’s CEO, David Rae, also emphasized the opportunity to unlock above-average returns through this union.
This development comes at a time when the ASX200 index is showing increasing traction in the resources sector, reflecting growing interest in companies poised for growth within the commodities space.
As the deal progresses toward completion, market participants are likely to keep a close eye on regulatory steps and shareholder meetings scheduled over the coming months.
On April 4, the S&P/TSX Composite Index fell almost 5 per cent. While some investors hammered the sell button, others went on with their day and made no changes to their portfolios.
Same red numbers, two opposite reactions. Why?
Behavioural science says big losses should, in theory, jolt us out of knee-jerk habits and push us into careful “System 2 thinking” – a term psychologist Daniel Kahneman used to describe our deliberate reasoning, analytical mode. “System 1” is its opposite: fast, automatic, fuelled by emotion and mental shortcuts.
System 2 is reflective, methodical, the part that double-checks math homework and rereads contracts. The trick is getting the brain to shift gears from the first to the second when markets turn ugly.
New research published in the Judgment and Decision Making journal offers a clue. Experiments found that financial losses prompt people to spend more time thinking and to make better, more deliberative decisions – but only when there is enough time and cognitive space to think.
Add a tight deadline, or the perception of a time pressure, and the benefit disappears: participants flip back to snap (System 1) judgments.
The authors paid volunteers to solve brain-teaser questions. Get one right, earn 25 cents in one series of questions. Get it wrong, lose 25 cents in another series. When a potential loss was on the line, subjects spent more time thinking and arrived at more correct answers. That’s evidence that the sting of loss can summon System 2.
Then the experimenters imposed a 20-second countdown clock. Under the gun, performance tanked and participants defaulted to the fast, intuitive – and often wrong – answer. Losses can prompt deep thinking or blind panic. What decides the outcome is whether the brain is given breathing room.
Now bring that insight to Bay Street. Markets embed their own stopwatch: price quotes refresh almost instantly and social feeds stir up emotions around the clock. Investors do not merely sense urgency: both mainstream and social media revolve around it.
Worse, the clock never stops. Extended-hours trading sessions for Canadian investors are already available from 4 a.m. to 8 p.m. ET for many stocks, and overnight trading (8 p.m. to 4 a.m. ET the next morning) effectively makes stock trading available around the clock. Given that cryptoasset trading has no market close, maybe the move to around-the-clock security trading is inevitable.
But while retail platforms tout overnight access as empowerment, the side effect is obvious: we have lost the natural curfew the closing bell once provided. Instead of cooling off overnight, a jittery investor can unload shares at 3 a.m., when liquidity might be thin and fear might be thick.
In contrast, regulators and exchanges recognize the need for oxygen. Market “circuit breakers” halt stock market trading after big losses occur in a single trading session. These engineered breathing spaces give market participants time to digest what is happening.
The implication for investors is obvious: while market losses can jolt us into deeper, more careful reasoning, this benefit is only realized if we have the time and mental space to reflect.
In fast-moving markets, or when pressured to make quick decisions, the advantage of loss-induced deliberation may be lost so we need to figure out how to buy time or avoid reflexive decision-making.
Here are four practical defence strategies that could help:
1. Write an investment policy statement before you need it. Even a one-page policy, drafted when you are calm, acts as a lighthouse when seas get rough.
2. Automate what you can. Prescheduled contributions and auto-rebalancing reduce decision points.
3. Use a checklist buddy. Talk decisions through with an adviser or trusted friend. Saying it out loud acts as a speed bump against emotion.
4.Respect the bell (even if markets ignore it). For investors that day-trade, decide in advance that you will not place trades outside regular hours unless a preset rule demands it. Sleep, like diversification, can be free risk management.
I’m probably guilty of banging the drum on this but investors should remember thatplatforms hungry for order flow wave the “democratization is good for all investors” flag proudly. But more access is not synonymous with better outcomes. Investors need to keep their eyes open.
When markets nosedive, the colour red is not the true enemy – the alarmism and perceived time crunch is. Give your brain a little oxygen or adopt systems to avoid reflexive responses and the same loss that might have provoked a panicked sale might be avoided.
Sometimes the smartest trade is no trade at all and the best circuit breakers may be the ones you install for yourself.
Preet Banerjee is a consultant to the wealth management industry with a focus on commercial applications of behavioural finance research.
Mining company Rio Tinto pays shareholder dividends semi-annually. But they may be worth the wait.
Ford Motor s is famous for generously rewarding shareholders with special dividends pulled from its annual free cash flow.
Brookfield Renewable is widely considered a defensive play, given the inherent predictability of its income, which can help offset volatility from other equities within a diversified portfolio.
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The economy has been sending mixed signals. While inflation is finally showing signs of cooling, undeniable cracks have surfaced in the labor market. Despite this uncertainty, pressure is rapidly intensifying on the central bank to slash interest rates when policymakers convene for the next FOMC meeting in mid-June. The Trump administration has not held back, with Vice President J.D. Vance most recently unleashing a blistering critique against Fed Chairman Jerome Powell, labeling his monetary policy as “malpractice.”
With the path now clearing for the Fed to finally ease interest rates, market dynamics are poised for a significant shift. Fixed income investors will swiftly discover that bonds have lost their main appeal, inevitably propelling them into equities – specifically, into the welcoming arms of attractive high-yield dividend stocks promising steady income.
We’ve identified a handful of these dividend powerhouses that fit this description, currently yielding over 5% and presenting compelling buying opportunities before the Fed’s gathering next week. Once the rate cut becomes official and borrowing costs descend, it’s a strong bet that the following stocks will command a higher price. Spoiler alert: You’ll want to stick with us to the end because we may have saved the best for last.
Mining company Rio Tinto pays shareholder dividends semi-annually. But they may be worth the wait.
Ford Motor s is famous for generously rewarding shareholders with special dividends pulled from its annual free cash flow.
Brookfield Renewable is widely considered a defensive play, given the inherent predictability of its income, which can help offset volatility from other equities within a diversified portfolio.
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1.) Rio Tinto Group (NYSE: RIO)
Mining company Rio Tinto Group (NYSE: RIO) is currently trading in the middle of its 52-week range at approximately $58 per share. With a dividend yield of 6.7%, Rio Tinto fits the bill as a high-yielding dividend play. The company, which mines resources ranging from iron ore to lithium, has close to a decade-long history of paying ordinary dividends at the top of its payout range at 60%.
In 2024, that amounted to $6.5 billion. Rio Tinto pays shareholder dividends semi-annually, so investors must be patient for the payouts. But they might find the waiting worth their while, as its latest dividend announcement was for $2.25 per share.
As a mining play, Rio Tinto is technically vulnerable to the whims of commodity prices. However, the company has proven its commitment to prioritizing shareholder value by paying toward the top of its range, or the percentage of earnings it has reserved for cash distributions.
Rio Tinto’s share price has been under pressure, falling 12.3% over the past year, owing to macroeconomic headwinds and some C-suite uncertainty. Nevertheless, Wall Street analysts large advise investors to buy the stock, attaching a $72 average price target and paving the way for 22% upside potential. On the risk side, Rio Tinto is in the midst of a CEO transition, adding to the uncertainty for this stock in the short term.
2.) Ford Motor (NYSE: F)
Lower borrowing costs are poised to ignite greater consumer demand for major purchases, including vehicles. As a result, Ford Motor (NYSE: F) emerges as a compelling contender on our list. The automaker currently boasts a regular quarterly dividend of $0.15 per share and is famous for generously rewarding shareholders with special dividends pulled from its annual free cash flow. For instance, in 2024, the company distributed a notable special dividend of $0.18 per share.
Automakers found themselves squarely in the crosshairs of the recent tariff skirmishes as the U.S. moved to safeguard domestic vehicle production from moving overseas. In response, auto manufacturers are strategizing in ways such as reshoring more production to the U.S. In May, Ford saw the payoff, flexing a robust 16% jump in monthly sales after enticing consumers with an employee pricing program. While lingering tariff uncertainty remains, broader trade deals appear to be advancing favorably.
Ford shares are currently trading for $10.66 per share. This dividend-paying auto stock finds itself down 2.4% year to date and has endured a steep 16.9% decline over the past 12 months. Despite recent headwinds, analysts remain keenly interested. In a bullish call, JPMorgan analyst Ryan Brinkman recently reiterated his “overweight” rating on Ford stock, assigning a $12 price target. Also in 2025, Bank of America Securities analyst John Murphy maintained a “buy” rating on Ford stock, with a price target of $14 per share (down from a previous $19 per share).
3.) Brookfield Renewable (NYSE: BEPC)
Brookfield Renewable (NYSE: BEPC), a Limited Partnership (LP) listed on both the NYSE and Toronto Stock Exchange (TSX), commands attention with a robust 4.69% dividend yield. This LP stands out for its specialized focus on renewable power and decarbonization solutions, boasting extensive exposure to hydroelectric, wind, solar and other clean energy sources.
While BEPC offers a direct play on the burgeoning renewable energy sector, its predictable income streams position it similarly to a utility, translating into reliable revenue for the firm and consistent dividends for its investors. In 2025, Brookfield is distributing quarterly dividends of $0.373 per share, a solid increase from $0.355 per share in 2024.
Brookfield CEO Bruce Flatt recently told CNBC that inflation has acted as a tailwind for the company’s revenue streams. His insight appears to be spot-on, as Brookfield just celebrated a record-breaking Q1 performance for its global operating fleet, which is now nearing an impressive 45,000 MW across cost-effective renewable energy sources. Unlike some other dividend stocks navigating market currents, BEPC’s stock is actively climbing so far in 2025, gaining 15.4% year-to-date.
Brookfield is widely considered a defensive play, given the inherent predictability of its income, which can help offset volatility from other equities within a diversified portfolio. Should the economy continue to slow, even within a low-rate environment, Brookfield Renewable could offer investors a valuable haven from market turbulence if its current upward trajectory holds. Wall Street analysts are clearly smitten with BEPC, evidenced by nearly a dozen “buy” ratings on the stock. While an average price target of $30.20 per share might not signal explosive upside, investors can still tap into consistent income from this high-dividend stock.
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BMO Global Asset Management has launched the Alpha Managers Hedge Fund, designed in collaboration with Goldman Sachs Asset Management.
The new fund for accredited investors combines strategies from global hedge fund managers to deliver low volatility and less correlated returns relative to traditional asset classes, BMO said in a release.
Separately, BMO Asset Management launched the BMO Human Capital Factor US Equity ETF (Cboe: ZHC).
The ETF aims to provide long-term capital appreciation by investing in U.S. equity securities from companies that score highly in human resource management. It seeks to link company culture to equity performance.
BMO Asset Management will select securities using a methodology developed by Irrational Capital LLC, which considers factors such as direct managerial relationships, organizational alignment, engagement, extrinsic motivation and emotional connection.
ATB introduces two new funds
ATB Investment Management Inc. announced two new funds: the ATB Monthly Income Portfolio and the ATB Global Equity Pool.
The ATB Monthly Income Portfolio is designed for investors seeking stable, consistent income, such as those in retirement. The ATB Global Equity Pool targets investors looking for long-term growth and who are comfortable with global equity exposure.
Both funds consist of underlying funds managed in partnership with Canadian and U.S.-based firms, including Goldman Sachs Asset Management, Fiera Capital Corp. and Driehaus Capital Management.
“These new products align seamlessly with ATBIM’s established investment approach, which centres on strategic asset allocation, active investment management through diversification, and strong partnerships with specialized managers,” ATB said in a release.
Global X to close five ETFs
Global X Investments Canada Inc. will terminate five of its ETFs at the end of the business day on Aug. 19.
The affected ETFs are:
Global X Cybersecurity Index ETF (HBUG)
BetaPro Equal Weight Canadian Bank 2x Daily Bull ETF (ATMU)
BetaPro Equal Weight Canadian Bank 2x Daily Bear ETF (AYMD)
BetaPro Equal Weight Canadian REIT 2x Daily Bull ETF (RITU)
BetaPro Equal Weight Canadian REIT 2x Daily Bear ETF (RITD)
Beginning Aug. 11, no further direct subscriptions for the ETFs will be accepted, except in limited circumstances. The ETFs will be delisted from the Toronto Stock Exchange at the close of business on or about Aug. 13. All securities still held by investors will be subject to mandatory redemption.
CI proposes crypto staking strategy
CI Global Asset Management has proposed a staking strategy for the CI Galaxy Ethereum ETF (ETHX), which invests in the Ether cryptocurrency.
The proposal would allow the ETF to stake a portion of its Ether holdings to benefit unitholders by increasing total returns, CI said in a release.
CI is seeking unitholder approval to receive a portion of the net staking rewards. A unitholder meeting is scheduled for on or about Aug. 20. Full details will be available in July, with meeting materials to be mailed to unitholders on or about July 21, 2025.
Sapling launches M&A index
Sapling Financial Consultants released its Green Shoots M&A Index for Canada and the U.S. to predict M&A trends in the two markets, Sapling said in a release.
The index shows a rebound in U.S. deal flow, positioning Canadian M&A activity to follow, with growth forecast in June.
The index scored Canada at a predictive value of 44 and the U.S. at 43 out of 100. The number suggests a stable M&A environment with early signs of recovery. Canada had 241 M&A deals in May, whereas the U.S. saw 1,308. Sapling projects deals to increase to 247 in June for Canada and 1,388 in the U.S.
“Our models are forecasting a moderate uptick in activity, driven by improving domestic credit conditions and influence of U.S. deals,” Rob Hong, co-founder & CEO of Sapling Financial Consultants, said in a release.
Guardian Capital launches two bond funds
Guardian Capital LP has launched GuardBondsTM 2028 Investment Grade Bond Fund (GBFE) and GuardBondsTM 2029 Investment Grade Bond Fund (GBFF).
The two new ETFs, listed on Cboe Canada on June 3, are designed to provide a predictable stream of income and the option to hold to maturity.
The defined maturity ETFs are structured to hold a diversified portfolio of Canadian-dollar-denominated investment-grade bonds that mature in 2028 and 2029, respectively. The funds are actively managed and are expected to terminate on or about November 30 of their maturity year.
The funds aim to generate income over their lifespan by holding bonds to maturity rather than trading in and out of positions. Guardian Capital claimed that this structure can reduce price volatility and provide greater income predictability.
Wellington subsidiary partners with Fiera to launch investment fund
Independent Advisor Solutions Inc., a wholly owned subsidiary of Wellington-Altus Financial Inc., partnered with Fiera Capital Corporation to launch a new investment fund.
Canadian High Conviction Equities became available exclusively to Wellington-Altus advisors starting on June 9, 2025. Independent Advisor Solutions acts as investment sub-advisor for these portfolios.
Hamilton plans to launch three ETFs
Hamilton Capital Partners Inc. filed a preliminary prospectus with the Canadian securities regulators for three new ETFs.
The DayMAX ETFs are subject to regulatory approvals and aim to provide unitholders with income using zero-day-to-expiration options and a leverage of 25%.
Hamilton ETFs will apply for the conditional listing approval of the ETFs on the Toronto Stock Exchange and expects them to be listed as follows:
Hamilton Enhanced Technology DayMAX ETF (QDAY)
Hamilton Enhanced Canadian Equity DayMAX ETF (CDAY)
Hamilton Enhanced U.S. Equity DayMAX ETF (SDAY)
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Jonathan Got
Jonathan Got is a reporter with Advisor.ca and its sister publication, Investment Executive. Reach him at jonathan@newcom.ca.
This move is anticipated to generate enhanced cash flow and provide significant cash generation to fund DPM’s growth and capital returns programme. Credit: MacroEcon/Shutterstock.
Dundee Precious Metals (DPM) has agreed to acquire all issued shares of Adriatic Metals in a transaction valued at approximately $1.3bn (C$1.77bn).
The transaction is expected to enhance DPM’s production capacity and extend its mineral reserve life through the 100% acquisition of the Vareš silver-lead-zinc-gold mine in Bosnia and Herzegovina.
Shareholders of Adriatic Metals will receive 0.1590 of a DPM common share and 93 pence in cash for each Adriatic share under the acquisition.
The transaction implies a value of £2.68 ($3.62) per Adriatic share and A$5.56 ($3.62) per CHESS Depository Interest, based on the exchange rates as of 11 June 2025.
The scheme of arrangement under the UK Companies Act 2006 will see DPM shareholders owning approximately 75% and former Adriatic Shareholders around 25% of the enlarged issued share capital post-transaction.
This strategic move is anticipated to generate enhanced cash flow and provide significant cash generation to fund DPM’s growth and capital returns programme.
Dundee Precious Metals president and CEO David Rae said: “Adding Adriatic’s Vareš operation to our strong asset portfolio creates a premier mining business with a peer-leading growth profile, high-quality development and exploration pipeline and a robust platform to deliver above-average returns.
“Vareš is a logical fit with our portfolio, as it significantly increases DPM’s mine life while adding near-term production growth, a highly prospective land package and cash flow diversification. We are well-positioned to leverage our expertise in underground mining, our regional presence, successful track record of building and ramping up new mines, as well as our strong financial position to further optimise the operation and realise Vareš’ full value potential, based on our analysis.”
Vareš is an underground mine with an offsite processing facility located near Sarajevo and has been ramping up production since its first concentrate production in 2024.
The operation, with a 15-year initial operating life and a 4,400-hectare land package, is expected to bolster DPM’s production to as much as 425,000 gold equivalent ounces by 2027.
The independent technical report by SRK Consulting (UK), effective as of 1 April 2025, confirms Vareš’s potential with an all-in sustaining cost of $893/oz of gold equivalent.
Adriatic Metals managing director and CEO Laura Tyler said: “Vareš remains firmly on track to become a low-cost precious metal producer, underpinned by a long mine life, a high-grade deposit and strong exploration potential.
“What makes Vareš so exciting is that it is at the beginning of its journey, with significant growth potential ahead. This transaction brings together complementary strengths to create a dynamic and diversified mining company with meaningful scale. We see clear synergies between the asset portfolios of DPM and Adriatic, supported by DPM’s strong financial capacity and proven operational expertise.”
The completion of the acquisition is subject to several conditions including approvals from Adriatic Shareholders, the court, the Toronto Stock Exchange and the Bosnian Competition Council.
The transaction is expected to become effective no later than 31 December 2025.
In September last year, DPM sold its Tsumeb smelter in Namibia to a subsidiary of China’s Sinomine Resource Group for $20m.
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Mining Technology Excellence Awards – Have you nominated?
Nominations are now open for the prestigious Mining Technology Excellence Awards – one of the industry’s most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don’t miss the opportunity to be honoured among the best – submit your nomination today!
The report outlines measurable progress in emissions management, resource efficiency, employee engagement, and community impact across its global operations, reinforcing HPS’s commitment to sustainability and responsible growth.
GUELPH, ON (June 12, 2025) — Hammond Power Solutions (HPS), a leader in dry-type transformers and power quality solutions, has released its 2024 Environmental, Social, and Governance (ESG) Report. The report outlines measurable progress in emissions management, resource efficiency, employee engagement, and community impact across its global operations, reinforcing HPS’s commitment to sustainability and responsible growth.
“Our updated Vision and Mission are deeply aligned with our ESG priorities, simplifying electrification, shaping sustainable power solutions, and partnering with our customers and suppliers to drive meaningful environmental impact. Our 2024 ESG Report reflects the progress we are making to support a more resilient, inclusive, and low-carbon future,” said Adrian Thomas, CEO of Hammond Power Solutions
In 2024, HPS expanded operations with new and upgraded facilities, yet limited Scope 1 and 2 emissions growth by only 10 percent, meeting its internal target. The company also improved global carbon intensity by 3 percent.
Energy efficient upgrades and operational improvements led to emissions reductions at key sites including Guelph, Baraboo, Walkerton, and Aberfoyle. Notably, a redesigned shipping skid project at the Monterrey, Mexico plant saved 42 tons of wood, equivalent to 240 pine trees.
HPS’s commitment extends beyond the environment. Employees contributed nearly 3,000 volunteer hours in 2024, while corporate giving topped $322,000 CAD. The company earned Great Place to Work certification in Canada, the U.S., and India, and continues to strengthen diversity, equity, and inclusion initiatives globally.
The full 2024 ESG Report is available here detailing HPS’s ongoing efforts to build a sustainable future through innovation and responsibility.
ABOUT HAMMOND POWER SOLUTIONS INC.
Hammond Power Solutions Inc. (“HPS” or the “Company”) enables electrification through its broad range of dry-type transformers, power quality products and related magnetics. HPS’ standard and custom-designed products are essential and ubiquitous in electrical distribution networks through an extensive range of end-user applications. The Company has manufacturing plants in Canada, the United States (U.S.), Mexico and India and sells its products around the globe. HPS shares are listed on the Toronto Stock Exchange and trade under the symbol HPS.A.
Canada’s main stock index declined on Friday, dragged down by losses in technology shares, as Israel’s widescale strikes on Iran dampened global risk appetite.
The S&P/TSX composite index was down 0.5% at 26,490.64 points.
Israel has warned that the strikes were the start of a prolonged operation to prevent Tehran from building an atomic weapon. Iran has promised a harsh response.
However, U.S. President Donald Trump urged Iran to make a deal over its nuclear programme, saying there was still time for the country to prevent further conflict with Israel.
The downturn in the TSX was limited as investors shifted to safe-haven assets, boosting metal mining shares. The materials sector gained 0.6%
The energy sector rose 1.7% to be the top gainer as the tensions in the Middle East sparked worries about supply disruptions, boosting crude prices.
“I don’t think it’s any surprise that Toronto Stock Exchange is going to hold up greater than New York, which is more based on technology or multinational corporations,” said Allan Small, senior investment advisor at Allan Small Financial Group with iA Private Wealth.
“Gold and oil make up a big chunk of our market and anything commodities-based is relatively going to do well”.
The technology sector fell 1.5%, while the heavyweight financial stocks were down nearly 1%.
The benchmark index achieved a second consecutive record high on Thursday and appears poised to secure its third straight weekly gain, provided losses remain contained.
