Gold miner Gold Road Resources has made an all-cash offer to acquire the shares it does not own in Western Australian gold exploration company Apollo Consolidated, for $0.41 (A$0.56) per share.

Apollo Consolidated already received a takeover proposal from Australian firm Ramelius Resources earlier this month.

The unconditional off-market offer implies about $124.3m (A$166m) (fully diluted basis) of equity value for Apollo and a premium to Ramelius’ cash and scrip offer of $0.415 (A$0.5542).

Gold Road said in a statement: “Gold Road’s offer provides Apollo shareholders with a compelling opportunity to realise certain and near-term value for their Apollo shares at an offer price that represents the all-time highest price paid for an Apollo share.”

The offer forms part of Gold Road’s strategy to grow and diversify its growth pipeline with low-risk opportunities in tier one jurisdictions.

Gold Road currently holds a 19.9% stake in the issued share capital of Apollo, which owns the advanced gold project at Lake Rebecca, greenfield gold projects at Yindi and Larkin, and the Louisa nickel-copper sulphide project in the Kimberley.

Subject to a successful outcome, Gold Road plans to carry out continued exploration and studies to advance the Lake Rebecca Project.

Gold Road also intends to grow resources at Lake Rebecca and develop new mining operations.

The company noted: “These activities are exactly aligned with Gold Road’s core competencies, as demonstrated by the discovery of the Gruyere deposit, subsequent resource growth and definition and successful mine construction, commissioning and ramp-up.

“This strategic acquisition will complement and enhance Gold Road’s existing exploration pipeline by providing an advanced exploration project and diversifying the company’s resource base, aligning with the company’s objective of developing a second operating mine.”