OceanaGold (OGC) said Monday it agreed to acquire Ausgold in an Australian court-approved scheme of arrangement valued at about 776 million Australian dollars ($552.6 million).

Under the agreement, Ausgold shareholders will receive 0.03365 OceanaGold common shares for each share held, implying an offer value of AU$1.36 per share, the company said.

Investors can also choose a cash option from a total available pool of AU$194 million, and the transaction adds the Katanning gold project in Western Australia to the mining portfolio, with first gold production targeted for 2029, OceanaGold said.

Upon completion, Ausgold shareholders are expected to own approximately 6% to 8% of OceanaGold, depending on cash elections, OceanaGold said.

The company also said the deal is expected to close in December, subject to shareholder, court, and regulatory approvals.