Leo Malan
Credentials

Who you are working with

Leo Malan

Sell-side and buy-side M&A, valuations and independent expert reports on listed transactions, alongside the mid-market sell-sides that are the centre of it, whether the owner comes direct or an adviser holds the mandate.

Over ten years in BDO’s Corporate Finance and Advisory teams, in South Africa and then Perth, running M&A mandates end to end. A Chartered Accountant with twenty years in the profession across mining and resources M&A, coal, gold, PGM, chrome and iron ore, in Australia, Southern Africa and cross-border.

See my LinkedIn profile →

Experience
20 years · 10+ at BDO Corporate Finance
Qualification
Chartered Accountant · CA
Engagement
Directly, or under your firm’s brand
Handling
Confidential

Transactions

Deals from my time in BDO’s Corporate Finance team.

Owner-managed businesses

Health & Fitness · Sell-side
Sale of five fitness centres
Lead adviser: financial model, IM & data room
EBITDA c. A$3.7m
Drilling & Mining · Buy-side
Acquisition of a drilling company from a PE vendor
Lead adviser: buyer-side negotiations, lead model
EBITDA c. A$3.5m
Professional Services · Sell-side
Sale of a quantity-surveying & cost-management firm
Lead adviser: IM & model, running the offer process
EBITDA c. A$1.5m
Mine Camps · Sell-side
Sale of a mining accommodation business
Lead adviser: IM, teaser & data room · strategic sale

Listed and cross-border

JSE · Fairness Opinion
Northam Platinum: empowerment restructure
Independent expert team (JSE): valuation & fairness opinion · independent expert report (PDF)
US$2.3bn
JSE · Fairness Opinion
Assore Limited: delisting via share buy-back
Independent expert team (JSE): valuation & fairness opinion · JSE announcement (PDF)
c. US$1.0bn
Mining · Coal
Life-of-mine valuation & financing for two assets out of business rescue
Cost-driver analysis; LoM & capital-structure modelling
EV c. £381m
Mining & Metals · Buy-side
Financial DD & valuation of a JV operating mine
Real-terms DCF; ROM, mining-plan & reserve analysis
Equity c. £81m
Renewable Energy · Valuation
Sum-of-the-parts valuation across four countries, for the Stock Exchange of Mauritius
Model build; country-risk WACC; comparable-beta research
Equity c. US$26m

Live and confidential mandates shown by sector · closed, publicly-announced transactions named

Investigations

Write-ups of the reviews behind my LinkedIn posts: what I did, what I found, and what it means.

September 2026

41 ASX miners’ June quarterlies, checked against the rules

Every one missed at least one requirement; 18 had a point the rules treat as serious.

Read the write-up
Slide 1 of 10
September 2026

23 specialist reports on mineral assets, checked against the VALMIN Code

23 filed specialist reports on mineral assets: 19 valuations inside independent expert’s reports and 4 technical reports in IPO prospectuses.

Read the write-up
Slide 1 of 10

Let’s talk, confidentially.

Tell me what is in front of you. My commitment: each deliverable within 48 hours of receiving what it needs from you.

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