Westgold Resources has completed the divestment of the Mt Henry-Selene gold project to Alicanto Minerals Ltd. and advanced its plans to spin out its Reedy and Comet gold projects into a new ASX-listed entity, Valiant Gold.
Westgold said it completed the sale of its non-core Mt Henry-Selene gold project in Western Australia to Alicanto for AU$110 million, up from the previously announced AU$64.6 million, reflecting the increase in value of Westgold’s 19.9 per cent shareholding in Alicanto.
Westgold CEO Wayne Bramwell said the transaction unlocks value for its shareholders from assets the company does not consider part of its three-year outlook.
“Alicanto plans to commence a substantial 50,000 metre multi-rig drilling program at Mt Henry, and Westgold, as a significant shareholder in Alicanto, will participate in any resulting exploration success,” Bramwell said.
“Westgold’s portfolio of mineral assets remains large; the plan to simplify this portfolio continues with the divestment of our Peak Hill and Chalice gold assets advancing, and the IPO of Valiant Gold targeting listing in late March 2026.
“Upon completion, these transactions will finalise the rationalisation of our portfolio.”
In connection with Westgold’s plans to simplify its portfolio, Valiant Gold lodged its prospectus with the Australian Securities and Investments Commission (ASIC) and the ASX for its IPO.
Valiant is seeking to raise between AU$65 million and AU$75 million at 25 cents per share. Eligible Westgold shareholders can subscribe to AU$20 million of shares, while institutional and broker firm investors can subscribe to AU$45 million to AU$55 million worth of shares.
On completion of the IPO, Valiant will emerge as an independent gold company focused on Reedy and Comet projects in Western Australia, which together host 1.2 million ounces of mineral resources.
Valiant is targeting a listing date in late March, which Bramwell said provides a pathway to unlock value from smaller, high-quality assets.
“Importantly, an ore purchase agreement with Westgold provides Valiant with a direct pathway to cash flow and can provide supplementary ore to Westgold’s processing hubs.”
Bramwell said Westgold expects to remain a significant shareholder in Valiant, ensuring continued exposure to these assets for its shareholders, with eligible Westgold shareholders having the ability to participate directly in Valiant’s IPO through the priority offer.
Westgold expects to retain a 44 per cent to 48 per cent shareholding in Valiant, subject to a 24-month escrow period.
