Westgold Resources is moving ahead with the demerger and IPO of its Reedy and Comet projects into a new standalone company, Valiant Gold Ltd.
The move will simplify Westgold’s Murchison business, allowing the company to focus on its larger and higher-grade core operations.
It will also unlock value from assets not included in Westgold’s three-year outlook.
The Reedy and Comet projects include four historic underground mines with recent production and a combined mineral resource of 15.6 million tonnes at 2.4 g/t gold, at 1.2 million ounces of gold.
Valiant will also concurrently list on the Australian Securities Exchange (ASX) to raise AU$65 million to AU$75 million, at an issue price of 25 cents per share.
Following completion of the demerger and the IPO, Westgold will retain approximately 44 to 48 per cent shareholding in Valiant, keeping exposure to any upside from exploration or production growth.
Wayne Bramwell, CEO of Westgold, said: “Westgold is focused on the expansion of our larger, core operating assets.
“By establishing Valiant, we create an independent, well-funded gold company that can bring forward value from smaller assets such as the Comet and South Emu-Triton underground mines and unlock the exploration potential across the Reedy and Comet packages.
“Valiant will have a fast-track to cashflow with an ore purchase agreement (OPA) to be entered into with Westgold.
“This collaborative, capital efficient model is proven, as demonstrated by Westgold’s investment and OPA with New Murchison Gold.”
Under the OPA, Valiant will process ore at Westgold’s Cue and Meekatharra processing hubs, providing a low-capital, rapid pathway to gold production, while also providing Westgold with additional ore.
The demerger is expected to be completed by late March 2026.
Meanwhile, Valiant’s IPO offer is expected to open in March 2026.
Valiant’s board will be led by non-executive chair Derek La Ferla, with Brendan Tritton as managing director, Anthony Chamberlain and Simon Rigby as non-executive directors.
