Westgold Resources has completed the divestment of its Mt Henry-Selene gold project while advancing plans to spin out its Reedy and Comet assets through the initial public offering (IPO) of Valiant Gold.

The company confirmed the completion of the Mt Henry-Selene transaction with Alicanto Minerals, with total consideration increasing from the previously announced $64.6 million to $110 million, reflecting the uplift in the value of Westgold’s 19.9 per cent shareholding in Alicanto.

Westgold managing director and chief executive officer (CEO) Wayne Bramwell said the divestment forms part of a broader portfolio rationalisation strategy.

“The transaction with Alicanto unlocks value for Westgold shareholders from assets not within our three-year outlook,” Bramwell said.

“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,” he 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 parallel, Valiant Gold has lodged its prospectus with the Australian Securities and Investments Commission (ASIC) and the ASX, marking a key step towards its proposed March listing.

Under the IPO, Valiant is seeking to raise between $65 million and $75 million at $0.25 per share, comprising a priority offer to eligible Westgold shareholders of around $20 million and institutional and broker firm offers of $45–55 million.

Valiant will emerge as an independent gold company focused on the Reedy and Comet projects in Western Australia’s (WA) Murchison region, which host approximately 1.2 million ounces of JORC-compliant mineral resources.

Bramwell said the demerger provides a pathway to unlock value from smaller, high-quality assets.

“The creation of Valiant Gold provides Westgold the opportunity to realise value from smaller, high-quality assets that are not included in our three-year outlook,” he said.

“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.”

He added that Westgold anticipates remaining 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.

On completion of the IPO and demerger, Westgold is expected to retain a 44–48 per cent shareholding in Valiant, subject to a 24-month escrow period

Together, the Mt Henry divestment and Valiant IPO signal a decisive shift in Westgold’s strategy as it streamlines its asset base and sharpens its focus on core production hubs across the Murchison and Southern Goldfields.

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