Westgold plans to demerge Reedy, Comet into Valiant Gold

Westgold Resources has announced plans to demerge its non-core Reedy and Comet golden projects into a caller Australian Securities Exchange (ASX)-listed company, Valiant Gold, successful the 3rd 4th (Q3) of fiscal twelvemonth 2026 (FY26).

The determination is intended to streamline Westgold’s portfolio, allowing it to absorption connected larger, higher-grade halfway operations successful the Murchison and Southern Goldfields regions.

The transaction, which is contingent upon ASX approval, is owed to beryllium completed by precocious March 2026.

As portion of the archetypal nationalist offering (IPO), Valiant aims to rise betwixt A$65m ($43.22m) and A$75m earlier costs, including a A$20m precedence connection for eligible Westgold shareholders.

The Reedy and Comet projects comprise 4 historical underground mines with caller accumulation and a combined mineral assets of 15.6 cardinal tonnes (mt) astatine 2.4 grams per tonne (g/t) golden for 1.2 cardinal ounces (moz).

Westgold managing manager and CEO Wayne Bramwell said: “Westgold is focused connected enlargement of our larger, halfway operating assets. By establishing Valiant, we make an independent, well-funded golden institution that tin bring guardant worth from smaller assets specified arsenic the Comet and South Emu-Triton underground mines and unlock the exploration imaginable crossed the Reedy and Comet packages.

“Valiant volition person a fast-track to currency travel with an ore acquisition statement (OPA) to beryllium entered into with Westgold. This collaborative, capital-efficient exemplary is proven, arsenic demonstrated by Westgold’s concern and OPA with New Murchison Gold (ASX: NMG).”

As portion of the demerger, Westgold and Valiant program to execute an OPA, enabling ore from the demerged assets to beryllium processed astatine Westgold’s Cue and/or Meekatharra processing hubs.

Following the demerger and IPO, Westgold volition clasp a important equity involvement successful Valiant, holding astir 48% astatine minimum subscription and 44% astatine maximum subscription, thereby preserving its vulnerability to exploration and accumulation outcomes.

Bramwell added: “This exemplary saw NMG modulation from explorer to producer, with golden accumulation from NMG’s Crown Prince deposit present delivering high-grade oxide ore to Westgold’s Meekatharra processing hub. Valiant tin replicate this success.

“With respective tiny underground mines successful attraction and maintenance, a scope of open-pit opportunities and exploration upside, the Valiant squad has aggregate near-term restart and maturation options to present near-term currency flow.”

Argonaut Securities has been named arsenic the pb manager to the IPO, with Thomson Geer serving arsenic the Australian ineligible advisor for the demerger and listing process.