Westgold to demerge non-core assets and float Valiant Gold in 2026
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The news: Gold miner Westgold Resources will demerge its non-core Reedy's and Comet assets and transfer them to a new standalone gold company, Valiant Gold, targeting an initial public offering on the ASX in Q3 2026.
The numbers: Subject to ASX approval, Valiant will undertake an IPO aiming to raise between $65 million and $75 million at an issue price of 25 cents per share.
Westgold will retain a shareholding in Valiant of between 44% and 48%.
The context: Westgold said the demerger and IPO will help to unlock value from the Reedy's and Comet assets which are not included in the miner's three-year outlook.
Westgold and Valiant will also enter into an ore purchase agreement for processing ore from the demerged assets. Westgold said the arrangement will provide a fast-tracked and low capex pathway to near-term gold production and cash flow to Valiant, whilst providing Westgold with additional ore not currently scheduled in its three-year outlook.
The Reedy's and Comet gold projects are 100% owned, brownfield gold assets located in the Murchison region of Western Australia.
What they said: "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," said Westgold managing director and CEO Wayne Bramwell.
The source: ASX
