Westgold Resources plans to demerge Reedy and Comet gold projects into a new ASX-listed company, Valiant Gold, in Q3 FY26. The move aims to streamline its portfolio for focus on core operations in Murchison and Southern Goldfields regions, contingent upon ASX approval by late March 2026.

Valiant aims to raise A$65m to A$75m in IPO, including a A$20m priority offer for eligible Westgold shareholders. Reedy and Comet projects have a mineral resource of 15.6mt at 2.4g/t gold. Wayne Bramwell, Westgold MD and CEO, highlights the potential for value creation and exploration opportunities through Valiant.

Westgold and Valiant plan to execute an OPA for ore processing at Westgold’s Cue and/or Meekatharra hubs post-demerger and IPO. Westgold will retain a significant equity stake in Valiant, with around 48% at minimum subscription and 44% at maximum subscription. Bramwell emphasizes the potential for Valiant to replicate the success of NMG.

Argonaut Securities will lead Valiant’s IPO, with Thomson Geer as the legal adviser for the demerger and listing process. In April, Westgold divested its Lakewood Mill processing facility to Black Cat Syndicate for A$85m. The demerger aims to unlock value from smaller assets and exploration potential while maintaining exposure to production outcomes.

Read more at Yahoo Finance: Westgold plans to demerge Reedy, Comet into Valiant Gold