Westgold Demerges Reedy and Comet Projects Into Valiant Gold
Westgold Resources has announced the demerger of its Reedy and Comet gold projects into a new ASX-listed company named Valiant Gold. The move aims to unlock value from smaller gold assets while sharpening Westgold’s focus on its core operations. The demerger creates a standalone gold company with dedicated capital and leadership. Valiant Gold will hold a portfolio of near-term production and exploration assets in Western Australia.
Reedy and Comet Assets Offer Near-Term Gold Potential
The Reedy and Comet projects include four historic underground gold mines with recent production history. Together, the assets host a mineral resource of 15.6 million tonnes at 2.4 grams per tonne gold. This equates to approximately 1.2 million ounces of contained gold. The portfolio provides multiple opportunities for early-stage mine restarts. It also offers strong exploration upside beyond existing resources.
Demerger Supports Focus on Core Gold Operations
Westgold designed the demerger to accelerate cash flow generation from non-core assets. The structure allows management to prioritise higher-grade, larger-scale operations. The strategy also preserves exposure to future upside through retained equity in Valiant Gold. This approach balances focus with continued growth optionality.
Valiant Gold IPO to Fund Growth Strategy
Valiant plans to complete a concurrent initial public offering to raise between $65 million and $75 million. Eligible Westgold shareholders will have access to a $20 million priority offer. Following the IPO, Westgold will retain an equity interest of between 44 and 48 percent. The retained stake allows Westgold to benefit from future exploration success and production growth.
Leadership Outlines Strategic Rationale
“Westgold is focused on 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,” Westgold managing director and chief executive officer Wayne Bramwell said.
The structure separates capital allocation priorities while supporting faster development timelines.
Ore Purchase Agreement Enables Fast-Track Cash Flow
“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 through Westgold’s Cue and Meekatharra processing hubs. This approach reduces capital requirements and accelerates production timelines. The agreement also provides Westgold with additional ore feed beyond its three-year operating plan.
Board Appointments Support Independent Growth
Valiant Gold will operate with an independent board and management team. Derek La Ferla will serve as non-executive chair. Brendan Tritton has been appointed managing director. Anthony Chamberlain will join as non-executive director. Westgold executive Simon Rigby will also join the board as a non-executive director. The leadership team brings experience across gold production, capital markets, and exploration development.