Westgold Resources Limited has announced the launch of Valiant Gold Limited’s initial public offering (IPO) as part of its strategic plan to enhance value from smaller gold assets. On February 17, 2026, Valiant lodged its prospectus with the Australian Securities and Investments Commission (ASIC) and the Australian Securities Exchange (ASX), aiming to raise between $65 million and $75 million.
Wayne Bramwell, Managing Director and CEO of Westgold, highlighted the significance of Valiant Gold as it enables the company to realize value from high-quality assets that currently fall outside its three-year outlook. Valiant will operate independently, focusing on the Reedy and Comet gold projects located in the Murchison region of Western Australia.
The new venture is supported by an ore purchase agreement (OPA) with Westgold, which ensures that Valiant can generate cash flow by supplying ore to Westgold’s processing facilities. This arrangement allows Westgold to maintain a significant interest in Valiant while providing eligible Westgold shareholders the opportunity to participate directly in the IPO through a priority offer.
IPO Details and Corporate Structure
The Valiant Board includes Non-Executive Chairman Derek La Ferla, Managing Director Brendan Tritton, and Non-Executive Directors Simon Rigby and Anthony Chamberlain. The IPO will offer between 260 million and 300 million Valiant shares at an issue price of $0.25 per share. The listing of Valiant shares on the ASX is contingent on meeting the minimum subscription of $65 million.
Westgold has entered an OPA with Valiant, whereby gold ore mined from the Reedy and Comet projects will be sold to Westgold for processing at its Meekatharra Hub. This collaboration allows Valiant to access processing capacity and generate initial cash flow without the need for building its own facility.
Argonaut Securities Pty Limited serves as the lead manager and bookrunner for the IPO, while Commonwealth Securities Limited acts as a co-manager. Argonaut Corporate Finance Limited is advising Westgold on the demerger, and Thomson Geer is providing legal counsel for the IPO.
Opportunities for Shareholders
Eligible Westgold shareholders are encouraged to read the Valiant Prospectus and submit their applications in accordance with the guidelines outlined within. The IPO will also feature a Broker Firm Offer for Australian retail investors and an Institutional Offer for select institutional investors.
The Valiant Prospectus includes comprehensive information about the Reedy and Comet projects, the intended use of funds, associated risks, and financial details. Interested investors can access the prospectus on Valiant’s official website.
Potential investors are advised to consult their financial advisors and consider the detailed information provided in the prospectus before deciding to acquire shares. For any inquiries related to the offer, individuals may contact the Offer Information Line during business hours.
This announcement has been authorized for release to the ASX by the Valiant Board.
Westgold Resources Limited, listed on the ASX and TSX under the ticker WGX, is recognized as a leading unhedged gold producer in Australia, with established mines and processing plants in two of the country’s most productive gold regions. The company’s vision focuses on sustainable, responsible production while creating value for its shareholders and the communities it serves.
While Westgold prepares for this strategic transition, there are inherent risks associated with forward-looking statements, reflecting the potential for actual results to differ from anticipated outcomes based on various factors. Investors are encouraged to review the risk factors outlined in Westgold’s continuous disclosure filings.
