Valiant Gold Lists on the ASX

Executive Summary

• Valiant Gold Limited (ASX: VAL) was admitted to the ASX, with shares beginning trading at 1:00 pm AEDT.
• The IPO raised $75 million (pre‑costs) via 300 million shares at $0.25 each, and a $20 million priority offer to eligible Westgold shareholders was oversubscribed.
• Westgold retains ~44 % equity in Valiant, subject to a 24‑month escrow, and has an Ore Purchase Agreement that could generate early cash flow for both companies.

Key Details

• IPO Size: $75 M gross proceeds (before costs) from issuance of 300 M shares at $0.25 per share.
• Priority Offer: $20 M offered to eligible Westgold shareholders; the offer was oversubscribed.
• Equity Stake: Westgold holds an approximately 44 % equity interest in Valiant post‑listing, locked in escrow for 24 months from the first quotation on ASX.
• Resource Base: Valiant controls the Reedy and Comet Projects with ~1.2 Moz JORC‑compliant mineral resources.
• Ore Purchase Agreement (OPA): Provides a pathway for early cash flow to Valiant and additional ore feed to Westgold’s processing hubs, outside of Westgold’s 3‑Year Outlook.
• Trading Commencement: Shares began trading at 1:00 pm AEDT on the listing day.

Notable Quotes

“Westgold congratulates the Valiant team on the successful listing of Valiant Gold… Our retained equity interest ensures Westgold shareholders continue to benefit from Valiant’s progress whilst the Ore Purchase Agreement provides an early revenue pathway for Valiant and incremental ore feed opportunities for Westgold’s strategic regional processing hubs.” – Wayne Bramwell, Managing Director & CEO, Westgold Resources Limited