Valiant Lodges Prospectus

The most recent news (Feb 15, 2026) announces the completion of the divestment of the non-core Mt Henry-Selene Gold Project to Alicanto Minerals Limited. The total consideration increased materially from the initially announced A$64.6 million to A$110 million. This increase is solely due to the appreciation of Alicanto's share price to A$2.02 (from an implied issue price of ~A$0.055), valuing Westgold's resulting 19.9% strategic stake at A$110 million. No cash was received; the consideration is entirely in Alicanto shares. Westgold will participate in any future exploration success at the project and has board nomination rights.

The news is materially positive. It confirms the successful execution of a key portfolio rationalization step and, importantly, delivers significantly more value than initially guided (A$110M vs. A$64.6M). This represents an unrealized gain for Westgold shareholders and strengthens the balance sheet through a valuable equity holding in a now well-funded explorer. The transaction aligns with the company's stated strategy to simplify its portfolio and realize value from non-core, non-operational assets. The risk is that the value is contingent on Alicanto's share price, which is volatile and tied to exploration outcomes. However, the completion de-risks the transaction and locks in the gains to date.

• Overview: Westgold Resources is a mid-tier, unhedged Australian gold producer with operations across the Murchison and Southern Goldfields regions of Western Australia. The company was transformed following its merger with Karora Resources in August 2024, doubling its scale.
• Flagship Operations: The company operates four processing hubs (Cue, Meekatharra, Fortnum, Higginsville) fed by a portfolio of underground and open-pit mines. Key growth projects include the expansion of the Bluebird-South Junction mine at Meekatharra, the ramp-up of the Beta Hunt mine, and the development of the Great Fingall mine.