Westgold Resources has completed the sale of its Mt Henry Gold Project in Western Australia (WA) to Alicanto Minerals.
The company reported that the total value of the Mt Henry consideration increased from A$64.6m previously to A$110m.
The increase reflects the appreciation in value of Westgold's 19.9% stake in Alicanto since the initial announcement in December 2025.
This follows the fulfilment of all necessary conditions including ministerial consent, and approval from both shareholders and the Ngadju Native Title Aboriginal Corporation.
Alicanto is preparing for a forthcoming 50,000m drilling programme aimed at expanding the 915,000oz resource along the 16km corridor.
Alicanto chief executive Jeff Sansom said: “Completing the Mt Henry Transaction is an important milestone for Alicanto and paves the way for us to apply our core skills of brownfields exploration and project advancement to drive value.
“Mt Henry is a large, under-explored gold system, with limited drilling below 100m and known mineralisation extending beyond the current resources. We see significant potential to unlock further value through a well-funded 50,000m drilling programme across the broader 16km corridor.”
The divestment is part of Westgold's broader strategy to streamline its portfolio by selling non-core and non-operational assets, thereby enhancing shareholder value.
Financial and legal support for Westgold during the transaction was provided by Argonaut and Thomson Geer, respectively.
Westgold managing director and CEO Wayne Bramwell said: “Alicanto plans to commence a substantial 50,000m multi-rig drilling programme at Mt Henry, and Westgold, as a significant shareholder in Alicanto, will participate in any resulting exploration success.
“Westgold’s portfolio of mineral assets remains large. The plan to simplify this portfolio continues with the divestment of our Peak Hill and Chalice gold assets advancing and the IPO [initial public offering] of Valiant Gold (proposed ASX code: VAL) targeting listing in late March 2026. Upon completion, these transactions will finalise the rationalisation of our portfolio.”
In December 2025, Westgold restarted high-grade gold mining at the Great Fingall mine near Cue in WA, delivering the first production from this historic gold reef in more than 100 years.
