Westgold Resources Limited has officially submitted the prospectus for Valiant Gold Limited to the Australian Securities and Investments Commission (ASIC) and the Australian Securities Exchange (ASX) as part of its initial public offering (IPO). The announcement, made on February 17, 2026, marks a significant step toward the establishment of Valiant Gold as an independent entity focused on operating the Reedy and Comet gold projects in Western Australia’s Murchison region.
In a statement, Westgold’s Managing Director and CEO, Wayne Bramwell, emphasized the strategic benefits of creating Valiant Gold. He noted that the new company will allow Westgold to capitalize on smaller, high-quality assets that do not feature in their three-year outlook. “Valiant Gold will be well funded and positioned to pursue its own opportunities while maintaining a vital commercial agreement with Westgold.”
The IPO is set to offer between 260 million and 300 million shares at an issue price of $0.25 per share, aiming to raise between $65 million and $75 million before costs. This fundraising initiative is subject to ASX approval and requires Valiant to secure at least the minimum subscription amount.
Strategic Partnership and Cash Flow Pathway
As part of the IPO and the accompanying demerger, Westgold has established an ore purchase agreement (OPA) with Valiant Gold. Under this agreement, gold ore extracted from the Reedy and Comet projects will be sold to Westgold for processing at its Meekatharra Hub. This strategic model enables Valiant to generate early cash flow without the need to develop its own processing plant. In turn, Westgold benefits from additional mill feed and margin from its existing infrastructure.
The board of directors for Valiant Gold includes Non-Executive Chairman Derek La Ferla, Managing Director Brendan Tritton, and Non-Executive Directors Simon Rigby and Anthony Chamberlain. Rigby serves as Westgold’s nominated representative on the Valiant Board.
Eligible Westgold shareholders have the opportunity to participate in a Priority Offer as detailed in Section 6.6 of the Valiant Prospectus. Shareholders interested in this offer are encouraged to read the prospectus carefully and submit their applications by the specified deadline. The IPO also features a Broker Firm Offer for Australian retail investors and an Institutional Offer for selected institutional clients.
Understanding the Prospectus and Next Steps
The Valiant Prospectus is a comprehensive document that provides essential information regarding the Reedy and Comet projects, the intended use of raised funds, key risks, and financial details related to the IPO. It is crucial for potential investors to review this document thoroughly before deciding to invest in Valiant Gold.
For those looking to apply for Valiant Shares, applications must be completed using the form provided with the prospectus. Interested individuals should consult their financial advisors for guidance. Inquiries regarding the offer can be directed to the Offer Information Line at 1300 124 484 for calls from Australia or at +61 3 9415 4021 for international calls, available from 08:30 to 17:00 AEDT, Monday to Friday, excluding public holidays.
This announcement has been authorized for release to the ASX by the Board of Westgold Resources Limited.
Overall, Westgold’s creation of Valiant Gold aims to bring forth a new player in the gold industry, allowing both companies to focus on their respective strengths while addressing shareholder interests.
