Westgold spin-out of Murchison assets into Valiant Gold: project and processing lens
Reviewed by Joe Ashwell

First reported on MINING.com
30 Second Briefing
Westgold Resources will spin out its non-core Murchison gold assets into a new ASX-listed vehicle, Valiant Gold, targeting A$65–75 million at A$0.25 per share while retaining 44–48% equity. The demerger packages the Reedy’s and Comet brownfield projects, which hold 15.6 Mt at 2.4 g/t Au (1.2 Moz contained) and previously produced 820,000 oz at 3.8 g/t and 257,000 oz at 2.77 g/t respectively, plus several small underground mines in care and maintenance. Valiant will secure toll treatment via ore processing agreements at Westgold’s Cue and/or Meekatharra hubs (6 Mtpa installed capacity), backed by a A$3 million interest-free loan to accelerate restart studies and near-term production.
Technical Brief
- Ore processing agreement gives Valiant access to Westgold’s Cue and Meekatharra hubs on market terms.
- Installed processing capacity at Westgold’s four plants exceeds 6 Mtpa across the Murchison and Southern Goldfields.
- Interest‑free A$3 million loan is earmarked for restart studies and early works on demerged assets.
- Demerger completion is targeted for late March 2026, subject to standard regulatory and shareholder conditions.
Our Take
Westgold Resources has featured in several recent Western Australia gold items in our database, and the move to hive off Reedy’s and Comet into Valiant Gold aligns with its parallel push to restart higher-profile assets like Great Fingall, signalling a clearer split between core, higher-intensity operations and legacy camps.
With more than 6 Mtpa of installed processing capacity across the Murchison and Southern Goldfields, Westgold retaining 44–48% of Valiant post-IPO suggests it can still influence how Reedy’s, Comet and related feed are sequenced relative to its Meekatharra processing hub, which may help smooth ore supply and mill utilisation over the three-year outlook period.
The 1.2 Moz at 2.4 g/t resource being spun into Valiant is modest compared with the larger WA gold systems covered in our 310 Mining stories, which likely means the IPO case will lean heavily on near-mine exploration and re-interpretation of historic workings rather than scale alone to attract Australian investors.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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