Acquisition
Westgold Resources Sells Mt Henry Gold Project to Alicanto Minerals for A$110M
•February 16, 2026
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Why It Matters
The deal underscores consolidation in Australia’s gold sector and positions Alicanto to unlock additional resource value, while Westgold sharpens its focus on core assets and shareholder returns.
Key Takeaways
- •Sale price rose to A$110 million.
- •Westgold retains 19.9% stake in Alicanto.
- •Alicanto to drill 50,000 m across 16 km corridor.
- •Resource stands at 915,000 oz gold.
- •Westgold targets Valiant Gold IPO by March 2026.
Pulse Analysis
Australia’s gold mining landscape is entering a phase of strategic realignment, with mid‑tier producers like Westgold pruning non‑core assets to concentrate on higher‑margin operations. The Mt Henry divestment not only injects A$110 million into Westgold’s balance sheet but also demonstrates the market’s willingness to reward assets that can be accelerated by specialist explorers. By retaining a 19.9% equity position in Alicanto, Westgold preserves upside potential while freeing capital for its upcoming Valiant Gold IPO, a move that could broaden its investor base and improve liquidity.
Alicanto Minerals, now the sole owner of Mt Henry, is poised to execute a 50,000‑metre, multi‑rig drilling campaign across a 16‑kilometre corridor. This ambitious program targets depth extensions and lateral expansions of the existing 915,000‑ounce resource, which remains under‑explored below 100 metres. Successful drilling could significantly boost resource estimates, enhancing Alicanto’s valuation and attracting further funding. The company’s focus on brownfield exploration leverages existing geological data, reducing risk compared with greenfield ventures and aligning with broader industry trends toward resource optimization.
For investors, the transaction signals a dual opportunity: Westgold’s portfolio simplification may translate into clearer earnings trajectories and a more compelling IPO narrative for Valiant Gold, while Alicanto’s drilling upside offers a speculative catalyst for share price appreciation. Moreover, the approval from the Ngadju Native Title Aboriginal Corporation illustrates effective stakeholder engagement, a critical factor in Australian mining projects. As both entities advance their respective strategies, the Mt Henry deal exemplifies how asset reallocation can drive growth, de‑risk operations, and ultimately create shareholder value in the competitive gold market.
Deal Summary
Westgold Resources completed the sale of its Mt Henry Gold Project in Western Australia to Alicanto Minerals, with consideration rising to A$110 million. The transaction fulfilled all required approvals, including ministerial consent and shareholder sign‑off. Alicanto plans a 50,000 m drilling programme to expand the resource.
Article
Source: Mining Technology
Westgold Resources completes sale of Mt Henry Gold Project to Alicanto Minerals
Date: February 2026
Caption: Alicanto is preparing for a 50,000 m drilling programme aimed at expanding the 915,000 oz resource. Credit: NUM LPPHOTO/Shutterstock.com.
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$64.6 million previously to A$110 million.
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 50,000 m drilling programme aimed at expanding the 915,000 oz resource along the 16 km 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 100 m and known mineralisation extending beyond the current resources. We see significant potential to unlock further value through a well‑funded 50,000 m drilling programme across the broader 16 km 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 50,000 m 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.
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