ASX Announcement Westgold Resources Limited
ASX Announcement
Westgold Resources Limited
ABN 60 009 260 306
ASX | TSX: WGX
T: +61 8 9462 3400
W: westgold.com.au
Level 13, 200 St Georges Terrace
Perth WA 6000
PO Box 7068, Cloisters Square WA 6850
17 December 2025
Mt Henry-Selene Gold Project Divested for $64.6M
Non-Core Asset Divestment Aligns with Westgold’s Strategy to Focus on Larger,
Core Operating Assets
Highlights
Westgold has executed a binding Asset Sale Agreement with Alicanto Minerals Limited
(ASX: AQI) to divest the Mt Henry-Selene Gold Project near Norseman - for total
consideration of $64.6M.
Westgold will receive $15M cash and ~357.1M Alicanto shares ($19.6M) post
Transaction close, with $30M of deferred consideration - payable in cash or shares upon
satisfaction of agreed performance hurdles (to be issued as performance rights).
Divestment aligns with Westgold’s corporate strategy - of optimising the portfolio and
focusing on advancing its larger, core operating mines and processing hubs.
Perth, Western Australia, 17 December 2025: Westgold Resources Limited (ASX | TSX: WGX –
Westgold or the Company) is pleased to announce it has entered into a binding Asset Sale
Agreement (ASA) with Alicanto Minerals Limited (ASX: AQI) (Alicanto) for the divestment of the
Mt Henry -Selene Gold Project ( Mt Henry ), near Norseman in Western Australia for total
consideration of $64.6M (the Transaction).
This Transaction realises value for Westgold’s shareholders from an asset that is
prospective but does not form part of the Company’s long-term strategic plans.
The Transaction is aligned with Westgold’s strategy of focusing on its larger, core operating
assets. Mt Henry is a non-core asset acquired as part of the merger with Karora Resources Inc ,
one of a number within Westgold’s 3,200km2 tenement holding.
Mt Henry-Selene Gold Project Divested for $64.6M
17 December 2025
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Westgold Managing Director and CEO Wayne Bramwell commented:
“The divestment of Mt Henry to Alicanto follows the recently announced spin -out of the
Company’s non -core Murchison projects to Valiant Gold Limited . This Transaction delivers
Westgold shareholders an attractive mix of cash, exposure to project upside via a large strategic
shareholding and deferred consideration payable on specific project milestones.
Westgold is pleased to partner with Alicanto, whose board and management team are
experienced and committed explorers and have a demonstrable record of rapidly advancing gold
projects. Alicanto’s planned drilling investment provides a pathway for exploration success and
potential future development, which can unlock additional value for all stakeholders.
Westgold continues to progress discussions in relation to the potential sale of its Peak Hill and
Chalice gold assets following strong inbound interest. The Company will continue to inform the
market of material developments in accordance with its continuous disclosure obligations.”
Key Transaction Terms
Under the Transaction, Alicanto ( via a wholly owned subsidiary) will acquire 100% of Mt Henry,
including all associated mining tenements, licences, heritage agreements, contracts and
technical information for total consideration of $64.6M, comprising:
$15.0M in cash – with $1.0M payable on completion of Tranche 1 of the Alicanto capital
raising and $14.0M at transaction completion;
$19.6M via the issue of 19.9% of the ordinary shares (Consideration Shares) in Alicanto,
- each at $0.055 per share (Issue Price), post completion of the Alicanto capital raising and
the Transaction;
90.9M performance rights valued at $ 5.0M (based on the Issue Price ) - vesting on
completion of 20,000m of drilling at Mt Henry (Tranche 1);
181.8M performance rights valued at $ 10.0M (based on the Issue Price ) - vesting on
Alicanto announcing a JORC (2012) Mineral Resource Estimate of at least 2Moz in Inferred or
higher classification and a grade of not less than 0.5g/t Au at Mt Henry (Tranche 2); and
272.7M performance rights valued at $ 15.0M (based on the Issue Price ) - vesting on
Alicanto announcing a positive final investment decision (FID ) to proceed with the
development and mining of one or more deposits within Mt Henry (Tranche 3)
(the Tranche 1, Tranche 2 and Tranche 3 performance rights collectively referred to as the
Performance Rights).
The Performance Rights have a 5 -year expiry. The Performance Rights or the relevant
milestone amount (as detailed above) may be settled in cash (in lieu of Alicanto shares) at
Alicanto’s election where the relevant milestone is achieved prior to the expiry date or must
be settled in cash by making payment of the relevant milestone amount if the milestone is
satisfied after the expiry date.
Pursuant to the Transaction, Westgold will emerge as a 19.9% shareholder in Alicanto with
the right to appoint a nominee to the Alicanto Board . Westgold will also receive equity
participation rights for future capital raisings undertaken by Alicanto, subject to compliance with
the ASX Listing Rules.
Mt Henry-Selene Gold Project Divested for $64.6M
17 December 2025
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Key Conditions Precedent
Completion of the Transaction is subject to the following key conditions precedent being
satisfied or waived:
Alicanto completing a capital raising of at least $25M (noting Alicanto has received firm
commitments for a $28m capital raising);
Alicanto receiving shareholder approval for the issue of Consideration Shares,
Performance Rights and Tranche 2 placement shares;
Assignment and assumption of the heritage, mining agreements and mineral rights;
Receipt of required third party consents and approvals (including Ministerial consent for
the transfer of the tenements);
Release of existing encumbrances over the sale assets; and
Continued ASX compliance.
The ASA contains other terms and conditions typical for a Transaction of this nature including
standard representations and warranties.
Transaction completion will occur five Business Days after all conditions have been satisfied or
waived.
Alicanto Shareholder Meeting
Alicanto will convene a shareholder meeting on or around 30 January 2026 to seek approval for:
the issue of Consideration Shares and Performance Rights to Westgold; and
the issue of Tranche 2 placement shares under the capital raising (Resolutions).
Alicanto Directors have agreed to unanimously recommend the Transaction and vote in favour
of the Resolutions. Alicanto Directors and shareholders with a combined shareholding of 15.22%
have committed to vote in favour of the Resolutions at the Alicanto shareholder meeting.
Indicative Timetable
Item Indicative Timing
Transaction and Alicanto Capital Raise Announced Wednesday, 17 December 2025
Alicanto Shareholder Meeting On or around 30 January 2026
Transaction Completion 5 Business Days Following Satisfaction
/ Waiver of Conditions
Issue of Consideration Shares and Performance Rights Upon Transaction Completion
Mt Henry-Selene Gold Project Divested for $64.6M
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Figure 1: Mt Henry Tenements in the Southern Goldfields
Advisers
Argonaut acted as financial adviser and Thomson Geer as legal adviser to Westgold in relation
to the Transaction.
This announcement is authorised for release to the ASX by the Board.
Investor and media relations enquiries
Investor Relations
Kasun Liyanaarachchi
Group Manager Investor Relations & Communications
+61 458 564 483
Media
Annette Ellis
Manager Communications & Corporate Affairs
+61 458 200 039
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About Westgold
Westgold Resources Limited (ASX | TSX: WGX) is a leading, unhedged ASX200 gold producer with a
growing portfolio of established mines and processing plants across the Murchison and Southern
Goldfields, two of Western Australia’s most prolific gold-producing regions.
Westgold’s vision is to become the leading Australian gold company - sustaining safe, responsible and
profitable production. We have a clear purpose to unearth enduring value – for our stakeholders,
shareholders, people and the communities we operate in.
About Mt Henry
The Mt Henry Gold Project is located 23–30km south of Norseman in Western Australia, within the
Norseman–Wiluna greenstone belt. The project comprises three main deposits —Mt Henry, Selene, and
North Scotia—across 38 tenements covering 67km², all held 100% by Westgold Resources through its
subsidiary Karora (Higginsville) Pty Ltd.
Ownership of Mt Henry has changed several times over the past decade. The project was acquired by
Metals X in 2015, then transferred to Westgold Resources following a demerger in 2016. In 2019, Karora
Resources (then RNC Minerals) purchased the project and placed it on care and maintenance. In 2024,
Westgold regained ownership through its merger with Karora, bringing the asset back into its portfolio.
The project hosts a combined Mineral Resource of 24.5Mt at 1.2g/t Au for 91 5,000oz of contained gold
and an Ore Reserve of 11.7Mt at 1.3g/t Au for 478,300oz. Mt Henry has a history of open pit production
(129,000oz at 1.71g/t Au), while Selene and North Scotia are greenfields deposits that have not been
mined to date.
Gold mineralisation is primarily hosted in banded iron formation (BIF) units of the Noganyer Formation,
with the deposits remaining open at depth and along strike. The project area has seen limited modern
exploration beneath existing mineralisation and along the broader + 4km corridor, suggesting potential
for further resource growth.
Mt Henry-Selene Gold Project Divested for $64.6M
17 December 2025
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Table 1 Mount Henry Project Mineral Resources as at June 30, 20251.
Measured Indicated Inferred Total
Project Tonnes
(‘000)
Grade
(g/t)
Ounces
(‘000)
Tonnes
(‘000)
Grade
(g/t)
Ounces
(‘000)
Tonnes
(‘000)
Grade
(g/t)
Ounces
(‘000)
Tonnes
(‘000)
Grade
(g/t)
Ounces
(‘000)
Mt Henry 1,051 1.50 51 2,750 1.53 135 982 1.47 46 4,783 1.51 232
Selene 9,992 1.16 373 7,276 0.99 230 1,438 1.03 48 18,706 1.08 651
North
Scotia - - - 145 2.62 12 3 2.39 0 148 2.62 12
Stockpiles 864 0.71 20 - - - - - - 864 0.71 20
Totals 11,907 1.16 444 10,172 1.16 378 2,424 1.21 94 24,501 1.16 915
Table 1 Mount Henry Ore Reserves as at June 30, 20251.
Proven Probable Total
Project Tonnes
(‘000)
Grade
(g/t)
Ounces
(‘000)
Tonnes
(‘000)
Grade
(g/t)
Ounces
(‘000)
Tonnes
(‘000)
Grade
(g/t)
Ounces
(‘000)
Mt Henry 9 1.03 0 920 1.52 45 929 1.52 45
Selene 7,199 1.29 299 2,560 1.29 106 9,759 1.29 405
North
Scotia - - - 142 1.82 8 142 1.82 8
Stockpiles 864 0.71 20 - - - 864 0.71 20
Totals 8,072 1.23 319 3,622 1.37 159 11,694 1.27 478
Background to the Mineral Resource Estimate
Geological interpretation of individual deposits is carried out using a systematic approach to ensure that
the resultant Mineral Resource Estimates are both sufficiently constrained, and representative of the
expected sub-surface conditions. In all aspects of Mineral Resource Estimation, the factual and
interpreted geology is used to guide the development of the interpretation. Geological matrixes were
established to assist with interpretation and construction of the estimation domains.
A significant portion of the data used in Mineral Resource Estimations has been gathered from diamond
core. Multiple sizes have been used. This core is geologically logged and subsequently halved for
sampling. Grade control holes may be whole-cored to streamline the core handling process if required.
Face sampling data is also utilised, where each development face / round is chip sampled. The sampling
intervals are domained by geological constraints (e.g. rock type, veining and alteration / sulphidation
etc.).
All geology input is logged and validated by the relevant area geologists, incorporated into this is
assessment of sample recovery. No defined relationship exists between sample recovery and grade. Nor
has sample bias due to preferential loss or gain of fine or coarse material been noted at any deposit.
1 Totals may not add up across rows and columns in the table due to rounding
Mt Henry-Selene Gold Project Divested for $64.6M
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Faces are nominally chipped horizontally across the face from left to right , or vertically from top to
bottom, sub-set via geological features as appropriate. Diamond drilling is half -core niche sampled (or
whole-cored if appropriate), sub-set via geological features as appropriate.
Samples undergo fine pulverisation of the entire sample by an LM5 type mill to achieve a 75µ product
prior to splitting. QA/QC is currently ensured during the sub -sampling stages process via the use of the
systems of an independent NATA / ISO accredited la boratory contractor. The sample size is considered
appropriate for the grain size of the material being sampled. The un- sampled half of diamond core is
retained for check sampling if required.
Sampling is analysed for gold by fire assay where a 40g – 50g sample undergoes fire assay lead collection
followed by flame atomic adsorption spectrometry. Quality control is ensured via the use of standards,
blanks and duplicates. The laboratory includes a minimum of 1 project standard with every 22 samples
analysed. No significant QA/QC issues have arisen in recent drilling results.
After validating the drillhole data to be used in the estimation, interpretation of the orebody is undertaken
to create the intervals which form the basis of the three-dimensional orebody wireframe. Wireframing is
then carried out using a combination of automated modelling algorithms and manual triangulation to
create an accurate three-dimensional representation of the sub-surface mineralised body.
Drillhole intersections within the mineralised body are then used to flag the appropriate sections of the
drillhole database tables for compositing purposes. Drillholes are subsequently composited to allow for
grade estimation. In all aspects of resource estimation, the factual and interpreted geology was used to
guide the development of the interpretation.
Once the sample data has been composited, a statistical analysis is undertaken to assist with
determining estimation search parameters, top-cuts etc. Analysis of individual domains is undertaken to
assist with determining appropriate search parameters. Whi ch are then incorporated with observed
geological and geometrical features to determine the most appropriate search parameters.
An empty block model is then created for the area of interest. This model contains attributes set at
background values for the various elements of interest as well as density, and various estimation
parameters that are subsequently used to assist in resource categorisation. The block sizes used in the
model will vary depending on orebody geometry, minimum mining units, estimation parameters and
levels of informing data available.
Grade estimation is then undertaken. Ordinary Kriging estimation method is considered as standard,
although Categorical Indicator Kriging is used in some instances. Estimation results are validated against
primary input data, previous estimates and mining output.
The Mineral Resource is then depleted for mining voids and subsequently classified in line with JORC
guidelines utilising a combination of various estimation derived parameters and geological / mining
knowledge.
Data spacing is variable dependent upon the individual lode under consideration.
This approach considers all relevant factors and reflects the Competent Person’s view of the deposit.
The cut off grades used for the reporting of the Mineral Resources Estimates is selected based upon the
style of mineralisation, depth from surface of the mineralisation and the most probable extraction
technique and associated costs.
Mt Henry-Selene Gold Project Divested for $64.6M
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Likely mining approaches have been considered at the domaining, estimation and classification steps.
However, no mining dilution or ore loss has been modelled in the resource model or applied to the
reported Mineral Resource Estimate. Nor has metallurgical recovery been applied to the reported Mineral
Resource Estimate.
These factors are applied during the Ore Reserve generation process.
Background to the Ore Reserve
All Ore Reserve inventories are based upon detailed three- dimensional designs to ensure practical
mining conditions are met. Additionally, all Ore Reserve inventories are above the mine specific cut -off
grades (COG) as well as containing only Measured and Indicated material. Dependent upon the mining
method, modifying factors are used to address hydrological, geotechnical, minimum width and blasting
conditions. These factors are applied during the stope design process to ensure are captured prior to
scheduling and are relevant to the style of mineralisation, lithology, and ground conditions encountered.
Cost modelling is completed on all deposits within the Ore Reserve. In mines which are currently
operating, costs are derived from real and budgeted rates. In those which are under feasibility, the costs
applied are determined from a schedule of rate relevant to the mining method and expected production
rates.
Ore Reserves are based on pit designs – with appropriate modifications to the original Whittle Shell
outlines to ensure compliance with practical mining parameters.
Geotechnical parameters aligned to the open pit Ore Reserves are either based on observed existing pit
shape specifics or domain specific expectations / assumptions. Various geotechnical reports and
retrospective reconciliations are considered in the design parameters.
Dilution of the ore through the mining process has been accounted for within the Ore Reserve inventory.
These ratios are used to represent the style of mineralisation and mining method applied during the mine
planning process. These modifying factors are determined from various lithological, geotechnical, and
hydrogeological data.
Minimum mining widths have been accounted for in the designs, with the utilisation of 40t or 90t trucking
parameters depending upon the size of the pit excavation.
No specific ground support requirements are needed outside of suitable pit slope design criteria based
on specific geotechnical domains.
Mining sequence is included in the mine scheduling process for determining the economic evaluation
and takes into account available operating time and mining equipment size and performance.
No Inferred material is included within the open pit statement, though in various pit shapes Inferred
material is present. In these situations this Inferred material is classified as waste.
Financial analysis has been completed on stockpiles reported within the Ore Reserve to determine their
viability within this announcement. This has considered the transport and processing at Westgold’s
Higginsville facility.