• Westgold's non-core assets to be spun out via a demerger and IPO to Valiant Gold Limited
• Valiant to acquire the Reedy and Comet Projects with combined Mineral Resources of 1.2 Moz
• Demerger unlocks value from assets not included in Westgold's 3-year outlook

Westgold Resources Limited (ASX | TSX: WGX) is pleased to confirm that it is proceeding with the demerger and an initial public offering of its non-core Reedy's and Comet assets in the Murchison region of Western Australia to Valiant Gold Limited (Valiant). Westgold will demerge these assets into Valiant, creating a focused team to advance these assets and enabling Valiant to raise capital and undertake an ASX listing. The Reedy's and Comet gold projects are 100% owned, brownfield gold assets with a combined Mineral Resources of 15.6 Mt @ 2.4 g/t Au for 1.2 Moz and clear exploration upside. Concurrently with the Demerger, Valiant intends to undertake an IPO to raise between $65 million and $75 million (before costs), at an issue price of $0.25 per Valiant Share. Following completion of the Demerger and IPO, Westgold will retain approximately 48% shareholding in Valiant at the Minimum Subscription, or approximately 44% shareholding in Valiant at the Maximum Subscription. Valiant has secured an experienced team with extensive experience in mineral exploration, project development, mining, legal and financing in the resources industry.

Valiant is poised to unlock significant value from its portfolio of historically productive gold assets and has a clear pathway to cashflow and growth. Supported by Westgold as its cornerstone shareholder and with access to their established processing infrastructure, Valiant is committed to building a resilient and sustainable gold business.