Westgold’s 19.9% Stake Raises Stakes in Alicanto’s Mt Henry Gold Ambitions
Alicanto Minerals has agreed to acquire the Mt Henry Gold Project in Western Australia, adding a 0.9 million ounce gold resource and initiating a $28 million capital raise to fund an aggressive drilling campaign.
- Acquisition of 100% Mt Henry Gold Project from Westgold Resources
- 0.9Moz gold resource within a 16km mineralised corridor
- Immediate 50,000m multi-rig drilling program to expand resources
- Westgold to hold 19.9% equity stake post-acquisition
- $28 million placement backed by institutional investors and management
Transformational Acquisition in a Tier-1 Gold Jurisdiction
Alicanto Minerals has taken a significant step forward in its growth strategy by agreeing to acquire the Mt Henry Gold Project from Westgold Resources. Located in Western Australia's prolific Norseman–Kalgoorlie greenstone belt, the project boasts a near-surface gold resource of approximately 900,000 ounces spread along a 16-kilometre mineralised corridor. This acquisition positions Alicanto firmly within one of Australia's most productive gold regions, known for hosting multi-million-ounce deposits and long-life mining operations.
Substantial Resource with Significant Upside Potential
The Mt Henry Project comprises three main deposits; Mt Henry, Selene, and North Scotia; with mineralisation remaining open along strike and at depth. Historical drilling has revealed impressive grades and widths, including standout intercepts such as 18 metres at 16.4 grams per tonne gold and 10 metres at 88.2 grams per tonne. Notably, the existing mineral resource was estimated using a gold price of around A$2,160 per ounce, while current prices exceed A$6,000 per ounce, suggesting potential for expanded pit shells and enhanced project economics.
Aggressive Drilling Program and Strong Financial Backing
To capitalise on this upside, Alicanto plans to launch an immediate 50,000-metre multi-rig drilling campaign aimed at extending known mineralisation and testing new targets along the corridor. This program is fully funded by a concurrent $28 million placement, which attracted strong support from institutional investors, including global precious metals funds, as well as participation from Alicanto’s board and management. The capital raise will also cover acquisition costs and exploration activities at Alicanto’s other assets, including projects in Sweden.
Strategic Partnership with Westgold and Leadership Refresh
As part of the transaction, Westgold will become Alicanto’s largest shareholder with a 19.9% stake, aligning interests and providing a strong endorsement of the project’s quality and Alicanto’s development strategy. The company has also appointed Jeff Sansom, an experienced Western Australian gold executive, as CEO to lead the next phase of growth. Alicanto’s refreshed leadership team is expected to leverage deep technical expertise and capital markets experience to unlock value rapidly.
Capital Structure Optimization and Next Steps
In conjunction with the acquisition and placement, Alicanto intends to undertake a 12, 1 share consolidation to streamline its capital structure and potentially enhance share price dynamics. Shareholder approval for this consolidation and the second tranche of the placement is scheduled for an Extraordinary General Meeting in late January 2026. Completion of the acquisition and commencement of drilling are anticipated shortly thereafter, marking the start of an exciting growth chapter for Alicanto.
Bottom Line?
With a robust resource base, strong financial backing, and strategic partnership in place, Alicanto is poised to unlock significant value from Mt Henry in the coming months.
Questions in the middle?
- How quickly will Alicanto’s drilling program translate into updated resource estimates?
- What impact will the 12, 1 share consolidation have on liquidity and investor sentiment?
- How will Westgold’s significant shareholding influence Alicanto’s strategic decisions?
