Highlights

  • Alicanto secures full ownership of Mt Henry Gold Project with 0.9Moz resources.
  • 50,000m multi-rig drilling planned to extend mineralisation along 16km corridor.
  • Westgold to hold 19.9% in Alicanto after completion of acquisition and placement.

Alicanto Minerals Limited (ASX:AQI) has entered a binding agreement with Westgold Resources Limited (ASX/TSX: WGX) to acquire 100% of the Mt Henry Gold Project in Western Australia. The project includes three deposits – Mt Henry, Selene, and North Scotia – across a 16km mineralised corridor in the Southern Kalgoorlie Terrane. The combined Mineral Resource is 0.9Moz of near-surface gold, with mineralisation remaining open along strike and down dip.

The transaction includes AUD 15m upfront cash, ~357.1m Alicanto shares, and AUD 30m in deferred consideration through performance rights upon meeting specified milestones. Following completion of the acquisition and a concurrent placement, Westgold will hold 19.9% of Alicanto’s issued capital.

Resource Overview
The Mt Henry Gold Project Mineral Resource is reported within pit shells at an assumed gold price of AUD 2,169/oz. Historical drilling returned significant intersections including:

  • 18m @ 16.4g/t Au from 14m (MHRD0121)
  • 64m @ 3.9g/t Au from 65m (5HENC068)
  • 18m @ 9.8g/t Au from 1m (NSRD0004, including 5m @ 33.1g/t Au)

The deposits remain open at depth, and additional high-grade intervals have been recorded outside current resource areas.

Drilling and Exploration Program
Alicanto plans a 50,000m multi-rig drilling program to extend the known mineralisation and evaluate new targets. The program will focus on lateral and down-dip extensions across the main deposits and update geological and structural models by integrating historical data from Westgold.

Funding and Placement
Concurrent with the acquisition, Alicanto raised AUD 28m via a two-tranche placement at AUD 0.055 per share. The placement proceeds, along with existing cash, will fund the upfront cash consideration, the 50,000m drilling campaign, exploration at other projects, and associated working capital requirements. Board, management, and consultants subscribed for AUD 2.4m, with Westgold remaining a substantial shareholder.

Project Location and Infrastructure
Mt Henry is located 210km south of Kalgoorlie, along the Norseman–Wiluna Greenstone Belt. Tenements are granted, with sealed-road access and proximity to regional infrastructure. The project is within a well-established gold district that includes Northern Star, Gold Fields, Westgold, and other operators, providing a regional context for further resource development.

Share Price Snapshot
As of 17 December 2025, AQI shares were trading at AUD 0.092, up 42.31% on the day. The stock has a 52-week range of AUD 0.024 to AUD 0.095.