Key Highlights

  • Valiant Gold Limited (ASX:VAL) is a gold exploration and development company that listed in March 2026.
  • Its Mineral Resource is 4.1 million tonnes at 2.43 grams per tonne of gold for 319,000 ounces, and it already has an underground mine.
  • The company spent about A$6.0 million in the quarter, so it is funded for the work it has planned, though it has no Revenue yet.
  • The company says the results support its geological interpretation, and it has not announced a resource update.

Valiant Gold (ASX:VAL) is racing to restart the Comet underground mine near Cue in Western Australia, and it is doing so without building a processing plant. An ore purchase agreement with Westgold gives it access to nearby mills, which shortens the path from a flooded mine to saleable gold. First production is targeted for the second half of FY27, meaning January to June 2027.

A new explorer with a restart project

Valiant Gold Limited (ASX:VAL) is a gold exploration and development company that listed in March 2026. It owns the Comet and Reedy gold projects in the Murchison region, both on granted Mining leases.

The Annual Report cites a combined JORC Mineral Resource of about 1.2 million ounces and more than one million ounces of historical production.

Comet sits about 20 kilometres south-east of Cue. Its Mineral Resource is 4.1 million tonnes at 2.43 grams per tonne of gold for 319,000 ounces, and it already has an underground mine. The company calls it the priority restart opportunity.

Using someone else's mills

Westgold, through Big Bell Gold Operations, holds 44.44 per cent of Valiant's 540 million shares, and the ore purchase agreement lets Valiant sell ore for processing at Westgold's mills. Payment is on delivery.

Comet is about 14 kilometres by road from the Tuckabianna mill and about 110 kilometres from the Bluebird mill. That removes a large Capital item, although the commercial terms, such as processing fees and volumes, have not been disclosed.

What the numbers show

Valiant raised A$75 million before costs at A$0.25 a share in its initial public offering. For the period from incorporation to 30 June 2026 it reported a net loss after tax of A$1.75 million and operating cash outflow of A$2.42 million, with no Debt at year end.

The September 2026 Quarterly Report showed cash and term deposits of A$62.5 million. The company spent about A$6.0 million in the quarter, so it is funded for the work it has planned, though it has no revenue yet.

Work at the mine is moving. Re-entry was completed on 21 July 2026, and by its 14 October update dewatering had reached the 1270 Level, about 170 metres below surface. A power station was due to be commissioned by the end of October.

Drilling beyond the mine

At Reedy, maiden drilling at South Emu--Triton returned 34.2 metres at 2.97 grams per tonne from 1,007.9 metres. The company says mineralisation extends at least 400 metres below the existing resource and remains open. South Emu--Triton's resource is 224,000 ounces.

On 28 October 2026 the company reported first assays from Boomerang, whose existing resource is 367,000 ounces. They included 6.0 metres at 5.70 grams per tonne from 469.0 metres. The company says the results support its geological interpretation, and it has not announced a resource update. True widths are not yet determined. Phase A is about 8,000 metres of diamond drilling, half complete, with further assays pending.

Risks and milestones

The risks are the usual ones for a restart. Gold price and currency moves, resource accuracy, ground conditions, flooding, cost estimates, approvals and community relations all appear in the annual report.

The company also noted that water levels were lower than expected on re-entry, which could reduce the scope and timing of rehabilitation. No capital cost, mining rate or production target has been published.

Several dated items fall in the December 2026 quarter. They include completing the Comet Restart Study, appointing an underground mining contractor, mobilising a drilling contractor and delivering a 30-person camp in November. The Annual General Meeting is on 23 November 2026.

For readers, the useful test is whether the restart study turns the headline resource into a costed schedule, and whether further Boomerang and Reedy assays keep confirming continuity.