Key Highlights

  • A 6.1-megawatt power station has been commissioned at the Comet gold mine in Western Australia.
  • Primary ventilation fans are now fully operational on permanent power.
  • The transition to a permanent dewatering system is under way.
  • First gold is targeted in the second half of FY27.

Valiant Gold (ASX:VAL) has commissioned a 6.1-megawatt power station at its wholly owned Comet gold mine in Western Australia's Murchison region, on schedule and within budget. The permanent power Supply has allowed the primary ventilation fans to become fully operational, and the transition to a permanent dewatering system is under way.

The power station was supplied by Silverstone Energy and is designed to support underground mining, ventilation, dewatering and a staged expansion of surface infrastructure. Managing director and chief executive Brendan Tritton said commissioning permanent power and ventilation materially advanced Comet's restart readiness.

Why these steps matter

An idle underground mine cannot simply restart. It needs reliable power to run equipment, ventilation to circulate fresh air, and dewatering to remove water that has accumulated in old workings so crews and machinery can operate safely. Ventilation capacity determines how many machines can operate underground at once. Valiant has now delivered two of those three prerequisites, with the third progressing.

These are enabling works rather than production milestones, but they reduce the list of physical tasks between the company and first ore.

What remains

The answer to the second half of the headline question is a set of studies, contracts and drilling. Valiant expects to complete the Comet restart study and a preliminary Mining schedule by the end of the December quarter of FY27, and to appoint an underground mining contractor by the same date. It also needs to deliver and mobilise an initial 30-person accommodation camp and appoint an underground drilling contractor to begin grade-control and resource-definition drilling; no dates were given for those items.

First production remains targeted for the second half of FY27, which runs from January to June 2027. That is a tight timeline, and any delay in the study, contractor appointments or dewatering could push it back. The restart study will also be the first detailed public view of expected mining rates, grades and costs.

The processing advantage

Comet sits 14 kilometres by road from the Tuckabianna mill and 110 kilometres from the Bluebird mill. Both are accessible to Valiant under an ore purchase agreement with Westgold Resources, from which Valiant was demerged before listing in March 2026.

Valiant says this removes the need to build its own processing plant, creating a lower-capital pathway to production. That is a meaningful advantage for a young company, although ore purchase arrangements also mean part of the Margin is shared with the processor, and the terms will influence profitability.

Contractors and camp

The underground mining and drilling services tender is progressing. Contractor selection matters because mining contractors typically supply equipment, labour and expertise for a young operator, and their rates and availability will shape costs and the speed of ramp-up. The 30-person camp will provide accommodation for the initial workforce.

Resource base

The Comet mine trend hosts a resource of 3.77 million tonnes at 2.51 grams per tonne gold for 304,000 ounces. Across Comet and the Reedy projects, Valiant holds about 1.2 million ounces at 2.4 g/t. Resources are not reserves, so the restart study will need to show how much of that material can be mined economically.

Beyond Comet

Valiant's pipeline also includes South Emu-Triton, a potential underground restart, and Boomerang, a potential open-pit and underground development. No development decision has been made for either, and any future decision remains subject to technical review, approvals, funding and sequencing. The neighbouring Caprice Resources, which released a maiden resource at its Island project this week, has noted that some of its targets may extend towards the Comet deposit.

What to watch

The restart study, contractor appointments and progress on dewatering are the next checkpoints. Investors should also look for any funding arrangements needed to carry the company through to first gold.