Westgold Resources (ASX:WGX) has entered a binding agreement to sell its Mt Henry-Selene Gold Project near Norseman to Alicanto Minerals (ASX:AǪI) for a total consideration of $64.6 million.
The deal includes $15 million in cash, approximately 357.1 million Alicanto shares valued at $19.6 million, and $30 million in deferred consideration payable in cash or shares upon achieving agreed project milestones.
The divestment reflects Westgold's ongoing strategy to optimise its portfolio by focusing on larger, core operating assets while monetising non-core projects.
Westgold will retain a 19.9% shareholding in Alicanto and the right to appoint a board nominee.
CEO Wayne Bramwell said the transaction provides shareholders with immediate value and future upside through Alicanto's planned exploration program, which aims to advance Mt Henry toward development.
Completion of the sale is subject to customary conditions, including shareholder approvals and regulatory consents, with finalisation expected shortly after these requirements are met.