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Divestment of the Chalice Gold Project for $25.7M
HighlightsWestgold has executed a binding Asset Sale and Purchase Agreement with Corazon Mining Limited (ASX: CZN) to divest the Chalice Gold Project – for
About this update from Corazon Mining Limited
HighlightsWestgold has executed a binding Asset Sale and Purchase Agreement with Corazon Mining Limited (ASX: CZN) to divest the Chalice Gold Project – for total consideration of $25.7M.Consideration comprises $8.0M in cash, $6.7M in CZN scrip (representing ~19.9% interest post-completion and Corazon's capital raise) and $11.0M in deferred cash consideration – payable on satisfaction of certain milestones.The transaction completes the divestment phase of Westgold's portfolio optimisation strategy – which has brought forward ~$215M1 with future value upside potential.PERTH, Western Australia, May 19, 2026 /CNW/ - Westgold Resources Limited (ASX: WGX) (TSX: WGX) – Westgold or the Company) is pleased to announce it has entered into a binding Asset Sale and Purchase Agreement (ASPA) with Corazon Mining Limited (ASX: CZN) (Corazon) for the divestment of the Chalice Gold Project (Chalice), located in the Southern Goldfields of Western Australia for total consideration of $25.7M (Transaction).To help fund the transaction Corazon has received firm commitments to raise $16.5M (before costs).Westgold Managing Director and CEO Wayne Bramwell commented:"The divestment of Chalice will mark the completion of our non-core asset sales under our portfolio optimisation strategy which has simplified the portfolio and brought forward significant value for Westgold shareholders.Under Corazon's ownership, Chalice becomes a core asset, with a dedicated management team focused on accelerating exploration and development. Importantly, Westgold retains exposure to future upside at Chalice through its strategic shareholding in Corazon."________________________________________1Calculated as the upfront value of the Mt Henry-Selene divestment at completion of $80M (16 February 2026) plus the value of Westgold's 44.4% interest in Valiant Gold Limited (ASX: VAL) of ~$62M as at 18 May 2026 plus $58.3M for the divestment of Peak Hill (4 May 2026) and $14.7M in upfront value for the divestment of Chalice but excluding $41M in deferred value that may be realised following achievement of milestones at Mt Henry-Selene and Chalice and the 1.0% NSR payable on future Peak Hill production.Key Transaction TermsUnder the Transaction, Corazon will acquire 100% of Chalice, including the mining licence, contracts and technical information for total consideration of $25.7M, comprising:$...
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