Thomson Geer advises Westgold Resources on A$64M sale of non-core gold asset

Thomson Geer has advised ASX-listed Westgold Resources Limited (ASX: WGX) on the sale of its non-core Mt Henry–Selene gold project in Western Australia to Alicanto Minerals Limited (ASX: AQI) for approximately A$64.6 million in cash and shares.

The transaction forms part of Westgold’s strategy to focus on larger, core operating assets while realising value from projects that would otherwise remain dormant.

Thomson Geer supported Westgold throughout a competitive sale process, preparing and assisting with the preparation of all key sell-side process documents, including confidentiality agreements, teasers, an information memorandum, process letters and a vendor due diligence report, together with the full suite of sale and purchase documentation to support the divestment.

The consideration was structured to provide Westgold shareholders with an attractive mix of cash, ongoing exposure to the asset through a significant shareholding in Alicanto, and deferred consideration via performance rights contingent on project milestones.

The deal team was led by Partner David Church who said: “This outcome reflects a disciplined portfolio strategy by Westgold and a well-run process to realise value for a non-core asset. By aligning the sale documents, security package and legacy third-party arrangements, we have delivered a clean exit and continuing upside exposure for Westgold’s shareholders.”

The team also included Senior Associate Kajal Parmar from the Corporate team, as well as Partner Sarah-O'Brien Smith and Associate Brianna Wallace from the Energy & Resources team.