Alicanto Acquires Mt Henry Gold Project, Launches $28M Placement and 50,000m Drill Program
Alicanto Minerals has acquired the Mt Henry Gold Project in Western Australia, adding a 0.9 million ounce gold resource and launching a $28 million placement to fund an aggressive 50,000m drilling campaign.
- Acquisition of 100% Mt Henry Gold Project from Westgold for $15M cash plus shares and performance rights
- Project hosts 0.9Moz gold resource along a 16km mineralised corridor with significant growth potential
- Immediate commencement of a 50,000m multi-rig drilling program to expand resources
- Westgold to become a 19.9% Alicanto shareholder, aligning interests
- Concurrent $28M placement to fund acquisition and exploration, plus a 12 – 1 share consolidation planned
A Transformational Acquisition in a Tier-1 Gold Jurisdiction
Alicanto Minerals Ltd (ASX, AQI) has taken a significant step forward in its growth strategy with the acquisition of the Mt Henry Gold Project in Western Australia from Westgold Resources Limited. The deal, announced in December 2025, involves $15 million in upfront cash, approximately 357 million Alicanto shares, and up to $30 million in performance-based contingent payments. This acquisition instantly positions Alicanto as a meaningful player in one of the world’s most prolific gold regions.
The Mt Henry Project boasts a near-surface Mineral Resource of 0.9 million ounces of gold, spread across three deposits; Mt Henry, Selene, and North Scotia; along a 16-kilometre mineralised corridor. The mineralisation remains open both along strike and at depth, offering substantial upside for resource expansion. Notably, the resource was estimated using a gold price of around A$2,160 per ounce, whereas current gold prices exceed A$6,000 per ounce, suggesting potential for larger pit shells and enhanced project economics.
Aggressive Exploration and Growth Plans
Alicanto is set to immediately launch a 50,000-metre multi-rig drilling campaign aimed at extending known mineralisation and testing new targets within the project area. The company’s strategy focuses on expanding resources along the extensive 16km corridor, investigating depth continuity, and refining geological models with modern interpretation techniques. This aggressive program underscores Alicanto’s commitment to unlocking the full potential of Mt Henry.
The project benefits from excellent infrastructure, including sealed-road access and proximity to established mining operations in the Eastern Goldfields, which hosts over 150 million ounces of gold endowment. The presence of major gold miners nearby further validates the quality and potential of the region.
Strategic Partnership and Capital Raising
As part of the transaction, Westgold will become a 19.9% shareholder in Alicanto, signaling strong alignment and confidence in the project’s future. This partnership brings not only capital but also technical expertise and a vested interest in the project’s success.
To fund the acquisition and exploration program, Alicanto has secured firm commitments from institutional investors for a $28 million placement at 5.5 cents per share. The placement includes participation from the board and management, reinforcing internal confidence. Following completion, Alicanto will hold a pro forma cash position of approximately $17.3 million, providing a robust financial platform to advance Mt Henry and other assets, including projects in Sweden.
Leadership and Corporate Structure
The acquisition coincides with a leadership refresh, including the appointment of Jeff Sansom as Chief Executive Officer, bringing deep experience in Western Australian gold projects. Alicanto also plans a 12, 1 share consolidation to streamline its capital structure and improve share price dynamics, subject to shareholder approval.
With a comprehensive technical dataset, extensive drilling history, and a clear pathway to resource growth, Alicanto is well positioned to capitalize on the current gold price environment and the inherent potential of the Mt Henry Gold Project.
Bottom Line?
Alicanto’s acquisition and capital raise set the stage for rapid resource growth, but execution on drilling and milestone achievements will be critical to unlocking value.
Questions in the middle?
- How quickly will Alicanto deliver updated resource estimates following the drilling campaign?
- What are the key risks related to regulatory approvals and native title consents for the Mt Henry Project?
- How will Westgold’s 19.9% stake influence Alicanto’s strategic decisions and project development?
