Alicanto Secures 915,000oz Mt Henry Gold Project with $28M Capital Raise

A New Chapter for Alicanto

Alicanto Minerals Ltd has announced a pivotal step in its growth strategy with the binding agreement to acquire the Mt Henry Gold Project in Western Australia from Westgold Resources. This acquisition is supported by a substantial $28 million capital raise from institutional investors, including Westgold itself, which will emerge as a significant shareholder with a 19.9% stake in Alicanto.

The Mt Henry Project is a prized asset located within the prolific Norseman–Kalgoorlie greenstone belt, a Tier-1 gold jurisdiction renowned for hosting multi-million-ounce deposits. The project boasts a total Mineral Resource of 915,000 ounces of gold at an average grade of 1.2 grams per tonne, spread along a 16-kilometre mineralised corridor. Notably, the mineralisation remains open both along strike and at depth, signalling considerable upside potential.

Capital Raise and Strategic Partnership

The $28 million placement was executed in two tranches at 5.5 cents per share, attracting strong support from sophisticated and institutional investors globally. The proceeds will fund the upfront cash consideration for the acquisition and an ambitious 50,000-metre multi-rig drilling program aimed at rapidly expanding the resource base. The involvement of Westgold as a near 20% shareholder not only provides financial backing but also a strong endorsement from a major ASX200 gold miner, enhancing Alicanto’s credibility and strategic positioning.

Exploration Potential and Project Details

The Mt Henry Gold Project comprises three main deposits; Mt Henry, Selene, and North Scotia; each demonstrating robust mineralisation with significant unmined intervals. Historical drilling has revealed impressive grades and widths, including standout intersections such as 18 metres at 16.4 grams per tonne and 64 metres at 3.9 grams per tonne. The deposits remain open at depth, with much of the surrounding 16-kilometre corridor only shallowly drilled, presenting numerous walk-up drill targets.

Located on granted mining leases with excellent infrastructure access, the project benefits from proximity to established regional facilities and a well-endowed gold district featuring operations by Northern Star, Gold Fields, and others. Alicanto’s planned drilling campaign will focus on extending known mineralisation and testing new targets, supported by updated geological and structural modelling.

Swedish Exploration and Leadership Changes

Alongside its Australian ambitions, Alicanto continues to advance exploration in Sweden’s Bergslagen region, targeting copper, silver, and gold mineralisation. Recent rock chip sampling at the Greater Falun Project has yielded exceptional assays, including up to 9,200 grams per tonne silver and significant copper and zinc values, underscoring the area’s untapped potential.

On the corporate front, Alicanto has appointed Jeffrey Sansom as Chief Executive Officer, effective February 2026. Sansom brings over 15 years of experience across the resources sector, including roles at BHP and OceanaGold, and is expected to spearhead the company’s next growth phase. Interim Executive Chairman Raymond Shorrocks will transition to Non-Executive Chairman, ensuring continuity at the board level.

Capital Structure and Financial Position

In conjunction with the acquisition, Alicanto proposes a 12 – 1 share consolidation to streamline its capital structure and enhance share price dynamics. As of 31 December 2025, the company held $15.44 million in cash, bolstered by recent equity raises. This strong financial position underpins Alicanto’s aggressive exploration and development plans.