Alicanto Advances Mt Henry with Drilling and $18.1m Funding Boost

Mt Henry Acquisition Unlocks Near-Surface Growth Potential

Alicanto Minerals Ltd (ASX:AQI) marked a major milestone this quarter with the completion of its acquisition of the Mt Henry Gold Project in Western Australia, which hosts a substantial 915,000-ounce gold resource. The project’s mineralisation sits predominantly within 150 metres of surface along a 16-kilometre mineralised corridor, offering promising avenues for rapid and cost-effective resource expansion. This acquisition positions Alicanto to capitalise on one of the more accessible undeveloped gold resources in the region.

The company has immediately mobilised a 50,000-metre drilling program focused on step-out drilling to extend the strike and depth of mineralisation at the Selene and Mt Henry deposits. This campaign aims to test the broader mineralised envelope within the corridor, potentially lifting the existing resource beyond its current 0.9 million ounces. Prior drilling results highlighted substantial widths and grades from unmined areas, underscoring the resource’s continuity and scale. Alicanto’s strategy here reflects a clear focus on near-surface ounces with relatively straightforward access, a factor that could accelerate development timelines.

Notably, no field activities occurred at the company’s Swedish assets during the quarter as Alicanto prioritised its Australian flagship. The Falun Copper-Gold and Sala Silver-Zinc projects in Sweden remain on maintenance, with exploration deferred for now.

Leadership Overhaul Aligns with Growth Ambitions

The quarter also saw significant leadership changes designed to support Alicanto’s transition from explorer to developer. Jeff Sansom stepped in as CEO, taking over from Ray Shorrocks who transitioned to Non-Executive Chair. This handover signals a shift towards a more operationally focused executive team as the company embarks on its resource expansion campaign. Other appointments included Ben Palich moving to Executive General Manager – Growth and Development and Tim Sloan joining as Geology Manager, strengthening technical and corporate capabilities.

Post quarter, the board welcomed Amber Stanton as a Non-Executive Director following the retirement of Didier Murcia AM, while Daina Del Borrello was appointed Executive General Manager, People and Culture. These changes align with Alicanto’s scaling ambitions and governance standards as it prepares for the next phase of growth.

Capital Structure and Funding Bolster Balance Sheet

Financially, Alicanto completed a 12-for-1 share consolidation in February 2026 to streamline its capital structure ahead of the Mt Henry acquisition. Westgold Resources Limited (ASX/TSX: WGX) emerged as a significant shareholder, taking a 19.9% stake in the company, underscoring strategic support from an established regional player.

Following the quarter, Alicanto secured an $18.1 million non-dilutive funding package, enhancing its balance sheet without diluting existing shareholders. This capital injection, which includes cash and equity components, supports ongoing drilling and exploration activities at Mt Henry and provides financial flexibility amid the resource expansion drive. At quarter-end, Alicanto reported cash on hand of $14.3 million, down slightly from $15.4 million three months earlier, reflecting active investment in project acquisition and drilling.

The company’s inclusion in the ASX S&P All Ordinaries Index rebalance during March 2026 reflects growing market recognition of Alicanto’s emerging profile and asset base.

Exploration Outlook Hinges on Drilling Results

The next critical phase for Alicanto will be the results from its aggressive drilling program. The 50,000-metre campaign, currently underway with multiple rigs, targets both strike extensions and depth potential within the Mt Henry corridor. Given the mineralisation remains open in several directions, these results could materially reshape the project’s resource profile. The company’s strategy to focus on near-surface mineralisation could also translate into more rapid resource conversion and development options.

Meanwhile, the leadership changes and capital consolidation set a foundation for more disciplined execution and shareholder alignment. The backing of Westgold Resources and the fresh funding package provide additional credibility and financial runway.

Investors will be keen to see how Alicanto balances its Australian growth focus with its Swedish portfolio, which remains on hold for now. The company’s ability to deliver on its resource expansion promises at Mt Henry will be the defining factor for its next chapter.

These developments build on Alicanto’s earlier announcements, including the $18.1 million non-dilutive funding secured to underpin exploration and the launch of the 50,000m drilling campaign targeting resource growth along the mineralised corridor. The company’s strategic capital moves, including the 12-for-1 share consolidation and Westgold’s entry as a major shareholder, further cement Alicanto’s repositioning in the gold exploration sector.