Westgold Finalises $12.6M Chalice Project Divestment
Synopsis
The transaction with Corazon Mining completes Westgold's strategic asset sale program, which has generated more than $200 million in shareholder value.
Westgold Resources has completed the initial phase of the Corazon transaction to sell its Western Australian Southern Goldfields Chalice Gold Project to Corazon Mining for a A$12.6 million sale price.
The final purchase is part of an overall A$25.7 million agreement announced earlier this year that is Westgold's proposed divestment of non-core exploration assets.
Upfront payment includes an already received A$8m initial deposit and an equity investment of A$4.6 million comprising 19.9% of Corazon Mining shares. Additional milestone payments totalling A$11 million are due subject to project technical and development targets being achieved (including resource growth and a decision to mine).
Asset Strategy Reaches Completion
The sale has been completed according to the terms of the transaction, with Westgold declaring its multi-year asset disposal program is completed. It is estimated the divestment program to date has generated A$215 million in value, excluding contingent milestone payments for each transaction.
Westgold has divested all non-core assets and only retains exposure to the Chalice project through its investment in Corazon and future milestone payments, said Managing Director and Chief Executive Wayne Bramwell.
Gold Producer Strengthens Core Focus
The transaction announcement follows the reporting by Westgold of a record FY2025 revenue of A$1.36 billion, gold production of 326,384oz, A$357 million net operating cashflow and cash, bullion and liquid investments totalling A$364 million, following its merger with Canadian counterpart Karora Resources. Westgold now possesses a solely Western Australian portfolio of gold producing mines.
Australia ranks with China, Russia and Canada as one of the top global gold producers according to USGS Mineral Commodity Summaries 2025.
Western Australian gold transactions are a major interest to investors throughout the world and in Australia, where it accounts for nearly 70% of Australia's total gold output according to Geoscience Australia data.
Westgold's Chalice divestment moves the exploration asset to Corazon while Westgold holds onto an equity interest and milestone payments.
Source: Capital Brief
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Pooja Malik is a business journalist with over six years of experience covering startups, entrepreneurship, and emerging trends. She has previously worked with leading media platforms such as YourStory Media and BW BusinessWorld, where she reported on business, policy, and market developments. Currently, she serves as Editor at The Inspirepreneur Magazine, where she writes and edits stories across business, lifestyle, and travel, with a focus on clarity, accuracy, and reader relevance.
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