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Valiant Gold Limited has reported major progress at its Murchison gold projects in Western Australia, with mining contractor Mako Mining initiating dewatering and rehabilitation at the Comet underground mine in preparation for restart. Initial diamond drilling at the Reedy Project has confirmed gold mineralisation extending over 400 metres beneath the current Mineral Resource Estimate, indicating strong near-term resource expansion potential. The company holds a solid cash balance of A$67.7 million as it pushes forward with its restart and exploration plans.
Key Points
- Valiant Gold Limited (VAL) is progressing development of gold assets in Western Australia's Murchison region
- Mako Mining has begun dewatering and rehabilitation at Comet to ready the underground mine for restart, with completion expected in the second half of FY27
- Maiden diamond drilling at Reedy yielded notable results including 34.2m at 2.97g/t gold (with 3.6m at 15.55g/t gold) and 20.1m at 1.92g/t gold, confirming mineralisation extends well below the current resource boundary
- Reedy Project lies about 30km from Bluebird Mill and 32km from Tuckabianna Mill; Comet is 14km from Tuckabianna Mill, enabling access to established processing via an Ore Processing Agreement with Westgold Resources
- Cash and term deposits totaled A$67.7 million at quarter-end, supporting growth and development initiatives
- Key technical and operational staff have been secured; plans are underway to mobilise a second drill rig to the Boomerang Gold Deposit, which holds a Mineral Resource Estimate of 5.26 million tonnes at 2.17g/t gold for 367,000 ounces
Mako Mining’s Dewatering Program Pivotal for Comet Mine Restart Schedule
Valiant Gold has engaged Mako Mining Pty Ltd as the mining services contractor to conduct dewatering and rehabilitation at the Comet underground gold mine. Dewatering commenced in July 2026, marking a key step toward resuming production. The process is expected to conclude in the second half of FY27, with water being discharged into the Comet North and Eclipse open pit voids, which have adequate capacity to store the water.
Concurrent with dewatering, mine engineering and technical studies progressed alongside contractor negotiations. An initial Life of Mine design was developed to inform restart decisions and budgeting. Orders for critical long-lead infrastructure items have been placed to ensure smooth operational transition. Comet’s strategic location approximately 14 kilometres from Tuckabianna Mill and 90 kilometres from Bluebird Mill offers processing access through an existing Ore Processing Agreement with Westgold Resources.
Diamond Drilling at Reedy Validates 400m Extension of Mineralised Shear Zone Below Resource
Valiant’s inaugural diamond drilling at the South Emu-Triton zone within the Reedy Project revealed significant vertical gold mineralisation. During the June 2026 quarter, 1,708.4 metres were drilled across six holes, targeting extensions below the current Mineral Resource Estimate of 1.7 million tonnes at 4.0g/t gold for 224,000 ounces.
Notable assay results included a 34.2-metre intercept grading 2.97g/t gold from 1,007.9 metres depth, containing 3.6 metres at 15.55g/t gold. Another intersection of 20.1 metres at 1.92g/t gold from 917.7 metres included 6.0 metres at 3.96g/t gold. The 34.2-metre hole yielded over 100 gram-metres, underscoring the quality of deeper mineralisation. These results confirm the Reedy Shear Zone extends roughly 400 metres below the current resource, hosted in sub-vertical shears within mafic volcanic to ultramafic rock sequences.
The mineralised system now spans over 100 metres horizontally and remains open down-dip and along strike. Further assay results are anticipated within 4–6 weeks as drilling shifts to shallower targets aimed at converting Inferred resources to Indicated classification.
Boomerang Gold Deposit Set for Second Drill Rig Deployment
Valiant has prioritized the Boomerang Gold Deposit for further exploration, planning to deploy a second drill rig. Boomerang holds a Mineral Resource Estimate of 5.26 million tonnes at 2.17g/t gold, equating to 367,000 ounces. Its proximity to Bluebird and Tuckabianna Mills offers similar infrastructure advantages as Reedy.
Mobilisation plans are underway to enhance resource definition, supporting the company’s strategy to expand its Murchison gold portfolio during the restart and development phases. The additional rig reflects management’s confidence in portfolio growth and commitment to near-term resource expansion ahead of production decisions.
Robust Cash Position of A$67.7 Million Fuels Development Efforts
At June 2026 quarter-end, Valiant Gold held A$67.7 million in cash and term deposits, providing strong financial flexibility to fund development activities including the Comet restart and Reedy exploration. This liquidity stems from a successful capital raise at the company’s public listing, enabling self-funding of key milestones without immediate external equity needs.
Exploration expenditure for the quarter was A$2,268,790, primarily for drilling and related costs at Reedy. With no significant mining production or development activities during the quarter, the cash position supports ongoing dewatering at Comet and expanded drilling across projects. The company has also strengthened its team with strategic hires to enhance technical and operational capabilities.
Comet Underground Re-Entry Marks Major Operational Achievement
Following the June 2026 quarter, Valiant successfully re-entered the Comet Underground Mine, an important operational milestone. Initial inspections revealed better-than-expected conditions, including lower water levels, generally dry workings, functional infrastructure, and minimal rehabilitation needs. These findings could reduce the scope and duration of restart activities, potentially accelerating the mine’s restart timeline.
Critical underground data collected supports future mine planning and restart efforts targeting the existing Mineral Resource Estimate. The company is evaluating options to expedite the restart, leveraging momentum from successful underground access and inspections. This milestone reduces risk and boosts management’s confidence in the technical feasibility and scheduling of the restart project.
Strategic Proximity to Established Processing Mills Lowers Development Capital
Both Comet and Reedy projects benefit from close proximity to Westgold Resources’ processing mills. Reedy is approximately 30 kilometres from Bluebird Mill and 32 kilometres from Tuckabianna Mill, while Comet is 14 kilometres from Tuckabianna Mill and 90 kilometres from Bluebird Mill. An Ore Processing Agreement with Westgold Resources facilitates ore processing at these mills, eliminating the need for dedicated processing facilities.
This location advantage significantly improves development economics by reducing capital expenditure compared to greenfield milling infrastructure. It also offers operational flexibility to optimize ore routing based on mill availability. The agreement de-risks both the Comet restart and future Reedy production by securing processing capacity and lowering mine development costs.
Mineral Resource Estimates Support Near-Term Development Plans
Valiant’s development approach is grounded in defined Mineral Resource Estimates across its assets. The Reedy Project’s South Emu-Triton zone holds 1.7 million tonnes at 4.0g/t gold for 224,000 ounces, forming the basis for resource conversion and production planning. Boomerang contains 5.26 million tonnes at 2.17g/t gold for 367,000 ounces. The Comet Project also has a resource inventory targeted by the restart programme. Ongoing diamond drilling at Reedy has confirmed significant mineralisation extensions below the current resource.
Maiden drilling results at Reedy strongly indicate potential for substantial resource growth through deeper exploration, with mineralisation extending over 400 metres below the current outline. Efforts to convert Inferred to Indicated resources via shallower drilling align with advancing towards production scoping. The combination of defined resources and extension potential supports a phased strategy starting with Comet’s restart and expanding to Reedy production after resource growth drilling.
Pending Tenement Applications Strengthen Reedy Project Landholding
Valiant holds a portfolio of exploration tenements in the Murchison region, including three pending applications supporting Reedy: E51/2341, E51/2337, and E20/1125. All are located in Western Australia with 100% beneficial ownership by the company. These pending tenements complement existing granted holdings underpinning Reedy and Comet development and exploration.
The extensive tenement portfolio secures substantial land across prospective gold zones, supporting long-term exploration upside and development flexibility. Pending applications comply with Western Australian mining regulations and reflect the company’s commitment to securing tenure over prospective ground. Successful grants would enhance landholding and geological potential for exploration expansion.
Management Highlights Operational Progress and Team Expansion
Valiant’s Managing Director and CEO Brendan Tritton commented on the quarter’s operational advances, noting strong progress on the restart and growth strategy. Dewatering and rehabilitation at Comet are underway alongside technical studies for restart. Maiden diamond drilling at Reedy confirmed mineralisation extending well below current resources and open for further expansion.
Management emphasized the company’s strong positioning to advance its Murchison gold portfolio, supported by a solid cash balance and a strengthened team. Recent strategic hires have enhanced technical and operational capabilities. This commentary indicates management’s confidence in executing key milestones for Comet’s restart and Reedy’s resource growth during FY2026.
