Valiant Gold (VAL) H2 2026 earnings summary

Executive summary

• Completed first financial period as an independent, ASX-listed gold company after demerging from Westgold Resources and raising $75 million in an IPO, ending the year with $67.7 million cash and no debt.

• Focused on advancing the Comet and Reedy Gold Projects in Western Australia, with a combined JORC-compliant Mineral Resource of 1.2Moz.

• Established operational foundations for mine restarts, particularly at Comet, and commenced exploration and drilling at Reedy, notably at South Emu-Triton.

Financial highlights

• Reported a net loss of $1.75 million for the period ended 30 June 2026, with no revenue from gold sales as operations are pre-production.

• Cash and cash equivalents at period end were $62.8 million, with total assets of $107.4 million and net assets of $86.6 million.

• Raised $75 million through IPO and issued 240 million shares to Westgold as part of the demerger.

Outlook and guidance

• FY27 priorities include advancing Comet towards restart, continuing dewatering, rehabilitation, and mine engineering, and further drilling at Reedy (South Emu-Triton and Boomerang) to expand and upgrade resources.

• Committed to disciplined capital allocation, focusing on increasing project confidence, reducing development risk, and supporting informed investment decisions.