Why did Westgold Resources (ASX:WGX) sell the Chalice Gold Project to Corazon Mining (ASX:CZN)?

Westgold Resources (ASX:WGX) completed the divestment of the Chalice Gold Project to Corazon Mining (ASX:CZN) as part of a portfolio optimisation strategy launched in late 2025.

What is the financial layout of the deal between Westgold Resources (ASX:WGX) and Corazon Mining (ASX:CZN)?

Westgold Resources (ASX:WGX) received an initial upfront consideration of $12.6 million from Corazon Mining (ASX:CZN), which includes an $8 million cash payment and a 19.9% shareholding in Corazon valued at approximately $4.6 million.

What are the specific milestones for the deferred payments from Corazon Mining (ASX:CZN) to Westgold Resources (ASX:WGX)?

Corazon Mining (ASX:CZN) will pay Westgold Resources (ASX:WGX) $4 million within 12 months of completion, followed by two separate $3.5 million payments based on resource announcements at the Chalice Gold Project.

How did the share price of Westgold Resources (ASX:WGX) respond to the Corazon Mining (ASX:CZN) announcement?

Following the corporate announcement, the Westgold Resources (ASX:WGX) share price fell 1.9% to trade at $4.64. The transaction marks the finalisation of the company's broader non-core asset sale program, which did not involve Corazon Mining (ASX:CZN) for its prior stages.

What total value has the broader divestment program delivered to shareholders of Westgold Resources (ASX:WGX)?

The completed non-core divestment program has delivered more than $200 million in total value to the shareholders of Westgold Resources (ASX:WGX). This multi-asset strategy concluded with the final sale of the Chalice Gold Project to Corazon Mining (ASX:CZN).

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Westgold completes Chalice Gold Project divestment for $23.6M

Written by Mahathir BayenaPublished Jul 9, 2026, 2:18 AM

Westgold completed the divestment of its Chalice Gold Project to Corazon for up to $23.6 million.
Following the corporate announcement, the Westgold share price fell 1.9% to trade at $4.64.
The transaction finalises a portfolio optimisation strategy designed to refocus corporate resources on core operating hubs.

Westgold Resources (ASX:WGX) completed the Chalice Gold Project divestment to Corazon Mining (ASX:CZN) for up to $23.6 million.

The transaction marks the conclusion of the company's non-core asset sale programme launched in late 2025.

"The divestment of Chalice to Corazon completes Westgold’s non-core asset sales process," said Westgold Managing Director and CEO Wayne Bramwell.

Westgold received an initial $12.6 million upfront consideration alongside a further $11 million in potential deferred cash payments.

Following the announcement, the Westgold share price was down at $4.64.

The completed non-core divestment programme has now delivered more than $200 million in total value to shareholders.

Management stated that the strategy allows the business to focus more resources on its larger core operating hubs.

Westgold completes Chalice Gold Project divestment for $23.6M

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