Valiant Gold Limited · ASX:VAL
Valiant Gold — IPO Roadshow (February 2026)
40 slides from Valiant Gold's IPO roadshow presentation, Feb 16, 2026
Slide 1: An Emerging Western Australian Gold Producer
An Emerging Western Australian Gold Producer Initial Public Offering to Raise $65 - $75 million (before costs) February 2026 Not for release to US wire services or distribution in the United States or Canada ASX VAL
Slide 2: Important Notes and Disclaimer
Important Notes and Disclaimer IMPORTANT: You must read the following before continuing. This presentation (Presentation) is dated 16 February 2026 and has been prepared by Valiant Gold Limited (ACN 691 820 532) (Valiant or the Company). This Presentation has been prepared in relation to Valiant’s d
Slide 3: Important Notes and Disclaimer
Important Notes and Disclaimer INVESTMENT RISK An investment in Valiant Shares is subject to investment and other known and unknown risks, some of which are beyond of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Mr Rigby the control of V
Slide 4: Valiant – An Emerging Gold Producer
Valiant – An Emerging Gold Producer Created through the spin-out of Westgold’s Reedy and Comet gold projects • Highly experienced board and management with a complementary skillset for project development • Two brownfields gold projects located in the heart of the Murchison Goldfield of Western Aust
Slide 5: Highly Experienced Board & Management
Highly Experienced Board & Management With a complementary skillset for project development Derek La Ferla Brendan Tritton Simon Rigby Anthony Chamberlain Donna Thornton Joan Dabon Independent Non- Managing Director Non-Executive Non-Executive Chief Financial Company Secretary Executive Chairman Dir
Slide 6: A Brownfields Gold Portfolio
A Brownfields Gold Portfolio Located in the heart of the Murchison Goldfield • Two gold projects → encompassing 227km² in Western Australia • Situated on existing Mining Leases • Strategically located proximate to Westgold processing infrastructure: Comet - located ~14km from the Cue processing hub
Slide 7: Proven Operating Assets
Proven Operating Assets With historical production of +1Moz1 Increase of ~195% since last mined Current Gold • Existing open pits and underground development 8,000 Price: ~A$7,100/oz 7,000 • Comet and South Emu – Triton mines last operated in FY23 → when the prevailing gold price was ~A$2,400/oz 6,0
Slide 8: Near Term Production Potential
Near Term Production Potential Ore purchase agreement executed with Westgold on arm’s length market terms • Executed OPA with Westgold’s subsidiary Big Bell Gold Operations (BBGO) → unlocking access to Westgold’s Meekatharra processing hub Meekatharra Processing Hub • Fast-tracked, low capex pathway
Slide 9: Combined Mineral Resource of +1.2Moz
Combined Mineral Resource of +1.2Moz 1 Providing a strong foundation with exploration upside • Existing high-grade Mineral Resource of 15.6Mt @ Comet (Dec 25) – Mineral Resource 2.4g/t Au for 1.2Moz1 → 465koz in M&I Tonnes Grade Cont. Gold Category (kt) (g/t Au) (koz) Measured 236 3.07 23 • Highly p
Slide 10: Comet Exploration Upside
Comet Exploration Upside Comet - 4km line of lode providing opportunities along strike and at depth • Line of lode of ~4km with little deep drilling • Comet represents an ideal opportunity for a dedicated management team to unlock value through focused attention to realise the exploration potential
Slide 11: Reedy Exploration Upside
Reedy Exploration Upside Reedy - 5km line of lode and little depth drilling between Triton and Jack Ryan • Line of lode length of ~5km with little deep drilling • Reedy’s extensive strike length and multiple mineralised corridors underscore its exploration upside 1. Refer to the Prospectus (specific
Slide 12: Pro-Forma Capital Structure
Pro-Forma Capital Structure Pro-Forma Position Post Transaction (proposed ASX code: Minimum Subscription Maximum Subscription Ownership Structure VAL) (A$65m, before costs) (A$75m, before costs) (Assumes Maximum Subscription) Shares issued to Big Bell Gold Operations Pty Ltd (BBGO), Westgold Retaine
Slide 13: Sources and Application of Funds
Sources and Application of Funds Staged restart, development and exploration program over first two years Minimum Maximum 1 Resource Drilling Source of Funds Subscription ($65m) Subscription ($75m) Resource definition and extensional drilling at the Available Liquidity $3.0m $3.0m advanced Comet and
Slide 14: Asset Portfolio & Development Pathway
Asset Portfolio & Development Pathway 14 ASX VAL
Slide 15: Comet – A Proven Brownfields Asset
Comet – A Proven Brownfields Asset With near term production potential on existing Mining Leases Location: 25km southeast of Cue in Western Australia Mine Type: Brownfields open pit and underground WGX Production (2017 - 22): ~1.4Mt @ 3.17g/t Au for 144koz of gold Key Deposits: Comet, Comet North, P
Slide 16: Reedy – A Large, Prospective Gold Asset
Reedy – A Large, Prospective Gold Asset Multiple near term mining fronts, existing Mining Leases and exploration upside Location: Approximately halfway between Cue and Meekatharra Mine Type: Brownfields open pit and underground WGX Production (2016 – 22): 1.74Mt @ 2.60g/t Au for 146koz of gold Key D
Slide 17: Reedy Long Section (South and Central)
Reedy Long Section (South and Central) Planned resource definition and extensional drilling at South Emu – Triton Key Objectives: Increase confidence in the geology and mineralisation Expand the mineralisation footprint Aiming to upgrade and increase the Reedy resource base 1. Refer to the Prospectu
Slide 18: Reedy Long Section (North)
Reedy Long Section (North) Planning to unlock the potential of the Boomerang – Kurara line of lode High priority for investigation of an open pit cut back opportunity given the current high gold prices Mining studies for the potential restart of mining planned to be undertaken 18 ASX VAL
Slide 19: Ore Purchase Agreement (OPA)
Ore Purchase Agreement (OPA) Unlocking a pathway to production and bringing forward potential cashflow • OPA executed with Westgold subsidiary BBGO → 15,000 - 50,000 wet tonnes of ore per month to be made available and sold to BBGO for processing at the Meekatharra processing hub • Existing Reedy an
Slide 20: Development and Exploration Plan
Development and Exploration Plan Staged restart, development and exploration program for the projects Workstream Commentary Resource Definition & • Resource definition and extensional drilling at the advanced South Emu – Triton project Extensional Drilling Mines Studies and • Mining studies for the
Slide 21: IPO Offer Details
IPO Offer Details 21 ASX VAL
Slide 22: IPO Offer Overview
IPO Offer Overview Valiant is seeking to raise between $65 - 75 million (before costs) • The Company is seeking to raise a minimum of $65.0 million (before costs) (Minimum Subscription) and a maximum of $75.0 million (before costs) (Maximum Subscription) through an initial public offering of a minim
Slide 23: Indicative IPO Timetable
Indicative IPO Timetable Event Date Prospectus Date Monday, 16 February 2026 Priority Offer Record Date 7:00pm (AEDT) on Friday, 20 February 2026 Priority Offer Opening Date 9:00am (AEDT) on Tuesday, 24 February 2026 Broker Firm Offer Opening Date 9:00am (AEDT) on Wednesday, 4 March 2026 Priority Of
Slide 24: Key Risks
Key Risks 24 ASX VAL
Slide 25: Key Risks
Key Risks Specific to the IPO Offer or an investment in the Company Capitalised terms used in the Key Risks have the definitions as given in the Prospectus. Investors are encouraged to read the Prospectus in full. Completion of the IPO Offer is subject to the Offer Conditions detailed in Section 6.2
Slide 26: Key Risks (Continued)
Key Risks (Continued) Specific to an investment in the Company Capitalised terms used in the Key Risks have the definitions as given in the Prospectus. Investors are encouraged to read the Prospectus in full. The Projects are subject to the Western Australian mining regime. Valiant's restart, develo
Slide 27: Key Risks (Continued)
Key Risks (Continued) Specific to an investment in the Company Capitalised terms used in the Key Risks have the definitions as given in the Prospectus. Investors are encouraged to read the Prospectus in full. Mining tenements are limited form of tenure which can co-exist with, and overlap, other lan
Slide 28: Key Risks (Continued)
Key Risks (Continued) Specific to an investment in the Company Capitalised terms used in the Key Risks have the definitions as given in the Prospectus. Investors are encouraged to read the Prospectus in full. Following Listing, Valiant intends to undertake resource definition drilling programs at th
Slide 29: Key Risks (Continued)
Key Risks (Continued) Specific to an investment in the Company Capitalised terms used in the Key Risks have the definitions as given in the Prospectus. Investors are encouraged to read the Prospectus in full. In accordance with the Company's business model (detailed in Section 2.6 of the Prospectus)
Slide 30: Key Risks (Continued)
Key Risks (Continued) Specific to an investment in the Company’s industry Capitalised terms used in the Key Risks have the definitions as given in the Prospectus. Investors are encouraged to read the Prospectus in full. The business of mineral exploration, development and mining is subject to risk b
Slide 31: Key Risks (Continued)
Key Risks (Continued) Specific to an investment in the Company’s industry Capitalised terms used in the Key Risks have the definitions as given in the Prospectus. Investors are encouraged to read the Prospectus in full. Mineral Resource and Ore Reserve estimates are expressions of judgment based on
Slide 32: Key Risks (Continued)
Key Risks (Continued) Specific to an investment in the Company’s industry Capitalised terms used in the Key Risks have the definitions as given in the Prospectus. Investors are encouraged to read the Prospectus in full. Insurance of all risks associated with exploration and production is not always
Slide 33: Key Risks (Continued)
Key Risks (Continued) General investment risks Capitalised terms used in the Key Risks have the definitions as given in the Prospectus. Investors are encouraged to read the Prospectus in full. Applicants should be aware that there are risks associated with any securities investment. Prior to the IPO
Slide 34: Key Risks (Continued)
Key Risks (Continued) General investment risks Capitalised terms used in the Key Risks have the definitions as given in the Prospectus. Investors are encouraged to read the Prospectus in full. As a development and exploration company, Valiant has no source of revenue or profits and makes no forecast
Slide 35: International Offer Restrictions
International Offer Restrictions 35 ASX VAL
Slide 36: International Offer Restrictions
International Offer Restrictions This Presentation does not constitute an offer of new ordinary shares in the Company (“Shares”) pursuant to the IPO in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the Shares may not be offered
Slide 37: International Offer Restrictions (Continued)
International Offer Restrictions (Continued) This Presentation has not been approved by, or registered with, any Norwegian securities regulator under the Norwegian Securities Trading Act of 29 June 2007 no. 75. Accordingly, this Presentation shall not be Norway deemed to constitute an offer to the p
Slide 38: International Offer Restrictions (Continued)
International Offer Restrictions (Continued) No approval from, or recognition by, the Securities Commission of Malaysia has been or will be obtained in relation to any offer of Shares. The Shares may not be offered or sold in Malaysia except to “sophisticated investors” within Malaysia the meaning o
Slide 39: Appendix
Appendix 39 ASX VAL
Slide 40: Mineral Resource
Mineral Resource 1 COMPETENT PERSONS STATEMENT The information in this Presentation to which this statement is attached that relates to the Estimation and Reporting of Mineral Resources at the Reedy Project and Comet Project is based on information compiled by Ms Jill Irvin, BSc, a Competent Person