Alicanto Minerals Limited (ASX:AQI) entered into a binding Asset Sale Agreement to acquire Mt Henry-Selene Gold Project from Westgold Resources Limited (ASX:WGX) for AUD 73.7 million on December 17, 2025. Westgold will receive AUD 15 million cash and 357.1 million Alicanto shares (AUD 19.6 million) post Transaction close, with $30 million of deferred consideration - payable in cash or shares upon satisfaction of agreed performance hurdles (to be issued as performance rights). 90.9M performance rights valued at AUD 5 million (based on the Issue Price) - vesting on completion of 20,000m of drilling at Mt Henry (Tranche 1), 181.8 million performance rights valued at AUD 10 million (based on the Issue Price) - vesting on Alicanto announcing a JORC (2012) Mineral Resource Estimate of at least 2Moz in Inferred or higher classification and a grade of not less than 0.5g/t Au at Mt Henry (Tranche 2), 272.7 million performance rights valued at AUD 15 million (based on the Issue Price) - vesting on Alicanto announcing a positive final investment decision (FID) to proceed with the development and mining of one or more deposits within Mt Henry (Tranche 3). Completion of the Transaction is subject to the following key conditions precedent being satisfied or waived i.e., Alicanto completing a capital raising of at least AUD 25 million (noting Alicanto has received firm commitments for a AUD 28 million c(apital raising), Alicanto receiving shareholder approval and convene a shareholder meeting on or around January 30, 2026 to seek approvalfor the issue of Consideration Shares, Performance Rights and Tranche 2 placement shares, Assignment and assumption of the heritage, mining agreements and mineral rights, Receipt of required third party consents and approvals (including Ministerial consent for the transfer of the tenements), Release of existing encumbrances over the sale assets and Continued ASX compliance. Alicanto Directors have agreed to unanimously recommend the Transaction and vote in favour of the Resolutions. Alicanto Directors and shareholders with a combined shareholding of 15.22% have committed to vote in favour of the Resolutions at the Alicanto shareholder meeting. As of February 2, 2026, Alicanto Minerals Limited's shareholders approved the deal. Remaining conditions precedent to the Mt Henry acquisition are progressing well and remain on track, with completion expected mid-February 2026. Alicanto has announced a series of leadership changes following the acquisition of Mt Henry to leverage its growth opportunities effectively. Ray Shorrocks transitions from Interim Executive Chairman to Non-Executive Chairman, while Ben Palich steps into the role of Executive General Manager - Growth and Development. Additionally, Tim Sloan has been appointed as the Geology Manager, positioning the company to capitalize on its substantial growth potential.

Completion of the Acquisition of will occur on early February, 2026.

Argonaut acted as financial adviser and Thomson Geer as legal adviser to Westgold in relation to the Transaction.