Valiant Gold Dewatering at Comet Reaches 170m as Restart Targets H2 FY27
Key Takeaways
- Dewatering at Comet has reached the 1270 Level, 170 metres below surface, with the Pinnacles program targeted for completion before the end of Q2 FY27.
- First production remains targeted for H2 FY27, and management states Comet is funded to first production, though no funding amounts or costs are disclosed.
- An Ore Purchase Agreement with Westgold gives access to the Tuckabianna mill (14 km away) and Bluebird mill (110 km), removing the need to build a standalone plant.
- The 6.1 MW power station is due by the end of October 2026, and the 30-person camp arrives in November 2026.
- Q2 FY27 brings the Restart Study, a preliminary mining schedule, contractor appointments and the start of drilling, against a 304koz Comet resource within a 1.2Moz group resource.
Comet Gold Mine restart progresses as dewatering hits 170 metres
Dewatering at the Comet Gold Mine restart has reached the 1270 Level, 170 metres below surface, and first production remains targeted for H2 FY27. Valiant Gold Limited (ASX: VAL) reported the progress on 14 October 2026 for its 100%-owned mine in Western Australia’s Murchison region.
Dewatering means pumping floodwater out of old underground workings so crews can get back in. The depth reached tells you how far the company has progressed towards the first planned production areas.
Workstreams are running in parallel, and management says it is focused on delivering each one safely, on schedule and within budget. The company also states that Comet is funded to first production, though the announcement does not disclose funding amounts or costs.
Brendan Tritton, Managing Director & CEO
“Valiant has built strong momentum at Comet, with dewatering reaching 170 metres below surface, core site facilities established and primary ventilation fans installed…”
The headline milestones from the update are:
- Dewatering has reached the 1270 Level, 170m below surface
- Core site facilities (workshop, site offices and medical centre) are now installed
- Primary ventilation fans are installed, with commissioning to follow establishment of site power
- Power station works are underway, with installation and commissioning to be completed by the end of October 2026
- Comet Restart Study is on track for completion prior to the end of Q2 FY27
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Infrastructure and site establishment milestones
Most of the visible progress sits in water removal, surface facilities, power and air. Each is a prerequisite for putting people and equipment underground.
Dewatering on two fronts
Dewatering is progressing across two fronts. The initial Pinnacles program, which will provide access to the first production area, is targeted for completion prior to the end of Q2 FY27. Dewatering of the Comet decline, which provides access to the deeper parts of the mine, is anticipated during the second half of FY27.
Water is being pumped from the workings and discharged into the Eclipse Pit. The Eclipse and Comet North pit voids provide sufficient storage capacity across the project for the expected volumes of water.
Pumping currently uses interim equipment previously mobilised to site. Permanent pumping equipment is to be commissioned in conjunction with permanent site power in Q2 FY27.
Facilities, power and ventilation
The workshop, site offices and medical centre are installed. The workshop provides on-site maintenance and servicing capability, reducing reliance on off-site support.
They will operate alongside the initial 30-person accommodation camp scheduled for delivery in November 2026. The planned 6.1 MW power station is targeted for installation and commissioning by the end of October 2026.
Primary ventilation fans are installed in both the Comet and Pinnacles underground workings, covering two separate ventilation circuits. They are to be brought into full service in conjunction with establishment of the site power station.
| Workstream | Status | Next milestone |
|---|---|---|
| Pinnacles dewatering | Water level at the 1270 Level, 170m below surface | Targeted for completion prior to the end of Q2 FY27 |
| Comet decline dewatering | Progressing | Anticipated during the second half of FY27 |
| Workshop, offices and medical centre | Installed | Operate alongside the initial 30-person accommodation camp, scheduled for November 2026 |
| 6.1 MW power station | Initial layout and preparatory works progressing | Installation and commissioning by the end of October 2026 |
| Primary ventilation fans | Installed in Comet and Pinnacles workings | Full service in conjunction with establishment of the site power station |
Why does Comet’s restart pathway matter to investors?
A mine restart means making an idle underground mine safe and workable again. That involves removing water, rehabilitating workings, restoring ventilation and establishing power. Dewatering comes first because crews cannot inspect, repair or mine areas that are still underwater.
The company points to a lower-capital pathway. An Ore Purchase Agreement with Westgold Resources secures processing capacity at the Tuckabianna and Bluebird mills, removing the requirement to construct a standalone plant. Comet is 14 km by road from the Tuckabianna Mill and 110 km from the Bluebird Mill.
The Comet mine trend hosts an existing Mineral Resource Estimate of 3.77Mt @ 2.51g/t Au for 304koz of gold. A Mineral Resource Estimate is a classified estimate of the gold in the ground, expressed as tonnes, grade and contained ounces.
Underground re-entry in July 2026 also gave early practical information. Inspections identified lower-than-expected water levels, generally dry workings, serviceable infrastructure and limited rehabilitation requirements in the first production zones.
At group level, Valiant holds a combined Mineral Resource of 1.2Moz @ 2.4g/t Au across its Comet and Reedy projects. The announcement does not disclose production guidance or costs, so the update is best read as a progress check rather than a financial outlook.
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Next steps and Q2 FY27 catalysts
The company has set out a busy Q2 FY27. Key activities targeted for the quarter include:
- Installation and commissioning of the site power station
- Completion of the Comet Restart Study and preliminary restart mining schedule
- Appointment of the underground mining services contractor
- Delivery and mobilisation of the initial 30-person accommodation camp
- Appointment and mobilisation of the underground drilling contractor
- Commencement of priority grade-control and resource-definition drilling
The Restart Study will consolidate the mine plan, execution requirements and sequencing. Its completion will provide the basis for the company to announce a preliminary restart mining schedule.
Underground drilling is aimed at increasing resource confidence, identifying opportunities for resource growth and supporting mine life extension. Valiant will also continue to report results from the ongoing Boomerang resource drilling program.
Beyond Comet, the pipeline includes South Emu–Triton, a future underground restart opportunity, and Boomerang, a potential open-pit and underground development opportunity. No development decision has been made in respect of either, and any future dewatering or development decision will remain subject to technical review, approvals, funding, sequencing and other relevant considerations.
For you as an investor, the dated targets are the useful yardsticks. Delivery against them will show whether the restart stays on the timetable management has set.
Tritton said that with Comet funded to first production and further development opportunities across the Murchison portfolio, Valiant is “well positioned to create value beyond its existing 1.2Moz Mineral Resource.”
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