Westgold Resources (ASX: WGX) – Files 2026 Annual Financial and Climate Report

Westgold Resources delivered record annual gold production of 387,354 ounces in the year ended 30 June 2026, exceeding guidance and driving a 1,166% increase in profit after tax to $443 million. The FY26 result reflects a step change in operational performance, with the company achieving production growth of nearly 20% year-on-year while maintaining all-in sustaining costs of $2,841 per ounce within its guided range. Revenue increased 79% to $2,441 million, driven by higher production volumes and the elevated gold price environment that persisted through the reporting period.

The company’s balance sheet strengthened materially during the year, with cash, bullion and liquid investments reaching $939 million, a $575 million improvement from the prior year. Westgold closed the period entirely debt-free, while simultaneously establishing a new $600 million unsecured syndicated revolving facility that expands total available liquidity to $1.5 billion. Management characterises the balance sheet position as providing strategic optionality to fund growth initiatives and manage market volatility. The company maintains a 100% unhedged stance, affording shareholders full exposure to gold price movements without derivative protection.

Operationally, the Murchison business reached record production under Westgold ownership, with the Bluebird-South Junction mine emerging as a cornerstone growth asset. Mining rates at this operation exceeded 1 million tonnes per annum by year end, positioning the mine to support longer-term production expansion. In the Southern Goldfields, infrastructure investments at Beta Hunt are beginning to translate into operational improvements, while exploration success at the Fletcher Zone has redefined the scale of the operation. Westgold announced a maiden ore reserve of 1.1 million ounces at Fletcher subsequent to balance date, supporting evaluation of expanding the Higginsville mill from 1.6 million tonnes per annum to 4 million tonnes per annum in a single phase upgrade.

The company pursued a portfolio simplification strategy during FY26, divesting non-core assets including Mt Henry-Selene and Peak Hill, while spinning off Reedy and Comet assets into newly-listed Valiant Gold. These transactions crystallised approximately $200 million in value while preserving shareholder exposure to future upside through equity stakes, deferred consideration and ore purchase agreements. Westgold also conducted on-market share buybacks during the period, with 5.2 million shares acquired at an average price of $5.14. Subsequent to year end, the board declared a fully franked final dividend of 10 cents per share, representing total dividend payments of approximately $94.8 million.

Looking forward, management’s strategy centres on self-funding growth from organic opportunities across its portfolio, with capital investment focusing on mill expansions commencing in FY27 as mine production rates increase. Investors should monitor progression of the Higginsville expansion study and the Fletcher Zone development timeline, along with whether Westgold’s elevated production run rates prove sustainable through commodity price cycles.

View the full ASX announcement (PDF)

About Westgold Resources Limited (ASX: WGX)

Westgold Resources Limited is an Australian gold mining company that explores, develops, and operates gold mines in Western Australia. The company operates mining facilities across the Murchison and Southern Goldfields regions and recently expanded its operations through the acquisition of Karora Resources. Westgold is listed on both the Australian Securities Exchange (ASX) and the Toronto Venture Exchange (TSX).

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