Westgold Resources (ASX: WGX) – Westgold Files 2025 Annual Report

Westgold Resources delivered record financial results for FY26, with gold production reaching 387,354 ounces, an 18.6% increase on the prior year’s 326,384 ounces. The result comfortably exceeded the top end of the company’s guidance and reflects disciplined execution across both the Murchison and Southern Goldfields operations. More significantly, the production growth translated into strong profit growth, with net profit before tax of $643 million, a 474% increase from FY25’s $112 million.

The financial outcome was supported by continued strength in gold pricing during the reporting period. Revenue reached $2,441 million, up 79% from $1,360 million, while the company maintained cost discipline with all-in sustaining costs of $2,841 per ounce, comfortably within the guided range. The Murchison operations contributed 70% of production at $2,629 per ounce, while the Southern Goldfields delivered the remaining 30% at $3,241 per ounce.

Cash generation proved robust, with net cash from operations of $964 million and free cash flow of $602 million, allowing the company to finish the period debt free with a treasury position of $939 million in cash, bullion and liquid investments. Management has established a $600 million unsecured revolving debt facility, providing total available financial capacity of $1.5 billion. This balance sheet strength is the foundation of the company’s stated strategy to self-fund organic growth opportunities.

On the operations front, several key developments warrant attention. The Bluebird-South Junction mine reached a 1 million tonne per annum mining rate by June, ventilation upgrades at Big Bell unlocked additional capacity from the sub-level cave, and Great Fingall transitioned to higher-grade reef mining. In the Southern Goldfields, Beta Hunt has emerged as a significant growth platform, with the Fletcher Zone achieving maiden ore reserve status of 1.1 million ounces subsequent to year end.

The company’s Three-Year Outlook, updated after the reporting period, targets production of 460 to 510,000 ounces by FY29 from current levels of 385 to 425,000 ounces in FY27. Management attributes this growth pathway to expanding mining capacity at existing operations and bringing additional ore sources into production, supported by ongoing exploration and resource definition drilling.

The company’s exploration program added 1.5 million ounces of gross ore reserves during FY26 at a reserve addition cost of $27 per ounce. Total ore reserves grew to 4.1 million ounces with a 15% increase in reserve grade to 2.22 grams per tonne. The company plans to increase exploration investment to $50 to 75 million in FY27, up from $42 million in FY26, with 26 rigs active early in the new financial year.

Investors will be watching execution against the Three-Year Outlook, the progression of the Beta Hunt expansion and the outcomes of mill capacity studies at both the Murchison and Southern Goldfields operations, which management has indicated could support processing rates beyond the currently approved 2.6 million tonne expansion at Higginsville.

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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