Westgold Resources (ASX:WGX) Targets Up to 470koz Gold Output by FY28

Highlights

• The company reaffirmed its FY26 production target of 345,000–385,000 ounces at an AISC of AUD 2,600–2,900/oz.
• The company achieved 1QFY26 gold production of 83,937 ounces with closing cash and investments of AUD 472 million.
• FY25 net profit declined 63% to AUD 35 million due to higher costs and one-off expenses.

Westgold Resources Limited (ASX:WGX) is a gold mining, exploration, and development company based in Western Australia. It operates in the Murchison and Southern Goldfields regions, managing underground mines and processing facilities across landholdings exceeding 3,200 km². The company aims to optimise its resource base through responsible operations while supporting regional economic activity.

Financial Update

For the financial year 2025 (FY25), the company has reported revenue of AUD 1,360 million, up 90% YoY, from AUD 716 million in FY24. During the reported period, the company posted adjusted EBITDA of AUD 498 million, an 84% rise from AUD 271 million in FY24. The performance was supported by higher gold output, improved prices, and increased operational efficiency. However, net profit after tax fell 63% to AUD 35 million in FY25 compared to AUD 95 million in FY24 due to one-off transaction costs, higher depreciation from the Southern Goldfields, increased taxes, and additional administrative expenses.

Business Update

As of 04 November 2025, Hon. Cheryl Edwardes AO bought 3,992 WGX fully paid shares at AUD 5.00 each on 30 October 2025, raising her total holding to 22,005 shares.

In its September 2025 quarterly report, the company recorded 1QFY26 gold production of 83,937oz at an AISC of AUD 2,861/oz, revenue of AUD 503 million, and closing cash, bullion, and investments of AUD 472 million. Westgold also reported 24% increase in group mineral resources and 5% increase in ore reserves.  Furthermore, the company announced a 3cps dividend with a 5% share buyback.

Key Positives and Negatives

In 1QFY26, WGX recorded gold production of 83,937oz compared to 77,369oz in 1QFY25, and its cash, bullion, and investment holdings rose to AUD 472mn in  September 2025 end from AUD 362mn at the June 2025 end. However, the volume of ore processed declined to 1.36moz in 1QFY26 from 1.41moz in 4QFY25, and net mine cash flow also decreased to AUD 133mn from AUD 171mn in the preceding quarter.

Business Outlook

The company expects to meet its FY26 production target of 345,000–385,000 ounces at an AISC of AUD 2,600–2,900/oz, supported by a three-year plan aiming for around 420koz in FY27 and 470koz in FY28. The company plans to maintain gold production from its expanded Southern Goldfields and existing operations while focusing on liquidity, disciplined spending, and strategic growth through acquisitions and exploration.

Share Performance of WGX

WGX’s shares were trading at AUD 5.300 per share on 04 November 2025 with intraday loss of 0.19%. WGX’s stock up by 100.75% in last three months as well as up by 89.28% over the six months, and jumpedy 65.62% over the past year. WGX’s 52 week high is AUD 5.965, recorded on 17 October 2025 and 52-week low is AUD 2.210, recorded on 03 February 2025.

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 04 November 2025. The reference data in this report has been partly sourced from EODHD/Others.

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