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Highlights:
- Westgold Resources has reported a record full year production guidance for FY2022.
- The gold miner has delivered a record production in its fourth quarter of the year.
- WGX share price has firmed up 3.688%, to trade at AU$1.265 a share by 10:40 AM AEST (5 July).
Western Australian gold miner, Westgold Resources Limited (ASX:WGX) has delivered its full year production guidance for FY22. The company has also reported a record quarterly production in the fourth quarter of FY22. On the back of achieving its FY22 full year guidance numbers, Westgold Resources Limited’s share price has moved higher today. WGX shares were seen trading at AU$1.265 apiece, up 3.688% at 10:40 AM AEST.
Westgold’s achievements in FY22
As shared in its ASX announcement today, Westgold Resources Limited has delivered its full financial year (FY22) production guidance of 270,878 oz. It is an unsurpassed yearly number for the miner. The company also reported an unbeaten production number in its fourth quarter of FY22 of about 72,591 oz. Another record-breaking number was reported from Westgold’s Cue Gold operations where the company produced about 24,797 oz in the fourth quarter of FY22.
However, Westgold is yet to report its full year costs. According to the ASX release, the full year cost number will be reported with its quarterly results after final reconciliations are completed. Meanwhile Westgold has told shareholders to expect a variance of +/-5% on its full year guidance number.
Management commentary
According to Wayne Bramwell, Managing Director, Westgold Resources Limited, Westgold has delivered solid results in all three quarters. The ‘cracking’ quarter four production results have made the company achieve its FY22 production guidance. He believes that the company has overcome all the challenges during FY22, testifying their ‘resilience and ability to succeed’.
He also stated that in the coming year, the company will be focusing on simplifying its business with an aim to enhance profitability. Westgold, according to Bramwell, will have a renewed confidence for FY23.
How are Westgold shares performing recently?
While Westgold has hit produced a shining full year production guidance, its shares have lost over 34% in a year. WGX share price is down more than 6% in last one month. Trading at AU$1.265 a share today morning, WGX share price is still not far away from its 52-week low price of AU$1.127 a share. Also, while the company has paid an interim dividend in October 2021, annual dividend yield on WGX shares is still 0%. Notably, price to earnings ratio of Westgold shares is about 10.57. As a result, despite losing out on share price Westgold still has a market cap of AU$577.66 million as of date.
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