Westgold Resources (WGX) AGM 2024 presentation summary

Strategic transformation and growth trajectory

• Undertook a strategic review and rationalisation of mines, returning to profitable operations and setting the stage for a transformational merger in FY24 with Karora Resources, creating a larger, diversified Australian gold producer.

• Invested $19M in resource development drilling in FY23 and $25M in FY24, with $235M capital investment planned for future free cash flow and $50M for high-value resource development and exploration.

• Cashflow from profitable operations funded the $1.4B Karora merger, completed without incurring debt.

• Six consecutive quarters of cash, bullion, and liquids build, with a $71M increase in FY24, supporting growth and shareholder returns.

• Share price grew 67% in FY24, with market capitalisation rising from $1.1B to $2.7B by November 2024.

FY24 operational and financial performance

• Achieved gold production of 227,237 oz, at the top end of guidance, with AISC of $2,164/oz, within cost guidance.

• Revenue reached $716.5M, with NPAT of $95.2M and profit per share of 20.1c; dividends paid totaled 2.25c per share.

• Growth capital expenditure was $157M, above guidance, while exploration spend was in line at $25M.

• No gold hedging in place, providing full exposure to gold price movements.

Sustainability and ESG initiatives

• Exceeded target of 10% annual reduction in TRIFR, achieving an 18% reduction in FY24.

• Transitioned to hybrid power stations, reducing diesel use by 38 million litres and carbon emissions by 56%.

• Achieved a water recycling rate of 45% and met the target of zero significant environmental incidents.

• Female workforce representation at 12%, with targets to reach 25% by 2026.