Westgold Resources (WGX) H1 2026 earnings summary

Executive summary

• Achieved record financial and operational performance in H1 FY26, with revenue up 98% year-over-year, significant increases in EBITDA and net profit, and gold production reaching 195,355oz at an AISC of $3,225/oz, driven by disciplined execution and favorable gold prices.

• Treasury build reached $550M before major outflows, closing with a $654M treasury balance, and the group ended the period debt-free after repaying $50M in debt.

• Strategic focus on becoming unhedged, infrastructure upgrades, and cost management led to consistent production growth and strong cash generation.

• Portfolio simplification advanced with the sale of non-core assets, including Mt Henry-Selene, and the demerger of Reedy and Comet into Valiant Gold, with a retained equity stake of 44–48%.

• Completed the acquisition of Karora, expanding operations and positioning as a top five Australian gold producer.

Financial highlights

• Revenue doubled year-over-year to $1,238M, with underlying treasury build of $550M and closing cash and cash equivalents of $520.6M.

• Underlying EBITDA rose to $612M (from $224M), and underlying net profit after tax reached $314M (from $57M); statutory profit was $191M, reversing a prior year loss.

• Cash inflow from operating activities rose to $531.7M, up 324% year-over-year.

• Group gold production was 195,000oz at an AISC of $3,225/oz; core business produced 170,000oz at $2,871/oz AISC.

• Net tangible assets per share increased to $2.24, up 7% from June 2025.

Outlook and guidance

• FY26 production and cost guidance maintained at 345,000–385,000oz with AISC of $2,600–2,900/oz (excluding OPA), and three-year outlook targets production growth to 470,000oz by FY28 with AISC stepping down to ~$2,500/oz.

• Guidance includes NMG ore purchases; other agreements (e.g., Valiant) not yet factored in.

• Upside potential from mine expansions, operational improvements, and exploration is not included in current guidance.

• Focus remains on core asset growth, operational efficiency, and unlocking value from non-core assets.