Westgold Resources (WGX) H1 2026 earnings summary

Executive summary

• Achieved record financial and operational performance in H1 FY26, with revenue up 98% to $1,238M, EBITDA of $612M, and NPAT of $314M, driven by higher gold prices and production of 195,355oz.

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

• Portfolio simplification advanced through divestments and demergers of non-core assets, including the Mt Henry-Selene sale and Valiant Gold demerger.

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

• Ended the period debt-free, with a closing treasury balance of $654M.

Financial highlights

• Revenue doubled year-over-year to $1,238M, with underlying treasury build of $550M and net cash flow from operations of $532M.

• Underlying EBITDA rose to $612M (from $224M), and underlying NPAT reached $314M (from $57M); statutory NPAT was $191M after a one-off non-cash loss.

• Gross profit was $463M on $1,238M revenue, with an EBITDA margin of 49%.

• Cash and cash equivalents increased to $520.6M, up 117% from June 2025.

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

Outlook and guidance

• Maintained FY26 production guidance of 345,000–385,000oz at AISC of $2,600–2,900/oz, with three-year outlook targeting 470,000oz by FY28 and AISC stepping down to ~$2,500/oz.

• Additional upside potential from operational improvements, mine expansions, and exploration not included in base case.

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