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, driven by disciplined execution, favorable gold prices, and a 23% increase in gold production to 195,355oz.

• Underlying EBITDA rose to $612M (49% margin), and underlying NPAT reached $314M, both record highs, while statutory NPAT was $191M after a one-off non-cash loss on asset sale.

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

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

• 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 treasury balance of $654M.

• Underlying EBITDA reached $612M (H1 FY25: $224M), and underlying NPAT was $314M (H1 FY25: $57M); statutory NPAT was $191M, reversing a prior year loss.

• Group gold production was 195,355oz at an AISC of $3,225/oz, with net cash flows from operations totaling $532M.

• Achieved gold price rose to $5,877/oz from $3,910/oz year-over-year.

• Basic EPS improved to 20.20c per share from a loss of 2.92c per share.

Outlook and guidance

• FY26 production and cost guidance maintained at 345,000–385,000oz at AISC of $2,600–2,900/oz, with midpoint production of 365,000oz.

• Three-year outlook targets production growth from 326,000oz in FY25 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 not included in current guidance.

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