Westgold Resources (WGX) H2 2025 earnings summary

Executive summary

• Achieved record Q4 production of 88,000 oz and full-year output of 326,000 oz, up 112,000 oz year-over-year, reflecting strong momentum and successful integration of acquired assets.

• Achieved record revenue of $1,360M for FY25, a 90% increase year-over-year, driven by the transformational merger and expanded gold production.

• Adjusted EBITDA rose 84% to $498M, with a robust margin of 36%, reflecting operational scale and efficiency.

• Net profit after tax (NPAT) declined 63% to $35M due to one-off transaction costs and higher depreciation and tax expenses.

• Southern Goldfields operations have become more efficient, driving higher output and cash flows, while the Murchison region is ramping up more slowly.

Financial highlights

• Record production in June quarter and full year, with significant year-over-year growth following asset integration.

• Gold sales grew 36% to 308,979 oz, with achieved gold price up 40% to $4,387/oz year-over-year.

• Cost of sales rose 101% to $1,126M, reflecting the expanded operations.

• EBIT decreased 10% to $120M, and profit before tax fell 18% to $112M compared to FY24.

• Earnings per share dropped to 3.85 cps from 20.11 cps, while dividends increased 33% to 3.00 cps.

Outlook and guidance

• FY 2026 production guidance set at 370,000–380,000 oz, considered conservative.

• All-in sustaining cost (AISC) guidance for FY 2026 is A$2,600–A$2,900/oz, reflecting ongoing inflationary pressures.

• Multi-year outlook and updated resource/reserve statement to be released in September.

• Strong balance sheet and liquidity position support continued shareholder returns and operational investments.

• Confidence in future cash flows underpins the initiation of a share buyback and dividend above current policy.