Westgold Resources (WGX) Q2 2026 earnings summary

Executive summary

• Achieved record quarterly gold production of 111,418oz in Q2 FY26, up 33% quarter-on-quarter, driven by higher grades, strong Murchison operations, and increased third-party ore purchases.

• Realized record gold sales of 115,200oz at an average price of $6,356/oz, generating $732M in revenue and driving strong financial performance.

• Underlying cash build doubled to $365M in Q2, with closing cash, bullion, and liquid investments at $654M, a $182M increase from the previous quarter.

• Company is now debt free after repaying $50M in drawn debt and remains unhedged, fully exposed to gold price movements.

• Strategic focus on building cash to provide flexibility for shareholder returns and reinvestment in organic growth.

Financial highlights

• All-in sustaining cost (AISC) for Q2 FY26 was $3,500/oz (inclusive of OPA), up from $2,861/oz in Q1; excluding OPA, AISC was $2,945/oz.

• Net mine cash flow doubled in Q2 to $232M, with mine operating cashflow at $319M and net mine cash inflow of $265M.

• Realized margin of $2,856/oz on higher sales volume, with net mine cashflow per ounce at $2,373/oz.

• Bullion sales increased 21% quarter-on-quarter, with $49M in closing bullion inventory.

• Paid $76M in one-off stamp duty for the Karora transaction.

Outlook and guidance

• FY26 production guidance maintained at 345,000–385,000oz, with AISC guidance of $2,600–$2,900/oz (exclusive of OPA costs).

• Three-year outlook targets annual gold production of ~470,000oz by FY28 and AISC reduction to ~$2,500/oz from FY27.

• Margin expected to improve in H2 FY26 as major one-off and OPA costs decrease and cost base lowers.

• Key growth projects (Bluebird-South Junction, Great Fingall, Beta Hunt) advancing to plan, expected to structurally lower costs and increase output.