Westgold Resources (WGX) Q3 2025 earnings summary

Executive summary

• Produced 80,107 ounces of gold in Q3 FY25 at an AISC of AUD 2,829/oz, selling 78,398 ounces at an average price of AUD 4,630/oz, generating AUD 363 million in revenue.

• Achieved record operational cash build of AUD 107 million before investing AUD 74 million in growth and exploration, closing with AUD 232 million in cash, bullion, and liquids, up AUD 80 million from prior quarter.

• Divested the high-cost Lakewood Mill for AUD 85 million (AUD 70 million cash, AUD 15 million scrip), simplifying operations and reducing costs in the Southern Goldfields.

• Maintained FY25 production guidance, expecting substantial production increase in Q4 driven by ramp-up at Beta Hunt and Bluebird South Junction.

• Remains fully unhedged, providing full exposure to rising gold prices.

Financial highlights

• Sold 78,398 ounces of gold at AUD 4,630/oz, total revenue AUD 363 million.

• Net mine cash flow of AUD 87 million in Q3 FY25, with mine operating cashflows of AUD 144 million.

• Available liquidity of AUD 482 million, including AUD 250 million undrawn corporate facility.

• Received AUD 25 million from Lakewood sale in Q3, with further payments due by November 2025.

• Capital expenditure was AUD 46 million in Q3 FY25, including AUD 31 million for growth projects and AUD 15 million for infrastructure upgrades.

Outlook and guidance

• FY25 production guidance maintained at 330,000–350,000 ounces at AISC of AUD 2,400–2,600/oz.

• Substantial increase in production expected in Q4 FY25 as Beta Hunt and Bluebird South Junction ramp up.

• Further cost reductions expected as high-cost Lakewood production ceases and infrastructure projects complete.

• Higginsville expansion plan to increase processing capacity from 1.6Mtpa to 2.6Mtpa, funded by Lakewood sale proceeds.

• Crown Prince ore purchase agreement to provide additional ore feed from H1 FY26.