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Highlights

  • Westgold aims to raise annual gold production from 326koz in FY25 to 470koz by FY28.
  • All-in sustaining cost (AISC) is projected to decrease to approximately AUD 2,500/oz by FY28.
  • Growth capital spending reaches its peak in FY27 with the Higginsville processing hub expansion to 2.6Mtpa.

Westgold Resources Limited (ASX:WGX) is a gold producer with assets in the Murchison and Southern Goldfields regions of Western Australia. Today, the company published its three-year outlook (3YO) on 1 October 2025, outlining production and cost projections for its operations in Western Australia.

Production Outlook

The company produced 326koz in FY25 and aims for 470koz per annum by FY28. All-in sustaining cost (AISC) is projected to decrease to around AUD 2,500/oz by FY28. The plan is supported by 2025 Ore Reserves of 56 Mt at 1.93 g/t Au for 3.5Moz and processing capacity of roughly 6Mtpa across four hubs.

Ore Reserves and Scope

Over 80% of the ore to be mined during the 3YO is sourced from existing Ore Reserves. The plan excludes potential contributions from projects such as the Fletcher Zone at Beta Hunt, further expansion of Higginsville beyond 2.6Mtpa, and other opportunities under review.

Hub Operations

The Meekatharra Hub, with a 1.8Mtpa capacity, is expected to increase to 2Mtpa by FY28, sourcing ore from Bluebird-South Junction, Great Fingall, and Murchison open pits. The Higginsville Hub, currently at 1.6Mtpa, is planned to expand to 2.6Mtpa by FY28, with supply from Beta Hunt and Two Boys underground mines. The Cue Hub, with 1.4Mtpa capacity, is expected to increase to 1.5Mtpa by FY28, drawing ore from Big Bell, Great Fingall, and Fender. The Fortnum Hub, at 0.9Mtpa, is expected to remain stable, sourcing ore from the Starlight underground mine and nearby open pits.

Capital Investment

Growth capital spending peaks in FY27 with the Higginsville expansion. Approximately AUD 150M is set aside for exploration and resource development over the three years, with around AUD 50M planned annually to improve resource confidence

Management Statement

Westgold Managing Director and CEO Wayne Bramwell said:
“Westgold’s three-year outlook (3YO) articulates a high confidence, executable plan that sees the business step up from 326koz of production in FY25 to more than 470koz by FY28. It provides a baseline for a larger, more profitable and sustainable gold producer. Most critically this growth is organic and fully funded. The outlook is underpinned by realistic production forecasts, cost assumptions and focuses on maximising the performance of our existing processing infrastructure to drive our costs down.”

Outlook

Westgold’s FY25 Mineral Resource Estimate of 16.3Moz and Ore Reserves of 3.5Moz form the basis of the 3YO. Potential additions such as the Higginsville mill expansion beyond 2.6Mtpa, Bluebird-South Junction development, and Fletcher Zone at Beta Hunt are not part of the current plan.

Share Performance of WGX

WGX is trading at AUD 4.985, up 11.27% from the previous close of AUD 4.480, with a market capitalisation of AUD 4.23 billion.