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Highlights

  • Westgold added AUD 80 million to its cash, bullion, and liquid investments in Q3FY25, reaching total liquidity of ~AUD 480 million .
  • Q3FY25 revenue stood at AUD 363 million from sales of 78,398 ounces at an average price of AUD 4,630/oz.
  • Beta Hunt and Bluebird-South Junction upgrades on track; Beta Hunt improvements to support 2Mtpa output into FY26.
  • WGX’s revenue surged 72% YoY to AUD 624 million in 1HFY25, but the company posted an AUD 27.6 million net loss due to acquisition-related costs.

Westgold Resources Limited (ASX:WGX) is a gold explorer and miner with a focus on the Murchison and Southern Goldfields regions. The company is demonstrating operational momentum and strategic clarity as it navigates FY25 and looks ahead to FY26.

Financial Position of WGX Amid High Gold Prices

Westgold witnessed an uplift in its financial position during the third quarter of the financial year 2025 (3QFY25), driven by operational cash flow, elevated gold prices, and the strategic divestment of the Lakewood mill (for AUD 85 million).

This contributed to a record AUD 80 million increase in cash, bullion, and liquid investments, taking total liquidity to approximately AUD 480 million—including an undrawn AUD 250 million corporate facility.

In Q3FY25, Westgold produced 80,107 ounces of gold at an AISC of AUD 2,829 per ounce. The company achieved gold sales of 78,398 ounces at an average price of AUD 4,630 per ounce, generating revenue of AUD 363 million for the quarter.

Recent Business Developments

Westgold's recent acquisition of over 215 million shares in New Murchison Gold on 21 March 2025 increased its ownership stake to more than 1.55 billion shares, representing 15.74% voting power.

Half-Year Results Highlight Growth and Transitional Costs

For the half-year ended 31 December 2024 (1HFY25), Westgold reported revenue of AUD 624 million, reflecting a 72% increase compared to 1HFY24. During the reported period, the company posted a net loss of AUD 27.6 million. This swing from an AUD 44 million net profit in the prior corresponding period was largely due to one-off acquisition-related costs.

EBITDA declined slightly to AUD 140 million from AUD 146 million in 1HFY24.

Outlook

The company has reaffirmed its FY25 production guidance of 330,000 to 350,000 ounces at a revised AISC range of AUD 2,400–2,600 per ounce.

Upgrades at Beta Hunt and Bluebird-South Junction are expected to enhance production and improve mine output into FY26. Beta Hunt upgrades are expected to be finalised in 4QFY25, enabling consistent mining rates near 2Mtpa into FY26.

In terms of plant capacity, the company is now turning its attention to Higginsville, where a scoping study is underway to expand processing capacity from 1.6Mtpa to 2.6Mtpa.

Share performance of WGX

WGX shares closed at AUD 2.80 per share on 6 May 2025, up 3.32%. The stock has recorded drop of 7.28% over the past week. Over a longer one-year period, WGX’s share price has increased by approximately 30.23%.

The 52-week high for WGX Is AUD 3.36, recorded on 22 October 2024, and the 52-week low is AUD 2.08, marked on 15 May 2024.

Support and Resistance Summary

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 06 May 2025. The reference data in this report has been partly sourced from EODHD/Others.

 

Technical Indicators Defined:

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.