Highlights

  • WGX expects annual gold production of 345-385,000 ounces at an all-in sustaining cost (AISC) of AUD 2,600-2,900 per ounce for FY26.
  • FY25 revenue of WGX surged to AUD 1,360 million in FY25, driven by record gold output and higher prices.
  • Gold sales rose 36% to 308,979 ounces in FY25, marking a significant annual increase.

Westgold Resources Limited (ASX:WGX), a Western Australia-focused gold explorer, developer, and miner, outlined a three-year organic growth plan, targeting annual gold production of 345-385,000 ounces at an all-in sustaining cost (AISC) of AUD 2,600-2,900 per ounce for FY26. Production is projected to rise to approximately 420,000 ounces at AUD 2,456 per ounce in FY27 and around 470,000 ounces at AUD 2,499 per ounce by FY28. Growth will be supported by higher-grade ore, ramp-up of key mines, and optimised processing hubs.

In the financial year ended 30 June 2025 (FY25), the company reported substantial revenue growth driven by record gold production and elevated gold prices.

Revenue Jumps 90% in FY25

Westgold’s revenue for FY25 reached AUD 1,360 million, marking a 90% increase compared with AUD 716 million in FY24. This surge was supported by record gold production of 326,000 ounces from its Southern Goldfields acquisition and favourable gold market conditions. Gold sales for the period rose 36% year-on-year to 308,979 ounces.

Despite the revenue increase, earnings before interest and tax (EBIT) declined 10% YoY to AUD 120 million, while net profit after tax fell 63% due to one-off merger and transaction costs, higher depreciation and amortisation from the expanded asset base, and increased income tax.

Quarterly Performance and Shareholder Updates

During the December 2025 quarter, Westgold achieved record quarterly gold production of 111,418 ounces, representing a 33% increase over the prior quarter. Performance in the Murchison region, higher ore grades, and increased third-party ore purchases contributed to the growth. Gold sales for the quarter reached 115,200 ounces at a record AUD 6,356 per ounce, generating AUD 732 million in revenue.

The company continued its portfolio optimisation initiatives through targeted divestments, dividend payments, and an active share buyback program. Additionally, BlackRock Group became a substantial shareholder with a 5.02% voting interest as of 29 January 2026.

Outlook and Growth Strategy

The company aims to reduce unit costs through portfolio optimisation, divestment of non-core assets, and the planned Valiant Gold demerger. Westgold’s debt-free and unhedged position supports dividends, share buybacks, and strategic acquisitions while maintaining operational efficiency across its expanded asset base.

Share Performance of WGX

WGX shares rose by 5.39% to close at AUD 7.04 per share on 9 February 2026. Over the past year, the stock has surged by 186.18%. It gained 148.76% over nine months, 133.89% over six months, and 23.08% over three months. The stock also rose 11.39% over one month and showed a modest increase of 1.30% in the past week.

The 52-week high for WGX is AUD 7.900, while the 52-week low is AUD 2.210.

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 09 February 2026. 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.