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Highlights
- Westgold Resources' revenue surged by 71.84% YoY to AUD 623.95 million in 1HFY25
- Gold sales in 1HFY25 reached 159,081 ounces, up from 122,081 ounces in the same period of FY24.
- FY25 gold production revised to 330,000-350,000 ounces from the earlier estimate of 400,000-420,000 ounces.
Western Australia-based gold development, exploration and mining company Westgold Resources (ASX: WGX) saw a significant year-on-year revenue increase of 71.84% in the first half of the financial year 2025 (1HFY25). Revenue reached AUD 623.95 million, compared to AUD 363.09 million for the same period in FY24. The period saw gold sales of 159,081 ounces in 1HFY25, marking an improvement over the 122,081 ounces sold in the previous year. Meanwhile, gross profit surged by 75.17% YoY to AUD 126.24 million from AUD 72.07 million in 1HFY24.
Higher achieved gold prices and expanded operations, particularly following the successful merger with Karora, have significantly contributed to the company’s performance.
Key Operational Updates
Westgold Resources has made significant strides in its resource development activities at the Beta Hunt mine, Western Australia. Drilling at the Fletcher zone has produced promising results, revealing additional large, high-grade intervals. With five drill rigs actively working at Fletcher, WGX expects to release its maiden Mineral Resource Estimate (MRE) by late FY25.
Additionally, the Mason zone, an extension of the Fletcher zone, now spans approximately 4km in strike length. Drilling at the Mason zone is expected to commence in the fourth quarter of FY25.
Company Outlook for FY25
Looking ahead, Westgold is targeting higher production in the second half of FY25. As part of its revised guidance, WGX now anticipates FY25 production of 330,000 to 350,000 ounces of gold, a slight reduction from the initial forecast of 400,000 to 420,000 ounces. Additionally, the company has adjusted its All-In Sustaining Costs (AISC) guidance to AUD 2,400-2,600 per ounce, reflecting the current operating environment.
Top 10 shareholders of WGX
The top 10 shareholders of WGX have nearly 41% shareholding in the firm. L1 Capital Pty Ltd. And Van Eck Associates Corporation have the maximum stake in the firm with a shareholding of 9.35% and 9.21%, respectively.
Share performance of WGX
WGX shares closed 1.22% lower at AUD 2.43 per share on 18 February 2025. WGX’s share price has gained nearly 30% in a year and has lost approximately 12% in past three months.
52-week high of WGX is AUD 3.36, recorded on 22 October 2024 and 52-week low is AUD 1.80, recorded on 27 February 2024.

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 18 February 2025. The reference data in this report has been partly sourced from EODHD/Others.






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