Westgold Resources’(ASX:WGX ): Why are institutional investors increasing stake in this gold mining company?

Thu 26 Sep 24, 07:50 AM | Team Kalkine

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Highlights

Westgold Resources Limited (ASX:WGX) is a gold exploration, development and mining company with operations focused in the Murchison and Southern Goldfields regions. In the latest financial year, ended 30 June 2024, the company witnessed awhopping 852% YoY surge in its net profit after tax to AUD 95 million and 760% YoY jump in the free cash flow to AUD 86 million.

Meanwhile, revenue increased by 9% YoY to AUD 716 million, supported by 23% rise in the gold price and reduction in hedging exposure. This was partly offset by reduction in gold sales because of lower production from the paused mining at Paddy’s Flat.

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