ASX Release
$132M Treasury Build in Q4 FY25
PERTH, Western Australia, July 23, 2025 /CNW/ - Westgold Resources Limited (ASX | TSX: WGX - Westgold or the Company) is pleased to report results for the period ending 30 June 2025 (Q4 FY25).
HIGHLIGHTS
OPERATIONS
Safety Performance Total Recordable Injury Frequency Rate (TRIFR) of 5.67 / million hours -- an improvement of 10%
Record Group quarterly gold production of 88,022oz Au @ AISC of $2,688/oz
Record Group full year gold production of 326,384oz @ AISC of $2,666/oz - marginally outside FY25 guidance of 330-350,000oz @ AISC of A$2,400 - 2,600/oz
Mine productivity and milling output lifts across the Group
Mining commenced in Great Fingall Flats
RESERVES & RESOURCES
Maiden Mineral Resource for Fletcher Zone at Beta Hunt of 2.3Moz -- from 1km of 2km strike
EXPLORATION
$9M invested during the quarter - refer to the June 2025 Quarterly Exploration Results for details
FINANCE
Gold sales of 71,500oz at an average price of A$5,174/oz - generating revenue of A$370M
$364M in closing cash, bullion, and liquid investments @ 30 June 2025 - a record $132M increase Q on Q
CORPORATE
Ivan Mullany joins the board as Non-Executive Director
Barminco awarded a 3-year contract for the Great Fingall mine -- mining in virgin high group stopes to commence Q1, FY26
Westgold remains 100% unhedged
FY26 Guidance will be released to the market in August - with 3-year outlook in September, post Resource/Reserve Update
Westgold is a leading, unhedged ASX200 gold producer, committed to unearthing enduring value for all its stakeholders.
Westgold's vision is to become the Australian gold company of choice, sustaining safe, responsible and profitable production.
Financial values are reported in A$ unless otherwise specified
This announcement is authorised for release to the ASX by the Board.
Westgold Managing Director and CEO Wayne Bramwell commented:
"Westgold's Q4, FY25 results of 88koz of production and $132M in treasury build were Group records. These results propelled the Group to a full year production record of 326,384oz (at AISC of $2,666oz) and closing cash, bullion and liquid investments of $364M - demonstrating the growing free cash flow capability of our business.
Investment in resource drilling, mine infrastructure and fleet replacement lifted the business during Q4, FY25, with mine productivity and milling throughputs across all our operations improving quarter on quarter. Trucking availability at Beta Hunt and development delays at Bluebird-South Junction impacted delivery of the full year target but, Group production of 34koz in June shows what this portfolio can deliver when our mines perform.
Mine output at our larger assets continue to improve. At Bluebird-South Junction, Westgold fired the first large South Junction stopes and now has a mine design that, though slower to implement in the short term, establishes higher outputs and future proofs this multi-decade asset. At Beta Hunt, substantial progress was made on mine infrastructure projects that will enable higher productivity whilst at Big Bell, the Upper Cave continues to deliver increasing tonnages.
Our smaller mines continue to play a key supporting role, with our Starlight mine outperforming yet again. The Two Boys mine at Higginsville, a small underground mine which at the start of the year had little future, needed just a single diamond drill to start to define mine life extensions, lift mine grade and its outputs.
Alongside stellar drilling results detailed in our June 2025 Quarterly Exploration results, another milestone for Westgold this quarter was the announcement of a maiden Mineral Resource Estimate of 2.3Moz from the Fletcher Zone at Beta Hunt. This result, achieved from just 1km of the known 2km strike, validates our view of the potential upside in Beta Hunt and signals the beginning of a multi-decade growth journey for the Fletcher Zone.
FY25 was transformational for Westgold. The business has growing scale and with our capital investments lifting productivity, in FY26 we now have a portfolio we can leverage for enhanced cashflows.
Executive Summary
Cash Position as of 30 June 2025
Westgold closed Q4, FY25 with cash, bullion and liquid investments of $364M -- representing a build of $132M in total cash, bullion and liquid investments (after investing $39M on capital and $9M on exploration, refer Figure 1).
This result was driven by record Group gold production, an increase in realised gold price to $5,174/oz and the second payment of $20M from the recently announced divestment of the non-core Lakewood Mill(1) .
Notes
-- Westgold remains unhedged and fully exposed to the spot gold price.
-- Second cash payment of $20M relating to the Lakewood Sale received in the
quarter. Remaining cash payment of $25M is due to be received in November
2025.
-- Closing investments include 1.6B shares held in New Murchison Gold (ASX:
NMG) but exclude 19.8M shares received in Blackcat Syndicate Limited
scrip during the quarter (as the BC8 scrip has a 12-month escrow period.)
Group Production Highlights
In FY25, Westgold produced a Group record annual production of 326,384oz at an AISC of $2,666/oz. The result was marginally outside FY25 Production Guidance of 330-350koz and All-In Sustaining Cost Guidance of $2,400 - $2,600/oz(2) .
In Q4 FY25, Westgold also achieved a Group record quarterly production of 88,022oz (Q3 FY25: 80,107oz).
The increase in production came from the Murchison hubs with 54,811oz were produced (Q3 FY25: 42,906oz), with this lift attributed to the access to higher grade stopes at Bluebird-South Junction and the Galaxy lodes at Starlight. The Southern Goldfields produced 33,211oz (Q3 FY25: 37,201oz), with the quarter-on-quarter reduction attributable to intermittent issues associated with the load and haul fleet at Beta Hunt.
These issues saw 4koz of production delayed with the expectation these ounces will be mined in FY26.
While mining rates at Bluebird-South Junction improved quarter on quarter, access to South Junction was further delayed until a full mine redesign was completed in April 2025, increasing the reliance on low grade processing to maintain consistent mill feed to the Meekatharra hub. In combination with the load and haul fleet issues at Beta Hunt, these factors contributed to the minor deviance from the Company's FY25 guidance range.
All-In Sustaining Cost (AISC) for Q4, FY25 was $237M (Q3 FY25: $227M), and on a per ounce basis was $2,688/oz (Q3 FY25: $2,829/oz), as a result of increased mining activity and gold production in Q4 across the group.
The Company sold 71,500oz of gold for the quarter achieving a record price of $5,174/oz, generating $370M in revenue. With Westgold hedge free, operations generated $219M of mine operating cashflows with the achieved gold price $2,486/oz over AISC.
Total capital expenditure during Q4 FY25 of $39M (Q3 FY25: $46M) includes $27M of investment in growth projects (Bluebird-South Junction and the Great Fingall development) and $12M in plant and equipment (processing facilities, ventilation, water and paste infrastructure across the respective sites).
In FY25, Westgold invested $199M in capital expenditure, in-line with its Capital Guidance of $200M.
Investment in exploration and resource development of $9M (Q3 FY25: $11M) for the quarter continued focusing on Bluebird-South Junction and Starlight in the Murchison, and the Fletcher Zone and Western Flanks at Beta Hunt in the Southern Goldfields. In FY25, Westgold invested $43M in exploration, marginally lower than Westgold's FY25 exploration guidance of $50M.
The net mine cash inflow for Q4 FY25 was $171M (refer Table 1 under Group Performance Metrics).
Westgold will provide its FY26 Guidance in August FY26, and a 3-year outlook during September FY26.
Environmental, Social and Governance $(ESG)$
People
In Q4 FY25, total headcount reduced 4% to 2,227 employees, contractors and labour hire while the employee initiated turnover rate continued to decline.
Safety and Sustainability
Safety
Westgold delivered a strong safety and sustainability performance in Q4 FY25, reinforcing its commitment to responsible operations and continuous improvement.
Safety performance improved across all key indicators, with the Total Recordable Injury Frequency Rate (TRIFR) reducing to 5.67 by the end of June. This marks a significant improvement from the prior quarter and reflects the effectiveness of targeted safety initiatives and operational discipline. The Lost Time Injury Frequency Rate (LTIFR) fell to 0.39, and the Serious Potential Incident Frequency Rate (SPIFR) improved to 8.21, continuing the downward trend across the business.
A comprehensive review of Westgold's emergency systems and processes, with site-level verification of findings has been performed, to ensure a standardised, emergency and crisis management system is maintained throughout Westgold. Westgold also advanced its occupational health and hygiene program, with a comprehensive review of current processes.
This program includes review of site Health and Hygiene Management Plans and Hygiene Risk Assessments across all Westgold sites and development of a standardised database to support compliance, data integrity, and reporting automation.
Training
Westgold achieved a major milestone with the new Maddington Supply and Training Centre becoming fully operational.
The centre now delivers training programs including Forklift, Working at Heights, Confined Space Entry, and First Aid, supporting statutory compliance and building internal capability.
Environment/Sustainability
Environmental performance remained strong.
No significant environmental incidents were recorded during the quarter, with investment in long term mine infrastructure including:
-- Commissioning of the Tuckabianna West Tailings Storage Facility;
-- Construction compliance for the Higginsville TSF raise; and
-- Environmental approvals for a new LNG power station at Great Fingall and
a new TSF at Fortnum.
Westgold completed its AASB S2 gap assessment and commenced implementation of the roadmap for FY26. This initiative aims to ensure the Company's 2025 Sustainability Report is aligned with Global Reporting Initiative standards and also provides a databook to support auditability.
Group Performance Metrics
Westgold's quarterly physical and financial outputs for Q4 FY25 are summarised below.
Table 1: Westgold Q4 FY25 Performance
Physical Summary Units Murchison Southern Group
Goldfields
ROM - Ore Mined t 767,751 496,305 1,264,056
Grade Mined g/t 2.3 2.3 2.3
Ore Processed t 940,810 467,310 1,408,120
Head Grade g/t 2.0 2.4 2.1
Recovery % 91 93 92
Gold Produced oz 54,811 33,211 88,022
Gold Sold oz 42,879 28,621 71,500
Achieved Gold Price A$/oz 5,174 5,174 5,174
Cost Summary
Mining A$'M 84 68 152
Processing A$'M 34 20 54
Admin A$'M 7 4 11
Stockpile Movements A$'M (6) (1) (7)
Royalties A$'M 7 5 12
Cash Cost (produced oz) A$'M 126 96 222
Corporate Costs A$'M 3 1 4
Sustaining Capital A$'M 9 2 11
All-in Sustaining Costs A$'M 138 99 237
All-in Sustaining Costs A$/oz 2,503 2,992 2,688
Notional Cashflow Summary Units Murchison Southern Group
Goldfields
Notional Revenue (produced oz) A$'M 284 172 456
All-in Sustaining Costs A$'M 138 99 237
Mine Operating Cashflow A$'M 146 73 219
Growth Capital A$'M (25) (2) (27)
Plant and Equipment A$'M (6) (6) (12)
Exploration Spend A$'M (3) (6) (9)
Net Mine Cashflow A$'M 112 59 171
Net Mine Cashflow A$/oz 2,045 1,759 1,937
Q4 FY25 Group Performance Overview
Westgold mined a total of 1,264kt (Q3 FY25: 997kt), with all operating mines reporting higher mining rates than achieved in Q3, FY25.
Westgold processed 1,408 kt (Q3 FY25: 1,297 kt) of ore in total at an average grade of 2.1g/t Au (Q3 FY25: 2.1g/t Au), producing 88,022oz of gold (Q3 FY25: 80,107oz). Group AISC in Q4 FY25 was $237M (Q3 FY25: $227M).
MURCHISON
The Murchison operations produced 54,811oz of gold (Q3 FY25: 42,906oz). Quarterly production grew due to the mining of several large Bluebird-South Junction stopes at the end of the quarter and improved access to high-grade ore from the Galaxy lodes at Starlight.
Total AISC of $138M (Q3 FY25: $136M) was slightly higher than the prior quarter, mainly due to increased ore mined during the period with higher production at South Junction which was partially been offset by stockpile build up at the end of quarter.
AISC per ounce of $2,503/oz (Q3 FY25: $3,160/oz) was lower mainly as a result of increased ounces produced in the quarter.
Total Capital Expenditure of $31M, includes Growth Capital ($25M) and Plant and Equipment ($6M) across the Murchison operations. Growth Capital related to the Great Fingall development and expansions to the Bluebird-South Junction and Starlight mines. Plant and Equipment includes investment mainly related to processing facilities, Bluebird-South Junction primary ventilation fans ($2M), Bluebird paste and water infrastructure ($3M), and processing tank refurbishment ($1M) during the quarter.
SOUTHERN GOLDFIELDS
The Southern Goldfields produced 33,211oz of gold in Q4 FY25 (Q3 FY25: 37,201oz). The decreased output quarter on quarter was due to truck reliability issues in the aging haulage fleet at Beta Hunt. Reduced truck availability impacted spatial compliance reducing capacity to produce from planned higher grade areas deeper in the mine.
The reduced mined grade affected Westgold's plan to offset the lower quarter on quarter milling capacity in the Southern Goldfields following the divestment of Lakewood in Q3 FY25.
The total AISC in the Southern Operations increased quarter on quarter (Q4 FY25 AISC: $99M vs Q3 FY25 AISC: $91M). On a per ounce basis, AISC was higher at $2,992/oz in Q4 FY25 (Q3 FY25: $2,446/oz), with the increase being driven primarily by the increased mining of lower grade ore at Beta Hunt.
Total Capital Expenditure of $8M, includes Growth Capital ($2M) and Plant and Equipment ($6M) across the Southern Goldfields Operations mainly relating to water, ventilation and underground infrastructure at Beta Hunt mine.
Table 2: Q4 FY25 Group Mining Physicals
Ore Mined Mined Grade Contained ounces
('000 t) (g/t) (Oz)
Murchison 768 2.27 55,949
Bluebird 170 2.57 14,027
Fender 90 1.92 5,551
Big Bell 279 1.83 16,416
Great Fingall 32 1.44 1,498
Starlight 197 2.92 18,457
Southern Goldfields 496 2.27 36,325
Beta Hunt 383 2.32 28,533
Two Boys 56 2.92 5,210
Lake Cowan OP 57 1.39 2,582
GROUP 1,264 2.27 92,274
Table 3: Q4 FY25 Group Processing Physicals
Ore Milled Head Grade Recovery Gold Production
('000 t) (g/t) (%) (Oz)
Murchison 941 1.98 91 54,811
Bluebird 159 2.54 95 12,426
Fender 47 1.95 91 2,686
Open Pit & Low Grade(3) 171 0.91 91 4,528
Bluebird Hub 377 1.73 94 19,640
Big Bell 268 1.83 88 13,801
Fender 33 2.32 88 2,134
Great Fingall 9 1.36 90 353
Open Pit & Low Grade 23 1.15 86 734
Tuckabianna Hub 333 1.81 88 17,022
Starlight 191 3.04 93 17,273
Open Pit & Low Grade 40 0.73 92 876
Fortnum Hub 231 2.64 93 18,149
Southern Goldfields 467 2.37 93 33,211
Beta Hunt 356 2.48 94 26,597
Two Boys 52 3.02 91 4,633
Lake Cowan 24 1.40 92 1,014
Open Pit & Low Grade 35 0.94 92 967
GROUP TOTAL 1,408 2.11 92 88,022
Operations and Project Summary
Murchison
-- Bluebird-South Junction Underground Mine (Meekatharra)Bluebird-South
Junction mined 170kt at 2.57 g/t for 14,027oz (Q3 FY25: 109kt at 2.71 g/t
for 9,483oz), with higher ore production quarter on quarter offset by
slightly lower grades.During the quarter, Westgold gained access across
two levels of the South Junction mine, which delivered increased
production from the mine during the quarter. Following assessment of
footwall ground conditions, Westgold commenced a process of transitioning
its mine design from transverse to predominantly longitudinal open
stoping.By placing development predominately within the more competent
orebody and minimising work in the ultramafic host rock, this mine design
supports sustainable operations over its multi-decade mine life.With the
installation of the paste plant mostly complete, Westgold is expecting to
commence paste filling at Bluebird-South Junction late Q1 FY26, enabling
near 100% ore body extraction from underground.This transition in mine
design and the commencement of paste fill will initially result in lower
mining rates for the first half of FY26 whilst the mine remains
development constrained and limited by number of parallel mining areas. A
steady ramp up is expected to follow as the requisite independent mining
fronts are established to sustain a 1-1.2Mtpa mining rate from
Bluebird-South Junction by the end of FY26.In conjunction with the
expansion in mining rates, project works remain on track for underground
HV electrical upgrades, primary ventilation upgrades and paste fill
infrastructure. The completion of these projects will ensure sustained
production growth from South Junction.
-- Bluebird Mill (Meekatharra)Q4 FY25 gold production at the Bluebird Mill
was steady with increased throughput on lower grade. The mill processed
377kt at 1.73g/t (Q3 FY25: 240kt at 2.00g/t) with 94% recovery (Q3 FY25:
92%) for 19,640oz (Q3 FY25: 14,136oz).Increased production from
Bluebird-South Junction, haulage of low-grade stockpile feed
(predominantly from Fortnum), and Big Bell and Fender material surplus to
Tuckabianna requirements drove the quarter on quarter throughput increase
at the Bluebird Mill.
-- Fender Underground Mine (Cue)The marginal improvement in ore production
at Fender quarter on quarter was offset by a known reduction in mined
grade in the current mining area, with the mine delivering 90kt at
1.92g/t for 5,551oz (Q3 FY25: 79kt at 2.37g/t for 6,048oz). Fender is
expected to continue to deliver consistently with an improved head grade
in Q1 FY26.
-- Big Bell Underground Mine (Cue)Big Bell mined 279kt at 1.83g/t for
16,416oz (Q3 FY25: 246kt at 1.80g/t for 14,251oz).Production from Big
Bell increased quarter on quarter as the expansion of the Upper Cave
continued to increase output. Upper Cave production in Q4 FY25
represented 60% of total Big Bell mine output, with the remainder coming
from the Lower Cave and adjacent stopes. Westgold expects the proportion
of Upper Cave ore in total Big Bell production to continue to increase
over FY26.Westgold deferred the Big Bell Deeps expansion in early FY25
(the development of the deeper long hole open stoping mining operation
under the sub-level cave) to prioritise the larger Bluebird-South
Junction and Beta Hunt mine expansions and to capitalise on relatively
simple upper cave opportunity.This allowed deferral of approximately $20M
of capital spend at Big Bell and provide the opportunity to evaluate new
options to enhance Big Bell Deeps expansion economics. These option
studies and additional drilling are underway.
-- Great Fingall Underground Mine (Cue)Mining commenced at Great Fingall,
from the lower grade Great Fingall flats area which delivered 32kt at
1.44g/t for 1,498oz, with the ore transported to Tuckabianna for
processing.In parallel, decline development continued to progress toward
the first production levels from the higher grade virgin stopes, with
stoping expected to commence in Q1 FY26 following the completion of
dewatering activities.Barminco Limited (Barminco), a leading underground
mining services provider, has been formally awarded the mining contract
for Great Fingall. The contract encompasses all aspects of underground
development, production, and associated services at Great Fingall.
Barminco is set to mobilise their specialist workforce and equipment to
site, with a transition anticipated in September 2025. This partnership
is expected to accelerate production ramp-up at Great Fingall,
capitalising on Barminco's extensive experience in similar underground
mining projects across Australia.Westgold is also preparing to initiate
comprehensive resource definition and extensional drilling programs at
Great Fingall. These initiatives will focus on the Great Fingall Reef,
Golden Crown, Sovereign, and several additional targets identified beyond
the current mine plan but accessible from the new development.
-- Tuckabianna Mill (Cue)Tuckabianna processed 333kt at 1.81g/t (Q3 FY25:
310kt at 1.86g/t) with an 88% recovery rate (Q3 FY25: 88%), yielding
17,022oz (Q3 FY25: 16,264oz).The production increase at Tuckabianna
quarter on quarter was driven by increased ore production at Big Bell,
predominantly from the upper cave.Tuckabianna completed a planned 6-day
long shutdown early July 2025 following the end of the period.
-- Starlight Underground Mine (Fortnum)Starlight UG mined 197kt at 2.92g/t
for 18,457oz (Q3 FY25: 147kt at 2.64g/t for 12,495oz). Ore volumes mined
saw a 34% increase quarter on quarter due to the use of new, high
performing fleet increasing mine productivity with access to a third
mining front in the Galaxy zone. Mined grade also increased quarter on
quarter with mining of the higher grade Galaxy stopes commencing during
Q4 FY25.Following the completion of planned primary fan upgrades in Q3
FY25, further ventilation upgrades are scheduled for Q1 FY26 and Q3 FY26
to support Life of Mine plans at a 80kt/month production rate.
-- Fortnum Processing Hub (Fortnum)In Q4 FY25, Fortnum processed 231kt at
2.64g/t (Q3 FY25: 202kt at 2.08g/t) with 93% recovery (Q3 FY25: 93%) for
18,149oz (Q3 FY25: 12,506oz). The higher gold production, driven by
increased production from Starlight and reduced processing of stockpile
ore.
Southern Goldfields
-- Beta Hunt Underground Mine (Kambalda)Beta Hunt achieved improved mining
rates quarter on quarter, mining 383kt at 2.32g/t for 28,533oz (Q3 FY25:
363kt at 2.79g/t for 32,498oz). The improved rates were achieved despite
experiencing multiple truck reliability issues, leaving the haulage fleet
under capacity. To maintain mining rates, mining was focussed on upper,
lower grade regions which adversely affected mined grade.Mine outputs at
times were also impacted by critical infrastructure restrictions. The
additional water supply project is now completed securing Beta Hunt's
access to a clean water supply. Ventilation upgrades at Beta Hunt have
seen minor delays with fan commission occurring in late July / early
August.The power supply upgrade project work at Beta Hunt is now also
complete, establishing reliable power with increased capacity to support
future growth.
-- Two Boys Underground Mine (Higginsville)Production from the small Two
Boys underground mine improved by 23% this quarter with higher tonnes and
grade, having mined 56kt at 2.92g/t for 5,210oz (Q3 FY25: 52kt at 2.52g/t
for 4,213oz). Grade control drilling completed to date has enabled the
development of a mine plan which now establishes a 12-month planning
horizon.
-- Lake Cowan Open Pits (Higginsville)Lake Cowan mined 57kt at 1.39g/t for
2,582oz.Mining at the Lake Cowan open pits commenced in early Q4 FY25
with open pit contractor Mineral Mining Services Pty Ltd having mobilised
in April. With the pre-strip completed in Q4 FY25, ore production is
expected to peak in Q1 FY26 prior to the pit completion at the end of the
quarter.Excess soft oxide Lake Cowan ore will be stockpiled and processed
over the course of FY26.
-- Southern Goldfields processingThe 1.6Mtpa Higginsville processing plant
processed 382kt at 2.42g/t (Q3 FY25: 333kt at 2.17g/t) with a 93%
recovery (Q3 FY25: 93%), producing 27,698oz (Q3 FY25:
21,804oz).Higginsville currently relies on Beta Hunt underground ore as
its primary ore feed sources, and is supplemented by Two Boys, Lake Cowan
and Low-Grade Stockpiles. During the quarter, increased volumes of Beta
Hunt ore and the addition of Lake Cowan ore displaced low grade stockpile
feed in the blend, increasing the processing grade compared to Q3.The
divestment of Lakewood was completed at the end of Q3 FY25 to Black Cat
Syndicate Limited (ASX: BC8). Westgold has access to 400,000t of toll
milling capacity over 2 years with BC8 and in Q4 FY25, the first toll
milling parcels were processed.The Lakewood mill processed 85kt at
2.16g/t (Q3 FY25: 212kt at 2.46g/t) with a 92% recovery (Q3 FY25: 92%),
yielding 5,513oz (Q2 FY25: 15,397oz), with the feed being sourced from
Beta Hunt.
Exploration
Exploration investment for the quarter was $9M (Q3 FY25: $11M). In Q4 FY25 exciting resource definition drilling results were returned at Bluebird-South Junction, Starlight, Great Fingall and Beta Hunt including:
-- 3.03m at 157.10g/t Au from 270.00m in 25BLDD001 (Bluebird - Polar Star Lode); -- 4.43m at 264.37g/t Au from 111.00m and 15.15m at 17.11g/t Au from 173.00m in NF1050GC42, (Starlight -Nightfall lode); -- 7.23m at 12.25g/t Au from 312.00m in 24GCDD017 (Great Fingall -- Golden Crown), -- 15.96m at 23.17g/t Au from 264.00m in 24SVDD038A (Great Fingall -Golden Crown); -- 8.03m at 101.72g/t Au from 8.00m in AWLINKDD-15AG (Beta Hunt -- Western Flanks); -- 6.90m at 372.32g/t Au from 8.00m in WWSP4-31AG (Beta Hunt -- Western Flanks).
Fletcher Maiden Resource(4)
A particular highlight during the quarter was Westgold's announcement of the maiden Mineral Resource Estimate $(MRE.AU)$ for Stage 1 of the Fletcher Zone at Beta Hunt(4) . The Stage 1 MRE totals 31Mt at 2.3g/t for 2.3Moz of gold, effectively doubling the September 2024 Beta Hunt Mineral Resource. This estimate is based on drilling across the first kilometre of the known two-kilometre strike, with mineralisation extending up to 500 metres in width and over 800 metres vertically.
The resource remains open at depth, and conversion drilling is underway targeting a maiden Ore Reserve in FY26. The Fletcher Zone is interpreted as a parallel structural analogue to the Western Flanks and A Zone deposits, reinforcing its significance as the third major mineralised shear zone system within the Hunt Block.
Full details are provided in the ASX announcement released on 23 July 2025, titled "June 2025 Quarterly Exploration Results".
Corporate
At the end of Q4 FY25, Westgold's total cash, bullion and investments totalled $364M.
Cash, Bullion and Investments
Description Mar 2025 Jun 2025 Variance Variance
Quarter ($M) Quarter ($M) ($M) (%)
Cash 179 240 61 34
Bullion 28 96 68 243
Investments(1) 25 28 3 12
Cash and Bullion 232 364 132 57
1. Investments exclude $15M received in Blackcat Syndicate
scrip during the quarter due to the 12 month escrow
period.
Debt
At quarter end Westgold had drawn down $50M from its Corporate Facilities to balance the working capital requirements for operations and growth of a much larger business. A balance of $250M remains as undrawn capacity of the Syndicated Facility Agreement.
Combined with its cash, bullion and liquid investments balance of $364M, the Company had $614M in available liquidity at the end of the quarter.
Gold Hedging
Westgold is fully unhedged and completely leveraged to the gold price. It achieved an average gold price of $5,174/oz for Q4 FY25 (Q3 FY25 $4,630/oz).
Synergies
The table below identifies the post-merger pre-tax synergies which have been realised to date.
Pre-tax Synergies Realised savings ($M/annum) Corporate Management 21 Commercial contracts 10 Professional Services 3 Sale of Lakewood 20 Total realised savings to date 54
Work to realise further savings are ongoing, with significant opportunities identified for completion by the end of Q4 FY25 in accommodation services, flights and various supply chain commodities such as ground support, explosives and general consumables.
Westgold currently has active tenders to the value of circa $100M in progress which are expected to deliver material savings over the next year.
Ivan Mullany joins the Board
During the quarter, Mr Ivan Mullany was appointed to Westgold's Board of Directors as a Non-Executive Director, bringing with him an extensive international career in consultancy and management within the mining sector. Having held key leadership positions in various global mining companies, Mr Mullany has a proven track record of driving operational efficiency and strategic growth initiatives. His addition to the Board of Directors is expected to enhance Westgold's ability to optimize operations and deliver lasting value to shareholders as the Company pursues significant growth opportunities and operational savings.
Due to Mr Mullany's foreign residency, and in compliance with ASX listing rule 3.16.4, Westgold advises that today it entered into a consultancy agreement with a company under Mr Mullany's control to facilitate director fee payments. Under the terms of the agreement, Mr Mullany's will act as a Non-Executive Director in accordance with the Westgold's constitution and the Corporations Act. The agreement will remain in place for the duration of Mr Mullany's board appointment, unless terminated with 20 business days' notice by either party. The monthly fee for Mr Mullany's services is $11,733, plus the equivalent superannuation contribution, less any applicable taxes.
Higginsville Expansion Plan (HXP)
A detailed engineering study, upgrading the existing 1.6Mtpa Higginsville mill to 2.6Mtpa will be awarded in July. This study will be predicated on an installed capacity of 2.6Mtpa with key processing equipment oversized to make future allowance for the possible expansion to circa 4Mtpa.
Portfolio Review -- Divestment Programme
Westgold's corporate strategy is simplify its portfolio and focus on its larger or higher-grade operating assets. A portfolio review undertaken during the quarter has now prioritised several of Westgold's smaller assets for divestment. These assets include the Comet underground mine at Cue, the Paddy's Flat underground complex at Meekatharra, the South Emu-Triton package (Reedy's), Peak Hill (near Fortnum) and the Mt Henry-Selene assets (near Norseman).
The formal divestment process will commence during Q1, FY26.
Share Capital
Westgold closed the quarter with the following capital structure:
Security Type Number on Issue Fully Paid Ordinary Shares 943,109,690 Performance Rights (Rights) 10,939,552
Quarterly conference call details
Wayne Bramwell (Managing Director & CEO), Tommy Heng (Chief Financial Officer) and Aaron Rankine (Chief Operating Officer) will present the results via webcast on Wednesday, 23 July 2025 at 10:00AM AWST / 12:00PM AEST, followed by a Q&A session.
To listen to the Webcast live, please click on the link below and register your details. After registering, you will receive a confirmation email containing information about joining the webinar.
JUNE 2025 QUARTERLY WEBCAST
Please log on a few minutes before the scheduled commencement time to ensure you are registered in time for the start of the call.
Compliance Statements
Forward Looking Statements
These materials prepared by Westgold Resources Limited (or the "Company") include forward looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as "may", "will", "expect", "intend", "believe", "forecast", "predict", "plan", "estimate", "anticipate", "continue", and "guidance", or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.
Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance, and achievements to differ materially from any future results, performance, or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.
Forward looking statements are based on the Company and its management's good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company's business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company's business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company's control.
Although the Company attempts, and has attempted, to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. In addition, the Company's actual results could differ materially from those anticipated in these forward looking statements as a result of the factors outlined in the "Risk Factors" section of the Company's continuous disclosure filings available on SEDAR+ or the ASX, including, in the Company's current annual report, half year report or most recent management discussion and analysis.
Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances.
Mineral Resources
The information in this report that relates to Mineral Resources is provided by Westgold technical employees and contractors under the supervision of the General Manager of Technical Services, Mr. Jake Russell B.Sc. (Hons), who is a member of the Australian Institute of Geoscientists and who has verified, reviewed, and approved such information. Mr Russell is a full-time employee to the Company and has sufficient experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activities which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the "JORC Code") and as a Qualified Person as defined in the CIM Guidelines and National Instrument 43-101 -- Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr. Russell is an employee of the Company and, accordingly, is not independent for purposes of NI 43-101. Mr Russell consents to and approves the inclusion in this report of the matters based on his information in the form and context in which it appears. Mr Russell is eligible to participate in short and long-term incentive plans of the Company.
It is a requirement of the ASX Listing Rules that the reporting of Mineral Resources, Ore Reserve Estimates in Australia complies with the JORC Code. Investors outside Australia should note that while Ore Reserve and Mineral Resource estimates of the Company in this report comply with the JORC Code (such JORC Code-compliant Ore Reserves and Mineral Resources being "Ore Reserves" and "Mineral Resources" respectively), they may not comply with the relevant guidelines in other countries. The JORC Code is an acceptable foreign code under NI 43-101. Information contained in this announcement describing mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of US securities laws, including Item 1300 of Regulation S-K. All technical and scientific information in this report has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and has been reviewed on behalf of the Company by Qualified Persons, as set forth above.
This report contains references to estimates of Mineral Resources and Ore Reserves. The estimation of Mineral Resources is inherently uncertain and involves subjective judgments about many relevant factors. Mineral Resources that are not Ore Reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. Mineral Resource estimates may require re-estimation based on, among other things: (i) fluctuations in the price of gold; (ii) results of drilling; (iii) results of metallurgical testing, process and other studies; (iv) changes to proposed mine plans; (v) the evaluation of mine plans subsequent to the date of any estimates; and (vi) the possible failure to receive required permits, approvals and licenses.
Appendix A -- Key metrics by operating asset
Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25
Fortnum Mill
Ore milled kt 196 208 202 231
Milled grade g/t 2.52 2.46 2.08 2.64
Recovery % 95 95 93 93
Gold Produced oz 15,069 15,517 12,506 18,149
Bluebird Mill
Ore milled kt 349 219 240 377
Milled grade g/t 2.03 2.36 2.00 1.73
Recovery % 89 89 92 94
Gold Produced oz 20,306 14,933 14,136 19,640
Tuckabianna Mill
Ore milled kt 334 322 310 333
Milled grade g/t 1.86 1.78 1.86 1.81
Recovery % 87 87 88 88
Gold Produced oz 17,514 16,011 16,264 17,022
Southern Goldfields
Ore milled kt 411 593 545 467
Milled grade g/t 2.02 1.97 2.29 2.37
Recovery % 92 92 93 93
Gold Produced oz 24,480 34,425 37,201 33,211
Starlight UG
Ore mined kt 174 168 147 197
Mined grade g/t 2.67 2.67 2.64 2.92
Contained gold oz 14,936 14,374 12,495 18,457
Bluebird-South Junction UG
Ore mined kt 95 88 109 170
Mined grade g/t 3.71 3.42 2.71 2.57
Contained gold oz 11,297 9,649 9,483 14,027
Big Bell UG
Ore mined kt 307 333 247 279
Mined grade g/t 1.94 1.81 1.80 1.83
Contained gold oz 19,143 19,338 14,251 16,416
Great Fingall UG
Ore mined kt - - - 32
Mined grade g/t - - - 1.44
Contained gold oz - - - 1,498
Fender UG
Ore mined kt 75 76 79 90
Mined grade g/t 2.45 2.26 2.37 1.92
Contained gold oz 5,851 5,531 6,048 5,551
Beta Hunt UG
Ore mined kt 250 407 363 383
Mined grade g/t 2.36 2.26 2.79 2.32
Contained gold oz 18,949 29,555 32,498 28,533
Two Boys UG
Ore mined kt 41 43 52 56
Mined grade g/t 2.58 2.22 2.52 2.92
Contained gold oz 3,464 3,125 4,213 5,210
Lake Cowan OP
Ore mined kt - - - 57
Mined grade g/t - - - 1.39
Contained gold oz - - - 2,582
Appendix B -- Group metrics
Physical Summary Units Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 ROM - Ore Mined t 941,508 1,115,123 996,641 1,264,056 Grade Mined g/t 2.4 2.3 2.5 2.3 Ore Processed t 1,289,561 1,342,005 1,296,656 1,408,120 Head Grade g/t 2.1 2.1 2.1 2.1 Recovery % 90 91 91 92 Gold Produced oz 77,369 80,886 80,107 88,022 Gold Sold oz 72,202 86,879 78,398 71,500 Achieved Gold Price A$/oz 3,723 4,066 4,630 5,174 Cost Summary Mining A$'M 88 124 120 152 Processing A$'M 53 56 57 54 Admin A$'M 11 11 11 11 Stockpile Movements A$'M (2) (3) 5 (7) Royalties A$'M 10 17 16 12 Cash Cost (produced oz) A$'M 160 205 209 222 Corporate Costs A$'M 4 4 4 4 Sustaining Capital A$'M 23 10 14 11 All-in Sustaining Costs A$'M 187 219 227 237 All-in Sustaining Costs A$/oz 2,422 2,703 2,829 2,688 Notional Cashflow Summary Notional Revenue (produced oz) A$'M 288 329 371 456 All-in Sustaining Costs A$'M 187 219 227 237 Mine Operating Cashflow A$'M 101 110 144 219 Growth Capital A$'M (39) (29) (31) (27) Plant and Equipment A$'M (19) (27) (15) (12) Exploration Spend A$'M (14) (9) (11) (9) Net Mine Cashflow A$'M 29 45 87 171 Net Mine Cashflow A$/oz 368 554 1,094 1,937
(1) Refer to ASX release titled "Black Cat Acquires Lakewood Mill for $85M"- 25 February 2025
(2) Refer to ASX release titled "FY25 Guidance Updated" - 3 February 2025
(3) Includes low grade ore mined at Big Bell and stockpiles from Starlight, trucked to Bluebird
(4) Refer to ASX release titled "Fletcher Zone Maiden Mineral Resource of 2.3Moz" -- 23 June 2025
SOURCE Westgold Resources Limited
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2025/22/c4548.html
/CONTACT:
Investor Relations, Kasun Liyanaarachchi, Group Manager IR & Communications, investor.relations@westgold.com.au, +61 458 564 483
Copyright CNW Group 2025
(END) Dow Jones Newswires
July 22, 2025 18:26 ET (22:26 GMT)