# September 2025 Quarterly Results

Source Brief: https://evesgoldminers.com/research/source-briefs/westgold-resources-2025-10-28-september-2025-quarterly-results-4d511f21
Original source: https://www.westgold.com.au/pdf/25551578-36ef-4fa8-887d-dc1c7be36526/September-2025-Quarterly-Results.pdf?Platform=ListPage
Original published: 2025-10-28
EGM generated: 2026-09-04
Company: Westgold Resources (WGX)

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# September 2025 Quarterly Results

Source: https://www.westgold.com.au/pdf/25551578-36ef-4fa8-887d-dc1c7be36526/September-2025-Quarterly-Results.pdf?Platform=ListPage
Published: 2025-10-28T00:00:00+00:00
Fetched: 2026-05-05T09:42:30.622+00:00
Source artifact: 4d511f21-2c92-41e8-8e78-0e6464b5eedb
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## Content

# September 2025 Quarterly Results
September 2025 Quarterly Report
28 October 2025
ASX Release $180M underlying cash build in Q1 FY26
Westgold is an unhedged Australian Perth, Western Australia, 28 October 2025 Westgold
ASX200 gold producer, committed to Resources Limited (ASX | TSX: WGX - Westgold or the
unearthing enduring value for all its Company) is pleased to report results for the period
ending 30 September 2025 (Q1 FY26).
stakeholders.
Q1 HIGHLIGHTS
Westgold’s vision is to become
Australia’s leading gold company, OPERATIONS
sustaining safe, responsible and Safety Performance Total Recordable Injury Frequency Rate
profitable production. (TRIFR) of 5.04 / million hours – an improvement of 11%
Our current business encompasses Group production of 83,937oz Au @ AISC of $2,861/oz - in line
mines and processing plants across with FY26 guidance
the Murchison and Southern
Goldfields, two of Western Australia’s 3 YEAR OUTLOOK
most prolific gold-producing regions. High confidence organic growth plan that sees costs fall
FY26 guidance: 345-385koz @ AISC of $2,600-$2,900/oz
FY27 outlook: ~420koz @ AISC of $2,456/oz
FY28 outlook: ~470koz @ AISC of ~$2,499/oz
RESERVES & RESOURCES
Group Mineral Resource Estimate increased 24% to 16.3Moz
Ore Reserves up 5% to 3.5Moz - driven by additions at Beta Hunt,
Bluebird–South Junction and Starlight
Update reflects strong exploration success - and supports a 10-
year Reserve life
TREASURY
Gold sales of 94,913oz at an average price of A$5,296/oz -
generating revenue of A$503M
Underlying cash build of $180M - before investments in growth
($60M) and exploration ($12M)
Financial values are reported in A$ unless $472M in closing cash, bullion, and liquid investments @ 30
otherwise specified September 2025 - a $108M increase Q on Q
This announcement is authorised for Westgold remains 100% unhedged
release to the ASX by the Board.
CORPORATE
Investor Relations
3cps final dividend declared for FY25 - and 5% on-market share
Kasun Liyanaarachchi
Group Manager IR & Communications buyback program launched for FY26
investor.relations@westgold.com.au
+61 458 564 483 Non-core divestments underway – including Peak Hill, Mt Henry-
Selene and Chalice gold opportunities
Westgold Resources Limited westgold.com.au Level 13, 200 St Georges Terrace
ASX: WGX | TSX: WGX T: +61 8 9462 3400 Perth WA 6000 / PO Box 7068
ABN 60 009 260 306 E: perth.reception@westgold.com.au Cloisters Square WA 6850
Westgold Managing Director and CEO Wayne Bramwell commented:
“Westgold’s underlying cash build in Q1, FY26 of $180M before growth and exploration spend, culminated in a
closing balance of $472M in cash, bullion, and liquid investments. This was an increase of $108M quarter on
quarter.
Operationally, we maintained our focus on safety and efficiency, achieving an 11% improvement in our TRIFR
and delivering group gold production of 83,937 ounces at an AISC of $2,861 per ounce. This was a solid start to
FY26, and we remain on track to FY26 guidance of 345,000 to 385,000 ounces at an AISC of $2,600 to $2,900
per ounce.
The 2025 Reserves and Resources statement released during the quarter demonstrated the success of
continued investment in growth projects and exploration, with our Mineral Resource Estimate increasing by
24% to 16.3Moz and Ore Reserves up 5% to 3.5Moz. This growth now underpin a 10-year Ore Reserve life and
highlights the latent mineral potential that drilling can unlock from within our portfolio.
In Q1 the Company released its first three-year outlook (3YO) to the market. The 3YO is a high confidence plan
building from a FY26 production guidance mid-point of 365,000 ounces, growing organically to approximately
470,000 ounces of production by FY28. Importantly, the 3YO is conservative by design, sees our cost profile
fall and excludes multiple tangible opportunities currently being advanced to bring value forward in the outlook.
Westgold’s value proposition is to focus on organic growth to increase shareholder returns. This objective is
now underpinned by growing treasury strength, increasing Ore Reserves, four processing hubs and a pragmatic
approach to capital allocation that creates value. The declaration of a 3 cent per share final dividend for FY25
shows our commitment to shareholder returns with an upgrade to our dividend policy for FY26 and the launch
of a 5% on-market share buyback defining our approach.
Our team is focussed on optimising our larger producing assets in FY26 to maximise free cash flow. With
improving operational performance and a clear pathway defined by the 3YO, the business can now plan to
sustain safe, responsible, and profitable production into the future.”
September 2025 Quarterly Report 2
Executive Summary
Cash Position as of 30 September 2025
Westgold closed Q1, FY26 with cash, bullion and liquid investments of $472M – representing a build of $108M
in total cash, bullion and liquid investments.
Underlying cash build was $180M before growth and exploration spend (invested $60M on non-sustaining
capital and $12M on exploration, refer Figure 1).
This result was driven by consistent Group gold production and an increase in realised gold price to $5,296/oz.
erating Wor ing a ital on ustaining a e
loration
Figure 1: Cash, Bullion, and Liquid Investments Movement (A$M) – Q1 FY26
Notes
▪ Westgold remains unhedged and fully exposed to the spot gold price.
▪ $2.3M in additional New Murchison Gold (ASX: NMG) shares purchased during Q1, FY26.
▪ $28M FY25 dividend payment to shareholders (3cps) declared during Q1, FY26 – payment made post
quarter end and will be reflected in the Q2 FY26 cashflows.
▪ $75M stamp duty invoice for the Karora transaction was received during Q1, FY26 - with payment due in
Q2 FY26.
▪ Closing Q1, FY26 investments include 1.7B NMG shares - but exclude 19.8M shares received in Blackcat
Syndicate Limited (ASX: BC8 - under escrow until 31/3/26).
September 2025 Quarterly Report 3
Group Production Highlights – Q1, FY26
Westgold is pleased to report Q1, FY26 Group gold production of 83,937oz (Q4 FY25: 88,022oz). The Murchison
produced 53,140oz (Q4 FY25: 54,811oz) and the Southern Goldfields produced 30,797oz (Q4 FY25: 33,211oz).
Q1, FY26 production was marginally lower than Q4, FY25 as expected due to scheduled process plant
shutdowns across the group. This is consistent with the e ectations set out in Westgold’s FY Guidance,
which shows group production output weighted towards the second half of FY26.
All-In Sustaining Cost (AISC) for Q1, FY26 was $240M (Q4 FY25: $237M), and on a per ounce basis was
$2,861/oz (Q4 FY25: $2,688/oz). The higher quarter-on-quarter costs were primarily due to the early
commencement of third-party ore delivery (from the gold price linked Ore Purchase Agreement (OPA) with New
Murchison Gold), planned maintenance costs and lower Group production. Excluding gold production from
ore purchased under the OPA, Group AISC was $2,792/oz.
Westgold maintains its production and cost guidance for FY26 of 345 – 385koz at $2,600 – $2,900/oz.
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outhern Gold Fields
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Figure 2: Westgold Quarterly Production (oz), Achieved Gold Price and AISC ($/oz)
The Company sold 94,913oz of gold for the quarter achieving a record price of $5,296/oz, generating $503M in
revenue. With Westgold hedge free, operations generated $205M of mine operating cashflows with the
achieved gold price $2,435/oz over AISC.
Total non-sustaining capital expenditure during Q1 FY26 of $60M (Q4 FY25: $39M) includes $39M of investment
in growth projects (Bluebird-South Junction and Great Fingall development) and $21M in plant and equipment
(processing facilities, ventilation, water, power and paste infrastructure across the Group).
Investment in exploration and resource development of $12M (Q4 FY25: $9M) for the quarter continued
focusing on Bluebird-South Junction and Starlight in the Murchison, and the Fletcher Zone at Beta Hunt in the
Southern Goldfields. Westgold remains on track to achieve the FY26 exploration guidance of $50M.
September 2025 Quarterly Report 4
The net mine cash inflow for Q1 FY26 was $133M (refer Table 1 under Group Performance Metrics).
FY26 guidance and 3 year outlook
Westgold issued its FY26 guidance in August 2025, signalling an uplift over the prior year in group mine and
milling out uts. The om any’s outloo is su orted by ongoing investments in ey processing and mining
assets and more consistent operational performance, positioning Westgold for continued value creation.
For FY26, Westgold forecasts gold production in the range of 345,000oz to 385,000oz at an AISC of $2,600 to
$2,900 per ounce, reflecting a substantial production improvement over FY25. The om any’s guidance also
includes indicative AISC for purchased ore. Planned non-sustaining capital expenditure totals $270M,
predominantly directed toward major growth projects and infrastructure upgrades. The exploration and
resource definition budget is set at A$50M, representing a balanced investment in exploration, targeting
significant drilling activity across core regions.
Building on the FY26 guidance, Westgold released a detailed three-year outlook (3YO) on 1 October 2025 that
presents a high-confidence, e ecutable lan to increase the Grou ’s annual gold roduction to a ro imately
470,000oz per annum by FY28, while reducing AISC to around $2,500/oz from FY27 onwards. This organic
growth plan is predicated u on Westgold’s existing portfolio of operating assets, 2025 Ore Reserves (56Mt at
1.93g/t for 3.5Moz of gold), and the four processing hubs with a combined current processing capacity of
approximately 6Mtpa.
Importantly, the 3YO excludes tangible opportunities that, if realised represent substantial upside to the
plan. These opportunities are being actively advanced to bring value forward into the 3YO.
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FY FY Guidance id oint FY utloo FY utloo
urchison outhern Gold elds A o
FY FY Guidance id oint FY utloo FY utloo
on ustaining a e loration esource e nition
Figure 3: Growing production, reducing costs – with forecast capital and exploration investment
For more information, refer to “Westgold Provides 3-Year Outlook” lodged on the ASX on 1 October 2025.
September 2025 Quarterly Report 5
Group Performance Metrics
Westgold’s quarterly physical and financial outputs for Q1 FY26 are summarised below.
Table 1: Westgold Q1 FY26 Performance
Physical Summary Units Murchison Southern Group
Goldfields
ROM - Ore Mined t 687,951 537,380 1,225,331
Grade Mined g/t 2.3 2.1 2.2
Ore Processed t 906,500 1
448,692 1,355,192
Head Grade g/t 2.0 1
2.3 2.1
Recovery % 911 94 92
Gold Produced oz 53,140 1
30,797 83,937
Gold Sold oz 59,947 34,966 94,913
Achieved Gold Price A$/oz 5,296 5,296 5,296
Cost Summary Units Murchison Southern Group
Goldfields
Mining A ’ 981 58 156
Processing A ’ 41 1
17 58
Admin A ’ 8 9 17
Stockpile Movements A ’ (1) (22) 2
(23)
Royalties A ’ 7 13 20
Sustaining Capital A ’ 10 2 12
All-in Sustaining Costs A$M 163 77 240
All-in Sustaining Costs A$/oz 3,061 2,516 2,861
All-in Sustaining Costs – Excluding OPA ’ 150 77 227
All-in Sustaining Costs – Excluding OPA A$/oz 2,960 2,516 2,792
Notional Cashflow Summary Units Murchison Southern Group
Goldfields
Notional Revenue (produced oz) A ’ 282 163 445
All-in Sustaining Costs A ’ 163 77 240
Mine Operating Cashflow ’ 119 86 205
Growth Capital A ’ (30) (9) (39)
Plant and Equipment A ’ (8) (13) (21)
Exploration Spend A ’ (7) (5) (12)
Net Mine Cashflow A$’ 74 59 133
Net Mine Cashflow A$/oz 1,392 1,915 1,583
1
Includes 24kt of ore purchased at 3.5g/t for 2,601oz
2.
Southern Goldfields stockpile movement is p

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