March 2026 Quarterly Results

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# March 2026 Quarterly Results

Source: https://www.westgold.com.au/pdf/3a62993e-57f6-458c-a285-ad5b14cae667/March-2026-Quarterly-Results.pdf?Platform=ListPage
Published: 2026-04-29T00:00:00+00:00
Fetched: 2026-05-05T09:43:15.609+00:00
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## Content

# March 2026 Quarterly Results
March 2026 Quarterly Report
29 April 2026
ASX Release $285M Underlying Quarterly Cash Build
Westgold is a leading, ASX100
Australian gold producer, with a clear Perth, Western Australia, 29 April 2026: Westgold Resources
purpose - to unearth enduring value for Limited (ASX | TSX: WGX - Westgold or the Company) is pleased to
all our stakeholders. report results for the period ending 31 March 2026 (Q3 FY26).
Our vision is to become the leading HIGHLIGHTS
Australian gold company, sustaining
safe, responsible and profitable SAFETY
production. Lost Time Injury Frequency Rate (LTIFR) improved to 1.29 / million
Our operations comprise four mining hours worked
hubs, with combined processing
capacity of ~6Mtpa across the PRODUCTION
Murchison and Southern Goldfields,
Gold production of 93,145oz Au - 288,500oz to the end of Q3, FY26
two of Western Australia’s most prolific
gold-producing regions. All in Sustaining Cost (AISC) of $2,931/oz (excl. ore purchase
agreement (OPA)) – with AISC including OPA of $3,338/oz
FY26 Guidance maintained
TREASURY
Gold sales of 69,900oz at $7,080/oz generating $495M revenue; gold
bullion inventory of 33.4koz valued at $225M at quarter end
Underlying cash build of $285M - before investments in growth
($81M), share buybacks ($3M), proceeds from asset sales $14M, and
exploration ($13M)
$856M in closing cash, bullion, and liquid investments @ 31 March
2026 - a $202M increase Q on Q
Westgold is 100% debt free and remains unhedged
EXPLORATION
23 drill rigs operating - across the Murchison and Southern Goldfields
Financial values are reported in A$ unless
otherwise specified.
CORPORATE
This announcement is authorised for
release to the ASX by the Board. Westgold enters the ASX 100
Investor Relations
Kasun Liyanaarachchi
FID for Higginsville Expansion to 2.6Mtpa approved
Group Manager IR & Communications
investor.relations@westgold.com.au Portfolio optimisation delivers ~$140M of immediate shareholder
+61 458 564 483 value - with up to ~$30M of additional deferred value
Media $600M Unsecured Credit Facility strengthens balance sheet flexibility
Annette Ellis
media@westgold.com.au
Share buyback continues
+61 458 200 039
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 delivered another strong quarter in Q3 FY26, with cash generation lifting treasury to $856M. Underlying
quarterly cash build of $285M underpins a business that is continually building strength to internally fund growth and
return capital to shareholders.
FY26 production guidance has been maintained. While full year costs are expected to finish toward the top end of
guidance, this reflects both broader industry inflationary pressures and deliberate operational decisions taken to
maximise cashflow.
Operationally, Bluebird–South Junction and Beta Hunt remain the two cornerstone assets underpinning Westgold's
growth over the next three years. At Bluebird–South Junction, mining performance has continued to improve quarter-on-
quarter. With a consistent lift in mining outputs and additional working areas available within the mine, we expect
Bluebird–South Junction to achieve mining rates of 1.0–1.2Mtpa by the end of the financial year.
At Beta Hunt, underground development rates continued to improve throughout the quarter, enabling the opening of
additional working areas deeper in the mine. While ventilation constraints temporarily impacted Q3 production, the
subsequent restart of the ventilation fans positions Beta Hunt strongly for Q4, where we expect the operation to ramp up
to a 2.0Mtpa mining rate by quarter end.
Open pit mining recommenced in the Murchison during the quarter — three months ahead of schedule. This program
will enhance ore blend and more consistent mill utilisation, underpinning our strategy to transition the Murchison from
mine-constrained to mill-constrained over time.
With respect to organic growth, the Board approved the Higginsville Expansion Plan — a staged, capital-efficient
investment that will materially increase processing capacity in the Southern Goldfields. The expansion is expected to
lower unit processing costs and underpin higher gold output from the Southern Goldfields as Beta Hunt continues to
ramp up through FY27.
Simplification of our portfolio continued with the divestment of the Mt Henry–Selene Gold Project to Alicanto Minerals
and the spin-out of our Reedy and Comet assets through the ASX listing of Valiant Gold. These two corporate deals
unlocked ~$140M of immediate value for Westgold shareholders, whilst retaining exposure to future upside through
strategic equity shareholdings.
Treasury strength remains key to mitigating market volatility. We strengthened our balance sheet through the upsizing
and refinancing of our credit facilities - increasing total available liquidity. Combined with our growing cash position,
Westgold has enhanced optionality to both fund internal growth and return capital to our shareholders, via dividends and
on-market share buybacks (when not in Blackout periods).
Westgold did not experience any fuel supply disruptions during the period. Our exposure to diesel remains moderate as
a result of previous investment in the hybrid power infrastructure across the Murchison. We continue to monitor the
situation in the Middle East and have the appropriate plans in place should fuel supply risks escalate.
Our elevation into the ASX 100 during the quarter is a significant milestone for Westgold. It reflects the growing scale,
quality and resilience of the business, but most importantly the continued efforts of our people, who continue to build
it."
March 2026 Quarterly Report 2
Executive Summary
Cash Position as of 31 March 2026
Westgold closed Q3, FY26 with cash, bullion and liquid investments of $856M – representing a build of $202M in total
cash, bullion and liquid investments.
Underlying cash build was $285M before one off payments (Share buy backs $3M), growth and exploration spend
(invested $81M on non-sustaining capital and $13M on exploration), and one-off cash inflows (proceeds from asset sales
totalled $14M).
This result was driven by an increase in realised gold price to $7,080/oz and a competitive AISC margin of $3,742/oz.
+$202
Figure 1: Cash, Bullion, and Liquid Investments Movement (A$M) – Q3 FY26
Notes for Q3 Cash, Bullion and Liquid Investment Movements
▪ Total FY25 tax and FY26 tax instalments of $34M.
▪ Proceeds from Asset Sales of $14M relating to the Mt Henry-Selene Gold Project Divestment consideration
received in the quarter.
▪ Closing Q3, FY26 liquid investments exclude investment in Valiant Gold Limited (escrow ends 27 March 2028).
▪ Westgold remains unhedged and fully exposed to the spot gold price.
March 2026 Quarterly Report 3
Group Production Highlights – Q3, FY26
Westgold produced 93,145oz of gold (Q2 FY26: 111,418oz), processing 1,481 kt (Q2 FY26: 1,529kt) of ore in total at an
average grade of 2.1g/t Au (Q2 FY26: 2.4g/t Au). The lower production was driven predominantly by lower head grades
from the Starlight mine and the New Murchison OPA in the Murchison and from Beta Hunt in the Southern Goldfields.
Westgold mined a total of 1,148kt at 2.2g/t Au (Q2 FY26: 1,188kt at 2.4g/t Au). Total tonnes mined declined modestly
quarter on quarter due to the Lake Cowan open pit completion in Q2 and mining rates at Beta Hunt being temporarily
impacted by ventilation capacity constraints. Despite this, underground equipment productivity increased by
approximately 15% compared to Q1 FY26, supporting steady or improved mining performance across most other mines,
allowing material ore stockpiles to be built across the Murchison operations. Mining rates at Beta Hunt are expected to
reach the targeted 2Mtpa run rate by the end of Q4, following the recent restart of the fans.
Westgold maintains its production guidance for FY26 of 345,000 – 385,000oz, having produced 288,500oz for the
financial year to the end of Q3 FY26.
Production from Westgold's assets was in line with expectations in Q3 FY26. With no immediate impediments to the
ramp up in mining rates at Bluebird and Beta Hunt, ventilation upgrades at Big Bell completed, and no major plant
shutdowns scheduled for Q4, the Company is in a strong position to achieve its production targets for the year.
Excluding gold production from ore purchased under the OPA, Group All-In Sustaining Cost (AISC) was $2,931/oz which
was in-line with the prior quarter (Q2 FY26: $2,902/oz). AISC inclusive of the OPA for Q3, FY26 was $311M (Q2 FY26:
$386M), and on a per ounce basis was $3,338/oz (Q2 FY26: $3,466/oz).
The reduction was primarily driven by lower OPA costs quarter-on-quarter, reflecting two key factors. First, Westgold’s
OPA margin lifted to 17% on the prevailing gold price (following the expiry of a margin reduction holiday, under which the
margin had been temporarily reduced to 8.5% for much of the previous quarter). Second, Westgold elected to purchase
additional OPA material during Q2 (compared to Q3), accepting higher absolute costs in return for increased cash flow.
The OPA added $22M to the cash build in Q3 FY26.
Westgold’s 3-Year Outlook outlines a clear pathway to structurally lower costs as lower grade stockpile feed is
progressively replaced with higher-grade sources from across our portfolio. Westgold is also actively advancing organic
opportunities such as the Murchison Open Pit Program, to bring value forward in the 3YO.
Westgold maintains its cost guidance of $2,600 – $2,900/oz, exclusive of the gold price linked OPA costs, though
costs are expected to be at the top end of the guidance range for the full year. While Westgold maintains its margin,
the OPA costs increase with the higher gold price, driving the AISC, inclusive of the OPA, higher.
Across the gold industry, the rising gold price increases the impact of royalty payments on the AISC. Year to date this
escalation has added $18M or $62/oz to Westgold's AISC expectations.
Importantly, Westgold has not experienced any diesel supply disruptions. The Company maintains long-term supply
agreements with a global major diesel producer, providing security of supply across its operations. Westgold continues
to actively monitor geopolitical developments in the Middle East and retains contingency plans to manage potential
supply disruptions, ensuring operational continuity and the protection of shareholder value.
Diesel prices had no material impact on Westgold’s cost performance in Q3 FY26, with diesel accounting for
approximately 4% of Group AISC. The Company has significantly reduced its exposure to diesel through the development
of hybrid solar, gas and battery power infrastructure at its Murchison hubs, materially lowering reliance on diesel-
generated power.
While no appreciable cost impact was observed during the quarter, Westgold is now forecasting elevated diesel prices
and associated operating expenses to begin flowing through in Q4 FY26, which could result in an approximate AISC
impact of $13M, should elevated conditions persist.
March 2026 Quarterly Report 4
Gold production (oz)
Achieved gold price ($/oz)
AISC inc. OPA ($/oz)
AISC ex. OPA ($/oz)
OPA Cost ($M)
AISC ex. OPA ($M)
*Q1 and Q2 FY26 AISC adjusted post Half-Year Financial Report for the period ended 31 December 2025
Figure 2: Westgold Quarterly Production (oz), Achieved Gold Price and AISC ($/oz)
The Company sold 69,900oz of gold for the quarter achieving a record

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