March 2025 Quarterly Report
30 April 2025
ASX Release Record quarterly operational cash build
Perth, Western Australia, 30 April 2025 Westgold Resources Westgold is an agile ASX200 Limited (ASX | TSX: WGX - Westgold or the Company) is Australian gold company with six pleased to report results for the period ending 31 March 2025 operating underground mines and combined processing capacity of (Q3 FY25).
~6Mtpa across two of Western
HIGHLIGHTS
Australia’s most prolific gold regions.
OPERATIONS
Safety Performance Total Recordable Injury Frequency Rate (TRIFR) of 6.27 / million hours – an improvement of ~13.5%
Gold production in Q3 FY25 of 80,107oz Au @ AISC of $2,829/oz, consistent with the Q2 FY25 production of 80,886oz Au @ $2,703/oz
Gold sales of 78,398oz at an average price of A$4,630/oz, generating revenue of A$363M
DRILLING
Exciting drilling results returned at Fletcher, Bluebird-South Junction and Nightfall - continue to demonstrate the quality of these assets
CORPORATE
Divestment of non-core Lakewood mill for $85M completed - comprising $70M in cash and $15M in Black Cat Syndicate (ASX:BC8) scrip
FINANCE Closing cash, bullion, and liquid investments @ 31 March 2025 of $232M, an $80M increase Q on Q, comprising:
Financial values are reported in A$ unless otherwise specified
- Cash build of $107M from operations - before investing $74M in growth and exploration
This announcement is authorised for release to the ASX by the Board.
- Additional $22M from corporate activities - comprising $25M in proceeds from Lakewood divestment offset by a $3M
Investor Relations investment in ASX: NMG equity Kasun Liyanaarachchi ■ Group Manager IR & Communications $11M increase in bullion – with a $13M increase in liquid [email protected] investments +61 458 564 483
Media
Westgold remains 100% unhedged – offering full exposure to Annette Ellis escalating gold price Manager Communications & Corporate Affairs [email protected] +61 458 200 039 Westgold remains on track to deliver FY25 production and cost
guidance
Westgold Resources Limited westgold.com.au Level 6, 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: [email protected] Cloisters Square WA 6850
Westgold Managing Director and CEO Wayne Bramwell commented:
“Westgold continues to reconfigure the larger portfolio to be more productive and to boost free cash flows into FY26. It has taken two quarters in FY25 to stabilise the larger business and in Q3 we delivered a record $80M build in cash, bullion and liquid investments.
Strong treasury management is key to delivering our growth strategy. Being unhedged and with our growing cash balance and $250M in our undrawn corporate facility, Westgold has available liquidity of ~$480M – a solid foundation from which to execute our growth plans.
As expected, production and cost results in Q3 FY25 were in line with in Q2 FY25 results. These will improve in Q4 FY25 with mining outputs improve at the Bluebird South-Junction mine and the infrastructure upgrades at the Beta Hunt mine due to complete mid-2025.
Production from the Southern Goldfields continues to increase due to improved head grade and recovery rates achieved for the quarter. Beta Hunt mine infrastructure upgrades continue with key projects expected to be complete during Q4, FY25.
In the Murchison, the slower than planned ramp up of Bluebird-South Junction required higher tonnages of low-grade stocks to be hauled to and processed at Meekatharra. This escalated the Murchison costs this quarter and with mining expected to commence in South Junction during Q4, FY25 costs should reduce. With a view to lowering our costs in the Southern Goldfields, Westgold divested the non-core and high-cost Lakewood Mill near Kalgoorlie for $70M in cash and $15M in scrip. The sale simplifies our Southern Goldfields business and from April sees all Beta Hunt ore being processed at the larger, lower cost Higginsville processing plant. Optimisation of this plant is the next step, with a scoping study evaluating the expansion of the 1.6Mtpa Higginsville to 2.6Mtpa showcasing the value modest capital investment could deliver.
Drilling creates long term value in the portfolio and Westgold continues to invest in drilling. Results at the Nightfall Lode at Fortnum, Bluebird-South Junction and the Fletcher Zone at Beta Hunt, continue to show the quality of the mineral endowment we control and I encourage you to peruse our quarterly exploration report released today for more details.
After two quarters of integration, Q3 FY25 has delivered record quarter on quarter cash build for Westgold. Westgold is well funded and continues to focus on lifting our mine outputs and optimising our largest mines and mills for greater free cash flow and expanded margins into FY26.”
Executive Summary
Cash Position as at 31 March 2025
Westgold closed the quarter with cash, bullion and liquid investments of $232M (see Figure 1) – an increase of $80M from the prior quarter – with the Company having built $107M in cash before investing cash of $63M in growth and $11M in exploration during the period.
This result was driven by an increase in realised gold price of $4,630/oz, consistent group gold production and operational cash costs, and the divestment of the non-core Lakewood Mill contributing an additional $25M.
Figure 1: Cash, Bullion, and Liquid Investments Movement (A$M) – Q3 FY25
Notes
Westgold remains unhedged and fully exposed to the spot gold price.
■
- Initial payments of $25M relating to the Lakewood Sale received in the quarter. Remaining payments are expected to be received in June 2025 ($20M) and November 2025 ($25M).
- Additional $3M of New Murchison Gold (ASX: NMG) shares purchased in the quarter.
- Closing investments exclude $15M received in Blackcat Syndicate scrip during the quarter – as this scrip consideration has a 12-month escrow period.
Group Production Highlights – Q3 FY25
Westgold achieved consistent quarterly gold production in Q3 FY25, producing 80,107 ounces and generating
$87M in net mine cashflow.
This included 42,906 ounces from the Murchison (Q2 FY25: 46,461oz) and 37,201 ounces from the Southern Goldfields (Q2 FY25: 34,425oz). Lower production in the Murchison quarter on quarter was predominantly offset by increased production from the Southern Goldfields. Reduced production from the Murchison was driven by lower Fortnum production, whilst the increase in the Southern Goldfields is attributed to improved grade at the Beta Hunt UG at Kambalda.
All-In Sustaining Cost (AISC) for the quarter was $227M (Q2 FY25: $219M), and on a per ounce basis was $2,829/oz (Q2 FY25: $2,703/oz). As illustrated in Figure 3 the monthly total AISC since post-acquisition of the Southern Goldfields assets (on 1 August 2024) has been relatively consistent, with the increase at the end of the quarter mainly relating to increased sustaining capital expenditure, increased stockpile consumption (predominantly at the Bluebird mill at Meekatharra) and additional haulage costs to transport ore from Fortnum to maintain consistent throughput at the Bluebird mill.
Capital growth projects continued to advance across the Group in line with the current strategy to ramp up production in the back end of FY25.
Gold production (oz) 80,886 80,107 77,369
| 52,100 52,795 | 24,480 | 34,425 | 37,201 |
| 52,889 | |||
| 46,461 | |||
| 42,906 |
Southern Gold Fields Murchison
Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25
4,630
4,066 Achieved gold price ($/oz) 3,723 3,493 3,137
2,829
2,703 2,422 AISC ($/oz)
2,041 2,492
108 AISC ($M)
Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25
Figure 2: Westgold Quarterly Production (oz), Achieved Gold Price and AISC ($/oz)
3,148
| 2,796 2,791 2,754 2,619 2,643 2,622 2,542 2,561 2,490 2,309 2,342 2,370 2,209 2,198 2,230 1,983 80 74 75 75 76 70 69 71 1,842 50 48 45 40 42 43 38 38 35 35 | |
|---|---|
| 2,754 |
3,000 2,800 100 2,600 2,400 2,200 80 2,000 1,800
-200 50 -400 -600 -800 -1,000 0 -1,200 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 23 23 23 24 24 24 24 24 24 24 24 24 24 24 24 25 25 25
AISC (A$M) AISC/oz(A$/oz)
Figure 3: Westgold Monthly AISC
The Company sold 78,398oz of gold for the quarter achieving a record price of $4,630/oz, generating $363M in revenue. With Westgold free of any fixed forward sales contracts, the Company continues to offer shareholders full exposure to record spot gold prices. Westgold’s operations generated $144M of mine operating cashflows with the achieved gold price $1,801/oz over AISC.
Capital expenditure during Q3 FY25 of $46M (Q2 FY25: $56M) includes $31M of investment in growth projects (Bluebird-South Junction and the Great Fingall development) and $15M in upgrading power, ventilation and paste infrastructure across the respective sites.
Investment in exploration and resource development of $11M (Q2 FY25: $9M) 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.
The net mine cash inflow for Q3 FY25 was $87M (refer Table 2 under Group Performance Metrics).
FY25 Guidance Maintained
Westgold’s production in Q3 FY25 was in line with its expectations and the Company maintains its current production and cost guidance for FY25. Westgold envisages a substantial increase to gold production in Q4 FY25, predicated on the ramp up of Beta Hunt and Bluebird-South Junction.
The infrastructure projects at Beta Hunt, that to-date have limited the mine’s ability to consistently deliver mining rates of ~2Mtpa, are expected to be completed during Q4 FY25.
As demonstrated by the increased ore production at Bluebird-South Junction quarter on quarter, progress has been made in the ramp up of Bluebird-South Junction. Despite this, development into South Junction remains behind schedule. Whilst mining rates in Q4 FY25 are expected to be substantially greater than in Q3 FY25, where previously Westgold envisaged mining rates reaching 1.2Mtpa by the end of Q4 FY25, the Company now expects these rates to be reached in early FY26.
Table 1: Westgold FY25 Guidance
| Current | Q3 FY25 | YTD FY25 | |||
|---|---|---|---|---|---|
| FY25 Guidance | Actual | Actual | |||
| Production (oz) | 330,000 – 350,000 | 80,107 | 238,362 | ||
| AISC (A$/oz) | 2,400 – 2,600 | 2,829 | 2,659 | ||
| Growth Capital (A$M) | 200 | 46 | 160 | ||
| Exploration (A$M) | 50 | 11 | 34 |
Environmental, Social and Governance (ESG)
People
In Q3 FY25, total headcount saw a modest increase to 2,326 employees, while the overall turnover rate continued to decline. This period also marked the rollout of Workday, a transformational HR IT system designed to enhance workforce management and engagement. Additionally, Westgold initiated a Psychosocial Risk Assessment in partnership with a third party and successfully launched Strong Minds Strong Mines, a program focused on mental health, at the Southern Goldfields Operations.
Safety and Sustainability
Safety
Westgold maintained a strong focus on safety throughout the quarter, delivering improvements across key performance indicators. The Total Recordable Injury Frequency Rate (TRIFR) reduced to 6.27 injuries per million hours worked, representing a 13.5% improvement quarter on quarter.
No Lost Time Injuries were recorded during the period, resulting in a 20.4% decrease in the Lost Time Injury Frequency Rate (LTIFR), reducing the LTIFR to 0.78. The Serious Potential Incident Frequency Rate (SPIFR) for the quarter was recorded at 8.62, a 13.6% improvement on to 9.981 in the prior quarter.
1 The previously reported figure of 6.09 in the December 2024 Quarterly report reflected only Northern operations. When adjusted to include the full operational footprint—incorporating Southern operations—the prior quarter’s comparable SPIFR was 9.98.
12 20 18.44
14.36 9 15
| 8.82 0.98 | |
|---|---|
| 0.97 |
6 9.03 10 8.37 7.37
| 6.85 0.62 | |
|---|---|
| 0.63 |
6.85
6.27
3 5
0.86 1.00 0.98 0.60 0.64 0.78 0.00 0 0 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25
Recordable Injuries* 12 Month LTIFR 12 Month TRIFR
- No recordable injuries in Q3 FY25
Figure 4: The TRIFR decreased in Q3 FY25
Training
Westgold achieved key milestones in workforce development and training during the quarter. Construction of the new Maddington Training Centre progressed as planned, with the site hosting its first Forklift Training Course. The Training Centre is now regularly utilised for high-risk training including Working at Heights, Confined Space Entry, First Aid, and Forklift operations. These programs build internal Westgold capability and support compliance with statutory training requirements.
Environment
Environmental outcomes for the quarter included:
- commissioning the Tuckabianna West Tailings Storage Facility (TSF) at Tuckabianna;
- completion of construction compliance for the Higginsville TSF raise
- approval of environmental permits for a new LNG power station at Great Fingall
- approval of environmental permits for a new TSF at Fortnum; and
- the completion of a gap analysis against the AASB S2 sustainability reporting standard.
No Significant Environmental Incidents were recorded during the quarter. These results reflect sound operational control and Westgold’s commitment to meeting environmental obligations.
Group Performance Metrics
Westgold’s quarterly physical and financial outputs for Q3 FY25 are summarised below.
Table 2: Westgold Q3 FY25 Performance
| Southern | ||||
|---|---|---|---|---|
| Physical Summary | Units | Murchison | Group | |
| Goldfields | ||||
| ROM - UG Ore Mined | t | 582,184 | 414,457 | 996,641 |
| UG Grade Mined | g/t | 2.3 | 2.8 | 2.5 |
| Ore Processed | t | 751,207 | 545,449 | 1,296,656 |
| Head Grade | g/t | 2.0 | 2.3 | 2.1 |
| Recovery | % | 90 | 93 | 91 |
| Gold Produced | oz | 42,906 | 37,201 | 80,107 |
| Gold Sold | oz | 43,824 | 35,574 | 78,398 |
| Achieved Gold Price | A$/oz | 4,630 | 4,630 | 4,630 |
| Cost Summary | ||||
| Mining | A$’M | 72 | 48 | 120 |
| Processing | A$’M | 33 | 24 | 57 |
| Admin | A$’M | 7 | 4 | 11 |
| Stockpile Movements | A$’M | 4 | 1 | 5 |
| Royalties | A$’M | 6 | 10 | 16 |
| Cash Cost (produced oz) | A$’M | 122 | 87 | 209 |
| Corporate Costs | A$’M | 3 | 1 | 4 |
| Sustaining Capital | A$’M | 11 | 3 | 14 |
| All-in Sustaining Costs | A$’M | 136 | 91 | 227 |
| All-in Sustaining Costs | A$/oz | 3,160 | 2,446 | 2,829 |
| Notional Cashflow Summary | Southern | |||
| Units | Murchison | Group | ||
| Goldfields | ||||
| Notional Revenue (produced oz) | A$’M | 199 | 172 | 371 |
| All-in Sustaining Costs | A$’M | 136 | 91 | 227 |
| Mine Operating Cashflow | A$’M | 63 | 81 | 144 |
| Growth Capital | A$’M | (28) | (3) | (31) |
| Plant and Equipment | A$’M | (9) | (6) | (15) |
| Exploration Spend | A$’M | (5) | (6) | (11) |
| Net Mine Cashflow | A$’M | 21 | 66 | 87 |
| Net Mine Cashflow | A$/oz | 508 | 1,758 | 1,094 |
Q3 FY25 Group Performance Overview
Westgold processed 1,296,656t (Q2 FY25: 1,342,005t) of ore in total at an average grade of 2.1g/t Au (Q2 FY25: 2.1g/t Au), producing 80,107oz of gold (80,886oz). Group AISC in Q3 FY25 was $227M (Q2 FY25: $219M).
MURCHISON
The Murchison operations produced 42,906oz of gold (Q2 FY25: 46,461oz). The lower production quarter on quarter was largely a result of reduced outputs from Fortnum which processed smaller volumes of Starlight UG ore during Q3 FY25.
The ramp up at Bluebird-South Junction delivered increased mining rates quarter on quarter, however at a lower gold grade resulting in consistent quarter on quarter gold production from the mine.
Total AISC of $136M (Q2 FY25: $119M) and AISC per ounce of $3,160/oz (Q2 FY25: $2,556/oz) was higher than the prior quarter, mainly due to increased stockpile consumption, sustaining capital expenditure, and haulage of low-grade stockpiles to Meekatharra. Importantly, these escalated costs are temporary and expected to reduce as Bluebird-South Junction production lifts, high grade Great Fingall ore is processed and Big Bell remnants are ramped up.
Total Capital expenditure of $37M, included Growth Capital ($28M) and Plant and Equipment ($9M) 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 capital includes investment mainly related to processing facilities ($3M), Bluebird-South Junction primary ventilation fans ($2M) and Bluebird paste infrastructure ($3M) during the quarter.
SOUTHERN GOLDFIELDS
The Southern Goldfields production increased in Q3 FY25, delivering 37,201oz of gold (Q2 FY25: 34,425oz), due to improved head grade and recovery rates achieved for the quarter. Beta Hunt infrastructure upgrades are continuing, with some downtime during installation.
The total AISC in the Southern Operations decreased quarter on quarter (Q3 FY25 AISC: $91M vs Q2 FY25 ASIC: $100M). On a per ounce basis, AISC was lower at $2,446/oz in Q3 FY25 (Q2 FY25: $2,903oz), with the reduction being driven primarily by higher head grades and successful cost improvement initiatives.
Total Capital Expenditure of $9M, included growth capital ($3M) and plant and equipment ($6M) across the Southern Goldfields Operations mainly relating to power, ventilation and underground infrastructure at Beta Hunt mine, and the TSF lift at Higginsville.
Table 3: Q3 FY25 Group Mining Physicals
| Ore Mined | Mined Grade | Contained ounces | |
|---|---|---|---|
| (‘000 t) | (g/t) | (Oz) | |
| Murchison | |||
| Bluebird | 109 | 2.71 | 9,483 |
| Fender | 79 | 2.37 | 6,048 |
| Big Bell | 247 | 1.80 | 14,251 |
| Starlight | 147 | 2.64 | 12,495 |
| Southern Goldfields | |||
| Beta Hunt | 363 | 2.79 | 32,498 |
| Two Boys | 52 | 2.52 | 4,213 |
| GROUP | 997 | 2.47 | 78,988 |
Table 4: Q3 FY25 Group Processing Physicals
| Ore Milled | Head Grade | Recovery | Gold Production | |
|---|---|---|---|---|
| (‘000 t) | (g/t) | (%) | (Oz) | |
| Murchison | ||||
| Bluebird | 111 | 2.77 | 94 | 9,312 |
| Fender | 46 | 2.47 | 87 | 3,138 |
| Open Pit & Low Grade2 | 83 | 0.72 | 88 | 1,686 |
| Bluebird Hub | 240 | 2.00 | 92 | 14,136 |
| Big Bell | 254 | 1.82 | 88 | 13,003 |
| Fender | 33 | 2.68 | 88 | 2,482 |
| Open Pit & Low Grade | 23 | 1.18 | 88 | 779 |
| Tuckabianna Hub | 310 | 1.86 | 88 | 16,264 |
| Starlight | 156 | 2.43 | 93 | 11,254 |
| Open Pit & Low Grade | 46 | 0.91 | 93 | 1,252 |
| Fortnum Hub | 202 | 2.08 | 93 | 12,506 |
| Southern Goldfields | ||||
| Beta Hunt | 212 | 2.46 | 92 | 15,397 |
| Lakewood Hub | 212 | 2.46 | 92 | 15,397 |
| Beta Hunt | 164 | 3.13 | 93 | 15,443 |
| Two Boys | 57 | 2.29 | 93 | 3,925 |
| Open Pit & Low Grade | 112 | 0.72 | 93 | 2,436 |
| Higginsville Hub | 333 | 2.17 | 93 | 21,804 |
| GROUP TOTAL | 1,297 | 2.10 | 91 | 80,107 |
2 Includes low grade ore mined at Big Bell and stockpiles from Starlight, trucked to Bluebird
Operations and Project Summary
Murchison
Figure 5: Westgold’s Murchison Assets
- Bluebird-South Junction Underground Mine (Meekatharra)
Bluebird-South Junction mined 109kt at 2.71 g/t for 9,483oz (Q2 FY25: 88kt at 3.42g/t for 9,649oz), with higher ore production quarter on quarter offset by lower grades.
Production at Bluebird-South Junction continued to increase during the quarter, although slower than planned due to footwall capital development constraints. The project is behind schedule due to ground conditions in the footwall, but understanding is improving through geotechnical drilling and empirical data. Optimised level design and revised ground control standards are being implemented.
Ground conditions within the orebody are suitable for larger stope designs once access is established. Several stopes now have completed development access, and mine output from South Junction is expected to significantly increase in Q4 FY25 as mining begins from these stopes.
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)
Q3 FY25 gold production at the Bluebird Mill was steady with increased throughput on lower grade. The mill processed 240kt at 2.00g/t (Q2 FY25: 219kt at 2.36g/t) with 92% recovery (Q2 FY25: 89%) for 14,136oz (Q2 FY25: 14,933oz).
Increased low grade stockpile feed drove the quarter-on-quarter throughput increase at the Bluebird Mill. The ramp-up in feed from Bluebird-South Junction was offset by reduced ore from Fender, which was also used to supply the Tuckabianna Mill. The Bluebird Mill continued to operate below nameplate during Q3 FY25.
- Fender Underground Mine (Cue)
Ore production at Fender was steady quarter on quarter, at an improved grade with the mine delivering 79kt at 2.37g/t for 6,048oz (Q2 FY25: 76kt at 2.26g/t for 5,531oz). Fender is expected to continue to deliver consistently in Q4 FY25.
- Big Bell Underground Mine (Cue)
Big Bell mined 246kt at 1.80g/t for 14,251oz (Q2 FY25: 333kt at 1.81g/t for 19,338oz).
Production from Big Bell was lower quarter on quarter as the sub level cave constricts with fewer work areas at the lower extents. Lower sub level cave outputs were partially offset by increasing remnant ore production from the upper regions of the mine.
Rehabilitation work continued to progressively increase access to remnant ore throughout the quarter. This trend is expected to continue through into Q4 FY25 into FY26, at which point remnant production will more than offset cave production decline and become the primary ore source at Big Bell.
Elevated costs for rehabilitation incurred in Q2 and Q3 of FY25 will also reduce once remnant production reaches steady state and access to remnant mining areas is normalised.