ASX Announcement Westgold Resources Limited
ASX Announcement
Westgold Resources Limited
ABN 60 009 260 306
ASX | TSX: WGX
T: +61 8 9462 3400
W: westgold.com.au
Level 6, 200 St Georges Terrace
Perth WA 6000
PO Box 7068, Cloisters Square WA 6850
28 August 2025
FY25 Financial Results
Record revenue and EBITDA following transformational merger
Perth, Western Australia, 2 8 August 2025: Westgold Resources Limited (ASX | TSX : WGX –
Westgold or the Company) is pleased to report the highlights of its financial results for the year
ended 30 June 2025 (FY25).
FY25 Highlights
Record revenue: 90% increase to $1,360M (FY24: $716M)
Record adjusted EBITDA1: 84% increase to $498M (FY24: $271M) – generated
at a competitive EBITDA margin of 36%
NPAT: 63% decrease to $35M (FY24: $95M) - due to one off transaction costs
Underlying free cash flow: 120% increase to $224M (FY24: $102M)
Earnings per share: 3.85 cents per share (FY24: 20.11 cents per share)
Cash, bullion & liquids up 38% – to $364M
33% increase in dividends to 3cps (FY24: 2.25cps)
Westgold Managing Director and CEO Wayne Bramwell commented:
“FY25 was transformative for Westgold and added the strategic Southern Goldfields assets to
Westgold’s portfolio.
Through targeted investments in infrastructure and talent across the Group , we doubled our
operational scale and achieved record gold production of 326koz . One off transaction costs
impacted full year statutory profit, but record EBITDA and free cash flow demonstrated the latent
capacity of the expanded portfolio.
Westgold finished the year w ith $364M in cash, bullion and liquid investments. Our balance
sheet and confidence in our future cash flows, provides the opportunity to reward shareholders
with a dividend in excess of our current policy, and to initiate a share buy-back programme.”
1 Excludes stamp duty and acquisition costs for the merger with Karora Resources Ltd. and the gain on disposal of Lakewood.
FY25 Financial Results
28 August 2025
2
FY25 Summary
The incorporation of the Southern Goldfields, acquired on 1 August 2024, contributed 129koz of
gold and assisted in the delivery of a record 326koz of gold production for the Group. Westgold
maintained its full exposure to the higher gold prices throughout the year, which when combined
with record production delivered a record yearly revenue of $1,360M, an increase of 90%.
Westgold’s strong production results in FY25 enabled an 84% increase in (adjusted)2 EBITDA to
$498M and a robust EBITDA margin of 36%. EBITDA per ounce increased year on year by 28% to
$1,526/oz, demonstrating improved operational profitability and production efficiency.
2 Excludes stamp duty and acquisition costs for the merger with Karora Resources Ltd. and the gain on disposal of Lakewood.
3 Excludes the realisation of $95.5 million worth of bullion on hand at year end (19,040oz at a spot price of $5,019/oz).
4 Underlying free cash flow is operating + investing cash flows excluding cash outflows for investments in Karora Resources and
cash inflows from the disposal of Lakewood, and the purchase and sale of financial assets. It also includes bullion on hand value
(at spot).
5 Bullion is valued at the closing gold price.
Key Consolidated Results FY25 FY24 Movement
Revenue ($M) 1,360 716 90%
Gold sales (oz) 308,979 227,691 36%
Achieved gold price ($/oz) 4,387 3,135 40%
Cost of sales ($M) 1,126 559 101%
EBITDA ($M) 446 271 65%
Adjusted EBITDA2 ($M) 498 271 84%
Adjusted EBITDA/oz ($/oz) 1,526 1,192 28%
EBIT ($M) 120 134 -10%
Profit before income tax
($M) 112 137 -18%
NPAT ($M) 35 95 -63%
Net cashflow from
operations3 ($M) 357 352 1%
Underlying free cash flow4
($M) 224 102 120%
Earnings per share (cps) 3.85 20.11 -81%
Dividends (cps) 3.00 2.25 33%
Key Balance Sheet Items 30 June 2025 30 June 2024 Movement
Cash & cash equivalents 240 236 2%
Cash, bullion & liquids5 364 263 38%
Net Assets ($M) 1,969 692 185%
FY25 Financial Results
28 August 2025
3
Net profit after income tax in FY25 was $35M, lower than the prior year and predominantly due to
the impact of one-off transaction costs and related admin costs, the increased depreciation and
amortisation resulting from the larger cost base and production from the Southern Goldfields
and higher income tax year on year.
These increased costs were partially offset by higher gross profit and the gain on the disposal of
Lakewood (See Figure 1).
At the end of the period, Westgold had accumulated ~$96M in unsold bullion on its balance sheet
(19,040oz at a spot price of $5,019/oz) . These ounces were produced in Q4 FY25 at an AISC of
$2,688/ounce.
Figure 1: Movement in NPAT from FY24 to FY25
Westgold’s stronger operational performance in FY25 resulted in underlying free cash flow of
$224M. After returns to shareholders, investment in Karora and income tax payments, Westgold
closed the period with $364M in cash, bullion and liquid investments and total available liquidity
of $614M (including the $250M undrawn balance of the Company’s corporate credit facility).
For more information on the dividend and share buyback, please refer to the announcement
“Final Dividend Declared for FY25 and On-Market Share Buyback Approved” filed on the ASX
and SEDAR on 28 August 2025.
For more information on FY25 financial results, please refer to Westgold’s “FY25 - Appendix
4E and Annual Financial Report” filed on the ASX and SEDAR on 28 August 2025.
NPAT impacted by one off significant items, and increased depreciation and income tax ($M)
95
35
168
33
(11)
FV
Movement
(MS Royalty
&
Investments)
(1)
FY24 NPAT Income tax FY25 NPATIncrease in
gross profit
(production
& gold price)
Gain on
Lakewood
Disposal
(85)
Stamp Duty
&
Transaction
costs
(26)
KRR Admin
Costs
(4)
Interest
Income
(7)
Interest
Expense
(92)
(35)
PPA
Amortisation
Other
FY25 Financial Results
28 August 2025
4
This announcement is authorised for release to the ASX by the Board.
Investor and media relations enquiries
Investor Relations
Kasun Liyanaarachchi
Group Manager Investor Relations & Communications
+61 458 564 483
Media
Annette Ellis
Manager Communications & Corporate Affairs
+61 458 200 039
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”, “antic ipate”,
“continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans,
strategies and objectives of management, anticipated producti on 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. Th e 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 forese en 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, pe rformance, 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 ex change 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.