December 2025 Quarterly Report
December 2025 Quarterly Report
21 January 2026
Westgold Resources Limited
ASX: WGX | TSX: WGX
ABN 60 009 260 306
westgold.com.au
T: +61 8 9462 3400
Level 13, 200 St Georges Terrace
Perth WA 6000 / PO Box 7068
Cloisters Square WA 6850
ASX Release
Westgold is a leading, ASX200
Australian gold producer, with a
clear purpose - to unearth enduring
value for all our stakeholders.
Our vision is to become the leading
Australian gold company, sustaining
safe, responsible and profitable
production.
Our operations comprise four mining
hubs, with combined processing
capacity of ~6Mtpa across the
Murchison and Southern Goldfields,
two of Western Australia’s most
prolific gold-producing regions.
Financial values are reported in A$ unless
otherwise specified.
This announcement is authorized for
release to the ASX by the Board.
Investor Relations
Kasun Liyanaarachchi
Group Manager IR & Communications
+61 458 564 483
Media
Annette Ellis
+61 458 200 039
Underlying Quarterly Cash Build Doubled
to a Record $365M
Perth, Western Australia, 21 January 2026: Westgold
Resources Limited (ASX | TSX: WGX - Westgold or the
Company) is pleased to report results for the period ending
31 December 2025 (Q2 FY26), with record gold production,
higher volume third -party ore purch ase, and a record
achieved gold price effectively doubling the underlying cash
build compared to Q1 FY26.
HIGHLIGHTS
SAFETY
Total Recordable Injury Frequency Rate (TRIFR) increased to
9.32 / million hours worked
PRODUCTION
Record Group gold production of 111,418oz Au @ AISC of
$3,500/oz - excluding ore purchases, Westgold produced
89,101oz at AISC of $2,945/oz
• 33% increase in gold produced quarter on quarter
• Reef mining recommenced at Great Fingall Mine
• Higher volume of HG oxide ore purchased from NMG
TREASURY
Gold sales of 115,200oz - at an average price of A$6,356/oz
generating revenue of A$732M
Underlying cash build of $365M - before outflows of stamp
duty on Karora transaction ($76M), debt repayments ($50M),
investments in growth ($48M), dividends and buybacks ($29M)
and exploration ($6M) and inflows from asset sales of $26M
$654M in closing cash, bullion, and liquid investments @
31 December 2025 - a $182M increase Q on Q
Westgold is 100% debt free and remains unhedged
CORPORATE
Ongoing portfolio optimisation to unlock shareholder value:
• Mt Henry-Selene divested for $64.6M
• Reedy’s and Comet assets to demerge into a new
ASX‑listed company, Valiant Gold Limited
FY25 dividends paid and FY26 share buyback continues
FY26 Guidance Maintained
December 2025 Quarterly Report 2
Westgold Managing Director and CEO Wayne Bramwell commented:
“In Q2, FY26 Westgold delivered record quarterly cash build of $365M and production of 111,418 ounces.
Continued operational improvement from our assets continued and we had the opportunity to super charge
our cash build by purchasing a higher volume of third-party ore. This third party ore delivered 22,317 ounces
and monetising it further strengthened our balance sheet. These factors culminated in the Group closing the
quarter with a treasury of $654M.
Costs this quarter, reflected deliberate choices made to maximise value.
Operational outputs continued to improve in the Murchison, whilst the Southern Goldfields were stable. The
election to process higher volumes of softer, higher-grade oxide in the Murchison allowed us to significantly
increase milling throughput at Meekatharra and accelerated cash generation, even though this third‑party
ore carries a higher unit cost.
Looking ahead, our 3‑Year Outlook (3YO) clearly maps a pathway to structurally lower our cost base.
The ramp up of our Bluebird–South Junction mine at Meekatharra, Great Fingall at Cue and increasing
outputs from Beta Hunt in Kambalda will underpin higher grade ore replacing the low‑grade stockpiles
milled to maintain processing throughputs at our largest processing hubs. In parallel we are actively
advancing a range of Westgold owned open pit targets to bring value forward in the 3YO.
As we enter the second half of FY26 our focus remains on more consistent operational delivery. Our key
growth projects are advancing to plan and alongside a non-core divestment programme, the planned
demerger and IPO of Valiant Gold during H2, FY26 can create additional ore supply for our Murchison
processing hubs and unlock latent value for our shareholders.
Westgold’s momentum continues to build. The business has scale, is debt free, unhedged and with a clear
plan to reduce our cost structure, this team is committed to unlocking greater value from our portfolio. ”
December 2025 Quarterly Report 3
Executive Summary
Cash Position as of 31 December 2025
Westgold closed Q2, FY26 with cash, bullion and liquid investments of $654M – representing a build of
$182M in total cash, bullion and liquid investments.
Underlying cash build was $365M before one off payments (stamp duty ($76M), debt repayments ($50M),
dividends and share buy backs ($29M), growth and exploration spend (invested $48M on non-sustaining
capital and $6M on exploration), and one off cash inflows of $26M (proceeds from asset sales).
This result was driven by a substantial increase in Group gold production and an increase in realised gold
price to $6,356/oz.
Figure 1: Cash, Bullion, and Liquid Investments Movement (A$M) – Q2 FY26
Notes for Q2 Cash, Bullion and Liquid Investment Movements
▪ Proceeds from Asset Sales of $26M - relating to the Lakewood Sale and Alicanto deposit received in
the quarter.
▪ The FY25 dividend payment to shareholders (3cps) of $28M was declared during Q1 FY26.
▪ Stamp duty of $76M paid for the Karora transaction.
▪ Debt repayment of $50M - resulting in Westgold being debt free.
▪ Closing Q2, FY26 investments include 1.7B NMG shares - but exclude 19.8M shares in Blackcat
Syndicate Limited (ASX: BC8 - under escrow until 31/03/2026) and 31.8M shares in Kali Metals Limited
(ASX:KM1 - under escrow until 8/01/2026).
▪ Westgold remains unhedged and fully exposed to the spot gold price.
+$182
December 2025 Quarterly Report 4
Group Production Highlights – Q2, FY26
Westgold is pleased to report a record quarterly Group gold production for Q2, FY26 of 111,418oz (Q1 FY26:
83,937oz). The Murchison produced 80,934oz (Q1 FY26: 53,140oz) and the Southern Goldfields produced
30,484oz (Q1 FY26: 30,797oz).
Q2, FY26 production was significantly higher than Q1, FY26 driven by improving output in the
Murchison, largely as a result of higher grades at Fortnum and higher grade and production sourced
from Westgold's Ore Purchase Agreement (OPA) with New Murchison Gold (ASX:NMG) at Meekatharra.
All-In Sustaining Cost (AISC) for Q2, FY26 was $390M (Q1 FY26: $240M), and on a per ounce basis was
$3,500/oz (Q1 FY26: $2,861/oz). The higher quarter-on-quarter costs primarily reflect the decision to
maximise cash generation. In particular, the election to purchase a higher volume of high grade oxide ore
under the OPA provided an opportunity to increase milled grade at Meekatharra, which, while carrying a
higher unit cost to Westgold, delivered stronger Group cash flow.
The OPA added $14M to the cash build in Q2 FY26.
The softer OPA ore also served to increase milling throughputs at our Meekatharra processing hub - lifting
the run rates to over 2Mtpa. With short-term ventilation constraints at Cue restricting ore flow from Big Bell,
the expanded capacity of the Meekatharra Hub was supplemented with additional low margin stockpile ore.
While these factors elevated AISC for Q2, FY26 - they were deliberate, value-accretive choices that further
strengthened the Group’s cash flow.
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 across the portfolio. Westgold is also actively advancing
organic opportunities to bring value forward in the 3YO and this includes a range of Westgold owned open pit
targets.
Excluding gold production from ore purchased under the OPA, Group AISC was $2,945/oz with higher royalty
payments linked to gold price contributing to the increased cost.
For the first half of FY26, Westgold produced 195Koz of gold at an AISC of $3,225/oz inclusive of the OPA.
Westgold maintains its production guidance for FY26 of 345 – 385koz.
Production from Westgold's assets was in line with expectations over the half and while the Company
continues to expect progressive efficiency improvement across its portfolio in H2 FY26, Q3 FY26 will see
increased planned maintenance at all four (4) processing hubs. Despite production from the OPA having
outperformed in Q2 FY26, Westgold maintains a conservative outlook on OPA production for the remainder
of the year.
Westgold maintains its cost guidance of $2,600 – $2,900/oz, exclusive of the gold price linked OPA
costs.
While Westgold maintains its margin, the OPA costs have dramatically increased in conjunction with the
rising gold price, driving the ASIC inclusive of the OPA higher. Westgold's OPA margin will increase in Q3
FY26 in accordance with the OPA terms.
Across the gold industry, the rising gold price is also increasing the impact of royalty cost in AISC. Year to
date this has added $12M to Westgold's AISC expectations.
December 2025 Quarterly Report 5
Figure 2: Westgold Quarterly Production (oz), Achieved Gold Price and AISC ($/oz)
The Company sold 115,200oz of gold for the quarter achieving a record price of $6,356/oz, generating $732M
in revenue. With Westgold hedge free, operations generated $319M of mine operating cashflows and a strong
AISC margin of $2,856/oz.
Total non-sustaining capital expenditure during Q2 FY26 of $48M (Q1 FY26: $60M) includes $35M of
investment in growth projects (Bluebird-South Junction and Great Fingall development) and $13M in plant
and equipment (processing facilities, ventilation, water, power and paste infrastructure across the Group).
Investment in exploration and resource development of $6M (Q1 FY26: $12M) 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 invest the FY26 exploration guidance of $50M with a
ramp up in exploration activity focused on Bluebird South Junction and the Fletcher Zone in H2 FY26.
The net mine cash inflow for Q2 FY26 was $265M (refer Table 1 under Group Performance Metrics).
Gold production (oz)
Achieved gold price ($/oz)
AISC inc. OPA ($/oz)
AISC inc. OPA ($M)
AISC ex. OPA ($/oz)
December 2025 Quarterly Report 6
3-Year Outlook
Building on the FY26 guidance, Westgold released a detailed 3-Year Outlook (3YO) on 1 October 2025 that
presents a high-confidence, executable plan to increase the Group’s annual gold production to ~470,000oz
per annum by FY28, while reducing AISC to around $2,500/oz from FY27 onwards.
This organic growth plan is modelled on Westgold’s existing portfolio of operating assets, 2025 Ore Reserves
(56Mt at 1.93g/t for 3.5Moz of gold), and four processing hubs with a combined current processing capacity
of approximately 6Mtpa.
Importantly, the 3YO excludes tangible opportunities which, if realised, represent further upside to the
plan.
These opportunities are being actively advanced to bring value forward into the 3YO.
Figure 3: Growing production, reducing costs – with forecast capital and exploration investment
For more information, refer to “Westgold Provides 3-Year Outlook” lodged on the ASX on 1 October 2025.
December 2025 Quarterly Report 7
Group Performance Metrics
Westgold’s quarterly physical and financial outputs for Q2 FY26 are summarised below.
Table 1: Westgold Q2 FY26 Performance
Physical Summary Units Murchison Southern
Goldfields Group
ROM - Ore Mined t 706,987 481,127 1,188,114
Grade Mined g/t 2.5 2.4 2.4
Ore Processed t 1,084,704¹ 444,722 1,529,426
Head Grade g/t 2.5¹ 2.3 2.4
Recovery % 92 94 93
Gold Produced oz 80,934¹ 30,484 111,418
Gold Sold oz 84,077 31,123 115,200
Achieved Gold Price A$/oz 6,356 6,356 6,356
Cost Summary Units Murchison Southern
Goldfields Group
Mining A$’M 203¹ 60 263
Processing A$’M 40¹ 18 58
Admin A$’M 8 9 17
Stockpile Movements A$’M 2 2 4
Royalties A$’M 16 19 35
Sustaining Capital A$’M 11 2 13
All-in Sustaining Costs A$M 280 110 390
All-in Sustaining Costs A$/oz 3,457 3,614 3,500
All-in Sustaining Costs – Excluding OPA A$’M 152 110 262
All-in Sustaining Costs – Excluding OPA A$/oz 2,597 3,614 2,945
Notional Cashflow Summary Units Murchison Southern
Goldfields Group
Notional Revenue (produced oz) A$’M 515 194 709
All-in Sustaining Costs A$’M 280 110 390
Mine Operating Cashflow A$’M 235 84 319
Growth Capital A$’M (29) (6) (35)
Plant and Equipment A$’M (8) (5) (13)
Exploration Spend A$’M (2) (4) (6)
Net Mine Cashflow A$’M 196 69 265
Net Mine Cashflow A$/oz 2,421 2,247 2,373
1. Includes 181kt of OPA ore processed at 4.0g/t for 22,317oz. The OPA added $128M to Westgold's group AISC.
December 2025 Quarterly Report 8
Q2 FY26 Group Performance Overview
Westgold processed 1,529 kt (Q1 FY26: 1,355kt) of ore in total at an average grade of 2.4g/t Au (Q1 FY26:
2.1g/t Au), producing 111,418oz of gold (Q1 FY26: 83,937oz). Processing improvements were driven
predominantly by the exceptional performance at the Meekatharra hub influenced by the higher percentages
of soft oxide material in the blend and incremental improvements in throughput rates at other operations
driven by systematic work to optimise productivity.
Group AISC in Q2 FY26 was $390M, higher than the previous quarter (Q1 FY26: $240M).
Westgold mined a total of 1,188kt at 2.4g/t Au (Q1 FY26: 1,225kt at 2.2g/t Au) declining slightly quarter on
quarter as expected, driven by the completion of Lake Cowan open pits (~73kt lower quarter on quarter) and
scheduled slower mining rates at Fender (~24kt lower quarter on quarter). All other mines were steady or
slightly improved compared to the prior quarter.
MURCHISON
The Murchison hubs produced 80,934oz of gold (Q1 FY26: 53,140oz). Quarterly production increased
significantly due to improved throughput and grade at the three Murchison processing hubs.
The Fortnum Hub contributed to the production improvement with strong production from higher grade
stoping areas at the Starlight mine. The Meekatharra Hub also significantly improved, with Bluebird UG
performing to plan and OPA oxide material outperforming. The blending of soft oxide ore from the OPA
enabled the Meekatharra Hub to process at rates well above historical averages, unlocking capacity to
purchase and process extra OPA ore, whilst also continuing to feed fresh UG ore from Bluebird UG and low
grade stockpiles.
The Cue Hub also lifted quarter on quarter with fewer planned shutdowns in Q2 and grade increasing with
the addition of Great Fingall main reef ore.
Total AISC of $280M (Q1 FY26: $163M) was higher than the prior quarter, mainly due to the gold price linked
OPA ($128M). While OPA ore carries a higher unit cost, Westgold consciously elected to process increased
volumes given the opportunity it provided to maximise cash flow.
AISC per ounce of $3,457/oz (Q1 FY26: $3,061/oz) increased primarily due to the OPA purchases. Excluding
the OPA, the Murchison AISC per ounce was $2,597/oz.
Total Non-Sustaining Capital Expenditure of $37M, includes Growth Capital ($29M) and Plant and
Equipment ($8M) across the Murchison. Growth Capital mainly related to the continuation of Great Fingall
development and expansions to the Bluebird UG.