News release
June 2026 Quarterly Report
22 July 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, ASX100
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 authorised for
release to the ASX by the Board.
Investor Relations
Kasun Liyanaarachchi
Group Manager IR & Communications
+61 458 564 483
Media
Annette Ellis
Manager Communications and Corporate Affairs
+61 458 200 039
FY26 Production Guidance Exceeded
Q4 Underlying Cash Build of $233M
Perth, Western Australia, 22 July 2026: Westgold Resources
Limited (ASX | TSX: WGX - Westgold or the Company) is pleased to
report results for the period ending 30 June 2026 (Q4 FY26).
HIGHLIGHTS
SAFETY
Lost Time Injury Frequency Rate (LTIFR) at 1.58 / million hours
worked
PRODUCTION
FY26 Gold Production of 387,354oz - above FY26 Guidance range*
FY26 All in Sustaining Cost (AISC)** of $2,841/oz - within FY26 Cost
Guidance
Q4 FY26 Gold production of 98,854oz Au at AISC of $2,802/oz
Record mining rates achieved at Bluebird South-Junction in Q4, with
annualised mining rates beyond 1Mtpa at the end of the quarter
Record annual gold production for Meekatharra and Fortnum Hubs
under Westgold ownership
TREASURY
Q4 FY26 underlying cash build of $233M - before investments in
growth ($142M), shareholder returns through buybacks ($22M),
investment in exploration ($11M) and proceeds from asset sales
(+$25M)
$939M in closing cash, bullion, and liquid investments @ 30 June
2026 - an increase of $575M for FY26 and $83M Q on Q
Westgold is 100% debt free and remains fully unhedged
CORPORATE
Divestment of Peak Hill and Chalice Gold Projects - simplifies the
portfolio and marks completion of non-core asset divestments
Share buyback continues - $27M of Westgold shares purchased on-
market in FY26
FY27 Guidance, updated 3 Year Outlook , Full Year Financial
Results, and dividend update - to be reported in August 2026
* Refer to the Company's ASX announcement titled "FY26 Guidance" dated 7 August
2025 for further information regarding the FY26 Guidance.
** AISC reported exclusive of ore purchase agreement (OPA) costs and associated
production
June 2026 Quarterly Report 2
Westgold Managing Director and CEO Wayne Bramwell commented:
“FY26 was a defining year for Westgold and showed our strategy is delivering results.
Over the past two years, we have simplified our portfolio, focused on our highest return assets and prudently allocated
capital on key projects and infrastructure that enables future growth. In FY26, this strategy delivered record annual
production of 387,354oz, above our guidance range, achieved our cost guidance, and placed Westgold in the strongest
treasury position in its history.
Improving operational delivery generated an underlying cash build of $233M for the quarter, with Westgold closing FY26
with $939M in cash, bullion and liquid investments. We remain debt free, unhedged and with the financial strength to
fund both organic growth, and ongoing return of capital to our shareholders.
During the quarter, we invested $142M in growth, optimisation and infrastructure projects across the business. This
included $79M of planned investment in key growth projects including the Bluebird-South Junction and Great Fingall
mine developments and the early commencement of the Murchison Open Pit Programme which was brought forward
from FY27. We also invested $64M in plant and equipment including the purchase of the Westgold Village, formerly
known as the Bluebush Accommodation Village in Kambalda.
Corporately we have been active, completing the Valiant Gold (ASX: VAL) IPO in March and the divestment of our
remaining non-core assets during Q4. These initiatives streamline our portfolio and immediately unlock significant
value for our shareholders.
On a cost basis, Westgold’s full year cost performance was within our guidance and reflects greater scale, improving
asset utilisation and more disciplined operational and commercial execution. In FY27 cost control remains key, with
our team focused on lifting mill feed grade, mine productivity and processing efficiency to offset potential cost inflation
across the sector.
Westgold enters FY27 with a committed team, increasing operational momentum, a robust balance sheet and
confidence in our long-term strategy. These factors enhance the resilience of our business and with our four processing
hubs being optimised, cornerstone mines ramping up and our internal financial capacity to support organic growth,
Westgold is well placed to continue to deliver sustainable returns to our shareholders.”
June 2026 Quarterly Report 3
Executive Summary
Cash Position as of 30 June 2026
Westgold closed Q4 FY26 with cash, bullion and liquid investments of $939M – representing a quarter-on-quarter build
of $83M.
Underlying cash build for Q4 FY26 was $233M - before share buy backs ($22M), growth and exploration spend (invested
$142M on non-sustaining capital and $11M on exploration), and one- off cash inflows (proceeds from asset divestment
totalled $25M).
This result was driven by a strong realised gold price of $6,391/oz and a competitive AISC margin of $3,589/oz.
Figure 1: Cash, Bullion, and Liquid Investments Movement (A$M) – Q4 FY26
Notes for Q4 Cash, Bullion and Liquid Investment Movements
▪ Total Q4 share buybacks of $22M - with a total of $27M bought back for FY26.
▪ Proceeds from asset sales of $25M - relating to the Peak Hill divestment consideration received in the quarter.1
▪ Total Q4 FY26 tax payments of $56M - with approximately $200M remaining payable in relation to FY26 in FY27.
▪ Closing Q4 FY26 liquid investments exclude investment in Valiant Gold Limited and Corazon Mining Limited
(closed post Q4 FY26).
▪ Westgold remains unhedged and fully exposed to the spot gold price.
1 Refer to the Company's ASX announcement titled "Completion of the Peak Hill Gold Project Divestment" dated 1 July 2026 for further information.
+$83
June 2026 Quarterly Report 4
Group Highlights – Q4, FY26
In Q4 FY26, Westgold processed 1,468 kt (Q3 FY26: 1,481kt) of ore at an average grade of 2.3g/t Au (Q3 FY26: 2.1g/t
Au), producing 98,854oz of gold (Q3 FY26: 93,145oz). The higher production was driven from the Murchison business
with increasing contributions from higher grade ore from Starlight, the expanding Bluebird-South Junction underground
mine, improvement in the Cue operations and third party purchased ore processed at the Meekatharra hub.
During the quarter, Westgold mined 1,334kt at 2.1g/t Au (Q3 FY26: 1,148kt at 2.2g/t Au). Total tonnes mined increased
quarter on quarter due to improving mining rates at Bluebird-South Junction, Big Bell, Great Fingall and Beta Hunt.
On a full year basis, Westgold produced 387,354oz of gold for FY26, achieving record annual production for the
Company and exceeding the top end of our FY26 production guidance of 345,000 – 385,000oz. 2
All-In Sustaining Cost (AISC) for Q4 FY26 was $230M (Q3 FY26: $231M), and on a per ounce basis was $2,802/oz (Q3
FY26: $2,931/oz). The reduction in AISC/oz was driven primarily by the higher production quarter on quarter.
FY26 AISC was $2,841/oz - delivering our FY26 cost guidance range of $2,600 – $2,900/oz.2
Increases in the price of diesel added $12M to Westgold’s cost base in Q4 FY26, offset by a reduction in royalty
payments due to the softening of the gold price compared to the prior quarter.
Importantly, Westgold has not experienced any diesel supply disruptions. The Company maintains long-term supply
agreements with a global major diesel producer, providing security of supply across its operations. Westgold retains
contingency plans to manage potential supply disruptions due to geopolitical developments in the Middle East,
ensuring operational continuity and the protection of shareholder value.
Westgold’s current 3-Year Outlook3 (3YO) outlines a clear strategy going forward to optimise value from our core
assets. Lower grade stockpile feed is progressively being replaced with higher grade sources across the portfolio, with
Westgold actively accelerating organic opportunities (such as the Murchison Open Pit Programme) that can bring value
forward across the 3YO.
Westgold will provide its full year FY26 Financial Results, a dividend update, and FY27 Guidance in August 2026. With
FY26 now complete, the Company will also provide an updated 3 Year Outlook in August that will incorporate FY29.
2 Refer to the Company's ASX announcement titled "FY26 Guidance" dated 7 August 2025 for further information regarding the FY26 Guidance.
3 Refer to the Company's ASX announcement titled "Westgold Provides 3-Year Outlook" dated 1 October 2025 for further information.
June 2026 Quarterly Report 5
*Q1 and Q2 FY26 AISC adjusted post Half-Year Financial Report for the period ended 31 December 2025
Figure 2: Westgold Quarterly Production (oz), Achieved Gold Price and AISC ($/oz)
In Q4 FY26, the Company sold 110,345oz of gold achieving a price of $6,391/oz , generating $705M in revenue. With
Westgold hedge free, operations generated $313M of mine operating cashflows and a strong AISC margin of $3,589/oz.
Total non-sustaining capital expenditure during Q4 FY26 of $142M (Q3 FY26: $81M) includes $79M of planned
investment in growth projects (Bluebird-South Junction and Great Fingall development, and the early commencement
of the Murchison Open Pit Programme brought forward from FY27) and $64M in plant and equipment (processing
facilities, ventilation, water, and camp infrastructure across the Group, and purchase of the Westgold Village, formerly
known as the Bluebush Accommodation Village in Kambalda).
Total non-sustaining capital expenditure for FY26 was $341M, above FY26 guidance of $270M2. The increase primarily
reflects the deliberate acceleration of several high-return growth and optimisation initiatives planned for FY27,
including bringing forward capital elements of the Murchison Open Pit Programme and investment in infrastructure in
FY26 to support future production growth.
Investment in exploration and resource development for the quarter was $11M (Q3 FY26: $13M). For FY26, exploration
and resource development investment was $42M, below the FY26 exploration guidance of $50M2. The variance
primarily reflects the timing of approvals and access requirements for planned drilling programs, with expenditure
deferred into FY27.
Westgold expects exploration investment to increase in FY27. This is a deliberate decision as increasing our drilling
budgets in resource development and exploration can build value and reduce execution risk of the Company's
extensive pipeline of organic growth opportunities.
The net mine cash inflow for Q4 FY26 was $159M (refer Table 1 under Group Performance Metrics).
Gold production (oz)
Achieved gold price ($/oz)
AISC ($M)
AISC ($/oz)
June 2026 Quarterly Report 6
Group Performance Metrics
Westgold’s quarterly physical and financial outputs for Q4 FY26 are summarised below.
Table 1: Westgold Q4 FY26 Performance
Physical Summary Units Murchison Southern
Goldfields Group
ROM - Ore Mined t 879,967 453,924 1,333,891
Grade Mined g/t 2.2 2.0 2.1
Ore Processed1 t 1,060,799 406,873 1,467,672
Head Grade1 g/t 2.3 2.0 2.3
Recovery1 % 92 94 93
Gold Produced1 oz 74,096 24,758 98,854
Gold Sold oz 78,372 31,973 110,345
Achieved Gold Price A$/oz 6,391 6,391 6,391
Cost Summary Units Murchison Southern
Goldfields Group
Mining2 A$’M 71 65 136
Processing A$’M 38 11 49
Admin A$’M 8 8 16
Stockpile Movements A$’M 3 (16) (13)
Royalties A$’M 13 11 24
Sustaining Capital A$’M 15 3 18
All-in Sustaining Costs A$’M 148 82 230
All-in Sustaining Costs A$/oz 2,567 3,331 2,802
Notional Cashflow Summary Units Murchison Southern
Goldfields Group
Notional Revenue (produced oz) A$’M 473 158 631
All-in Sustaining Costs A$’M (148) (82) (230)
Ore Purchase Agreements1,2 A$’M (88) — (88)
Mine Operating Cashflow A$’M 237 76 313
Growth Capital A$’M (65) (14) (79)
Plant and Equipment A$’M (29) (35) (64)
Exploration Spend A$’M (7) (4) (11)
Net Mine Cashflow A$’M 136 23 159
Net Mine Cashflow A$/oz 1,825 981 1,614
1. Processing physicals includes 172kt of New Murchison OPA ore processed at 3.1g/t for 16,505oz in the Murchison and 9kt of Forrestania Resources
OPA ore processed at 0.6g/t for 151oz in the Southern Goldfields. Third party ounces from OPAs are included in gold production but excluded from
A$/oz calculations
2. Mining costs exclude costs in relation to OPAs
June 2026 Quarterly Report 7
Table 2: Westgold FY26 YTD Performance
Physical Summary Units Murchison Southern
Goldfields Group
ROM - Ore Mined t 3,047,782 1,847,976 4,895,758
Grade Mined g/t 2.3 2.1 2.2
Ore Processed1 t 4,075,487 1,757,819 5,833,306
Head Grade1 g/t 2.3 2.2 2.2
Recovery1 % 92 94 93
Gold Produced1 oz 272,302 115,052 387,354
Gold Sold oz 271,949 118,409 390,358
Achieved Gold Price A$/oz 6,238 6,238 6,238
Cost Summary Units Murchison Southern
Goldfields Group
Mining2 A$’M 304 238 542
Processing A$’M 153 64 217
Admin A$’M 33 35 68
Stockpile Movements A$’M (16) (29) (45)
Royalties A$’M 50 55 105
Sustaining Capital A$’M 45 9 54
All-in Sustaining Costs A$’M 569 372 941
All-in Sustaining Costs A$/oz 2,629 3,241 2,841
Notional Cashflow Summary Units Murchison Southern
Goldfields Group
Notional Revenue (produced oz) A$’M 1,724 720 2,444
All-in Sustaining Costs A$’M (569) (372) (941)
Ore Purchase Agreements1,2 A$’M (309) — (309)
Mine Operating Cashflow A$’M 846 348 1,194
Growth Capital A$’M (180) (37) (217)
Plant and Equipment A$’M (65) (59) (124)
Exploration Spend A$’M (24) (18) (42)
Net Mine Cashflow A$’M 577 234 811
Net Mine Cashflow A$/oz 2,119 2,034 2,094
1. Processing physicals includes 506kt of New Murchison OPA ore processed at 3.4g/t for 55,862oz in the Murchison and 13kt of Forrestania
Resources OPA ore processed at 0.7g/t for 276oz in the Southern Goldfields. Third party ounces from OPAs are included in gold production but
excluded from A$/oz calculations
2. Mining costs exclude costs in relation to OPAs
June 2026 Quarterly Report 8
Q4 FY26 Group Performance Overview
MURCHISON
Westgold’s Murchison operations delivered a stronger quarter-on-quarter performance, producing 74,096oz of gold in
Q4 FY26 (Q3 FY26: 64,132oz). The improvement was driven by increased production from the Meekatharra Hub
following the continued ramp-up of Bluebird-South Junction, together with stronger contributions from Big Bell, Great
Fingall, Starlight and third party purchased ore.
At the Meekatharra Hub, Bluebird-South Junction continues to demonstrate the benefits of the updated mine design
and operating methodology, delivering higher mining rates (including hitting a 1Mtpa run rate in June), increased ore
supply and improved production outcomes quarter-on-quarter. The operation continues to build momentum as one of
Westgold's key growth assets, with mining performance tracking in line with the planned expansion profile.
Development and mining productivity remained strong during the period, underpinning confidence in Bluebird-South
Junction's ability to deliver sustained mining rates through FY27.
Additional quarter on quarter production growth was delivered from Big Bell, Great Fingall and Starlight. Following
completion of the Big Bell ventilation upgrade in Q3, improved airflow increased access to mining areas and supported
record ore outputs. Great Fingall continued its progressive ramp-up as deeper virgin stopes were opened, while
Starlight benefited from improved grade performance from the Nightfall stopes.
These Murchison assets provided a meaningful contribution to Westgold’s stronger quarter-on-quarter performance
and reflect the operational flexibility within the Murchison business unit.
Also at the Meekatharra Hub, the New Murchison OPA delivered 17koz at 3.1g/t in Q4 FY26, up from 14koz at 3.1g/t in
Q3 FY26. The OPA material provided more oxide material than expected, facilitating continued higher than planned
processing rates through Westgold’s Meekatharra processing hub.
Total AISC of $148M (Q3 FY26: $128M) was higher than the prior quarter due to improved milling performance drawing
down on surface stockpiles built during the prior quarter.
AISC per ounce of $2,567/oz (Q3 FY26: $2,584/oz) was in line with the prior quarter.
Total Non-Sustaining Capital Expenditure of $94M, includes Growth Capital ($65M) and plant and equipment ($29M)
across the Murchison. Growth capital was higher than the prior quarter as a result of increased development costs at
Great Fingall, longer-dated extensional drilling at Bluebird-South Junction and the deliberate decision to commence
the Murchison Open Pit Programme earlier than originally planned (in late FY26), bringing value forward in the 3YO.
SOUTHERN GOLDFIELDS
The Southern Goldfields produced 24,758oz of gold in Q4 FY26 and as expected, was lower than the prior quarter (Q3
FY26: 29,013oz). The lower quarter-on-quarter production outcome was primarily driven by reduced tonnes processed,
reflecting the scheduled deferral of a 50kt toll treatment parcel at the Lakewood processing facility (previously flagged
in Q3 FY26). Toll treatment at Lakewood is scheduled to recommence in Q1 FY27.
The total AISC in the Southern Goldfields decreased quarter on quarter (Q4 FY26 AISC: $82M vs Q3 FY26 AISC: $103M).
On a per ounce basis, AISC was lower at $3,331/oz in Q4 FY26 (Q3 FY26: $3,546/oz). This is predominantly due to lower
processing maintenance spend with no major planned shutdown and no toll treating at Lakewood.
Total Non-Sustaining Capital Expenditure of $48M in Q4 FY26 - includes Growth Capital ($14M) and plant and
equipment ($35M) across the Southern Goldfields Operations mainly relating to the purchase of Westgold Village
($22M), primary ventilation, extensional drilling and power distribution equipment at the Beta Hunt mine, and tailings
storage facilities at Higginsville.