Westgold builds $16M in Cash, Bullion and Liquids in Q4 FY24
Released
Released
Announcement PDF
ASX Announcement
4 July 2024
Westgold builds $16M in Cash, Bullion and Liquids in Q4 FY24
Top end of revised FY24 guidance achieved with 227koz Au produced
Westgold Resources Limited (ASX: WGX, OTCQX: WGXRF – Westgold or the Company) is
pleased to provide preliminary production results for Q4, FY24. Westgold produced 52,795
ounces of gold from its operations, achieving an average gold sale price of $3,493/oz.
For FY24, Westgold produced a total of 227,237 ounces of gold, thus achieving the top end of
its revised production guidance of between 220koz and 230koz 1.
The Company’s cash, bullion and liquid investments increased by $16M in Q4 FY24, taking the
Group total to $263M at the end of the quarter. This represents six consecutive quarters of
growth in cash, bullion and liquid investments, amounting to a total of $104M, with $71M built
over FY24.
Westgold continues to be free of fixed forward gold sales contracts and is now completely
unhedged with the conclusion of its zero cost collars at the end of the quarter.
$104M in Cash, Bullion & Liquids build over six consecutive quarters ($M)
+$71M
build in FY24
+$16M
263
+$9M
247
+$21M
238
+$25M
217
+$104M
+$24M
192
+$9M
168
159
Q2
FY23
1
Q3
FY23
Q4
FY23
Q1
FY24
Q2
FY24
Q3
FY24
Q4
FY24
Refer to ASX release titled “Q3, FY24 Production Update” – 3 April 2024
Westgold Resources Limited
ABN 60 009 260 306
ASX: WGX / OTC: WGXRF
westgold.com.au
T: +61 8 9462 3400
E: perth.reception@westgold.com.au
Level 6, 200 St Georges Terrace
Perth WA 6000
PO Box 7068, Cloisters Square WA 6850
Westgold Managing Director and CEO Wayne Bramwell commented:
“It is pleasing the business achieved the top end of our FY24 production guidance, with 227,237
ounces of gold produced during the year. Even with substantial investments into our high value
growth projects, the Company increased its cash and bullion position by $16 million in Q4
FY24, bringing our Group total to $263 million.
Looking ahead, the growth capital invested across our assets in the past year is expected to
commence delivering increased production and margin improvement in the second half of
FY25 and beyond.
Our wholly Western Australian gold business will be enhanced when the merger with Karora
completes, subject to conditions precedent, at the end of July. The expanded Westgold 3.0 will
be a unique prospect in the Australian gold space – an unhedged, well-funded owner operator
that is fully leveraged to the gold price. With an extensive pipeline of organic expansion,
development and exploration opportunities, Westgold 3.0 will have unparalleled growth
potential and offer an unrivalled value proposition to a much wider investment market.”
Figure 1 – Visible gold in quartz from the Bluebird mine
Westgold builds $16M in Cash, Bullion and Liquids in Q4 FY24
4 July 2024
2
This announcement is authorised for release to the ASX by the Board.
Investor and media relations enquiries
Investor Relations
Kasun Liyanaarachchi | Investor Relations Manager
investor.relations@westgold.com.au
+61 458 564 483
Media
Peter Knight | Communications Manager
peter.knight@westgold.com.au
+61 459 980 481
Forward looking statements
This document contains “forward-looking information” and “forward-looking statements”
which are based on the assumptions, estimates, analysis and opinions of management made
in light of its experience and its perception of trends, current conditions and expected
developments, as well as other factors that management of Westgold believes to be relevant
and reasonable in the circumstances at the date that such statements are made, but which
may prove to be incorrect. Forward-looking statements include statements that are predictive
in nature, depend upon or refer to future events or conditions, or include words such as
‘expects’, ‘anticipates’, ‘plans’, ‘believes’, ‘estimates’, ‘seeks’, ‘intends’, ‘targets’, ‘projects’,
‘forecasts’, or negative versions thereof and other similar expressions, or future or conditional
verbs such as ‘may’, ‘will’, ‘should’, ‘would’ and ‘could’. Although management believes that
the assumptions made by Westgold and the expectations represented by such information are
reasonable, there can be no assurance that the forward-looking information will prove to be
accurate. Forward-looking information involves known and unknown risks, uncertainties, and
other factors which may cause the actual results, performance or achievements of Westgold or
the combined entity to be materially different from any anticipated future results, performance
or achievements expressed or implied by such forward-looking information. Such factors
include, among others, the actual market price of gold, the actual results of current
exploration, the actual results of future exploration, changes in project parameters as plans
continue to be evaluated, failure to receive the required shareholder, court and regulatory
approvals for the Karora Transaction, changes in laws, regulations and practices, the
geopolitical, economic, permitting and legal climate that Westgold and Karora operate in, the
failure by the parties to satisfy all closing conditions in respect of the Karora Transaction,
exercise of termination rights under the definitive Arrangement Agreement with Karora, as well
as those factors disclosed in Westgold's publicly filed documents. Westgold believes that the
assumptions and expectations reflected in the forward-looking information are reasonable.
Readers should not place undue reliance on forward-looking information. Westgold does not
undertake to update any forward-looking information, except in accordance with applicable
securities laws.
This document includes information that has been prepared by third parties, and views based
on information that has been prepared by third parties. No representation or warranty is made
as to the accuracy, completeness or reliability of the information. This document should not be
relied upon as a recommendation or forecast by Westgold.
Westgold builds $16M in Cash, Bullion and Liquids in Q4 FY24
4 July 2024
3
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