Appendix 4E & 30 June 2026 Annual Financial & Climate Report
Released
Released
Announcement PDF
WESTGOLD RESOURCES LIMITED (ASX/TSX: WGX)
ACN 009 260 306
APPENDIX 4E
DIRECTORS’ REPORT
ANNUAL FINANCIAL
AND CLIMATE REPORT
YEAR ENDED 30 JUNE 2026
Contents
CORPORATE DIRECTORY................................................................................................................................. 2
Appendix 4E – Results for Announcement to the ASX .................................................................................. 3
Letter from the Chair ...................................................................................................................................... 4
Directors’ Report............................................................................................................................................. 6
Letter from Remuneration and Nomination Committee Chair..................................................................... 18
Remuneration Report (Audited)..................................................................................................................... 20
Auditor's Independence Declaration ............................................................................................................. 42
Consolidated Statement of Profit or Loss and Other Comprehensive Income for the year ended
30 June 2026....................................................................................................................................................
43
Consolidated Statement of Financial Position as at 30 June 2026................................................................ 44
Consolidated Statement of Cash Flows for the year ended 30 June 2026.................................................... 45
Consolidated Statement of Changes in Equity for the year ended 30 June 2026 ........................................ 46
Notes to the Consolidated Financial Statements for the year ended 30 June 2026.................................... 47
Consolidated Entity Disclosure Statement for the year ended 30 June 2026 .............................................. 105
Directors’ Declaration..................................................................................................................................... 106
Independent Auditor’s Report........................................................................................................................ 107
Climate Report ................................................................................................................................................ 113
Directors’ Declaration..................................................................................................................................... 134
Independent Auditor’s Review Report........................................................................................................... 135
ANNUAL FINANCIAL AND CLIMATE REPORT
1
CORPORATE DIRECTORY
DIRECTORS
Hon. Cheryl L Edwardes AO (Non-Executive Chair)
Wayne C Bramwell (Managing Director)
Fiona J Van Maanen (Non-Executive Director)
Gary R Davison (Non-Executive Director; retired 30 June 2026)
Julius L Matthys (Non-Executive Director; retired 30 June 2026)
David N Kelly (Non-Executive Director)
Ivan J Mullany (Non-Executive Director)
Shirley E In’t Veld (Non-Executive Director)
COMPANY SECRETARY
Susan Park
SENIOR EXECUTIVES
Su Hau (Tommy) Heng (Chief Financial Officer)
Aaron R Rankine (Chief Operating Officer)
REGISTERED OFFICE
Level 13, 200 St Georges Terrace
Perth WA 6000
P: +61 8 9462 3400
E: perth.reception@westgold.com.au
W: www.westgold.com.au
POSTAL ADDRESS
PO Box 7068
Cloisters Square WA 6850
SECURITIES EXCHANGE
Listed on the Australian Securities Exchange and Toronto Stock Exchange.
ASX Code: WGX
TSX Code: WGX
SHARE REGISTRY
Computershare Investors Services Pty Ltd
Level 17, 221 St Georges Terrace
Perth WA 6000
P: +61 8 9323 2000
F: +61 8 9323 2033
W: www.computershare.com
DOMICILE AND COUNTRY OF INCORPORATION
Australia
ANNUAL FINANCIAL AND CLIMATE REPORT
2
Appendix 4E – Results for Announcement to the ASX
Consolidated 30 June 2026 30 June 2025 Movement Movement
$'000 $'000 $'000 %
Revenue from ordinary activities: 2,440,893 1,360,299 1,080,594 79 %
Profit after tax: 443,108 34,753 408,355 1,175 %
Net tangible assets per share1
: 2.60 2.09 0.51 24 %
1. Net tangible assets includes right-of-use assets.
DIVIDEND INFORMATION
Westgold’s key financial objective is to deliver superior shareholder value. One mechanism is via capital returns to shareholders in
the form of dividends and this is a key part of Westgold’s capital management program.
Subsequent to the year ended 30 June 2026, the Board has resolved to pay a final fully franked dividend of 10 cents per share. The
Board is pleased with Westgold’s financial position and in-line with the current dividend policy, the final fully franked dividend to be
paid on 8 October 2026 is approximately $94.8 million.
Westgold Resources Limited shares will trade excluding entitlement to the dividend on 15 September 2026 , with the record date
being 16 September 2026 AWST. The total amount of this dividend has not been provided for in the 30 June 2026 Financial
Statements.
COMMENTARY ON RESULTS FOR THE YEAR
An explanation of the results is included in the 2026 Annual Report.
Review of results Operating and Financial Review Page 10
Review of operations Review of Operations Page 12
A statement of comprehensive income
Consolidated Statement of Profit or Loss and Other
Comprehensive Income Page 43
A statement of financial position Consolidated Statement of Financial Position Page 44
A statement of cash flows Consolidated Statement of Cash Flows Page 45
A statement of retained earnings Consolidated Statement of Changes in Equity Page 46
Earnings per share
Consolidated Statement of Profit or Loss and Other
Comprehensive Income Page 43
Changes in controlled entities Corporate Structure Page 9
AUDIT
This report is based on financial statements that have been audited.
This Appendix 4E is to be read in conjunction with the 2026 Annual Financial Report and Directors’ Report.
ANNUAL FINANCIAL AND CLIMATE REPORT
3
Letter from the Chair
A year of solid performance to plan — and disciplined investment in growth
Dear Shareholders
FY26 was a year defined by sound strategy — and the discipline to execute it. For the first time in Westgold’s history we set out a
clear, credible, multi-year operating strategy. We told our shareholders and the market what we would do, and through focused
execution, did what we said we would.
We grew annual gold production by almost 20% compared to FY25 (326,384oz), exceeding the top end of our guidance with a record
387,354 ounces at an all-in sustaining cost of $2,841 per ounce, within our guided cost range.
We also grew in profile, promoted from the ASX 200 to the ASX 100.
Consistent quarter-on-quarter production and cash generation lifted our treasury by $575 million to $939 million in cash, bullion and
liquid investments at year end. We enter the new year debt free and 100% unhedged, offering our shareholders full exposure to
strong gold prices.
This balance sheet strength is the foundation of a clear and considered strategy to self-fund growth from the organic opportunities
within our portfolio — leveraging assets and processing infrastructure we already own to unlock value.
We are investing shareholders’ capital prudently and selectively today — putting infrastructure in place ahead of new mining fronts
across the Murchison and Southern Goldfields, and optimising milling capacity in time for higher mining rates to come.
Across the Murchison, we invested in core infrastructure as enablers of growth — including the paste plant and ventilation that
allowed South Junction to ramp up as a third mining front at Meekatharra, taking Bluebird-South Junction to a record 1Mtpa exit rate
at year end. We recommenced high-grade reef mining at the iconic Great Fingall and brought our open pit program forward three
months to add ore-feed flexibility.
Both Meekatharra and Fortnum delivered record annual production under Westgold ownership — with ore stockpiles in front of
every mill providing blending optionality, and supporting consistent, reliable gold production.
In the Southern Goldfields, Beta Hunt continues to advance as capital investment in key mine infrastructure starts to deliver higher
productivity and mine outputs.
With mine outputs pushing through 1.7Mtpa run rates our Board had approved expanding the Higginsville plant from 1.6Mtpa to
2.6Mtpa. However, subsequent to year end, on the back of our team’s continued exploration success at Beta Hunt — we are
reframing this study to engineer a capital-efficient investment that will support processing of up to 4Mtpa, in a single phase upgrade.
In the two years since Westgold acquired Beta Hunt, we have rapidly and materially expanded its mineral inventory — from 2.6Moz
to 5.4Moz, and at the time of this report, had announced a 1.1Moz maiden Ore Reserve for the Fletcher Zone — reinforcing its
potential as an emerging third mining front.
We have only just begun to show our shareholders the scale of Beta Hunt’s mineral endowment, with ongoing drilling in the Fletcher
and Mason Zones likely to underpin another significant lift in mine outputs.
We enter FY27 with a portfolio of long-life mines with growing mine production and ore stockpiles in front of every mill. This is a
major milestone for Westgold and sees the business transitioning capital allocation into mill expansions from FY27 onwards.
This is consistent with our focus on a simplified portfolio producing higher returns to our shareholders — having spun off our Reedy
and Comet assets into the newly-listed Valiant Gold (ASX: VAL) during the year, while retaining a material shareholding, and
divesting non-core assets including Mt Henry–Selene, Peak Hill and Chalice. This refocus brought forward more than $200 million in
value while preserving shareholders’ exposure to the future upside of non-producing assets not included in our planning horizon.
While investing $383 million in our future growth and exploration, we also delivered value in the present — continuing our on-market
share buyback and, subsequent to year end, rewarding shareholders with a record final dividend of 10 cents per share for FY26.
Through this period of growth and change, the safety and wellbeing of our people remained our priority. We set a higher incident-
reporting bar, which as we transition, is reflected in the short term as a weaker safety result — this is a timing issue not a relaxation
in our commitment to safety and the new year will show improvement in this business critical area.
ANNUAL FINANCIAL AND CLIMATE REPORT
4
You will note we have combined our annual report and Climate report this year. Sustainability is central to our strategic planning and
daily operations, and our combined reporting reflects that.
During the year we continued to strengthen our sustainability and risk management foundations. We refreshed our materiality
assessment, developed our three-year environmental, social and governance (ESG) Strategic Plan – ‘More than Gold’ – and
published our inaugural AASB S2 climate-related financial disclosures
In short, FY26 was a year of solid performance against a sound plan, and of disciplined investment in growth — rewarding
shareholders today while building materially greater value for the years ahead.
I thank all our stakeholders for the support that made this record year possible — and, in particular, our employees and contractors,
whose energy and commitment through rapid change drives Westgold towards our vision of building the leading Australian gold
company. We are excited to continue this journey with you.
Finally, I would also like to acknowledge and thank Mr Gary Davison and Mr Julius Matthys, who retired from the Board on 30 June
2026, for their dedicated service, wise counsel and significant contribution to Westgold's growth and success over many years.
Hon. Cheryl L Edwardes AO
Non-Executive Chair
ANNUAL FINANCIAL AND CLIMATE REPORT
5
Directors’ Report
The Directors submit their report together with the financial report of Westgold Resources Limited (Westgold or the Company) and of
the Consolidated Entity, being the Company and its controlled entities (the Group), for the year ended 30 June 2026.
DIRECTORS
The names and details of the Company’s Directors in office during the financial year and until the date of this report are as follows.
Directors were in office for this entire period unless otherwise stated.
Names, qualifications, experience and special responsibilities
Hon. Cheryl L Edwardes AO - Non-Executive Chair (Appointed 28 March 2022)
Ms Edwardes (LLM, BA, AO, GAICD) is a highly credentialed and experienced company director and Chair. A solicitor by profession
and former Attorney-General for Western Australia, Minister for Environment and Minister for Labour Relations. Ms Edwardes has
extensive experience and knowledge of Western Australia’s legal and regulatory framework relating to mining projects,
environmental, native title, heritage and land access.
During the past three years, she has also served as a director of the following public listed entities:
• Nuheara Limited (appointed 2 January 2020; resigned 15 April 2025).
Wayne C Bramwell - Managing Director & Chief Executive Officer (Appointed Non-Executive Director 3 February 2020)
Mr Bramwell (BSc Extractive Metallurgy, Grad Dip Business, MSc (Min Econ)) is a metallurgist and mineral economist, experienced
director and mining executive with extensive project and corporate development, executive management and governance expertise
in precious and base metal companies spanning nearly three decades. He holds a Bachelor of Science in Extractive Metallurgy, a
Graduate Diploma in Business, a Master of Science in Mineral Economics and is a graduate of the Australian Institute of Company
Directors. Mr Bramwell is the current Chair of Australia’s Gold Industry Group.
During the past three years, he has served as a director of the following public listed companies:
• OD6 Metals Limited (ASX: OD6) (appointed 8 August 2024; resigned 31 January 2025).
Fiona J Van Maanen - Non-Executive Director (Appointed 6 October 2016)
Mrs Van Maanen (B. Bus, CPA, Graduate Diploma in Company Secretarial Practice) has over 30 years' experience in accounting,
financial management, corporate governance,M&A transactions and project development in the mining and resources industry. Mrs
Van Maanen is the Chair of Westgold’s Remuneration and Nomination Committee and serves on the Audit, Risk and Compliance
Committee.
During the past three years, she has served as a director of the following public listed companies:
• Pantoro Limited (ASX: PNR) (appointed 4 August 2020);
• Wildcat Resources Limited (ASX: WC8) (appointed 1 June 2024); and
• Hot Chili Limited (ASX: HCH) (appointed 17 March 2025).
David N Kelly - Non-Executive Director (Appointed 5 November 2022)
Mr Kelly (BSc. Hons) is a geologist with 35 years’ experience in exploration, operations management, mine planning, project
evaluation, business development and project finance. Most recently he was employed by Resolute Mining Limited as Executive
General Manager – Strategy and Planning, following 2 years as Chief Operating Officer.
Prior to joining Resolute, Mr Kelly was a Director of Optimum Capital, an independent advisory house servicing junior and mid-tier
miners. He previously worked with groups such as Consolidated Minerals Limited, WMC Resources Limited, Central Norseman Gold
Corporation, NM Rothschild and Sons and Investec Australia and has held several non-executive directorships in mining and
exploration companies, including Predictive Discovery, Renaissance Minerals and Turaco Gold. Mr Kelly serves on Westgold’s Audit,
Risk and Compliance Committee and Remuneration and Nomination Committee.
During the past three years, he has also served as a director of the following public listed companies:
• Lefroy Exploration Limited (ASX: LEX) (appointed Non-Executive Director 1 January 2024; appointed Non-Executive Chairman 1
June 2024); and
• Medallion Metals Limited (ASX: MM8) (appointed Non-Executive Director 9 October 2025).
ANNUAL FINANCIAL AND CLIMATE REPORT
6
Shirley E In’t Veld - Non-Executive Director (Appointed 1 August 2024)
Ms. In't Veld (LLB(Hons), BCom) has over 30 years of career experience in mining, renewables and energy sectors and is currently a
Director of Develop Global Ltd. Ms. In't Veld was formerly Deputy Chair of CSIRO (Commonwealth Science and Industrial Research
Organisation) and a Director of NBN Co. Limited (National Broadband Network Co.), Northern Star Resources Limited, Perth Airport,
DUET Group, Asciano Limited and Alcoa of Australia Limited. Mrs In’t Veld is the Chair of Westgold’s Audit, Risk and Compliance
Committee and serves on the Remuneration and Nomination Committee.
Ms. In't Veld was also the Managing Director of Verve Energy (2007 - 2012) and, previously, served in senior roles at Alcoa Australia
Limited, WMC Resources Ltd., Bond Corporation and BankWest Perth.
During the past three years, she has also served as a director of the following public listed companies:
• APA Group Limited (ASX: APA) (appointed 19 March 2018, resigned 28 March 2024);
• Alumina Limited (appointed 3 August 2020; resigned 31 July 2024);
• Develop Global Limited (ASX: DVP) (appointed 26 July 2021); and
• Karora Resources Inc. (appointed 6 December 2021; resigned 31 July 2024).
• Americas Gold and Silver Corporation (appointed 11 August 2025).
Ivan J Mullany - Non-Executive Director (Appointed 29 May 2025)
Mr Ivan Mullany (BSc, Majoring in Extractive Metallurgy, CIMM, FAusIMM) was appointed to Westgold’s Board of Directors as a Non-
Executive Director, bringing with him an extensive international career in consultancy and management within the mining sector.
Having held key leadership positions in various global mining companies, Mr Mullany has a proven track record of driving operational
efficiency and strategic growth initiatives. His addition to the Board of Directors is expected to enhance Westgold’s ability to
optimise operations and deliver lasting value to shareholders as the Company pursues significant growth opportunities and
operational savings. Mr Mullany serves on Westgold’s Audit, Risk and Compliance Committee.
During the past three years, he has also served as a director of the following public listed companies:
• NexGen Energy Ltd (ASX: NXG) (appointed 31 January 2023); and
• BMC Minerals Limited (ASX: BMC) (appointed 5 December 2025).
Gary R Davison - Non-Executive Director (Appointed 1 June 2021; retired 30 June 2026)
Mr Davison (FAusIMM (CP)), is a highly regarded mining engineer with over 45 years of worldwide mining experience. Gary holds a
Diploma in Engineering (Mining) and a Masters in Mineral and Energy Economics. He is also the Managing Director of Australia’s
premier mining consultancy Mining One Pty Ltd. Mr Davison serves on Westgold’s Audit, Risk and Compliance Committee and
Remuneration and Nomination Committee.
Mr Davison has not held any public company directorships in the past three years.
Julius L Matthys - Non-Executive Director (Appointed 28 March 2022; retired 30 June 2026)
Mr Matthys has substantial corporate experience having spent more than 36 years in the resources sector. He has held senior
executive roles in large corporate entities including President of Worsley Alumina JV, Marketing Director at BHP Iron Ore, Alumina
and Aluminium. Mr Matthys was previously Chair of gold producer Doray Minerals Limited, managing its merger with Silver Lake
Resources and was previously a Non-Executive Director of Quintis Ltd. Mr Mathys serves on Westgold’s Audit, Risk and Compliance
Committee and Remuneration and Nomination Committee.
Mr Matthys has not held any public company directorships in the past three years.
ANNUAL FINANCIAL AND CLIMATE REPORT
7
COMPANY SECRETARY
Susan Park (Appointed 5 April 2022)
Ms Park(BCom; ACA; FFin; FGIA; FCG; GAICD) is a governance professional with over 25 years’ experience in the corporate finance
industry and extensive experience in Company Secretary and Non-Executive Director roles in ASX, AIM, Nasdaq and TSX listed
companies. Ms Park holds a Bachelor of Commerce from the University of Western Australia majoring in Accounting and Finance, is
a Member of the Australian Institute of Chartered Accountants, a Fellow of the Chartered Institute for Securities & Investment, a
Graduate Member of the Australian Institute of Company Directors and a Fellow of the Chartered Governance Institute. She is
Managing Director of boutique advisory firm Park Advisory Pty Ltd which provides Boards with company secretarial and corporate
governance advice and input.
INTERESTS IN THE SHARES AND PERFORMANCE RIGHTS OF THE COMPANY
As at the date of this report, the interests of the Directors in the shares and rights of the Company were:
Director Fully Paid Ordinary Shares Performance Rights
Hon. CL Edwards AO 29,509 -
WC Bramwell2
1,730,144 2,035,386
FJ Van Maanen 435,521 -
DN Kelly 30,000 -
SE In't Veld 324,177 -
IJ Mullany - -
GR Davison1
34,350 -
JL Matthys1
112,658 -
Total 2,696,359 2,035,386
1. Total shareholding as at date of retirement.
2. Performance Rights, includes T3 unissued MD Performance Rights which were granted in FY26.
PRINCIPAL ACTIVITIES
The principal activities during the year of the Group were the exploration, development and operation of gold mines, primarily in
Western Australia.
EMPLOYEES
The Group had 1,744 employees at 30 June 2026 (2025: 1,572), with the increase a result of the continued ramp up at the Southern
Goldfields operations and recently commenced Murchison Open Pit program.
ANNUAL FINANCIAL AND CLIMATE REPORT
8
CORPORATE OVERVIEW
Westgold is a leading, unhedged ASX100 gold producer with a large and strategic landholding across two of Western Australia’s
most prolific gold regions—the Murchison and the Southern Goldfields. Since listing on the ASX in December 2016, the Company
has gained a TSX listing, consolidated over 2,800 km² of land holdings and now operates multiple underground and open pit mines
and four processing hubs across these regions.
FY26 was a defining year for Westgold, with the Company delivering a record annual production of 387,354 ounces of gold,
exceeding production guidance and achieving cost guidance by delivering an All-In Sustaining Cost (AISC) of $2,841/oz.
Westgold closed the year remaining fully debt free and unhedged, with a Treasury balance of $939 million in cash, bullion and liquid
investments, reflecting a $575 million increase year on year.
Portfolio simplification, disciplined investment in core growth assets and improved operational delivery have positioned the
Company to continue generating sustainable returns from its operations into the future.
CORPORATE STRUCTURE
Changes in Controlled Entities
During the period the following changes occurred, refer to the updated group structure below:
• Valiant Gold Resources Limited was incorporated on the 14th of October 2025, and spun off during the year.
• Red Hill Gold USA Corp was dissolved on the 23rd of December 2025.
ANNUAL FINANCIAL AND CLIMATE REPORT
9
OPERATING AND FINANCIAL REVIEW
OPERATING RESULTS
The Group’s full year gold production was 387,354 ounces (FY25: 326,384 ounces), achieving a record annual gold production for the
Group and exceeding the top end of our FY26 production guidance of 345,000 – 385,000oz. Key drivers included the continued
ramp-up of Bluebird-South Junction, stronger performance from Big Bell, Great Fingall and Starlight, and additional ore flexibility
from third-party ore processed through the Meekatharra hub.
These results over the year are reflected in the following key measures:
• Consolidated revenue increased by 79% to $2,441 million (2025: $1,360 million);
• Consolidated total cost of sales increased by 38% to $1,557 million (2025: $1,126 million);
• Underlying EBIT1
increased by 349% to $773 million (2025: $172 million);
• Underlying EBITDA1
increased by 122% to $1,104 million (2025: $498 million);
• Profit before income tax increased by 475% to $643 million (2025: $112 million); and
• Profit after income tax increased by 1,166% to $443 million (2025: $35 million).
• As at 30 June 2026, the Group had $112 million worth of Bullion on hand (19,176oz at a spot price of $5,861/oz) which was
realised post year end.
1. Underlying EBIT and EBITDA, for FY26 removes the impact of the loss on disposal of asset sales and FY25 removes the impact of the Lakewood
Disposal, Stamp duty and Acquisition costs.
Refer to the below table for underlying FY26 financial results:
Statutory earnings reconciliation ($M) EBITDA EBIT NPBT NPAT
Underlying earnings 1,104 773 765 480
Less: Loss on assets held for sale (5) (5) (5) (5)
Less: Loss on asset Sales (119) (119) (119) (119)
Less: Exploration and evaluation expenditure written off (1) (1) (1) (1)
Add: Reversal of Impairment of an associate 3 3 3 3
Add: Impact of adjustments on income tax expense* n/a n/a n/a 85
Statutory earnings 982 651 643 443
The Company’s operating margin remained competitive at 40% with Westgold achieving an EBITDA of $982 million for the year.
These strong margins generated a gross profit of $884 million, which was then offset predominantly by a one-off, non-cash loss of $5
million on the sale of Chalice gold project, non-cash loss of $119 million on the sale of Mt Henry-Selene and Peak Hill Gold Projects,
resulting in a profit before income tax of $643 million and a net profit after tax of $443 million. Whilst the impact of these sales to
earnings were non-cash, it is important to note that these sales generated immediate real cash inflows of $40 million and
approximately $94 million in equity shares in FY26, with a further $8 million of Cash and $6 million equity shares in FY27 and the
potential for up to $25 million in deferred consideration.
Excluding the aforementioned one-off, non-cash loss on assets held for sale and assets sold, the Group’s underlying EBITDA and net
profit after tax was $1,104 million and $480 million respectively.
ANNUAL FINANCIAL AND CLIMATE REPORT
10
REVIEW OF FINANCIAL CONDITION
The Consolidated Statement of Cash Flows reflects a closing cash and cash equivalents of $735 million (2025: $240 million).
Presentation currency
The Group’s presentation currency is Australian dollars (AUD). Consequently, unless otherwise stated, all references to dollars are
in AUD.
Rounding
The amounts contained in this Directors report have been rounded to the nearest million (unless rounding is not applicable) where
noted ($ million) under the option available to the Company under ASIC Corporations (Rounding in Financial/ Director’s Reports)
Instrument 2026/183. The Company is an entity to which this legislative instrument applies.
Operating Activities
Group cash flow generated by operating activities increased on that of the previous year with a total inflow of $964 million (2025:
$357 million), without realising the $112 million worth of Bullion on hand at year end (19,176oz at a spot price of $5,861/oz).
Investing Activities
Cash flows used in investing activities across the Group increased on that of the previous year with a total outflow of $362 million
(2025: $352 million).
Cash flow applied to investing activities in the current year relate to the key growth capital at the Murchison and Southern Goldfields.
Other capital investment was sustaining capital in all of the operating underground mines to maintain developed tonnes and
production output at similar levels. The outflow was partially offset by the proceeds received relating to the sale of Mt Henry -
Selene and Peak Hill Gold projects.
Total capital investment in mine properties and development, exploration and evaluation expenditure and property, plant and
equipment during the current year was $466 million (2025: $293 million), broken into key operations as follows:
• Murchison $325 million; and
• Southern Goldfields $138 million.
Capital commitments of $92 million (2025: $28 million) existed at the reporting date, principally relating to the purchase of plant and
equipment.
Exploration activities for the Group continued at all operations during the year with $45 million (2025: $43 million) expended.
Financing Activities
Net cash flows from financing activities amounted to an outflow of $108 million, mainly as a result of the following:
• $50 million Repayment of the drawdown on the previous Syndicated Debt Facility
• Payments for Share buy backs of $27 million
• Payment of FY25 Dividends of $28 million
• Payments for lease liabilities and equipment loans of $77 million
• Offset by spin off of Valiant Gold resulting in an inflow of $75 million upon the Initial public offering (IPO).
SHARE BUY BACK
In August 2025, Westgold’s Board authorised an on-market share buyback program of up to 5% of the Company’s ordinary shares, to
be executed over the next 12 months. This buyback, approved and announced during the September quarter, is designed to enhance
capital management and reflects the Board’s confidence in Westgold’s intrinsic value and future cash flow generation.
Westgold had purchased and subsequently cancelled 5,164,058 Westgold shares since the start of the on-market buyback
program, averaging $5.14 per share for a total cash outflow of $27 million.
DIVIDENDS
Subsequent to year end, the Company declared an fully franked dividend of 10 cents per share. The total amount of this dividend has
not been provided for in the 30 June 2026 Financial Statements.
ANNUAL FINANCIAL AND CLIMATE REPORT
11
REVIEW OF OPERATIONS
In FY26, Westgold delivered a record 387,354 ounces of gold from its Murchison and Southern Goldfields operations, while
continuing to define, explore and develop the next suite of mineral assets across its extensive landholding.
Murchison Operations
The Murchison Operations
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