Westgold Resources has heralded 2025 a “transformational year” following the release of its annual report – highlighting significant growth.
The company, who operates across Western Australia, have recorded record production of 326,384 ounces of gold in the 2024–25 financial year (FY25) and have closed the year with their strongest balance sheet to date of $364 million in cash, bullion and liquid investments.
This, the company said, will be used to fund future growth and value creation.
Gold produced across Westgold’s portfolio saw the Murchison operations produce 197,068 ounces of gold, with the Southern Goldfields operation producing 129,316 ounces – with an all-in sustaining cost of $2609 per ounce and $2752 per ounce respectively.
Westgold has seen an approximately 90 per cent increase in revenue from FY24, increasing from $716 million to $1.36 billion year-on-year with net assets now sitting at nearly $2 billion, up from $692 million.
This is in part due to the merger of Karora Resources in August 2024.
“Beginning the period as a junior gold producer, we stepped up to the ranks of the ASX200, with a dual listing on the Toronto Stock Exchange (TSX) following the merger with Karora Resources in August 2024. It was a defining transaction,” non-executive director Cherly Edwardes AO said.
“In FY26 we will continue to invest in exploration to extend mine lives across the portfolio and test our best emerging exploration targets to unlock their inherent value.”
Westgold has also seen corporate activity take place in FY25 with an ore purchase agreement established with New Murchison Gold and a syndicated facility agreement extended from $100 million to $300 million to strengthen its balance sheet.
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