Westgold Resources has reported a 29.4 per cent increase in gold production for the first half of the 2024–25 financial year (H1 FY25) compared to the prior corresponding period.
The gold miner produced 158,255 ounces (oz) of gold at an all-in sustaining cost of $2562/oz. Westgold also sold 159,081oz, contributing to a record half-year revenue of $624 million, a 72 per cent increase from H1 FY24.
The company credited the strong financial performance to higher achieved gold prices, $3910/oz, and the increased production to the operations it recently inherited in the Southern Goldfields region of Western Australia through its merger with Karora Resources, which was finalised in August 2024.
“Our merger with Karora and subsequent inclusion in the ASX 200 and dual listing on the ASX and TSX has solidified Westgold’s position as one of Australia’s top five gold mining companies,” Westgold managing director and chief executive officer Wayne Bramwell said.
“This half-year was a period of consolidation and strategic investment, with a focus on critical mine infrastructure and resource drilling, paving the way for long-term success.”
Westgold delivered $125 million in operating cashflows and generated $165 million from its Murchison and Southern Goldfields operations. The company also invested $257 million into its business.
“The next half is where this capital begins to generate a return and we start to see production growth and increased cash generation,” Bramwell said.
Earlier this month, Westgold revised its FY25 guidance amid operational challenges at its Beta Hunt and Bluebird-South Junction gold mines.
The company’s FY25 guidance now sits at 330,000–350,000oz of gold production.
Westgold is currently resource drilling at both Beta Hunt and Bluebird-South Junction to unlock new scale and reducing group operating costs.
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