Westgold Provides 3-Year Outlook
Executive Summary
- Westgold Resources Limited released a three‑year outlook (3YO) projecting gold production to rise from 326 koz in FY25 to 470 koz per annum by FY28, with all‑in sustaining costs (AISC) falling to ~A$2,500/oz.
- The plan is fully funded through existing balance sheet resources and cash flow; growth capital peaks in FY27 for a Higginsville hub expansion to 2.6 Mtpa.
- Highlights include >80% of ore sourced from current proven & probable reserves, expansion of processing capacity across four hubs, and $150 M total exploration budget over the period.
Key Details
- Production Targets
- FY25 (actual): 326 koz @ AISC A$2,666/oz.
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FY28 (projected): 470 koz @ AISC ~A$2,500/oz.
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Reserves & Resources
- 2025 Ore Reserves: 56 Mt at 1.93 g/t Au = 3.5 Moz gold.
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2025 Mineral Resource Estimate (effective 30 Jun 2025): 16.3 Moz gold.
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Processing Hub Utilisation
- Four existing hubs (~6 Mtpa total) to be fully utilised.
- Meekatharra: 1.8 Mtpa → 2.0 Mtpa by FY28 (minor capital).
- Cue: stable 1.4 Mtpa, lift to 1.5 Mtpa FY28.
- Fortnum: steady 0.9 Mtpa with higher‑grade feed.
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Higginsville: expand from 1.6 Mtpa to 2.6 Mtpa by FY28 (DFD awarded Q1 FY26).
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Key Mine Contributions
- Murchison Region – Bluebird‑South Junction underground expansion to 1.2 Mtpa FY28; Great Fingall ramp‑up to 0.6 Mtpa FY28; open‑pit program starts FY27.
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Southern Goldfields – Beta Hunt underground to >2 Mtpa by H2 FY26 (infrastructure upgrades); Two Boys and planned Spargos underground support feed.
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Capital & Exploration
- Growth capital peaks in FY27 for Higginsville hub upgrade; total exploration spend ~$150 M over the three‑year period (~$50 M per year).
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No funding allocated to Fletcher Zone (Beta Hunt) – excluded from baseline but identified as upside.
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Upside Opportunities Not Included in Baseline
- Further expansion of Bluebird‑South Junction underground beyond 1.2 Mtpa.
- Higginsville mill capacity options up to 4 Mtpa.
- Fortnum mill expansion to 1.5 Mtpa (FXP study).
- Additional resource definition in Fletcher, Larkin & Mason zones at Beta Hunt.
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Potential restart of care‑and‑maintenance underground mines (Paddy’s Flat, Comet, South Emu‑Triton).
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Financial Outlook
- All growth capital and exploration expenditures are fully funded by existing cash balances and projected free cash flow; no external financing required under the baseline plan.
Notable Quotes
“Westgold's three-year outlook articulates a high confidence, executable plan that sees the business step up from 326 koz of production in FY25 to more than 470 koz by FY28… most critically this growth is organic and fully funded.” – Wayne Bramwell, Managing Director & CEO
The release authorizes ASX disclosure; forward‑looking statements are subject to risks outlined in the full announcement.