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Westgold Resources Reports 41% Rise in Ore Reserves to 4.1 Million Ounces, Shares Up 8%

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Westgold Resources (ASX:WGX) said its total mineral resource estimate as of June 30 stands at 194 million tonnes at 2.3 grams per tonne grade of gold for 14.4 million ounces, with total ore reserves of 57 million tonnes at 2.22 g/t gold for 4.1 million ounces, according to a Thursday Australian bourse filing.

The company said the ore reserve increased 41% after mining depletion and adjusting for non-core asset divestments, achieved at a reserve addition investment of AU$27 per ounce, with the ore reserve grade rising 15% to 2.22 g/t.

The mineral resource grew 8% to 14.4 million ounces after adjusting for non-core asset divestments of three million ounces, with the mineral resource grade increasing to 2.3 g/t from 2.18 g/t in fiscal 2025, and measured and indicated resources rising to 62.6% of total resource inventory from 56.6%, the filing added.

A circa 10-year reserve life has been maintained, with AU$50 million to AU$75 million of exploration and resource development drilling planned for fiscal 2027 targeting near-term reserve growth and medium-term organic growth, the filing added.

The company's shares rose 8% in recent Thursday trade.

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