Research
Ord Minnett Downgrades Westgold Resources to Accumulate from Buy; Price Target is AU$6.50
Westgold Resources (ASX:WGX) has an average rating of buy and mean price target of AU$7.21, according to analysts polled by FactSet.
ASX:WGX
ASX:WGX
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Asia
ASX Biggest Losers
Here are the ASX-listed companies with the biggest losses on Friday.Develop Global (ASX:DVP): -11%, AU$4.77Liontown (ASX:LTR): -9%, AU$1.06Deep Yellow (ASX:DYL): -9%, AU$1.43Paladin Energy (ASX:PDN): -9%, AU$10.33Capstone Copper (ASX:CSC): -9%, AU$14.50PLS Group (ASX:PLS): -8%, AU$4.48GQG Partners (ASX:GQG): -7%, AU$1.12Telix Pharmaceuticals (ASX:TLX): -7%, AU$15.55Westgold Resources (ASX:WGX): -7%, AU$5.44Sandfire Resources (ASX:SFR): -7%, AU$20.91
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Research
Canaccord Genuity Downgrades Westgold Resources to Hold from Buy; Price Target is AU$6.40
Westgold Resources (ASX:WGX) has an average rating of buy and mean price target of AU$7.21, according to analysts polled by FactSet.
ASX:WGX
Asia
ASX Biggest Losers
Here are the ASX-listed companies with the biggest losses on Thursday.IperionX (ASX:IPX): -9%, AU$2.84Elisight (ASX:ELS): -5%, AU$4.83FireFly Metals (ASX:FFM): -7%, AU$1.76Westgold Resources (ASX:WGX): -6%, AU$5.84GrainCorp (ASX:GNC): -5%, AU$6.57Austal (ASX:ASB): -5%, AU$4.42Elders (ASX:ELD): -4%, AU$6.25Zimplats (ASX:ZIM): -5%, AU$17.00Vulcan Energy Resources (ASX:VUL): -5%, AU$2.48ELEVRA Lithium (ASX:ELV): -6%, AU$7.56
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Asia
Westgold Resources Issues Fiscal 2027 Gold Production Guidance, Updates Three-Year Outlook; Shares Fall 5%
Westgold Resources (ASX:WGX) issued fiscal 2027 gold production guidance of 385,000 to 425,000 ounces at an all-in sustaining cost of AU$2,980 to AU$3,380 per ounce, according to a Wednesday filing with the Australian bourse.The company also provided an updated three-year outlook to increase group gold production to between 460,000 and 510,000 ounces in fiscal 2029.Planned investment in Westgold's largest mines is expected to lift production, improve mill utilization, and reduce its all-in sustaining cost to AU$2,640 to AU$3,000 per ounce by fiscal 2029.Group processing capacity is expected to increase to more than 7 million tonnes per annum by fiscal 2029 through sequenced brownfield expansion of the Cue and Meekatharra hubs, the company said.Its shares fell 5% in recent Wednesday trade.
ASX:WGX
Asia
Westgold Resources Brings CEO's Pay in Line With Market
Westgold Resources (ASX:WGX) said its board approved an adjustment to Managing Director and CEO Wayne Bramwell's compensation package, effective July 1, to bring it in line with peer companies, according to a Friday filing with the Australian bourse.Bramwell's total fixed remuneration has been adjusted to AU$1.2 million per year, inclusive of statutory superannuation, following "significant and continued improvement" in the company's operating and financial performance, it said.Westgold has introduced a mandatory short-term incentive (STI) equity deferral arrangement for executives under which 75% of any STI awarded will be paid in cash, with the remaining 25% to be delivered as equity, subject to a one-year deferral period.The company said Bramwell's maximum STI payment will be up to 100% of his total fixed remuneration per year, but with the adoption of stretch performance outcomes, this could rise to up to 140% based on the achievement of performance objectives.
ASX:WGX
Asia
Westgold Resources Fiscal 2026 Underlying Earnings, Revenue Up
Westgold Resources (ASX:WGX) logged AU$0.509 in underlying earnings per share for fiscal 2026, compared with AU$0.097 a year ago, a Friday filing showed.Analysts polled by FactSet expected earnings of AU$0.59.For the 12 months ended June 30, revenue was AU$2.44 billion versus AU$1.36 billion previously, the Australia-listed gold miner added. Analysts surveyed by FactSet expected AU$2.43 billion.The board declared a final dividend of AU$0.10 per share, up from AU$0.03 a year earlier, payable Oct. 8 to shareholders on record as of Sept. 16.
ASX:WGX
Asia
Sinclair Gold Meets Contingent Consideration Milestone for Western Australia Gold Project
Sinclair Gold (ASX:SGC) completed over 20,000 meters of drilling at its Mt Henry gold project in Western Australia, triggering the first contingent consideration milestone under the terms of Sinclair's acquisition of the project from Westgold Resources (ASX:WGX), according to a Wednesday Australian bourse filing.Sinclair decided to satisfy the contingent consideration via the payment of AU$5 million in cash to Westgold within 15 business days, and as a result, 7.6 million performance rights associated with the contingent consideration will be cancelled.Sinclair will receive a further AU$4 million in cash and four million shares from Stria Lithium in consideration for the grant of a 1% net smelter return royalty over the Mt Henry project after all conditions precedent related to a non-dilutive funding package were satisfied.Sinclair's shares rose 1% in recent trading on Wednesday.
ASX:SGCASX:WGX
Asia
Westgold Resources Reports AU$100 Million Meekatharra Expansion Plan Targeting 2.9 Million Tonnes Per Year
Westgold Resources (ASX:WGX) said a scoping study for a brownfields expansion of processing capacity at its Meekatharra hub in Western Australia from 1.8 million tonnes per year to 2.9 million tonnes per year in fiscal 2028 has returned indicative capital of about AU$100 million with a payback period of nine months, according to a Tuesday Australian bourse filing.The company said the expansion is expected to add about 47,000 ounces per year of gold production once commissioned, with life-of-mine gold production of 1.5 million to 1.8 million ounces at an all-in sustaining cost (AISC) range of AU$1,968 to AU$2,406 per ounce.The project net present value improves by about AU$1.1 billion at a gold price of AU$5,500 per ounce, increasing to about AU$1.6 billion at a spot gold price of AU$6,000 per ounce, the filing added.Brownfields resource definition drilling and open-pit optimizations have begun, with opportunities proximate to the Meekatharra hub supporting the expansion case, it added.
ASX:WGX
Asia
Westgold Resources Reports 41% Rise in Ore Reserves to 4.1 Million Ounces, Shares Up 8%
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.
ASX:WGX
Asia
Westgold Resources Grows Mineral Resources at Western Australia Deposit
Westgold Resources (ASX:WGX) said the updated mineral resource for the Fletcher deposit in Western Australia increased by about 30%, according to a Tuesday Australian bourse filing.The updated mineral resource for the deposit stood at 40.1 million tonnes at 2.3 grams per tonne (g/t) grade of gold for 3 million ounces, including a 426% increase in indicated mineral resource ounces to 1.55 million ounces at 2.7 g/t grade of gold.The maiden ore reserve came in at 13.5 million tonnes at 2.6 g/t grade of gold for 1.1 million ounces.The total Beta Hunt mining complex ore reserve now stands at 21.7 million tonnes at 2.34 g/t grade of gold for 1.6 million ounces and mineral resource at 74.6 million tonnes at 2.25 g/t grade of gold for 5.4 million ounces.The company's shares rose 1% in recent trading on Tuesday.
ASX:WGX
Asia
Westgold Resources Plans Boost to Western Australia Processing Hub Run Rate to 1.7 Million Tonnes per Annum by Fiscal Year 2028
Westgold Resources (ASX:WGX) plans to expand the Cue processing hub in Western Australia to a run rate of 1.7 million tonnes per annum in fiscal year 2028 from the current 1.4 million tonnes per annum, according to a Wednesday Australian bourse filing.The planned expansion is underpinned by increasing underground mine outputs from its Big Bell and Great Fingall mines.The process plant upgrade is designed to increase the milling circuit throughput from the current nominal 170 tonnes per hour to 200 tonnes per hour. The scoping study for the expansion plan assumes an upgrade of the current plant for a capital cost of AU$22 million.
ASX:WGX
Asia
Westgold Resources Exceeds Fiscal Year 2026 Gold Production Guidance
Westgold Resources (ASX:WGX) surpassed its fiscal year 2026 guidance with gold production of 387,354 ounces, while its all-in sustaining cost (AISC) for the year was within guidance at AU$2,841 per ounce, according to a Wednesday filing with the Australian bourse.The company reported fiscal fourth-quarter gold production of 98,854 ounces at an AISC of AU$2,802 per ounce.Westgold achieved record mining rates at the Bluebird South-Junction complex in Western Australia in the fiscal fourth quarter, with annualized mining rates beyond 1 million tonnes per annum at the end of the period.The company posted a fiscal fourth-quarter underlying cash build of AU$233 million. It ended June with AU$939 million in closing cash, bullion, and liquid investments, an increase of AU$575M year on year.
ASX:WGX
Asia
Westgold Resources Completes AU$54.4 Million Divestment of Western Australia Gold Project
Westgold Resources (ASX:WGX) completed the divestment of its Peak Hill gold project in Western Australia to Great Boulder Resources (ASX:GBR) in a AU$54.4 million cash-and-stock deal, according to a Wednesday filing with the Australian bourse.The consideration includes a AU$25 million cash payment and a 19.9% stake in Great Boulder valued at AU$29.4 million, per the filing.Westgold will also receive a 1% net smelter return royalty for all future gold production from Peak Hill, the company said.
ASX:GBRASX:WGX
Asia
Westgold Resources Forecasts Steady Gold Production Growth Through Fiscal 2028
Westgold Resources (ASX:WGX) expects a steady production increase over the next three fiscal years, with fiscal 2026 output guided at 345,000 to 385,000 ounces of gold at an all-in sustaining cost of AU$2,600 to AU$2,900 per ounce, excluding ore purchase agreement, according to an Australian bourse filing on Wednesday after market hours.The production is expected to increase to 420,000 ounces in fiscal 2027 and 470,000 ounces in fiscal 2028, per the filing.The company held a debt-free balance sheet with around AU$1.5 billion in available liquidity, the filing added.
ASX:WGX
Asia
ASX Biggest Gainers
Here are the ASX-listed companies with the biggest gains on Friday.Electro Optic Systems (ASX:EOS): +15%, AU$11Elsight (ASX:ELS): +13%, AU$7.184DMedical (ASX:4DX): +12%, AU$3.74Judocapitol FP (ASX:JDO): +11%, AU$1.54Flight Centre Travel Group (ASX:FLT): +8%, AU$10.96West African Resources (ASX:WAF): +8%, AU$3.19Lindian Resources (ASX:LIN): +8%, AU$0.83Ora Banda Mining (ASX:OBM): +7%, AU$1.36Vulcan Energy Resources (ASX:VUL): +7%, AU$3.89Westgold Resources (ASX:WGX): +6%, AU$5.18
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Asia
Great Boulder Resources Secures AU$40 Million in Two-Tranche Placement; Shares Up 19%
Great Boulder Resources (ASX:GBR) secured firm commitments to raise AU$40 million from institutional and sophisticated investors through a two-tranche placement, issuing around 470.6 million shares at AU$0.085 each, representing a discount of nearly 14% to its 10-day volume-weighted average price, according to a Tuesday filing with the Australian bourse.The first tranche is expected to raise about AU$12.4 million from 145.5 million shares, while the second tranche aims to generate around AU$27.6 million from 325.1 million shares, subject to shareholder approval, the filing said.The funds will be used to support the company's acquisition of the Peak Hill gold project from Aragon Resources, a wholly owned subsidiary of Westgold Resources (ASX:WGX), the filing added.The company's shares jumped 19% in recent Tuesday trade.
ASX:GBRASX:WGX
Asia
Westgold Resources to Sell Western Australia Gold Project to Great Boulder Resources for AU$58.3 Million, Net Smelter Royalty
Westgold Resources (ASX:WGX) executed a binding asset sale agreement and royalty agreement with Great Boulder Resources (ASX: GBR) to divest the Peak Hill gold project in Western Australia for a total consideration of AU$58.3 million plus a 1% net smelter royalty, according to two separate Monday Australian bourse filings.The total cash consideration is AU$25 million, and 391.7 million fully paid ordinary shares in Great Boulder will be issued to Westgold, translating into a 19.9% stake.Great Boulder and Westgold entered into an ore purchase agreement to process ore at one or more of Westgold's three mills in the region. They also formed a nonbinding strategic collaboration to evaluateoptions to fast-track Great Boulder's Side Well gold project.Great Boulder is also seeking firm commitments from institutional investors regarding a two-tranche placement to raise AU$40 million via the issue of around 470.6 million new fully paid ordinary shares at AU$0.085 per new share.
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Asia
ASX Midday Sector Update: Utilities Stocks Gain, Materials Struggle
Utilities stocks were leading gainers in midday trading Wednesday with a rise of 1.7% after the United Arab Emirates said it would quit the Organization of the Petroleum Exporting Countries, adding to energy supply concerns amid ongoing tensions between the US and Iran.Shares of Origin Energy (ASX:ORG) ticked nearly 3% higher to recover from losses in the previous trading session.On the flip side, materials stocks were leading decliners with a fall of 0.8%.Westgold Resources (ASX:WGX) shed more than 2% after reporting group gold production of 93,145 ounces for the fiscal third quarter. The group's all-in sustaining cost for the quarter was AU$3,338 per ounce, compared with AU$2,829 per ounce a year earlier.
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ASX Preview: Australian Shares Set to Fall as United Arab Emirates Quits OPEC; Woodside Energy Group Posts Lower Q1 Revenue, Production
Australian shares are poised to fall on Wednesday after the United Arab Emirates said it would quit Organization of the Petroleum Exporting Countries (OPEC), rattling global oil markets amid an escalating Iran war and raising questions over future supply stability in the energy sector.Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average fell 0.5%, 0.9%, and 0.1%, respectively.In the macroeconomy, Australia's consumer price index report is due at 11:30 am Sydney time.In corporate news, Woodside Energy Group (ASX:WDS) reported a decline in operating revenue to $3.26 billion in the March quarter from $3.32 billion a year earlier, while total production also fell year on year to 45.2 million barrels of oil equivalent (MMBoe) from 49.1 MMBoe.Westgold Resources (ASX:WGX) reported group gold production of 93,145 ounces of gold and sold 69,900 ounces of gold in the fiscal third quarter ended March 31.Australia's benchmark index fell 0.6% or 55.7 points to close at 8,710.70 on Tuesday.
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