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Westgold Resources (WGX.TO) on Thursday said Gary Davison and Julius Matthys have retired from the company's board, effective June 30.The retirements are part of a strategy to "right-size" the board following the Karora Resources merger and integration in 2024. As a result of the retirements, the board is now reduced to six members.
Westgold Resources (WGX.TO) executed a binding asset sale and purchase agreement with Corazon Mining (ASX: CZN) to divest the Chalice Gold project, located in the Southern Goldfields of Western Australia, for $25.7 million, it said over the holiday weekend.The consideration comprises of $8 million in cash, $6.7 million in CZN scrip and $11 million in deferred cash consideration, payable on satisfaction of certain milestones, it said. To help fund the deal, Corazon has received firm commitments to raise $16.5 million, before costs.On completion of the deal and Corazon equity raise, Westgold will emerge as an about 19.9% shareholder in Corazon with the right to appoint a nominee to the Corazon Board. The company will also receive equity participation rights for future capital raisings undertaken by Corazon, subject to customary exceptions and compliance with the ASX listing rules.Completion of the deal is subject to customary conditions precedent being satisfied or waived and will occur five business days after all conditions have been satisfied or waived, it said.Shares of Westgold closed down 4.5% to $5.11 on Friday on the Toronto Stock Exchange.
Westgold Resources (WGX.TO) has agreed to divest the Peak Hill gold project in Western Australia to Great Boulder Resources, the company said Monday.The total consideration payable or deliverable under the asset and sale agreement is A$58.3 million plus a 1.0% net smelter return royalty over future production from Peak Hill.The consideration comprises $25 million in cash, $33.3 million in GBR scrip representing 19.9% interest post-completion, and a 1.0% NSR royalty.At deal completion, Westgold will emerge as a 19.9% shareholder in Great Boulder with the right to appoint a nominee to Great Boulder's board.Westgold has entered into an ore purchase agreement with Great Boulder, under which ore from Peak Hill may be processed at Westgold's Murchison processing hubs. The OPA is subject to completion of the divestment transaction.Westgold and Great Boulder have also entered into a non-binding strategic collaboration agreement to evaluate options that could fast track Great Boulder's Side Well Gold Project.The transaction is a continuation of Westgold's portfolio optimization strategy, which has unlocked shareholder value totaling $208 million, with further upside potential via $30 million in deferred consideration.
Westgold Resources (WGX.TO) reported a year-over-year increase in gold production in the third quarter of the fiscal year 2026.Gold production was 93,145 ounces, up from 80,107 ounces.The company sold 69,900 ounces of gold, down from 78,398 ounces.All-in sustaining costs were A$3,338/ounce, an increase from $2,829/ounce.Net mine cashflow was $254 million, surging from $87 million.As of March 31, Westgold had $856 million in closing cash, bullion, and liquid investments, a $202 million increase quarter over quarter. Westgold is 100% debt free and remains unhedged.The company maintained fiscal year 2026 production guidance of 345,000 to 385,000 ounces, having produced 288,500 ounces for the financial year to the end of the fiscal third quarter.
