Westgold Resources Limited

Westgold reported $1.2 billion in revenue, up from the prior corresponding period, with gross profit of $436 million. Underlying EBITDA was $612 million versus $224 million a year earlier; underlying net profit before tax was $447 million versus $89 million; and underlying net profit after tax was $314 million versus $57 million. Group production was 195,000 ounces at an all-in sustaining cost of $3,225 per ounce; core Westgold mined ore production was 170,000 ounces at AISC of $2,871 per ounce; and the New Murchison ore purchases contributed 25,000 ounces at AISC of $5,644 per ounce. Net cash flow from operations was $532 million, including $517 million from core business and $15 million from the ore purchase activity. Closing treasury was $654 million, with $521 million of cash. For FY '26, management maintained guidance and said they expect around $365 million for the period midpoint, with AISC between $2,600 and $2,900, excluding the OPA.

Wayne Bramwell framed the half as proof that Westgold’s long-term strategy is working, pointing to portfolio simplification, development drilling, infrastructure upgrades, and processing optimization as the drivers of better operational consistency. He emphasized that the business is still in an execution phase rather than a celebration phase, with focus on safety, delivering FY '26 guidance, and executing the 3-year outlook. He also highlighted the value unlocked from noncore assets and the planned Valiant Gold demerger as ways to surface value while keeping the core plan intact.

Tommy Heng described the half as a record period and tied the financial outcome to disciplined investment, stronger production, and a favorable gold price environment. He cited $550 million in underlying treasury build, $654 million in closing treasury, $612 million of underlying EBITDA, $447 million of underlying profit before tax, and $314 million of underlying NPAT, while noting $133 million of income tax expense and a $178 million noncash accounting loss on Mt Henry-Selene sale that still produced cash inflows of $15 million plus about $65 million in Alicanto shares and up to $30 million in deferred consideration. He also broke down capital deployment: $129 million for growth and exploration, $76 million in stamp duty for Karora, $50 million in debt repayment, $29 million for dividends and buybacks, and $26 million of cash inflows from asset sales and deposits. On shareholder returns, he said the interim dividend was deferred so the company could build franking credits and support a fully franked dividend later, and confirmed a 5% on-market buyback is underway.

Analysts focused on the missing interim dividend, the impact of ore purchase agreements on guidance, and upside from reserve/resource updates and mill capacity. Management said the dividend was deferred to allow time for franking credits so they can pay a fully franked dividend later, and reiterated that FY '26 guidance already includes the New Murchison ore purchase but not future ore purchase agreements such as Valiant. Wayne Bramwell said Fletcher drilling should support a resource uplift and some reserve conversion this year, and added that Higginsville can run above nameplate at times, with the expansion proposal now with the Board. He also said Beta Hunt and Great Fingall are being scheduled conservatively, even though actual grades can run higher than the mine plan assumptions.