Westgold Resources Limited (ASX: $WGX) Q3 FY24 results

Westgold Resources Limited (ASX: $WGX) has reported its Q3 FY24 results, including a 12% reduction in gold production to 52,100oz Au at an All-In Sustaining Cost (AISC) of $2,492/oz. The company also announced a plan to merge with Karora Resources to build a +400kozpa Western Australian Gold Producer. The merger aims to bring larger cash flow capability, enhanced scale, and an enviable pipeline of development assets into a well-funded, Australian managed portfolio company fully leveraged to the gold price.

Executive Commentary by Wayne Bramwell, Managing Director

Westgold Managing Director Wayne Bramwell commented on the Q3 FY24 results, stating that despite operational challenges, the company delivered its fifth consecutive quarter of cash build and added $9M to the balance sheet. He emphasized the company's focus on cash flow generation and profitability, positioning Westgold for the next step in its corporate growth journey with the announcement of the merger with Karora Resources. Bramwell highlighted the cultural alignment and the potential for the merged entity to become an internationally investible Australian gold mining powerhouse.

Summary of Q3 FY24 Results and Outlook

Westgold's Q3 FY24 results showed a 12% reduction in gold production to 52,100oz Au at an AISC of $2,492/oz, attributed to operational challenges including weather impact and mining pauses. The company remains debt free and fully leveraged to the gold price. The announcement of the merger with Karora Resources marks a significant step in Westgold's corporate growth journey, aiming to create a top-tier Australian gold miner with enhanced scale and cash flow capability. The company's commitment to ESG initiatives and the successful implementation of the Clean Energy Transition Project further underpin its strategic outlook for sustainable growth and operational excellence.