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2026-11-06
◂ Monitor WGX ASX

Westgold Resources Limited

Producer · Gold · AU Rating locked: sign in to view v8 · wgx-20261024t195125-full
Last 2026-11-06
A$5.58
1D
—
1M
—
YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$5.2B
EV
A$4.7B
Cash
A$734.8M
Debt
A$64.4M
5 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$734.8M Self Funding
Debt A$64.4M Net cash A$670.4M
Basic shares 940.4M 2026-10-09
Runway Self Funding FY26 positive operating cash flow964.331m; latest3YO claims fully funded. First forecast remains capex intensive; economic model tests dated full-horizon claims and conditional dilution.

Liquidity

Financial position

Consolidated cash734.782m; wholly-owned closed group cash663.400m. Valiant is44%held and consolidated. Equipment loans64.383m; leases74.601m; current tax payable212.501m. Syndicated600m facilities undrawn. Annual physical pages45,79,97,104.

Inventory composition1

A$218.758m inventories include gold metal61.627m,ore66.221m,circuitgold23.935m and consumables netofprovisions. Bullion headline is different from cash and not an extraNAV addition.

Operating inventories including ore,gold and stores
A$218.8M carrying

Capital structure

Ownership and dilution

Ordinary shares
940.4M
Fully diluted
949M

June939,667,506 plus4,424,330 performance conversions toAugust944,091,836 plusSeptember433,082 minuspostJune4,090,000 buyback cancellations =940,434,918. Add3,510,333 and5,023,035 rights =948,968,286 fully diluted. October9table is latest; weighted average EPS shares are not denominator.

Security classes2
ClassTypeQuantityStrikeExpiry
Unquoted performance rights expiring June 2029Performance Right3.5MA$02029-06-30
Unquoted performance rights expiring June 2030Performance Right5MA$02030-06-30

KPI history

Operating metrics

Comparable series use a shared scale

AISC excludes OPA ounces · Company · Year

AUD/oz

2 periods
  1. FY252,666 AUD/oz
    Reported
  2. FY262,841 AUD/oz
    Reported

Issuer reported output including purchased ore · Company · Year

oz

2 periods
  1. FY25326,384 oz
    Reported
  2. FY26387,354 oz
    Reported

Revenue · Company · Year

AUD

2 periods
  1. FY251,360,299,000 AUD
    Reported
  2. FY262,440,893,000 AUD
    Reported
Operating metric source table13
MetricProjectPeriodPeriod typeValueStatus
Issuer reported output including purchased oreCompanyFY25Year326,384 ozReported
AISC excludes OPA ouncesCompanyFY25Year2,666 AUD/ozReported
RevenueCompanyFY25Year1,360,299,000 AUDReported
Issuer reported output including purchased oreCompanyFY26Year387,354 ozReported
AISC excludes OPA ouncesCompanyFY26Year2,841 AUD/ozReported
RevenueCompanyFY26Year2,440,893,000 AUDReported
Own-source output excluding 56,138 purchased-ore ouncesCompanyFY26Year331,216 ozSource Derived
ProductionMurchisonFY26Year272,302 ozReported
AiscMurchisonFY26Year2,629 AUD/ozReported
ThroughputMurchisonFY26Year4,075,487 tReported
ProductionSouthernFY26Year115,052 ozReported
AiscSouthernFY26Year3,241 AUD/ozReported
ThroughputSouthernFY26Year1,757,819 tReported
Company guidance12
MetricProjectPeriodLowHighStatus
ProductionCompanyFY27385,000425,000 ozCurrent
AISCCompanyFY272,9803,380 AUD/ozCurrent
Non Sustaining CapitalCompanyFY27450,000,000480,000,000 AUDCurrent
ExplorationCompanyFY2750,000,00075,000,000 AUDCurrent
ProductionCompanyFY28425,000470,000 ozCurrent
AISCCompanyFY283,0003,400 AUD/ozCurrent
Non Sustaining CapitalCompanyFY28430,000,000460,000,000 AUDCurrent
ExplorationCompanyFY2850,000,00075,000,000 AUDCurrent
ProductionCompanyFY29460,000510,000 ozCurrent
AISCCompanyFY292,6403,000 AUD/ozCurrent
Non Sustaining CapitalCompanyFY29390,000,000410,000,000 AUDCurrent
ExplorationCompanyFY2950,000,00075,000,000 AUDCurrent

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-10-08Ann. 2026-08-28DividendA$95M——Completed—
2026-09-11Ann. 2026-08-28BuybackWgx OrdinaryA$50M9.3M—OngoingFY27maximumA$50m; cumulativeprogram9,254,058repurchases includespriorFY26; postJunecash22,343,553.53.Max 47.2M · Period 2026-09-11 to 2027-09-10 · On-market price · Canaccord Genuity

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-10-13

Audited arrangements reconciled to9September3YO, disposals and latest capital notices. No disclosed live commodity orFXhedge. Private ore-purchase pricing and individual royalty scope incomplete.

Source-disclosed royalty arrangement; terms and economic counterparty scope retained from primary source.

Royalty · Active
Counterparties
Western Australia
Applies to
Murchison integrated operations · Southern Goldfields existing operations · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
State gold royalty: 2.5 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Source-disclosed royalty arrangement; terms and economic counterparty scope retained from primary source.

Royalty · Active
Counterparties
St Ives Gold Mining Company
Applies to
Southern Goldfields existing operations · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Beta Hunt gold royalty: 4.75 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Source-disclosed royalty arrangement; terms and economic counterparty scope retained from primary source.

Royalty · Active
Counterparties
Traditional owners and private royalty holders
Applies to
Murchison integrated operations · Southern Goldfields existing operations · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Traditional owner HGO upper royalty: 1 %
Other private terms: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Source-disclosed royalty arrangement; terms and economic counterparty scope retained from primary source.

Royalty · Active
Counterparties
Morgan Stanley
Applies to
Southern Goldfields existing operations · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Quarter gold cap: 2,500 oz
Participation rate: 27.5 %
Strike equivalent: 1,340 AUD/oz
Remaining royalty equivalent: 46,844 oz
How it affects our valuation

No valuation treatment is available for this arrangement.

Source-disclosed tolling or processing arrangement; terms and economic counterparty scope retained from primary source.

Tolling Or Processing · Active
Counterparties
New Murchison Gold · Forrestania Resources · Valiant Gold · Great Boulder Resources
Applies to
Murchison integrated operations · Southern Goldfields existing operations · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Meekatharra third-party assumption FY27: 30,000 oz
FY28: 70,000 oz
FY29: 40,000 oz
How it affects our valuation

No valuation treatment is available for this arrangement.

Source-disclosed tolling or processing arrangement; terms and economic counterparty scope retained from primary source.

Tolling Or Processing · Active
Counterparties
Black Cat Syndicate
Applies to
Southern Goldfields existing operations · Gold
Economic direction
Burden
Period
Through 2026-12-31; start date not stated
Key terms
Current Lakewood tolling: 200,000 t/yr
Future alternative: 100,000 t/yr
How it affects our valuation

No valuation treatment is available for this arrangement.

Source-disclosed royalty arrangement; terms and economic counterparty scope retained from primary source.

Royalty · Active
Counterparties
Great Boulder Resources
Applies to
Company-wide · Gold
Economic direction
Benefit
Period
Dates not stated
Key terms
Peak Hill retained NSR: 1 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Source-disclosed other arrangement; terms and economic counterparty scope retained from primary source.

Other · Active
Counterparties
Sinclair Gold
Applies to
Company-wide · Gold
Economic direction
Benefit
Period
Dates not stated
Key terms
Contingent rights: 45,454,547 shares
Reported fair value: 12,274,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Source-disclosed other arrangement; terms and economic counterparty scope retained from primary source.

Other · Active
Counterparties
Corazon Mining
Applies to
Company-wide · Gold
Economic direction
Benefit
Period
Dates not stated
Key terms
Fixed deferred receipt: 4,000,000 AUD
Resource conditional receipts: 7,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.