PERTH, Western
Australia, Jan. 9, 2025 /CNW/ - Westgold Resources
Limited (ASX: WGX) (TSX: WGX) (OTCQX: WGXRF) – Westgold
or the Company) is pleased to provide preliminary production
results for Q2, FY25.
Since merging with Karora Resources in August 2024, Westgold continues to invest in the
expanded business and increase quarter on quarter gold production.
In Q2, FY25, Westgold produced 80,886 oz of gold (up from 77,369 oz
in Q1, FY25 (Figure 1)). Total production for the first half
was 158,255 oz with production expected to further increase in H2,
FY25, consistent with guidance.
Ramp up at both the Bluebird and Beta-Hunt underground mines
continues. At Bluebird-South Junction, efforts were focussed on
increasing grade and consistency of mine production, while a
modified ground support regime was implemented. At Beta Hunt mine
infrastructure upgrades critical to increasing mine outputs
(including water, power reticulation and ventilation circuits) are
being implemented and are due for completion at the end of Q3,
FY25.
Development at the Great Fingall mine near Cue remains on track,
with first ore anticipated in Q4, FY25.
As of 31 December 2024, the
Company's cash, bullion and liquid investments was $152M and together with $250M undrawn from its $300M Corporate Facility, the Company had
financial liquidity of $402M at
hand.
Q2, FY25 operational and cost details will be available in the
full December 2024 Quarterly Report
to be issued on 30 January 2025.
Westgold Managing Director and CEO Wayne Bramwell commented:
"Q2, FY25 saw Westgold continue to optimise its expanded,
post-merger business. Production increased whilst we continued to
heavily invest in the long-term capacity of our mines in the
Murchison and Southern Goldfields.
Investment to support increased and sustainable production from
our principal mines was the key focus of our activities over H1,
with multiple growth projects advancing in parallel across the
expanded group. Bluebird-South
Junction and Beta Hunt are our key drivers of growth in H2,
FY25 with operational changes being implemented to see outputs lift
and become more consistent into H2, FY25.
In addition, the Great Fingall Mine is scheduled to begin
production in late Q4, FY25.
To drive our long-term cost base down, plant expansion studies
at Higginsville, Bluebird and Fortnum are advancing with initial
capital estimates to be reported shortly. To extend mine lives, our
underground drilling fleet is fully deployed across the group and
surface drill contractors are active at Peak Hill and
Higginsville.
All these elements are beginning to coalesce with the stage now
set for Westgold to demonstrate the enhanced capability of our
expanded asset base during H2, FY25."
Forward Looking Statements
These materials prepared by Westgold Resources Limited include
forward looking statements. Often, but not always, forward looking
statements can generally be identified by the use of forward
looking words such as "may", "will", "expect", "intend", "believe",
"forecast", "predict", "plan", "estimate", "anticipate",
"continue", and "guidance", or other similar words and may include,
without limitation, statements regarding plans, strategies and
objectives of management, anticipated production or construction
commencement dates and expected costs or production outputs.
Forward looking statements inherently involve known and unknown
risks, uncertainties and other factors that may cause the Company's
actual results, performance and achievements to differ materially
from any future results, performance or achievements. Relevant
factors may include, but are not limited to, changes in commodity
prices, foreign exchange fluctuations and general economic
conditions, increased costs and demand for production inputs, the
speculative nature of exploration and project development,
including the risks of obtaining necessary licenses and permits and
diminishing quantities or grades of reserves, political and social
risks, changes to the regulatory framework within which the Company
operates or may in the future operate, environmental conditions
including extreme weather conditions, recruitment and retention of
personnel, industrial relations issues and litigation.
Forward looking statements are based on the Company and its
management's good faith assumptions relating to the financial,
market, regulatory and other relevant environments that will exist
and affect the Company's business and operations in the future. The
Company does not give any assurance that the assumptions on which
forward looking statements are based will prove to be correct, or
that the Company's business or operations will not be affected in
any material manner by these or other factors not foreseen or
foreseeable by the Company or management or beyond the Company's
control.
Although the Company attempts and has attempted to identify
factors that would cause actual actions, events or results to
differ materially from those disclosed in forward looking
statements, there may be other factors that could cause actual
results, performance, achievements or events not to be as
anticipated, estimated or intended, and many events are beyond the
reasonable control of the Company. In addition, the Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of the factors
outlined in the "Risk Factors" section of the Company's continuous
disclosure filings available on SEDAR+ or the ASX, including, in
the Company's current annual report, half year report or most
recent management discussion and analysis.
Accordingly, readers are cautioned not to place undue reliance
on forward looking statements. Forward looking statements in these
materials speak only at the date of issue. Subject to any
continuing obligations under applicable law or any relevant stock
exchange listing rules, in providing this information the Company
does not undertake any obligation to publicly update or revise any
of the forward-looking statements or to advise of any change in
events, conditions or circumstances.
This announcement is authorised for release to the ASX by the
Board.
SOURCE Westgold Resources Limited
