Westgold Resources Limited (ASX: WGX) has delivered another strong quarterly result, reporting a substantial $285 million underlying cash build for the March 2026 quarter and closing the period with $856 million in cash, bullion and liquid investments. The performance highlights the strength of the Company’s expanding Australian gold portfolio, disciplined cost management, and full exposure to surging gold prices.
The Company maintained FY26 production guidance while continuing to invest in growth, exploration, share buybacks, and operational improvements across its Murchison and Southern Goldfields hubs in Western Australia.
Westgold Managing Director and CEO Wayne Bramwell said: “Westgold delivered another strong quarter in Q3 FY26, with cash generation lifting treasury to $856M. Underlying quarterly cash build of $285M underpins a business that is continually building strength to internally fund growth and return capital to shareholders.”
Figure 1: Westgold mine locations and headquarters in Western Australia [Source: Westgold]
Strong Treasury Growth Supported by Record Gold Prices
Westgold’s treasury position increased by $202 million quarter-on-quarter, rising from $654 million in December 2025 to $856 million at 31 March 2026.
This included:
- $479 million cash
- $225 million bullion
- $152 million liquid investments
The Company sold 69,900 ounces of gold during the quarter at an average realised price of $7,080 per ounce, generating $495 million in revenue. It also retained 33.4koz of bullion inventory, valued at approximately $225 million at quarter end.
Importantly, Westgold remains 100% debt free and fully unhedged, allowing shareholders to benefit directly from higher gold prices.
Bramwell added: “Treasury strength remains key to mitigating market volatility.”
Figure 2: Q3 FY26 Movement in Cash, Bullion and Liquid Investments (A$M) [Source: Westgold]
Gold Production Reaches 93,145 Ounces
For the March quarter, Westgold produced 93,145 ounces of gold, bringing year-to-date FY26 production to 288,500 ounces.
The Company maintained its FY26 production guidance of 345,000 to 385,000 ounces, placing it in a strong position heading into the June quarter.
Production was supported by:
- 64,132oz from the Murchison
- 29,013oz from the Southern Goldfields
While quarterly production was lower than the December quarter, management said output was in line with expectations and reflected temporary grade variations, planned shutdowns, and ventilation constraints at Beta Hunt.
Bramwell noted: “With no immediate impediments to the ramp up in mining rates at Bluebird and Beta Hunt… the Company is in a strong position to achieve its production targets for the year.”
Figure 3: Westgold Resources Limited’s Murchison Assets [Source: Westgold]
Costs Remain Competitive Despite Inflation Pressures
Westgold reported:
- AISC excluding OPA: $2,931/oz
- AISC including OPA: $3,338/oz
Management stated full-year costs are likely to finish toward the top end of guidance due to industry-wide inflation, royalties linked to higher gold prices, and rising diesel expectations in Q4.
However, Westgold continued to generate strong margins, with mine operating cash flow reaching $348 million during the quarter.
Bramwell said, “While full year costs are expected to finish toward the top end of guidance, this reflects both broader industry inflationary pressures and deliberate operational decisions taken to maximise cashflow.”
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Bluebird and Beta Hunt Lead Growth Pipeline
Westgold identified Bluebird–South Junction and Beta Hunt as the two cornerstone assets underpinning growth over the next three years.
Bluebird–South Junction
Mining performance improved again during the quarter, with increased outputs and additional working areas.
The Company expects mining rates to reach 1.0–1.2Mtpa by the end of FY26.
Bramwell said: “At Bluebird–South Junction, mining performance has continued to improve quarter-on-quarter.”
Beta Hunt
At Beta Hunt, underground development improved significantly, despite temporary ventilation fan issues during March.
Those fans have now restarted, and Westgold expects the mine to ramp to 2.0Mtpa mining rates by quarter end.
Bramwell commented: “The subsequent restart of the ventilation fans positions Beta Hunt strongly for Q4.”
Higginsville Expansion Approved
A major growth milestone came with the Board approving the Final Investment Decision (FID) for the Higginsville Expansion Plan.
The project will expand the Higginsville mill from 1.6Mtpa to 2.6Mtpa, representing a 62.5% lift in processing capacity.
Expected benefits include:
- Additional 60koz per annum gold production at steady state
- Processing cost reduction of 24%
- Improved margins and stronger long-term cash flow
Westgold has already committed $16 million in early Q4 to secure long-lead equipment.
Bramwell said: “The expansion is expected to lower unit processing costs and underpin higher gold output from the Southern Goldfields.”
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Exploration Accelerates Across Portfolio
Westgold invested $13 million in exploration and resource development during the quarter, with 23 drill rigs operating across the portfolio.
Key targets include:
- Paddy’s Flat
- Big Bell South
- Fletcher Zone at Beta Hunt
- Mead Hall
- Norcott
- McKay
- Speedway
- Sleuth
The Company remains on track to meet FY26 exploration spend guidance of $50 million.
Portfolio Simplification Unlocks Value
Westgold continued reshaping its portfolio through two transactions:
- Divestment of the Mt Henry–Selene Gold Project to Alicanto Minerals
- Spin-out of Reedy and Comet assets into newly listed Valiant Gold
These deals unlocked approximately:
- $140 million immediate value
- Up to $30 million deferred value
Bramwell said: “These two corporate deals unlocked ~$140M of immediate value for Westgold shareholders.”
Share Price Activity (ASX: WGX)
Westgold Resources’ share price activity is worth noting.
- Last Price: $5.905
- Change: -$0.195 (-3.20%)
- 1 Week: -8.16%
- 1 Month: +8.95%
- 2026 YTD: -8.31%
- 1 Year: +95.53%
- vs Sector (1yr): +51.85%
- vs ASX 200 (1yr): +88.04%
- Market Cap: $5.58 billion
The share price pullback appears modest relative to the Company’s exceptional one-year performance.
Investors’ Outlook
Westgold has delivered one of its strongest quarters to date, combining rising gold prices with operational momentum, aggressive treasury growth, and a clear expansion pathway.
With:
- $856 million treasury
- No debt
- Full exposure to gold prices
- Strong June quarter production outlook
- Major growth assets ramping up
- Higginsville expansion underway
…the Company appears well-positioned for sustained value creation.
Its recent entry into the ASX 100 further validates Westgold’s emergence as a leading mid-tier Australian gold producer.
Wayne Bramwell summarised the milestone: “Our elevation into the ASX 100 during the quarter is a significant milestone for Westgold. It reflects the growing scale, quality and resilience of the business.”
Disclaimer
This content is based on publicly available information released by Westgold Resources Limited and is intended for general informational purposes only. It does not constitute financial advice, investment advice, or a recommendation to buy or sell any securities. Readers should conduct their own research and seek independent professional advice before making any investment decisions. While every effort has been made to ensure accuracy, no guarantee is given regarding the completeness or reliability of the information presented.
Sources
- https://www.westgold.com.au/pdf/3a62993e-57f6-458c-a285-ad5b14cae667/March-2026-Quarterly-Results.pdf?Platform=ListPage
- https://www.westgold.com.au/investor-centre/asx-announcements
Last modified: April 29, 2026
