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Westgold Resources
(Sydney:WGX)
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Rating:73Outperform
Price Target:
AU$7.50
▲(15.03% Upside)
Action:Upgraded
Date:08/30/26
The score is primarily supported by strong FY2026 financial performance (growth, margin expansion, improved returns, solid cash generation, and low leverage). Offsetting this, technical indicators suggest the stock is extended (RSI/Stoch elevated), and valuation looks less compelling with a ~24.45 P/E and a low ~0.45% dividend yield.
Positive Factors
Revenue and Margin Expansion
The strong FY2026 step-up indicates improved operating scale and profitability. Sustained margin gains would strengthen the company’s ability to fund mine operations, exploration and development while absorbing cost pressures.
Negative Factors
Historically Volatile Profitability
The uneven earnings record shows that recent profitability may not be fully recurring. Operating conditions, grades, costs and gold prices can materially change results, making medium-term earnings less predictable despite FY2026’s improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Margin Expansion
The strong FY2026 step-up indicates improved operating scale and profitability. Sustained margin gains would strengthen the company’s ability to fund mine operations, exploration and development while absorbing cost pressures.
Read all positive factors
Westgold Resources (WGX) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$6.12B
Dividend Yield0.47%
Average Volume (3M)3.31M
Price to Earnings (P/E)13.8
Beta (1Y)1.75
Revenue Growth79.44%
EPS Growth1173.17%
CountryAU
Employees1,744
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.47
Shares Outstanding944,091,860
10 Day Avg. Volume4,115,101
30 Day Avg. Volume3,312,801
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)1.87
Price to Sales (P/S)1.82
P/FCF Ratio7.60
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$7.65Price Target Upside17.33% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.67
Revenue Forecast (FY)AU$2.58B
Westgold Resources Business Overview & Revenue Model
Company Description
Westgold Resources Limited is an Australian enterprise dedicated to the full spectrum of gold asset management, encompassing exploration, development, mining, and processing, predominantly within Western Australia. The company's significant portfo...
How the Company Makes Money
Westgold primarily makes money by producing and selling gold. Revenue is generated when mined ore is processed to recover gold, which is then sold (typically as doré/bullion) into the gold market, with sales value driven by the quantity of gold pr...
Westgold Resources Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 13, 2026
Earnings Call Sentiment Positive
The call presented a strongly positive operational and financial half: record revenue, earnings, cash generation and a materially strengthened balance sheet (debt-free and $654m treasury). Production and operational milestones support confidence in the three‑year outlook and identified upside opportunities. Offsetting items include a large non‑cash accounting loss, elevated unit costs from purchased ore that raise combined AISC above the stated guidance range, several one‑off cash outflows (stamp duty, growth spend) and the decision to withhold an interim dividend pending franking credits. Overall, the positives—significant margin and cash improvements, portfolio simplification, and a clear growth plan—substantially outweigh the lowlights.Positive Updates
Record Revenue and Profit
Revenue of $1.2 billion (effectively doubled YoY, +100%) drove record underlying results: underlying EBITDA $612 million (up from $224 million, +173%), underlying net profit before tax $447 million (up from $89 million, ~+402%), and underlying net profit after tax $314 million (up from $57 million, ~+451%).
Negative Updates
High Cost of Purchased Ore
Ore purchased from New Murchison produced 25,000 ounces at a high AISC of $5,644/oz (low-margin), which lifted combined group AISC to $3,225/oz — above the FY26 AISC guidance range (guidance excluding OPA $2,600–$2,900/oz).
Read all updates
Q2-2026 Updates
Positive
Negative
Record Revenue and Profit
Revenue of $1.2 billion (effectively doubled YoY, +100%) drove record underlying results: underlying EBITDA $612 million (up from $224 million, +173%), underlying net profit before tax $447 million (up from $89 million, ~+402%), and underlying net profit after tax $314 million (up from $57 million, ~+451%).
Read all positive updates
Company Guidance
Management maintained FY‑26 guidance of roughly a 365k oz midpoint at an AISC of $2,600–$2,900/oz (excluding third‑party OPA tonnes) and said the NMG ore purchase is already factored in while other OPAs (eg Valiant) are excluded; for H1 FY‑26 they delivered 195k oz group production (170k oz mined at AISC $2,871/oz plus 25k oz OPA at AISC $5,644/oz) with a half‑year group AISC of $3,225/oz. Over the 3‑year outlook Westgold plans to grow production from 326k oz in FY‑25 to ~470k oz by FY‑28 with AISC stepping down toward ~$2,500/oz, and cited capacity/upsides including Beta Hunt ramp toward 2.0 Mtpa, Bluebird South Junction 1.0–1.2 Mtpa (target 1.2 Mtpa by FY‑28, aiming 1–1.2 Mtpa by early FY‑27), Higginsville nameplate ~1.6 Mtpa with days up to 1.7–1.75 and feasibility beyond 2.6 Mtpa (options to ~4.0 Mtpa).Westgold Resources Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
88
Very Positive
Cash Flow
80
Positive
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.44B | 1.36B | 716.47M | 654.37M | 647.58M |
| Gross Profit | 876.13M | 234.75M | 156.98M | 21.65M | 25.87M |
| EBITDA | 1.10B | 498.15M | 279.25M | 170.22M | 34.49M |
| Net Income | 443.45M | 34.75M | 95.23M | 10.00M | -111.12M |
Balance Sheet | |||||
| Total Assets | 3.82B | 3.21B | 1.05B | 854.94M | 869.41M |
| Cash, Cash Equivalents and Short-Term Investments | 734.78M | 240.25M | 236.04M | 176.41M | 182.70M |
| Total Debt | 138.98M | 147.26M | 54.61M | 27.49M | 42.96M |
| Total Liabilities | 1.38B | 1.24B | 360.70M | 256.60M | 281.64M |
| Stockholders Equity | 2.37B | 1.97B | 691.80M | 598.34M | 587.77M |
Cash Flow | |||||
| Free Cash Flow | 583.55M | 63.44M | 78.65M | 8.89M | -26.61M |
| Operating Cash Flow | 964.33M | 357.04M | 351.74M | 168.43M | 179.86M |
| Investing Cash Flow | -362.01M | -352.47M | -265.64M | -158.07M | -201.01M |
| Financing Cash Flow | -107.95M | -112.00K | -26.47M | -16.65M | 53.17M |
Westgold Resources Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | AU$8.98B | 15.74 | 18.86% | 2.10% | 12.65% | 11.08% | |
79 Outperform | AU$9.68B | 15.85 | 33.52% | 0.00% | 89.36% | 165.30% | |
78 Outperform | AU$6.43B | 8.93 | 35.03% | 2.36% | 42.59% | 180.54% | |
78 Outperform | AU$7.43B | 25.79 | 20.93% | 0.32% | 44.67% | 70.20% | |
77 Outperform | AU$7.48B | 63.26 | 3.01% | 2.08% | -14.16% | -84.78% | |
73 Outperform | AU$6.12B | 13.79 | 19.72% | 0.47% | 79.44% | 1173.17% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
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Westgold Resources Corporate Events
Westgold Sets Out Corporate Update and Investor Guidance Caveats
Aug 27, 2026
Westgold has released an investor presentation outlining its current corporate update, framed around growing inventory, expanding capacity and returning capital to shareholders. The document emphasises that the information is summary in nature and...
Westgold Posts Record FY26 Earnings and Boosts Shareholder Returns
Aug 27, 2026
Westgold Resources reported a landmark FY26 with revenue rising 79% to $2.44 billion, driven by record gold production and a sharply higher achieved gold price. Underlying EBITDA more than doubled to $1.10 billion, underlying NPAT surged to $480 m...
Westgold Extends On-Market Buy-Back, Targets Extra $50m in Shares
Aug 27, 2026
Westgold Resources has updated its on-market share buy-back programme, extending the timetable to 10 September 2027 and targeting an additional buy-back of up to AUD50 million of its ordinary fully paid shares. The extension follows earlier approv...
Westgold Declares Fully Franked Final Dividend on Record FY26 Results
Aug 27, 2026
Westgold Resources has announced a fully franked final dividend of AUD 0.10 per ordinary share for the financial year ended 30 June 2026, reflecting record operating and financial performance in FY26. The dividend, which underscores stronger cash ...
Westgold Releases 2026 Annual Financial and Climate Report
Aug 27, 2026
Westgold Resources has released its Annual Financial and Climate Report for the year ended 30 June 2026, including the Appendix 4E results announcement, directors’ report, audited remuneration report, full consolidated financial statements a...
Westgold Cancels Over 5 Million Shares Following On‑Market Buy‑Back
Aug 27, 2026
Westgold Resources Limited has cancelled 5,164,058 ordinary fully paid shares from its issued capital following an on-market buy-back executed on Aug. 28, 2026. The move reduces the number of WGX securities on issue and forms part of the company&#...
Westgold Aligns CEO Pay With Market and Tightens Incentive Structure
Aug 27, 2026
Westgold Resources has revised the remuneration package for Managing Director and CEO Wayne Bramwell, effective 1 July 2026, following a period of significant improvement in operating performance, financial results and shareholder returns under hi...
Westgold sets key dates for 2026 AGM and director nominations
Aug 27, 2026
Westgold Resources Limited has scheduled its 2026 Annual General Meeting for 26 November in Perth, underscoring the company’s ongoing engagement with shareholders and adherence to regulatory and governance requirements. The meeting will be h...
Westgold maps capital-efficient expansion at Meekatharra gold hub
Aug 24, 2026
Westgold Resources has outlined a brownfields expansion plan to lift processing capacity at its Meekatharra hub in Western Australia from 1.8Mtpa to 2.9Mtpa by FY28. The project leverages existing infrastructure and previously ordered long-lead eq...
Westgold Issues 500,000 Unquoted Performance Rights Under Staff Incentive Plan
Aug 24, 2026
Westgold Resources Limited has notified the market of the issue of 500,000 unquoted performance rights, expiring on June 30, 2030, under its employee incentive scheme. The new securities, which will not be quoted on the ASX, reflect the company...
Westgold Adds 437,431 New Shares to ASX Quotation
Aug 24, 2026
Westgold Resources Limited has applied to the ASX for quotation of 437,431 ordinary fully paid shares. The new securities, issued on 19 August 2026 following the exercise of options or conversion of other securities, will expand the company’...
Westgold lifts gold reserves 41% and boosts grades in 2026 update
Aug 19, 2026
Westgold Resources has reported an updated mineral resource estimate of 194 million tonnes at 2.30 grams per tonne gold for 14.4 million ounces, reflecting 8% growth after divesting several non-core projects. The quality of its resource base has i...
Westgold Lifts Beta Hunt Scale with Maiden Fletcher Ore Reserve
Aug 17, 2026
Westgold has declared a maiden Ore Reserve at the Fletcher deposit within its Beta Hunt mining complex, outlining 13.5 million tonnes at 2.6 grams per tonne gold for 1.1 million ounces, following mine planning, commercial evaluation and a pre-feas...
Westgold MD Converts Performance Rights Into Ordinary Shares
Aug 12, 2026
Westgold Resources has reported a change in the interests of Managing Director Wayne Bramwell, reflecting movements in securities held indirectly through his spouse, Lisa Michelle Johnston. The disclosure, lodged under ASX Listing Rule 3.19A.2, de...
Westgold Seeks ASX Quotation for Nearly 4 Million New Shares
Aug 12, 2026
Westgold Resources Limited has applied to the ASX for quotation of nearly 4 million new ordinary fully paid shares, expanding its listed securities on the market. The shares, bearing the code WGX, were issued on August 7, 2026, and their admission...
Westgold Performance Rights Lapse Tightens Capital Base
Aug 12, 2026
Westgold Resources has announced the cessation of 140,417 performance rights (WGXAH) that were due to expire on 1 October 2026. The rights lapsed on 7 August 2026 because the conditions attached to them were not met or became incapable of being sa...
Westgold outlines limits and risks in new investor presentation
Aug 4, 2026
Westgold Resources has released an investor presentation dated 5 August 2026 outlining general information about the company and its activities. The document emphasises that the material is for information purposes only, may draw on third-party re...
Westgold to Boost Cue Gold Processing Capacity by 21% in Capital-Light Expansion
Aug 4, 2026
Westgold Resources is expanding its Cue processing hub in Western Australia, aiming to lift throughput from 1.4 million tonnes per annum to 1.7 million tonnes per annum by fiscal 2028. The hub treats ore from underground and open pit mines around ...
Westgold Completes Chalice Gold Project Sale, Securing Cash and Strategic Stake
Jul 8, 2026
Westgold Resources has completed the divestment of its Chalice Gold Project to Corazon Mining, receiving $8M in cash upfront and a 19.9% equity stake in Corazon valued at about $4.6M, along with a further $11M in deferred cash payments tied to fut...
Corazon Seals Chalice Gold Deal, Targets Rapid Resource Growth in WA
Jul 8, 2026
Corazon Mining has completed the acquisition of 100% of the Chalice Gold Project from Westgold Resources, securing an advanced high-grade gold asset in Western Australia’s Higginsville district with a JORC 2012 Mineral Resource of 191,000 ou...
Westgold Nets $54.4m and Royalty in Peak Hill Gold Project Sale
Jul 1, 2026
Westgold Resources has completed the divestment of its Peak Hill Gold Project to Great Boulder Resources for total consideration of $54.4 million, comprising a $25 million cash payment and a 19.9% equity stake in Great Boulder. The deal also grant...
Westgold Director Julius Matthys Steps Down, Indirect Shareholding Updated
Jun 30, 2026
Westgold Resources has announced that director Julius Matthys ceased to be a director of the company on 30 June 2026, in line with its disclosure obligations to the ASX. The company reported that Matthys does not hold any securities as a registere...
Westgold Reports Daily Progress on Ongoing On-Market Share Buy-Back
Jun 28, 2026
Westgold Resources Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program, covering ordinary fully paid shares under code WGX. The latest daily disclosure shows that the company has repurchas...
Westgold Reshapes Board as Two Directors Retire After Karora Merger
Jun 25, 2026
Westgold Resources has announced the retirement of directors Gary Davison and Julius Matthys from its board, effective 30 June 2026, as part of a broader plan to streamline governance following its 2024 merger and integration with Karora Resources...
Westgold Updates Market on Progress of On-Market Share Buy-Back
Jun 23, 2026
Westgold Resources has updated the market on its ongoing on-market share buy-back program involving its ordinary fully paid shares listed on the ASX under the code WGX. The company reported that it had repurchased a cumulative total of 4,554,539 s...
Westgold Continues Daily On-Market Share Buy-Back
Jun 22, 2026
Westgold Resources has continued its on-market share buy-back program, reporting that it has repurchased a total of 4,359,582 ordinary fully paid shares prior to the latest trading day. The company disclosed that a further 194,957 shares were boug...
Westgold Continues On‑Market Share Buy‑Back, Reaffirming Capital Management Strategy
Jun 21, 2026
Westgold Resources has provided an updated notification of its on-market share buy-back, confirming continued repurchases of its ordinary fully paid shares under the program first announced in late August 2025. The latest daily report shows that t...
Westgold Frames Investor Deck as Informational Only, Not an Offer
Jun 10, 2026
Westgold Resources has released an investor presentation dated 10 June 2026 outlining summary information about its operations and investment profile, while stressing that the material is general in nature and may be incomplete. The document is fr...
Westgold Steps Up On-Market Buy-Back With Daily Share Repurchases
Jun 9, 2026
Westgold Resources has provided an update on its on-market share buy-back program, confirming that it repurchased 365,155 ordinary fully paid shares on the previous trading day. This brings the total number of shares bought back under the program ...
Westgold continues active on-market share buy-back program
Jun 3, 2026
Westgold Resources Limited has updated the market on its ongoing on-market share buy-back program for its ordinary fully paid shares, reporting a cumulative repurchase of 3,122,557 shares prior to the latest trading day. The company disclosed that...
Westgold Updates Daily On‑Market Share Buy‑Back Activity
Jun 2, 2026
Westgold Resources Limited has provided an updated notification of its ongoing on-market share buy-back for its ordinary fully paid shares listed on the ASX under the code WGX. The company reported that a total of 3,029,664 shares had been repurch...
Westgold lifts total on-market buy-back to nearly 2.9m shares
Jun 1, 2026
Westgold Resources has reported an update to its on-market share buy-back, confirming that it repurchased 154,316 ordinary fully paid shares in the most recent trading day. This takes the total number of shares bought back under the program to 2,8...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.