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PERTH, Western Australia, Feb. 14, 2025 /CNW/ - Westgold Resources Limited (ASX: WGX) (TSX: WGX) – (Westgold or the Company) is pleased to report its financial results1 for the half-year ended 31 December 2024. Additional information is provided in the Appendix 4D, FY25 Half Year Financial Results and Management's Discussion and Analysis reports released today.
Highlights for H1 FY25
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Gold production of 158,255 ounces at AISC of $2,562/oz
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Revenue up 72% - to $624M (H1 FY24: $363)
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EBITDA of $140M - generated at a competitive EBITDA margin of 22%
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Pre-tax Net Cash flows from operations of $125M (H1 FY24: $161M)
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$257M invested in the business (H1 FY24: $103M)
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Net profit before tax - $4.6M and normalised profit before tax of $89M
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Net loss after tax - $27.6M (Net profit after tax H1 FY24 : $44M)
Westgold Managing Director and CEO Wayne Bramwell commented:
"Our merger with Karora and subsequent inclusion in the ASX 200 and dual listing on the ASX and TSX has solidified Westgold's position as one of Australia's top five gold mining companies.
This half-year was a period of consolidation and strategic investment, with a focus on critical mine infrastructure and resource drilling, paving the way for long-term success. The next half is where this capital begins to generate a return and we start to see production growth and increased cash generation."
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| 1 All financial metrics reported in Australian Dollars unless otherwise specified |
H1 FY25 Key Consolidated Results
| Key Consolidated Results | H1 FY25 | H1 FY24 | Movement |
| Gold Produced (oz) | 158,255 | 122,342 | 35,913 |
| Gold Sales (oz) | 159,081 | 122,081 | 37,000 |
| Achieved gold price ($/oz) | 3,910 | 2,963 | 947 |
| All-In Sustaining Cost (AISC) ($/oz) | 2,562 | 2,093 | 468 |
| Revenue ($M) | 624 | 362 | 262 |
| Cost of sales ($M) | (498) | (291) | (207) |
| EBITDA ($M) | 140 | 146 | (6) |
| NPBT ($M) | 5 | 64 | (59) |
| (NLAT)/NPAT ($M) | (28) | 44 | (72) |
| Net cashflow from operations ($M) | 125 | 161 | (36) |
| Investing cash flow ($M) | (257) | (103) | (154) |
| (Loss)/Earnings per share (cps) | (2.9) | 9.3 | (12.2) |
| Interim dividend – unfranked (cps) | - | 1.0 | (1.0) |
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| 2 Refer to ASX release titled "Westgold and Karora Complete Merger" – 1 August 2024 |
In H1 FY25, Westgold achieved 29.4% increase in gold production compared to the prior corresponding period (pcp). Combined with higher achieved gold prices ($3,910/oz vs $2,963/oz in the pcp), this increased production contributed to a record half year revenue of $624M. The increased gold production was a result of the acquisition of Karora (Karora Resources Inc.)[2] and the corresponding contribution of five months of production from the Southern Goldfields.