Latest news with #Westgold
ABC News
7 days ago
- ABC News
Big Bell Gold mine fined $945,000 over death of worker Paige Counsell
Big Bell Gold mine has been fined nearly a million dollars over the death of a worker at an underground site in WA's Murchison region, in what a magistrate has described as a failure of policy and training. Paige Counsell died after being hit by a truck during a night shift at the mine, north-west of Cue, in December 2020. Deputy Chief Magistrate, Elizabeth Woods, said there was a "failure of policy, process and training." She said there were "minimal safe areas for pedestrians and vehicle to interact" and the "key safety message" had not been grasped by drivers. The company "must constantly be on the lookout for problems", but "the training was ineffective, the consequences were serious," Magistrate Woods told the court. "The training was not specific enough," she said. The magistrate noted that the company had expressed remorse. She fined Big Bell Gold, which pleaded guilty to failing to provide a safe workplace, $945,000, and ordered it to pay costs of $20,000. Paige's mother, Samantha, and brother, Blake, were in court for the sentencing and spoke to the ABC afterwards. "Nothing's going to bring her back," Ms Counsell said. Ms Counsell said she was grateful the company had pleaded guilty, meaning a trial was not required, but said it was "galling" that the fine would likely simply go into government coffers. Ms Counsell described Big Bell's parent company, Westgold, as "fantastic" through its support for the family after the tragedy. In a statement, Westgold's managing director and chief executive Wayne Bramwell said the company had worked closely with regulators and various authorities during the investigations, and had done its own review of its Occupational Health and Safety management plan. Mr Bramwell said he had met with Ms Counsell recently and assured her that her daughter's memory would continue to be honoured. He said a stone memorial at Big Bell stood as a reminder to remain vigilant for safety. The Department of Mines brought the prosecution in 2023. Worksafe said the offence did not indicate that the breach caused the fatal incident, but it highlighted a failure in terms of safe systems. But WA Work Safe Commissioner Sally North said the case sent a strong message to workplaces, particularly those with mobile plant. "Big Bell Gold Operations failed to provide its contractor's employees involved in the fatal incident with sufficient information, instructions and training to ensure positive communication was established between pedestrians and drivers underground," she said.
Cision Canada
22-07-2025
- Business
- Cision Canada
June 2025 Quarterly Exploration Results
82km of drilling and $9M invested in resource development and exploration in Q4, FY25 PERTH, Western Australia, July 23, 2025 /CNW/ - Westgold Resources Limited (ASX: WGX) (TSX: WGX) – Westgold or the Company) is pleased to announce the results of exploration and resource development activities during Q4 FY25. Highlights * MURCHISON The Starlight mine continues to deliver impressive drilling results from both the Nightfall and Starlight lodes: 10.00m at 26.42g/t Au from 149.00m in NF1050GC01; 4.43m at 264.37g/t Au from 111.00m and 15.15m at 17.11g/t Au from 173.00m in NF1050GC42; 14.05m at 11.43g/t Au from 214.00m in ST825RD06; 4.00m at 34.69g/t Au from 180.00m in ST840RD12; and 7.50m at 17.04g/t Au from 123.00m in ST840RD22. Exciting results from the emerging Polar Star lode at the Bluebird - South Junction mine include: 3.03m at 157.10g/t Au from 270.00m in 25BLDD001. Drilling at the high-grade Great Fingall mine shows the potential of the Golden Crown and Great Fingall Reefs along with that of newer discoveries such as Sovereign: 7.23m at 12.25g/t Au from 312.00m in 24GCDD017; 7.76m at 6.56g/t Au from 312.00m in 24GFDD093; and 15.96m at 23.17g/t Au from 264.00m in 24SVDD038A. SOUTHERN GOLDFIELDS At Beta Hunt, the maiden Mineral Resource Estimate for Fletcher zone Stage 1 exceeded expectations, delivering 2.3Moz from 1km of the known 2km strike Drilling within the Western Flanks zone at Beta Hunt reinforces Westgold's view of the upside across this under-drilled yet extensive gold system, with exceptional results including: 8.03m at 101.72g/t Au from 8.00m in AWLINKDD-15AG; 55.50m at 4.51g/t Au from 179.00m in AWLINKDD-24AG; and 6.90m at 372.32g/t Au from 8.00m in WWSP4-31AG. $9M spent on exploration and resource development in Q4 FY25 - with $43M invested for full FY25. 16 underground and 2 surface drill rigs operating. * True width has not been calculated. Westgold Managing Director and CEO Wayne Bramwell commented: "This quarter Westgold completed 82km of drilling and invested $9M in resource development and exploration. The delivery of a maiden Mineral Resource Estimate of 2.3Moz from Stage 1 of the Fletcher Zone at Beta Hunt was a major milestone and double the mid-point of the Stage 1 Exploration Target for Fletcher from just 1km of the known 2km strike length. The flow of strong drill results from our largest and emerging mines continues and shows the untapped value within our existing Mineral Resource base. The results from Starlight, South Junction, Great Fingall and Beta Hunt are outstanding and continue to build confidence in our portfolio . Westgold will build on the $43M invested in exploration and resource development in FY25. In FY26 our drill teams will continue to extend mine lives across the portfolio, test our best emerging exploration targets and unlock the inherent value we hold across two of Western Australia's most prolific goldfields." Overview In Q4 FY25, Westgold invested $9M in exploration and resource definition across its portfolio. The Company drilled a total of 81,561m, as summarised by the table below. Table 1: Group Drilling Statistics - Q4 FY25 Region Diamond (m) RC Drilling (m) AC Drilling (m) Auger (m) Total (m) Murchison 43,438 3,579 1,373 15 48,405 Southern Goldfields 30,702 2,454 0 0 33,156 Exceptional intercepts returned this quarter from drilling activities are listed below: Table 2: Exceptional drilling intercepts returned in Q4 FY25 (+100 gram metre intervals) Lode Hole Collar N Collar E Collar RL Intercept (Downhole) From (m) Dip Azi Total Length (m) Gram metres Starlight Nightfall NF1050GC01 7,199,054 636,388 52 10.00m at 26.42g/t Au 149 -12 109 170.6 264.24 NF1050GC40 7,199,055 636,388 53 26.10m at 6.62g/t Au 160 2 99 91.6 172.74 NF1050GC42 7,199,055 636,388 53 4.43m at 264.37g/t Au 111 3 88 54.9 1,171.15 15.15m at 17.11g/t Au 173 259.21 Starlight ST835GC02 7,198,562 636,544 -159 17.08m at 6.17g/t Au 26 16 33 51.7 105.35 ST835GC03 7,198,583 636,540 -159 9.62m at 14.35g/t Au 41 13 7 70 138.02 ST825RD06 7,199,024 636,446 -102 14.05m at 11.43g/t Au 214 -51 51 316.6 160.64 ST840RD12 7,198,701 636,410 -159 4.00m at 34.69g/t Au 180 -22 23 200.5 138.75 Great Fingall Sovereign 24SVDD038A 6,961,714 584,227 141 15.96m at 23.17g/t Au 264 -53 264 317.42 369.79 Beta Hunt Fletcher FF475SP-61AEA 6,543,693 375,041 -473.05 27.00m at 4.24g/t Au 472 -55 235 905.98 114.50 WF490DD-47AE 6,543,672 374,949 -483.95 50.00m at 2.83g/t Au 661 -49 262 952 141.50 Western Flanks AW325SP-04AG 6,544,549 374,490 -322.15 13.00m at 18.18g/t Au 124 -35 254 236.7 236.30 AWLINKDD-15AG 6,544,332 374,724 -286.05 8.03m at 101.72g/t Au 8 -34 255 180.05 816.80 AWLINKDD-20AG 6,544,332 374,724 -286.05 14.75m at 8.71g/t Au 214 -44 236 236.6 128.50 AWLINKDD-24AG 6,544,332 374,722 -286.05 55.50m at 4.51g/t Au 179 -45 219 281.7 250.30 WWSP4-31AG 6,544,073 374,941 -397.89 6.90m at 372.32g/t Au 8 -36 248 281.7 2,569.00 Fletcher FF475SP-61AEA 6,543,693 375,041 -473.05 27.00m at 4.24g/t Au 472 -55 235 905.98 126.50 Bluebird Bluebird 25BLDD066 7,043,942 641,579 47 6.71m at 15.50g/t Au 100 -44 101 148.82 104.01 Polar Star 25BLDD001 7,043,581 641,434 105 3.03m at 157.10g/t Au 270 11 113 308.5 476.01 South Junction 25BLDD017 7,043,581 641,433 103 21.50m at 7.16g/t Au 185 -19 148 408.12 153.94 Westgold had 16 underground drill rigs and 2 surface drill rigs operating at the end of the quarter. The surface drill rigs were operating at Fortnum and Reedy, and the underground rigs were operating at Starlight (3), Bluebird (3), Great Fingall (2), Big Bell (1), Beta Hunt (6) and Two Boys (1). Murchison Westgold drilled 48,405m in the Murchison in Q4 FY25. Resource Development Activities Starlight (Fortnum) Given the ongoing Resource Definition and production success at Nightfall, the Company has continued to prioritise geology work in this area at its Starlight mine. This quarter Nightfall has once again provided a string of high-grade results ahead of the production front of the mine, some of the most specular being: 10.00m at 26.42g/t Au from 149.00m in NF1050GC01; and 4.43m at 264.37g/t Au from 111.00m and 15.15m at 17.11g/t Au from 173.00m in NF1050GC42. Despite the ongoing prominence of Nightfall, the Starlight lodes continue to make a strong contribution to output from the mine, with better results from Starlight this quarter including: 14.05m at 11.43g/t Au from 214.00m in ST825RD06; 4.00m at 34.69g/t Au from 180.00m in ST840RD12; and 7.50m at 17.04g/t Au from 123.00m in ST840RD22. Bluebird- South Junction (Meekatharra) At Bluebird - South Junction, the focus of drilling works has reflected the expanding mine scale. Drilling has targeted the Bluebird lodes, the large-scale South Junction Mineral Resource and the growing Polar Star lodes, with highlights including: 6.71m at 15.50g/t Au from 100.00m in 25BLDD066 (Bluebird); 3.03m at 157.10g/t Au from 270.00m in 25BLDD001 (Polar Star); and 21.50m at 7.16g/t Au from 185.00m in 25BLDD017 (South Junction). Big Bell (Cue) At Cue, the ongoing success of re-accessing the Big Bell Upper Cave (Upper Cave) has allowed Westgold to allocate more focus to this area of the mine in the FY26 Big Bell mine plan. In Q4 FY25, production from the Upper Cave totalled 60% of total mine output from Big Bell, validating this approach. Given the Upper Cave's increasing importance to the medium-term plan, Westgold has recommenced drilling in this area of the mine, providing the data required for consistent and elevated rates of profitable production. Results such those presented below highlight the significant opportunity that exists in the Upper Cave, which is independent from the Lower Cave, located higher in the mine, and critically, already capitally and operationally developed. 21.20m at 3.20g/t Au from 19.00m in 25BBDD0003; 12.03m at 5.68g/t Au from 25.00m in 25BBDD0015; and 14.67m at 3.83g/t Au from 24.00m in 25BBDD0016. Great Fingall (Cue) The early mining opportunity at Great Fingall was executed this quarter, with production starting from the Great Fingall Flats, an area outside the scope of the Great Fingall Feasibility Study mine plan. With the initial production milestone reached, Westgold has stepped up its drilling effort, with multiple rigs defining and infilling early production areas from the Golden Crown and Great Fingall virgin stopes, as well as advancing opportunities outside of the current mine plan such as the Sovereign Reef. Better results returned from this work at Golden Crown in the current quarter include: 7.23m at 12.25g/t Au from 312.00m in 24GCDD017; and 8.22m at 6.68g/t Au from 194.00m in 25GCDD013. At Great Fingall the high-grade nature of the primary orebody is demonstrated by results such as: 7.76m at 6.56g/t Au from 312.00m in 24GFDD093; and 6.27m at 7.75g/t Au from 270.00m in 24GFDD096. Whilst at Sovereign, the significant exploration upside of the mine complex is highlighted by: 4.85m at 3.37g/t Au from 71.00m in 24SVDD023; and 15.96m at 23.17g/t Au from 264.00m in 24SVDD038A. Westgold is following up on this drilling success with two rigs active and a third to be deployed into Great Fingall in Q1, FY26. Greenfields Exploration Activities Greenfields activities in the Murchison included: The completion of the Murphy Creek Aircore (AC) drilling program at Peak Hill (Fortnum); Commencement of the Labouchere RC program (Fortnum); and Commencement of the Triton – Rand Gap diamond drilling program at Reedy (Meekatharra). The Labouchere and Triton – Rand Gap programs were ongoing at the end of the quarter, with results expected in Q1 FY26. Drill planning was ongoing throughout the quarter, with priority targets at Jubilee (Peak Hill) and Meekatharra North (Meekatharra) ready for execution. Fortnum – Labouchere RC Program During the quarter, the Labouchere RC program at Fortnum commenced with 21 holes for 3,167m drilled by the end of the period. The program is targeting potential structural repeats south of the historic Labouchere mine which produced 1.2Mt at 2.47g/t Au for 95.4Koz, as well as follow-up testing of targets defined by recent aircore drilling. Assay results for the program were pending at the end of the quarter. Peak Hill - Murphy Creek AC Program The Murphy Creek AC drill program was completed early in the quarter with 28 holes for 1,416m drilled during the current quarter and 56 holes for 3,315m drilled across the program. The program tested identified targets along strike to the northwest of the Company's Durack deposit which currently hosts an Indicated and Inferred Resource of 2.9Mt at 1.2g/t Au for 111Koz[1]. This potential strike extension has not previously been effectively tested due to the presence of very shallow Bryah Basin volcanic "cover". Significant results from this program included: 6.00m at 1.76g/t from 52.00m to EOH including 1.00m at 5.96g/t in hole 25MCAC045. 13.00m at 0.93g/t from 39.00m including 4.00m at 2.22g/t from 45.00m in hole 25MCAC012. 5.00m at 1.20g/t from 59.00m to EOH in hole 25MCAC020. These early-stage results are very encouraging, and a follow-up drill program is being designed to assess the potential for basement mineralisation. Reedy – Triton – Rand Gap DD Program The Triton – Rand Gap diamond drilling program at Reedy's commenced during the quarter, with 2 holes completed for 1,142.1m, and two holes in progress for a further 459.2m of drilling to the end of the quarter. The Triton and Rand mines have produced 1.90Mt at 6.20g/t Au for 379Koz from past open pit and underground mining. This program is targeting the plunge intersection between high-grade lodes plunging north from Triton and high-grade lodes plunging south from Rand. Assay results for 25REDD002 were received during the quarter, with a single significant intersection returned from a narrow zone of silica-biotite alteration in the Reedy Dolerite. The remainder of the program is still being completed, and assays are pending. Southern Goldfields Westgold drilled 33,156m in the Southern Goldfields in Q4 FY25. Resource Development activity Beta Hunt (Kambalda) Six drill rigs have remained active at Beta Hunt throughout Q4, focused on continuing to expand the Mineral Resource base and provide the necessary definition to allow for efficient mining execution. Across the Company, the most significant event in the Resource Definition space during the quarter was the delivery of the maiden Mineral Resource Estimate for Stage 1 of the Fletcher zone, totalling 31Mt at 2.3g/t Au for 2.3Moz Au. Fletcher is a gold-bearing shear zone located approximately 50 metres west of the Western Flanks vein system, within the Hunt Block of the Beta Hunt Mine at Kambalda. It is interpreted as a parallel, structural analogue to the Western Flanks and A Zone deposits, and is considered the third major mineralised shear zone system hosted in the Hunt Block. Table 3: Stage 1 Fletcher Zone Mineral Resource Estimate In September 2024, Westgold declared a global Fletcher Zone Exploration Target of 23-27Mt at 2.1-2.5g/t Au for 1.6-2.1Moz, including a Stage 1 Exploration Target of 12–16Mt at 2.1-2.5g/t Au for 0.8-1.2Moz Au. An aggressive drilling campaign has resulted in a Mineral Resource Estimates that has doubled the mid-point of the Stage 1 Exploration Target[2]. Westgold is continuing to capitalise on this success with drilling ongoing at Fletcher, producing results during the current quarter such as: 27.00m at 4.24g/t Au from 472.00m, 10.00m at 4.48g/t Au from 725.00m and 10.00m at 3.56g/t Au from 742.00m in FF475SP-61AEA; 21.00m at 2.03g/t Au from 210.00m, 32.40m at 1.79g/t Au from 292.00m, 2.05m at 34.41g/t Au from 335.00m and 31.00m at 1.69g/t Au from 709.00m in WF440DD-37AE; and 16.00m at 5.56g/t Au from 245.00m, 22.00m at 2.64g/t Au from 368m and 50.00m at 2.83g/t Au from 661.00m in WF490DD-47AE. 2 Refer to ASX release titled "Fletcher Exploration Target Defined at 1.6 - 2.1Moz Au" – 16 September 2024. Whilst the Fletcher MRE was the highlight of Resources Definition activities at Beta Hunt this quarter, the most spectacular Resource Definition drilling results received during the reporting period have been from the production mainstay Western Flanks area. Western Flanks is one of two main production zones and currently the major driver of mine output at Beta Hunt. Results such as those received this quarter will ensure that Western Flanks remains integral to the success of Beta Hunt well into the future. 8.03m at 101.72g/t Au from 8.00m in AWLINKDD-15AG; 55.50m at 4.51g/t Au from 179.00m in AWLINKDD-24AG; and 6.90m at 372.32g/t Au from 8.00m in WWSP4-31AG. Additionally, A Zone and Cowcill have continued to see significant drilling effort this quarter in keeping with Westgold's strategy to develop independent production zones which complement the current mine plan, and take advantage of existing capital infrastructure. Whilst A Zone is already a key constituent of the Beta Hunt mine plan, lifting the contribution from A Zone and integrating deposits such as Cowcill will significantly de-risk Westgold's plans to lift outputs at Beta Hunt. Higginsville At Higginsville, Westgold is continuing to have success at its small-scale Two Boys mine, with ongoing drilling defining a clear high-grade trend within the broader Two Boys system as demonstrated by recent results such as: 3.00m at 4.1g/t Au from 61.00m in 25TBDDG007; 1.00m at 10.8g/t Au from 79.00m in 25TBDDG008; and 1.60m at 11.1g/t Au from 133.00m in 25TBDDG021. This definition directs Westgold to focus mining efforts within the highest value part of the orebody, which in-turn has ensured Two Boys has consistently generated free cash flow month-on-month under Westgold management. The current Two Boys mine plan has development continuing to advance to the north, creating a drilling horizon from Two Boys to target opportunities at the Poseidon South zone of the 1.2Moz Trident Mine. Greenfields Exploration Activities Greenfields exploration activities in the Southern Goldfields included ongoing target assessment and drill program design, heritage survey planning and the completion of the Spargo's RC drilling program. Higginsville - Greater Spargo's RC Drill Program Results During the quarter an RC drill program was undertaken testing two targets in the Greater Spargo's area with a total of 19 holes for 2,454m completed. The program targeted a RAB anomaly and an area of elevated pathfinder elements in association with a sheared stratigraphic contact. Assay results from this program did not warrant further investigation, and no further work is currently planned for this anomaly. Beta Hunt – Mason Target As detailed in the Q3 Quarterly Report, the Mason target is considered to be the fault-offset extension of Fletcher to the south of the Alpha Island Fault (refer Figure 9 above). Preparation for the Mason Target UG drill program was completed in the quarter with work planned to commence early in Q1 FY26. This drill program has increased prospectivity given the results of the maiden Fletcher MRE outlined above. Compliance Statements Exploration Targets, Exploration Results, Mineral Resources and Ore Reserves The information in this report that relates to Mineral Resources is compiled by Westgold technical employees and contractors under the supervision of the General Manager of Technical Services, Mr. Jake Russell (Hons), who is a member of the Australian Institute of Geoscientists and who has verified, reviewed, and approved such information. Mr Russell is a full-time employee to the Company and has sufficient experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activities which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the " JORC Code") and as a Qualified Person as defined in the CIM Guidelines and National Instrument 43-101 – Standards of Disclosure for Mineral Projects (" NI 43-101"). Mr. Russell is an employee of the Company and, accordingly, is not independent for purposes of NI 43-101. Mr Russell consents to and approves the inclusion in this report of the matters based on his information in the form and context in which it appears. Mr Russell is eligible to participate in short- and long-term incentive plans of the Company. The information in this report that relates to Ore Reserve Estimates is based on information compiled by Mr. Leigh Devlin, B. Eng MAusIMM, who has verified, reviewed and approved such information. Mr. Devlin has sufficient experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activities which they are undertaking to qualify as a Competent Person as defined in the JORC Code and as a Qualified Person as defined in the CIM Guidelines and NI 43-101. Mr. Devlin is an employee of the Company and, accordingly, is not independent for purposes of NI 43-101. Mr. Devlin consents to and approves the inclusion in this report of the matters based on his information in the form and context in which it appears. Mr. Devlin is a full time senior executive of the Company and is eligible to, and may participate in short-term and long-term incentive plans of the Company as disclosed in its annual reports and disclosure documents. The information in this report that relates to Exploration Targets and Results is compiled by the Westgold Exploration Team under the supervision of Chief Growth Officer, Mr. Simon Rigby (Hons), who is a member of the Australian Institute of Geoscientists and who has verified, reviewed, and approved such information. Mr Rigby is a full-time employee of the Company and has sufficient experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activities which he is undertaking to qualify as a Competent Person as defined in the JORC Code and as a Qualified Person as defined in the CIM Guidelines and NI 43-101. Mr. Rigby is an employee of the Company and, accordingly, is not independent for purposes of NI 43-101. Mr Rigby consents to and approves the inclusion in this report of the matters based on his information in the form and context in which it appears. Mr Rigby is eligible to participate in short-term and long-term incentive plans of the Company. Mineral Resources, Ore Reserve Estimates and Exploration Targets and Results are calculated in accordance with the JORC Code. Investors outside Australia should note that while Ore Reserve and Mineral Resource estimates of the Company in this report comply with the JORC Code (such JORC Code-compliant Ore Reserves and Mineral Resources being "Ore Reserves" and "Mineral Resources" respectively), they may not comply with the relevant guidelines in other countries. The JORC Code is an acceptable foreign code under NI 43-101. Information contained in this announcement describing mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of US securities laws, including Item 1300 of Regulation S-K. All technical and scientific information in this release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and has been reviewed on behalf of the Company by Qualified Persons, as set forth above. This report contains references to estimates of Mineral Resources and Ore Reserves. The estimation of Mineral Resources is inherently uncertain and involves subjective judgments about many relevant factors. Mineral Resources that are not Ore Reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. Mineral Resource estimates may require re-estimation based on, among other things: (i) fluctuations in the price of gold; (ii) results of drilling; (iii) results of metallurgical testing, process and other studies; (iv) changes to proposed mine plans; (v) the evaluation of mine plans subsequent to the date of any estimates; and (vi) the possible failure to receive required permits, approvals and licenses. Technical reports NI 43-101 compliant technical reports for each of Fortnum, Meekatharra, Cue, Beta Hunt and Higginsville operations are available under the Company's SEDAR+ profile at and the Company's website at Forward Looking Statements These materials prepared by Westgold Resources Limited (or the " Company") 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. SOUTHERN GOLDFIELDS All widths are downhole. Coordinates are collar. Grid is MGA 1994 Zone 51 Significant = >5g/m for resources. MURCHISON All widths are downhole. Coordinates are collar. Grid is MGA 1994 Zone 50 for the Murchison. Significant = >5g/m for resources & >2g/m for greenfields exploration.
Cision Canada
22-07-2025
- Business
- Cision Canada
June 2025 Quarterly Results
ASX Release $132M Treasury Build in Q4 FY25 PERTH, Western Australia, July 23, 2025 /CNW/ - Westgold Resources Limited (ASX| TSX: WGX - Westgold or the Company) is pleased to report results for the period ending 30 June 2025 (Q4 FY25). HIGHLIGHTS View PDF OPERATIONS Safety Performance Total Recordable Injury Frequency Rate (TRIFR) of 5.67 / million hours – an improvement of ~10% Record Group quarterly gold production of 88,022oz Au @ AISC of $2,688/oz Record Group full year gold production of 326,384oz @ AISC of $2,666/oz - marginally outside FY25 guidance of 330-350,000oz @ AISC of A$2,400 - 2,600/oz Mine productivity and milling output lifts across the Group Mining commenced in Great Fingall Flats RESERVES & RESOURCES Maiden Mineral Resource for Fletcher Zone at Beta Hunt of 2.3Moz – from 1km of 2km strike EXPLORATION $9M invested during the quarter - refer to the June 2025 Quarterly Exploration Results for details FINANCE Gold sales of 71,500oz at an average price of A$5,174/oz - generating revenue of A$370M $364M in closing cash, bullion, and liquid investments @ 30 June 2025 - a record $132M increase Q on Q CORPORATE Ivan Mullany joins the board as Non-Executive Director Barminco awarded a 3-year contract for the Great Fingall mine – mining in virgin high group stopes to commence Q1, FY26 Westgold remains 100% unhedged FY26 Guidance will be released to the market in August - with 3-year outlook in September, post Resource/Reserve Update Westgold is a leading, unhedged ASX200 gold producer, committed to unearthing enduring value for all its stakeholders. Westgold's vision is to become the Australian gold company of choice, sustaining safe, responsible and profitable production. Financial values are reported in A$ unless otherwise specified This announcement is authorised for release to the ASX by the Board. Westgold Managing Director and CEO Wayne Bramwell commented: "Westgold's Q4, FY25 results of 88koz of production and $132M in treasury build were Group records. These results propelled the Group to a full year production record of 326,384oz (at AISC of $2,666oz) and closing cash, bullion and liquid investments of $364M - demonstrating the growing free cash flow capability of our business. Investment in resource drilling, mine infrastructure and fleet replacement lifted the business during Q4, FY25, with mine productivity and milling throughputs across all our operations improving quarter on quarter. Trucking availability at Beta Hunt and development delays at Bluebird-South Junction impacted delivery of the full year target but, Group production of 34koz in June shows what this portfolio can deliver when our mines perform. Mine output at our larger assets continue to improve. At Bluebird-South Junction, Westgold fired the first large South Junction stopes and now has a mine design that, though slower to implement in the short term, establishes higher outputs and future proofs this multi-decade asset. At Beta Hunt, substantial progress was made on mine infrastructure projects that will enable higher productivity whilst at Big Bell, the Upper Cave continues to deliver increasing tonnages. Our smaller mines continue to play a key supporting role, with our Starlight mine outperforming yet again. The Two Boys mine at Higginsville, a small underground mine which at the start of the year had little future, needed just a single diamond drill to start to define mine life extensions, lift mine grade and its outputs. Alongside stellar drilling results detailed in our June 2025 Quarterly Exploration results, another milestone for Westgold this quarter was the announcement of a maiden Mineral Resource Estimate of 2.3Moz from the Fletcher Zone at Beta Hunt. This result, achieved from just 1km of the known 2km strike, validates our view of the potential upside in Beta Hunt and signals the beginning of a multi-decade growth journey for the Fletcher Zone. FY25 was transformational for Westgold. The business has growing scale and with our capital investments lifting productivity, in FY26 we now have a portfolio we can leverage for enhanced cashflows. Executive Summary Cash Position as of 30 June 2025 Westgold closed Q4, FY25 with cash, bullion and liquid investments of $364M – representing a build of $132M in total cash, bullion and liquid investments (after investing $39M on capital and $9M on exploration, refer Figure 1). This result was driven by record Group gold production, an increase in realised gold price to $5,174/oz and the second payment of $20M from the recently announced divestment of the non-core Lakewood Mill 1. Notes Westgold remains unhedged and fully exposed to the spot gold price. Second cash payment of $20M relating to the Lakewood Sale received in the quarter. Remaining cash payment of $25M is due to be received in November 2025. Closing investments include 1.6B shares held in New Murchison Gold (ASX: NMG) but exclude 19.8M shares received in Blackcat Syndicate Limited scrip during the quarter (as the BC8 scrip has a 12-month escrow period.) Group Production Highlights In FY25, Westgold produced a Group record annual production of 326,384oz at an AISC of $2,666/oz. The result was marginally outside FY25 Production Guidance of 330-350koz and All-In Sustaining Cost Guidance of $2,400 - $2,600/oz 2. In Q4 FY25, Westgold also achieved a Group record quarterly production of 88,022oz (Q3 FY25: 80,107oz). The increase in production came from the Murchison hubs with 54,811oz were produced (Q3 FY25: 42,906oz), with this lift attributed to the access to higher grade stopes at Bluebird-South Junction and the Galaxy lodes at Starlight. The Southern Goldfields produced 33,211oz (Q3 FY25: 37,201oz), with the quarter-on-quarter reduction attributable to intermittent issues associated with the load and haul fleet at Beta Hunt. These issues saw ~4koz of production delayed with the expectation these ounces will be mined in FY26. While mining rates at Bluebird-South Junction improved quarter on quarter, access to South Junction was further delayed until a full mine redesign was completed in April 2025, increasing the reliance on low grade processing to maintain consistent mill feed to the Meekatharra hub. In combination with the load and haul fleet issues at Beta Hunt, these factors contributed to the minor deviance from the Company's FY25 guidance range. All-In Sustaining Cost (AISC) for Q4, FY25 was $237M (Q3 FY25: $227M), and on a per ounce basis was $2,688/oz (Q3 FY25: $2,829/oz), as a result of increased mining activity and gold production in Q4 across the group. The Company sold 71,500 oz of gold for the quarter achieving a record price of $5,174/oz, generating $370M in revenue. With Westgold hedge free, operations generated $219M of mine operating cashflows with the achieved gold price $2,486/oz over AISC. Total capital expenditure during Q4 FY25 of $39M (Q3 FY25: $46M) includes $27M of investment in growth projects (Bluebird-South Junction and the Great Fingall development) and $12M in plant and equipment (processing facilities, ventilation, water and paste infrastructure across the respective sites). In FY25, Westgold invested $199M in capital expenditure, in-line with its Capital Guidance of $200M. Investment in exploration and resource development of $9M (Q3 FY25: $11M) for the quarter continued focusing on Bluebird-South Junction and Starlight in the Murchison, and the Fletcher Zone and Western Flanks at Beta Hunt in the Southern Goldfields. In FY25, Westgold invested $43M in exploration, marginally lower than Westgold's FY25 exploration guidance of $50M. The net mine cash inflow for Q4 FY25 was $171M (refer Table 1 under Group Performance Metrics). Westgold will provide its FY26 Guidance in August FY26, and a 3-year outlook during September FY26. Environmental, Social and Governance (ESG) People In Q4 FY25, total headcount reduced 4% to 2,227 employees, contractors and labour hire while the employee initiated turnover rate continued to decline. Safety and Sustainability Safety Westgold delivered a strong safety and sustainability performance in Q4 FY25, reinforcing its commitment to responsible operations and continuous improvement. Safety performance improved across all key indicators, with the Total Recordable Injury Frequency Rate (TRIFR) reducing to 5.67 by the end of June. This marks a significant improvement from the prior quarter and reflects the effectiveness of targeted safety initiatives and operational discipline. The Lost Time Injury Frequency Rate (LTIFR) fell to 0.39, and the Serious Potential Incident Frequency Rate (SPIFR) improved to 8.21, continuing the downward trend across the business. A comprehensive review of Westgold's emergency systems and processes, with site-level verification of findings has been performed, to ensure a standardised, emergency and crisis management system is maintained throughout Westgold. Westgold also advanced its occupational health and hygiene program, with a comprehensive review of current processes. This program includes review of site Health and Hygiene Management Plans and Hygiene Risk Assessments across all Westgold sites and development of a standardised database to support compliance, data integrity, and reporting automation. Training Westgold achieved a major milestone with the new Maddington Supply and Training Centre becoming fully operational. The centre now delivers training programs including Forklift, Working at Heights, Confined Space Entry, and First Aid, supporting statutory compliance and building internal capability. Environment/Sustainability Environmental performance remained strong. No significant environmental incidents were recorded during the quarter, with investment in long term mine infrastructure including: Commissioning of the Tuckabianna West Tailings Storage Facility; Construction compliance for the Higginsville TSF raise; and Environmental approvals for a new LNG power station at Great Fingall and a new TSF at Fortnum. Westgold completed its AASB S2 gap assessment and commenced implementation of the roadmap for FY26. This initiative aims to ensure the Company's 2025 Sustainability Report is aligned with Global Reporting Initiative standards and also provides a databook to support auditability. Group Performance Metrics Westgold's quarterly physical and financial outputs for Q4 FY25 are summarised below. Q4 FY25 Group Performance Overview Westgold mined a total of 1,264kt (Q3 FY25: 997kt), with all operating mines reporting higher mining rates than achieved in Q3, FY25. Westgold processed 1,408 kt (Q3 FY25: 1,297 kt) of ore in total at an average grade of 2.1g/t Au (Q3 FY25: 2.1g/t Au), producing 88,022oz of gold (Q3 FY25: 80,107oz). Group AISC in Q4 FY25 was $237M (Q3 FY25: $227M). MURCHISON The Murchison operations produced 54,811oz of gold (Q3 FY25: 42,906oz). Quarterly production grew due to the mining of several large Bluebird-South Junction stopes at the end of the quarter and improved access to high-grade ore from the Galaxy lodes at Starlight. Total AISC of $138M (Q3 FY25: $136M) was slightly higher than the prior quarter, mainly due to increased ore mined during the period with higher production at South Junction which was partially been offset by stockpile build up at the end of quarter. AISC per ounce of $2,503/oz (Q3 FY25: $3,160/oz) was lower mainly as a result of increased ounces produced in the quarter. Total Capital Expenditure of $31M, includes Growth Capital ($25M) and Plant and Equipment ($6M) across the Murchison operations. Growth Capital related to the Great Fingall development and expansions to the Bluebird-South Junction and Starlight mines. Plant and Equipment includes investment mainly related to processing facilities, Bluebird-South Junction primary ventilation fans ($2M), Bluebird paste and water infrastructure ($3M), and processing tank refurbishment ($1M) during the quarter. SOUTHERN GOLDFIELDS The Southern Goldfields produced 33,211oz of gold in Q4 FY25 (Q3 FY25: 37,201oz). The decreased output quarter on quarter was due to truck reliability issues in the aging haulage fleet at Beta Hunt. Reduced truck availability impacted spatial compliance reducing capacity to produce from planned higher grade areas deeper in the mine. The reduced mined grade affected Westgold's plan to offset the lower quarter on quarter milling capacity in the Southern Goldfields following the divestment of Lakewood in Q3 FY25. The total AISC in the Southern Operations increased quarter on quarter (Q4 FY25 AISC: $99M vs Q3 FY25 AISC: $91M). On a per ounce basis, AISC was higher at $2,992/oz in Q4 FY25 (Q3 FY25: $2,446/oz), with the increase being driven primarily by the increased mining of lower grade ore at Beta Hunt. Total Capital Expenditure of $8M, includes Growth Capital ($2M) and Plant and Equipment ($6M) across the Southern Goldfields Operations mainly relating to water, ventilation and underground infrastructure at Beta Hunt mine. Operations and Project Summary Murchison Bluebird-South Junction Underground Mine (Meekatharra) Bluebird-South Junction mined 170kt at 2.57 g/t for 14,027oz (Q3 FY25: 109kt at 2.71 g/t for 9,483oz), with higher ore production quarter on quarter offset by slightly lower grades. During the quarter, Westgold gained access across two levels of the South Junction mine, which delivered increased production from the mine during the quarter. Following assessment of footwall ground conditions, Westgold commenced a process of transitioning its mine design from transverse to predominantly longitudinal open stoping. By placing development predominately within the more competent orebody and minimising work in the ultramafic host rock, this mine design supports sustainable operations over its multi-decade mine life. With the installation of the paste plant mostly complete, Westgold is expecting to commence paste filling at Bluebird-South Junction late Q1 FY26, enabling near 100% ore body extraction from underground. This transition in mine design and the commencement of paste fill will initially result in lower mining rates for the first half of FY26 whilst the mine remains development constrained and limited by number of parallel mining areas. A steady ramp up is expected to follow as the requisite independent mining fronts are established to sustain a 1-1.2Mtpa mining rate from Bluebird-South Junction by the end of FY26. In conjunction with the expansion in mining rates, project works remain on track for underground HV electrical upgrades, primary ventilation upgrades and paste fill infrastructure. The completion of these projects will ensure sustained production growth from South Junction . Bluebird Mill (Meekatharra) Q4 FY25 gold production at the Bluebird Mill was steady with increased throughput on lower grade. The mill processed 377kt at 1.73g/t (Q3 FY25: 240kt at 2.00g/t) with 94% recovery (Q3 FY25: 92%) for 19,640oz (Q3 FY25: 14,136oz). Increased production from Bluebird-South Junction, haulage of low-grade stockpile feed (predominantly from Fortnum), and Big Bell and Fender material surplus to Tuckabianna requirements drove the quarter on quarter throughput increase at the Bluebird Mill. Fender Underground Mine (Cue) The marginal improvement in ore production at Fender quarter on quarter was offset by a known reduction in mined grade in the current mining area, with the mine delivering 90kt at 1.92g/t for 5,551oz (Q3 FY25: 79kt at 2.37g/t for 6,048oz). Fender is expected to continue to deliver consistently with an improved head grade in Q1 FY26. Big Bell Underground Mine (Cue) Big Bell mined 279kt at 1.83g/t for 16,416oz (Q3 FY25: 246kt at 1.80g/t for 14,251oz). Production from Big Bell increased quarter on quarter as the expansion of the Upper Cave continued to increase output. Upper Cave production in Q4 FY25 represented ~60% of total Big Bell mine output, with the remainder coming from the Lower Cave and adjacent stopes. Westgold expects the proportion of Upper Cave ore in total Big Bell production to continue to increase over FY26. Westgold deferred the Big Bell Deeps expansion in early FY25 (the development of the deeper long hole open stoping mining operation under the sub-level cave) to prioritise the larger Bluebird-South Junction and Beta Hunt mine expansions and to capitalise on relatively simple upper cave opportunity. This allowed deferral of approximately $20M of capital spend at Big Bell and provide the opportunity to evaluate new options to enhance Big Bell Deeps expansion economics. These option studies and additional drilling are underway. Great Fingall Underground Mine (Cue) Mining commenced at Great Fingall, from the lower grade Great Fingall flats area which delivered 32kt at 1.44g/t for 1,498oz, with the ore transported to Tuckabianna for processing. In parallel, decline development continued to progress toward the first production levels from the higher grade virgin stopes, with stoping expected to commence in Q1 FY26 following the completion of dewatering activities. Barminco Limited (Barminco), a leading underground mining services provider, has been formally awarded the mining contract for Great Fingall. The contract encompasses all aspects of underground development, production, and associated services at Great Fingall. Barminco is set to mobilise their specialist workforce and equipment to site, with a transition anticipated in September 2025. This partnership is expected to accelerate production ramp-up at Great Fingall, capitalising on Barminco's extensive experience in similar underground mining projects across Australia. Westgold is also preparing to initiate comprehensive resource definition and extensional drilling programs at Great Fingall. These initiatives will focus on the Great Fingall Reef, Golden Crown, Sovereign, and several additional targets identified beyond the current mine plan but accessible from the new development. Tuckabianna Mill (Cue) Tuckabianna processed 333kt at 1.81g/t (Q3 FY25: 310kt at 1.86g/t) with an 88% recovery rate (Q3 FY25: 88%), yielding 17,022oz (Q3 FY25: 16,264oz). The production increase at Tuckabianna quarter on quarter was driven by increased ore production at Big Bell, predominantly from the upper cave. Tuckabianna completed a planned 6-day long shutdown early July 2025 following the end of the period. Starlight Underground Mine (Fortnum) Starlight UG mined 197kt at 2.92g/t for 18,457oz (Q3 FY25: 147kt at 2.64g/t for 12,495oz). Ore volumes mined saw a 34% increase quarter on quarter due to the use of new, high performing fleet increasing mine productivity with access to a third mining front in the Galaxy zone. Mined grade also increased quarter on quarter with mining of the higher grade Galaxy stopes commencing during Q4 FY25. Following the completion of planned primary fan upgrades in Q3 FY25, further ventilation upgrades are scheduled for Q1 FY26 and Q3 FY26 to support Life of Mine plans at a ~80kt/month production rate. Fortnum Processing Hub (Fortnum) In Q4 FY25, Fortnum processed 231kt at 2.64g/t (Q3 FY25: 202kt at 2.08g/t) with 93% recovery (Q3 FY25: 93%) for 18,149oz (Q3 FY25: 12,506oz). The higher gold production, driven by increased production from Starlight and reduced processing of stockpile ore. Southern Goldfields Beta Hunt Underground Mine (Kambalda) Beta Hunt achieved improved mining rates quarter on quarter, mining 383kt at 2.32g/t for 28,533oz (Q3 FY25: 363kt at 2.79g/t for 32,498oz). The improved rates were achieved despite experiencing multiple truck reliability issues, leaving the haulage fleet under capacity. To maintain mining rates, mining was focussed on upper, lower grade regions which adversely affected mined grade. Mine outputs at times were also impacted by critical infrastructure restrictions. The additional water supply project is now completed securing Beta Hunt's access to a clean water supply. Ventilation upgrades at Beta Hunt have seen minor delays with fan commission occurring in late July / early August. The power supply upgrade project work at Beta Hunt is now also complete, establishing reliable power with increased capacity to support future growth. Two Boys Underground Mine (Higginsville) Production from the small Two Boys underground mine improved by 23% this quarter with higher tonnes and grade, having mined 56kt at 2.92g/t for 5,210oz (Q3 FY25: 52kt at 2.52g/t for 4,213oz). Grade control drilling completed to date has enabled the development of a mine plan which now establishes a 12-month planning horizon. Lake Cowan Open Pits (Higginsville) Lake Cowan mined 57kt at 1.39g/t for 2,582oz. Mining at the Lake Cowan open pits commenced in early Q4 FY25 with open pit contractor Mineral Mining Services Pty Ltd having mobilised in April. With the pre-strip completed in Q4 FY25, ore production is expected to peak in Q1 FY26 prior to the pit completion at the end of the quarter. Excess soft oxide Lake Cowan ore will be stockpiled and processed over the course of FY26. Southern Goldfields processing The 1.6Mtpa Higginsville processing plant processed 382kt at 2.42g/t (Q3 FY25: 333kt at 2.17g/t) with a 93% recovery (Q3 FY25: 93%), producing 27,698oz (Q3 FY25: 21,804oz). Higginsville currently relies on Beta Hunt underground ore as its primary ore feed sources, and is supplemented by Two Boys, Lake Cowan and Low-Grade Stockpiles. During the quarter, increased volumes of Beta Hunt ore and the addition of Lake Cowan ore displaced low grade stockpile feed in the blend, increasing the processing grade compared to Q3. The divestment of Lakewood was completed at the end of Q3 FY25 to Black Cat Syndicate Limited (ASX: BC8). Westgold has access to 400,000t of toll milling capacity over 2 years with BC8 and in Q4 FY25, the first toll milling parcels were processed. The Lakewood mill processed 85kt at 2.16g/t (Q3 FY25: 212kt at 2.46g/t) with a 92% recovery (Q3 FY25: 92%), yielding 5,513oz (Q2 FY25: 15,397oz), with the feed being sourced from Beta Hunt. Exploration Exploration investment for the quarter was $9M (Q3 FY25: $11M). In Q4 FY25 exciting resource definition drilling results were returned at Bluebird-South Junction, Starlight, Great Fingall and Beta Hunt including: 3.03m at 157.10g/t Au from 270.00m in 25BLDD001 (Bluebird - Polar Star Lode); 4.43m at 264.37g/t Au from 111.00m and 15.15m at 17.11g/t Au from 173.00m in NF1050GC42, (Starlight -Nightfall lode); 7.23m at 12.25g/t Au from 312.00m in 24GCDD017 (Great Fingall – Golden Crown), 15.96m at 23.17g/t Au from 264.00m in 24SVDD038A (Great Fingall -Golden Crown); 8.03m at 101.72g/t Au from 8.00m in AWLINKDD-15AG (Beta Hunt – Western Flanks); 6.90m at 372.32g/t Au from 8.00m in WWSP4-31AG (Beta Hunt – Western Flanks). Fletcher Maiden Resource 4 A particular highlight during the quarter was Westgold's announcement of the maiden Mineral Resource Estimate (MRE) for Stage 1 of the Fletcher Zone at Beta Hunt 4. The Stage 1 MRE totals 31Mt at 2.3g/t for 2.3Moz of gold, effectively doubling the September 2024 Beta Hunt Mineral Resource. This estimate is based on drilling across the first kilometre of the known two-kilometre strike, with mineralisation extending up to 500 metres in width and over 800 metres vertically. The resource remains open at depth, and conversion drilling is underway targeting a maiden Ore Reserve in FY26. The Fletcher Zone is interpreted as a parallel structural analogue to the Western Flanks and A Zone deposits, reinforcing its significance as the third major mineralised shear zone system within the Hunt Block. Full details are provided in the ASX announcement released on 23 July 2025, titled "June 2025 Quarterly Exploration Results". Corporate At the end of Q4 FY25, Westgold's total cash, bullion and investments totalled $364M. Cash, Bullion and Investments 1. Investments exclude $15M received in Blackcat Syndicate scrip during the quarter due to the 12 month escrow period. Debt At quarter end Westgold had drawn down $50M from its Corporate Facilities to balance the working capital requirements for operations and growth of a much larger business. A balance of $250M remains as undrawn capacity of the Syndicated Facility Agreement. Combined with its cash, bullion and liquid investments balance of $364M, the Company had $614M in available liquidity at the end of the quarter. Gold Hedging Westgold is fully unhedged and completely leveraged to the gold price. It achieved an average gold price of $5,174/oz for Q4 FY25 (Q3 FY25 $4,630/oz). Synergies The table below identifies the post-merger pre-tax synergies which have been realised to date. Work to realise further savings are ongoing, with significant opportunities identified for completion by the end of Q4 FY25 in accommodation services, flights and various supply chain commodities such as ground support, explosives and general consumables. Westgold currently has active tenders to the value of circa $100M in progress which are expected to deliver material savings over the next year. Ivan Mullany joins the Board During the quarter, Mr Ivan Mullany was appointed to Westgold's Board of Directors as a Non-Executive Director, bringing with him an extensive international career in consultancy and management within the mining sector. Having held key leadership positions in various global mining companies, Mr Mullany has a proven track record of driving operational efficiency and strategic growth initiatives. His addition to the Board of Directors is expected to enhance Westgold's ability to optimize operations and deliver lasting value to shareholders as the Company pursues significant growth opportunities and operational savings. Due to Mr Mullany's foreign residency, and in compliance with ASX listing rule 3.16.4, Westgold advises that today it entered into a consultancy agreement with a company under Mr Mullany's control to facilitate director fee payments. Under the terms of the agreement, Mr Mullany's will act as a Non-Executive Director in accordance with the Westgold's constitution and the Corporations Act. The agreement will remain in place for the duration of Mr Mullany's board appointment, unless terminated with 20 business days' notice by either party. The monthly fee for Mr Mullany's services is $11,733, plus the equivalent superannuation contribution, less any applicable taxes. Higginsville Expansion Plan (HXP) A detailed engineering study, upgrading the existing 1.6Mtpa Higginsville mill to 2.6Mtpa will be awarded in July. This study will be predicated on an installed capacity of 2.6Mtpa with key processing equipment oversized to make future allowance for the possible expansion to circa 4Mtpa. Portfolio Review – Divestment Programme Westgold's corporate strategy is simplify its portfolio and focus on its larger or higher-grade operating assets. A portfolio review undertaken during the quarter has now prioritised several of Westgold's smaller assets for divestment. These assets include the Comet underground mine at Cue, the Paddy's Flat underground complex at Meekatharra, the South Emu-Triton package (Reedy's), Peak Hill (near Fortnum) and the Mt Henry-Selene assets (near Norseman). The formal divestment process will commence during Q1, FY26. Share Capital Westgold closed the quarter with the following capital structure: Quarterly conference call details Wayne Bramwell (Managing Director & CEO), Tommy Heng (Chief Financial Officer) and Aaron Rankine (Chief Operating Officer) will present the results via webcast on Wednesday, 23 July 2025 at 10:00AM AWST / 12:00PM AEST, followed by a Q&A session. To listen to the Webcast live, please click on the link below and register your details. After registering, you will receive a confirmation email containing information about joining the webinar. Please log on a few minutes before the scheduled commencement time to ensure you are registered in time for the start of the call. Compliance Statements Forward Looking Statements These materials prepared by Westgold Resources Limited (or the " Company") 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. Mineral Resources The information in this report that relates to Mineral Resources is provided by Westgold technical employees and contractors under the supervision of the General Manager of Technical Services, Mr. Jake Russell (Hons), who is a member of the Australian Institute of Geoscientists and who has verified, reviewed, and approved such information. Mr Russell is a full-time employee to the Company and has sufficient experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activities which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the " JORC Code") and as a Qualified Person as defined in the CIM Guidelines and National Instrument 43-101 – Standards of Disclosure for Mineral Projects (" NI 43-101"). Mr. Russell is an employee of the Company and, accordingly, is not independent for purposes of NI 43-101. Mr Russell consents to and approves the inclusion in this report of the matters based on his information in the form and context in which it appears. Mr Russell is eligible to participate in short and long-term incentive plans of the Company. It is a requirement of the ASX Listing Rules that the reporting of Mineral Resources, Ore Reserve Estimates in Australia complies with the JORC Code. Investors outside Australia should note that while Ore Reserve and Mineral Resource estimates of the Company in this report comply with the JORC Code (such JORC Code-compliant Ore Reserves and Mineral Resources being "Ore Reserves" and "Mineral Resources" respectively), they may not comply with the relevant guidelines in other countries. The JORC Code is an acceptable foreign code under NI 43-101. Information contained in this announcement describing mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of US securities laws, including Item 1300 of Regulation S-K. All technical and scientific information in this report has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and has been reviewed on behalf of the Company by Qualified Persons, as set forth above. This report contains references to estimates of Mineral Resources and Ore Reserves. The estimation of Mineral Resources is inherently uncertain and involves subjective judgments about many relevant factors. Mineral Resources that are not Ore Reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. Mineral Resource estimates may require re-estimation based on, among other things: (i) fluctuations in the price of gold; (ii) results of drilling; (iii) results of metallurgical testing, process and other studies; (iv) changes to proposed mine plans; (v) the evaluation of mine plans subsequent to the date of any estimates; and (vi) the possible failure to receive required permits, approvals and licenses. Appendix A – Key metrics by operating asset Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Fortnum Mill Ore milled kt 196 208 202 231 Milled grade g/t 2.52 2.46 2.08 2.64 Recovery % 95 95 93 93 Gold Produced oz 15,069 15,517 12,506 18,149 Bluebird Mill Ore milled kt 349 219 240 377 Milled grade g/t 2.03 2.36 2.00 1.73 Recovery % 89 89 92 94 Gold Produced oz 20,306 14,933 14,136 19,640 Tuckabianna Mill Ore milled kt 334 322 310 333 Milled grade g/t 1.86 1.78 1.86 1.81 Recovery % 87 87 88 88 Gold Produced oz 17,514 16,011 16,264 17,022 Southern Goldfields Ore milled kt 411 593 545 467 Milled grade g/t 2.02 1.97 2.29 2.37 Recovery % 92 92 93 93 Gold Produced oz 24,480 34,425 37,201 33,211 Starlight UG Ore mined kt 174 168 147 197 Mined grade g/t 2.67 2.67 2.64 2.92 Contained gold oz 14,936 14,374 12,495 18,457 Bluebird-South Junction UG Ore mined kt 95 88 109 170 Mined grade g/t 3.71 3.42 2.71 2.57 Contained gold oz 11,297 9,649 9,483 14,027 Big Bell UG Ore mined kt 307 333 247 279 Mined grade g/t 1.94 1.81 1.80 1.83 Contained gold oz 19,143 19,338 14,251 16,416 Great Fingall UG Ore mined kt - - - 32 Mined grade g/t - - - 1.44 Contained gold oz - - - 1,498 Fender UG Ore mined kt 75 76 79 90 Mined grade g/t 2.45 2.26 2.37 1.92 Contained gold oz 5,851 5,531 6,048 5,551 Beta Hunt UG Ore mined kt 250 407 363 383 Mined grade g/t 2.36 2.26 2.79 2.32 Contained gold oz 18,949 29,555 32,498 28,533 Two Boys UG Ore mined kt 41 43 52 56 Mined grade g/t 2.58 2.22 2.52 2.92 Contained gold oz 3,464 3,125 4,213 5,210 Lake Cowan OP Ore mined kt - - - 57 Mined grade g/t - - - 1.39 Contained gold oz - - - 2,582 Appendix B – Group metrics Physical Summary Units Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 ROM - Ore Mined t 941,508 1,115,123 996,641 1,264,056 Grade Mined g/t 2.4 2.3 2.5 2.3 Ore Processed t 1,289,561 1,342,005 1,296,656 1,408,120 Head Grade g/t 2.1 2.1 2.1 2.1 Recovery % 90 91 91 92 Gold Produced oz 77,369 80,886 80,107 88,022 Gold Sold oz 72,202 86,879 78,398 71,500 Achieved Gold Price A$/oz 3,723 4,066 4,630 5,174 Cost Summary Mining A$'M 88 124 120 152 Processing A$'M 53 56 57 54 Admin A$'M 11 11 11 11 Stockpile Movements A$'M (2) (3) 5 (7) Royalties A$'M 10 17 16 12 Cash Cost (produced oz) A$'M 160 205 209 222 Corporate Costs A$'M 4 4 4 4 Sustaining Capital A$'M 23 10 14 11 All-in Sustaining Costs A$'M 187 219 227 237 All-in Sustaining Costs A$/oz 2,422 2,703 2,829 2,688 Notional Cashflow Summary Notional Revenue (produced oz) A$'M 288 329 371 456 All-in Sustaining Costs A$'M 187 219 227 237 Mine Operating Cashflow A$'M 101 110 144 219 Growth Capital A$'M (39) (29) (31) (27) Plant and Equipment A$'M (19) (27) (15) (12) Exploration Spend A$'M (14) (9) (11) (9) Net Mine Cashflow A$'M 29 45 87 171 Net Mine Cashflow A$/oz 368 554 1,094 1,937 1 Refer to ASX release titled "Black Cat Acquires Lakewood Mill for $85M"- 25 February 2025 2 Refer to ASX release titled "FY25 Guidance Updated" - 3 February 2025 3 Includes low grade ore mined at Big Bell and stockpiles from Starlight, trucked to Bluebird SOURCE Westgold Resources Limited
The Spinoff
21-07-2025
- Business
- The Spinoff
The government's consistent, principled approach to economic data
If it's good, the government did it. If it's bad, it's someone else's fault. When data came out showing inflation at a 12-month high on Monday morning, the government quickly started channelling the enduringly popular and intergenerationally relevant reggae fusion artist Shaggy. ' It wasn't me,' said prime minister Christopher Luxon, in an interview with Newstalk ZB's Mike Hosking. 'All I can do is the bit that I can do, which is the fiscal side of things. The Reserve Bank controls the monetary policy,' he said. 'It wasn't me,' said finance minister Nicola Willis, in a press release noting inflation remains within the 1 to 3% target band. 'The effect of council rates on inflation is a concern,' she said. 'That's why this government has also been clear in its call to councils to focus on the basics and keep rates under control.' Both politicians have a point. Inflation is the mercy of an array of local and international factors. The economy could be humming along, only for one of Donald Trump's brain worms to writhe the wrong way and prompt him to bomb the Middle East or raise tariffs to 150% on Gondwanaland. International dairy prices could spiral, sending the price of 400g of Westgold to roughly the equivalent of 400g of actual gold. Local councils might suddenly realise they've forgotten to properly maintain or upgrade their pipes for 50 straight years, forcing them to raise rates to stop town centres being drowned beneath spontaneously formed lakes of raw sewage. All these events are, to varying degrees, outside the control of the current government. Inflation is to a large extent the result of decisions the Reserve Bank made a year ago while weighing up an array of factors. But if Luxon and Willis aren't responsible for inflation, several of their past statements seem perplexing, starting with all the times they've directly taken credit for inflation. Similarly, Luxon has regularly taken credit for the Reserve Bank's decisions to cut the official cash rate, which are interlinked with inflation and similarly subject to the international economy. Some would see double, or at least inconsistent, standards in these statements. On the face of it, that's fair. But on a deeper level, they're in line with a consistent and principled approach from the government when it comes to interpreting economic data. It's routinely applied the same standard, whether it's to a wellbeing indicator or a GDP update. The method boils down to a single precept: if it's good, then the government did it, and if it's bad, it's someone else's fault. Take young people moving to Australia. Prime minister Chris Luxon has shrugged off the government's potential role in the return of the brain drain. Though some could point to the cancellation of dozens of public infrastructure projects and the subsequent slowdown in the construction sector as a factor in rising migration across the Tasman, he has eschewed that for other explanations, telling Ryan Bridge that stemming the outward tide comes down to delivering better education, more efficient access to healthcare, and improved public safety. In 2023, Luxon's deputy David Seymour said ' Kiwis [were] voting with their feet ' when roughly 24,000 New Zealanders left for Australia. When 30,000 people departed last year, he blamed the economic wreckage left by Labour, telling reporters it was down to a 'hangover from Covid'. When GDP goes up, it's the government's plan working. When it goes down, it's six years of economic vandalism under the last one. When food prices rise under Labour, it's Labour's cost of living crisis. When they rise under National, it's still Labour's lingering cost of living crisis. If something goes wrong, like the government failing to fund 13 new cancer drugs it promised to sick patients during the election campaign, it's Labour's fault. If something goes right, like 7,000 new state houses getting built, it's thanks to National even when they were funded by Labour. It's a bipartisan trend. For several long years after it was elected in 2017, Labour screamed the words 'nine long years' in response to any criticism from National. It's been critical over the latest inflation data, pinning the blame entirely on the government's economic management. When inflation went up while it was in power, it was a victim of the global inflation pandemic. Some of their criticisms have merit. Some of their self-aggrandisement is fair. But the overarching message from our politicians is that if something makes you sad, then it's the other guy's fault, and if something makes you happy, it's theirs. Maybe a more honest, responsible approach would be to admit that some things are beyond the control of politicians on a small island at the bottom of the south Pacific; that the weird conniptions of great and terrible global powers could make and break our economy at any moment; that the cost of living in New Zealand is far more reliant on the whims of Chinese parents than bike lane-loving councils; that we have only a small amount of control over our own affairs and chaos beckons at every corner. You may think that's impossible. 'You may think it's a ridiculous hope, borne of political naivety. But if you do, then I have a response you'll have to accept: this is all my editor's fault.
Yahoo
26-06-2025
- Business
- Yahoo
Barminco secures $130m mining contract from Westgold Resources in Australia
Perenti has announced that its underground mining division, Barminco, has secured a A$200m ($130m) contract with Westgold Resources to deliver underground mining services at the Great Fingall project in Western Australia. The Great Fingall project is expected to operate as a long-life, high-margin underground mine with an annual production exceeding 45,000oz. It is a relatively small mine, making it suitable for contract mining. The mine is expected to be a high-grade operation characterised by cost efficiency and productivity, and supported by a comprehensive mine plan, reliable drilling data, favourable ground conditions and well-established mine infrastructure. Westgold managing director and CEO Wayne Bramwell said: 'Westgold continues to focus on increasing mine productivity and further leveraging its extensive capital base. Our in-house mining team and fleet is best deployed in our larger, strategic assets and this capability gives us the optionality to utilise specialist contractors in our smaller mines.' Barminco was chosen for the Great Fingall project based on the company's safety protocols, mining efficiency, and proven delivery record, following a competitive tender process. The three-year contract encompasses a range of services including mine development, production and related underground mining services. It includes an option to extend by 12 months. Perenti managing director and CEO Mark Norwell said: 'We are excited to be partnering with Westgold on the Great Fingall project. This award highlights the depth and scale of Barminco's mining and technical capability and supports the ongoing focus of growing our underground mining business in Australia and select regions internationally.' Mobilisation for the project is scheduled to commence in July 2025, with first production from the mine expected in 2026. Perenti expects the capital requirement for the project to be around A$16m of growth capital in fiscal year 2026. Perenti Contract Mining president Gabrielle Iwanow said: 'We are proud to mark the beginning of a new relationship between Westgold and Barminco on the Great Fingall project. 'Westgold's decision is an endorsement of the strength of our technical capability and our commitment to safe and efficient operations. We look forward to building a strong partnership that delivers value for both companies and the communities in which we operate.' Earlier this month, Perenti secured a contract worth A$1.1bn to carry out underground mining operations in the Siou and Wona regions of the Mana complex in Burkina Faso, West Africa. "Barminco secures $130m mining contract from Westgold Resources in Australia" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
