Highlights for H1 FY26
Revenue up 98% to $1,238M - (H1 FY25: $624M)
Underlying EBITDA of $612M at a competitive margin of 49% - (H1 FY25: $224M, 36%)
Underlying NPAT of $314M - (H1 FY25: $57M)
Gold production of 195,355oz - includes 24,919oz from purchased ore (OPA) (H1 FY25: 158,255oz)
AISC of $2,871/oz (excluding OPA) – with AISC incl. OPA of $3,225/oz (H1 FY25: $2,562/oz)
FY26 Guidance maintained at 345,000 - 385,000oz - at AISC of $2,600-2,900/oz
$550M2 of Underlying Treasury build for the H1, FY26 - (H1 FY25: $100M)
100% debt free - $50M repaid in December 2025
Closing Treasury balance of $654M at 31 December - (H1 FY25: $152M)
1 All financial metrics reported in Australian Dollars unless otherwise specified
2 Treasury (cash, bullion and liquid investments) build before paying $50M debt, $76M in stamp duty for Karora, $129M in growth and exploration, $29M dividends and share buy backs, $2M in third party shares purchases and receipt of $26M for asset sales
Westgold Managing Director and CEO Wayne Bramwell commented:
"Our H1 FY26 results demonstrate robust performance and reflect the financial and operational capabilities of Westgold's business.
Over the past three years, we have strategically allocated capital across our portfolio to position the company to more consistently deliver financial returns to our shareholders, a decision that is now producing tangible benefits.
As an unhedged gold producer operating within a strong market environment, we delivered record returns for shareholders in H1 FY26. The company is well positioned to continue capitalising on current conditions, with near-term growth anticipated in the upcoming half and further expansion detailed in our Three-Year Outlook through FY28.
Our outlook is supported by a defined strategy: to enhance and optimise outputs from our core assets while identifying opportunities to create additional value for shareholders from select non-core projects throughout the portfolio.
Growth in the Murchison region will be driven by the expansion of the Bluebird–South Junction mine at Meekatharra and the commencement of commercial production at the Great Fingall mine near Cue. In the Southern Goldfields, growth will come from the expansion of the Beta Hunt mine and the Higginsville processing hub.
In regard to value creation from non-core projects, the recently announced Mt Henry–Selene transaction has immediately benefited shareholders. The share consideration increased from $64.6 million to $110 million, reflecting the appreciation of Westgold's 19.9% stake in Alicanto upon completion.
The Valiant IPO remains scheduled to commence trading on the ASX in March, and divestments of the Chalice and Peak Hill assets are progressing as planned.
We remain focused on consistently delivering against our objectives. With momentum building and clearly defined targets in our three-year outlook, our FY26 production and cost guidance remain unchanged."
H1 FY26 Key Consolidated Results
Key Consolidated Results
H1 FY26
H1 FY25
Movement
Gold produced (oz)
195,355
158,255
37,100
Gold Sales (oz)
210,113
