Results - ASX:WGX
FY26 accounts: record 387,354oz gold, A$443m profit after tax and a 10c final dividend
Westgold's FY26 accounts show record gold output of 387,354oz at an all-in sustaining cost of A$2,841/oz, above the top of production guidance and at the upper end of cost guidance. Statutory profit after tax was A$443m (A$35m in FY25), after a A$119m non-cash loss on asset sales. The company held A$735m of bank cash and A$939m in cash, bullion and liquid investments at 30 June, with no drawn debt, and declared a 10c final dividend. The report contains no new drill results, resource or reserve estimates.
(price sensitive) - Westgold Resources announced: "Appendix 4E & 30 June 2026 Annual Financial & Climate Report" - read the original
What investors must know
- Gold output of 387,354oz (390,358oz sold) beat the top of the 345,000-385,000oz guidance, but was below the board's internal target of 413,000oz.
- AISC of A$2,841/oz sits at the upper end of the A$2,600-2,900/oz guidance range.
- Revenue rose 79% to A$2,440.9m; statutory profit after tax was A$443.1m against A$34.8m, and underlying profit after tax was A$480m before the asset-sale loss and other one-offs.
- Operating cash flow was A$964.3m against investing outflows of A$362.0m, including A$44.9m of exploration and evaluation spend.
- Cash at bank was A$734.8m and treasury A$939m including A$112m of bullion; the new A$600m syndicated facility is undrawn.
- A final fully franked dividend of 10c per share (about A$94.8m) goes ex on 15 September 2026 and is paid on 8 October 2026.
- The total recordable injury frequency rate rose to 11.77 (up 107%) and missed its FY26 target, while the lost-time injury frequency rate of 1.58 is below the WA industry benchmark of 2.12.
Money: can they follow it up?
- Period ending
- 2026-06-30
- Cash
- $735m
- Debt
- $139m
- Undrawn facilities
- $659m
- Operating cash flow (quarter)
- $964m
- Exploration spend (quarter)
- $44.9m
- Shares on issue
- 939.7m
- Options, rights & convertibles
- 13.9m
- Gold produced
- 387,354 oz
- AISC
- A$2,841/oz (margin about A$3,654/oz at the day's gold price)
- Revenue
- $2.4bn
- Guidance
- FY26 production guidance of 345,000-385,000oz was exceeded (387,354oz produced). AISC guidance of A$2,600-2,900/oz was met at the upper end (A$2,841/oz). Gold output was below the internal target of 413k oz.
A$m from the FY26 statements, which are already in A$ (no conversion). cash_aud_m is bank cash; the A$939m treasury figure also includes A$112m of bullion (19,176oz at A$5,861/oz on 30 June) and liquid investments. debt_aud_m is interest-bearing loans and borrowings (leases A$74.6m plus equipment loans A$64.4m); the A$600m syndicated facility has no drawdowns. undrawn_aud_m is the A$659m stated in note 10. No Appendix 5B is included, so burn and funding quarters are not given. gold_oz is gold produced; gold sold was 390,358oz. Investing cash outflow includes A$135.9m PP&E, A$244.9m mine development and A$44.9m exploration. Performance rights are inconsistent across the report (13.887m in note 23, 12.387m in note 26, 8.889m in the Directors' Report at the report date); note 23 is used here. Income tax payable of A$212.5m is as stated in the balance sheet.
Appendix 5B explained - why runway predicts raisings - every company's runway
How the price reacted
News signal positive, and on day 1 the stock moved +0.6% against the gold index (XGD). After 20 trading days: -10.0% against the XGD.
From the last close before the market could trade on it ($6.56 on 27 Aug 2026), with day-1 volume 1.1x the 20-day average.
WGX's past price-sensitive news
After 9 earlier announcements, WGX rose on day 1 7 times and fell 2 times - an average move of +2.3%.
DrillScore has no recorded share price reactions to earlier price-sensitive news from Westgold. Since release the shares have fallen from A$6.56 to A$5.71 (about 13%), a move that sits within a wider sector sell-off (GDX down 21%, XGD down 10.5%). This describes past moves only and does not predict the share price.
Past reactions describe what happened, not what will. How prices react to results
The historical pattern
What share prices did after past results like this one, from DrillScore's own records. It describes the past: it isn't a forecast for WGX and it isn't advice.
After 41 other announcements read as 'positive', stocks moved +1.8% by day 1, +2.4% by day 5 and +1.3% by day 20 against the XGD on average.
- Day 1
- +1.8%
- Day 5
- +2.4%
- Day 20
- +1.3%
After its earlier announcements, WGX moved +0.9% by day 1, +3.1% by day 5 and -2.2% by day 20 against the XGD on average.
- Day 1
- +0.9%
- Day 5
- +3.1%
- Day 20
- -2.2%
In the 20 trading days before this release the XGD gold index moved +32.8% (rising). After 38 past gold announcements released into a rising gold index, stocks moved +1.9% by day 1, +2.7% by day 5 and -4.1% by day 20 on average - before taking the market's own move out.
- Day 1
- +1.9%
- Day 5
- +2.7%
- Day 20
- -4.1%
A strand leans up or down when its day-5 average is 1% or more either way. Each is shown on its own and never added up into a prediction: small samples swing, and every result is different. The full backtest - how it's worked out
The market it landed in
| Market | On the day | Now | Since |
|---|---|---|---|
| Gold (US$/oz) | US$4,664 | US$3,886 | -16.7% |
| Gold (A$/oz) | A$6,495 | A$5,737 | -11.7% |
| Copper (US$/lb) | US$6.59 | US$6.09 | -7.5% |
| AUD/USD | 0.7181 | 0.6774 | -5.7% |
At release on 27 August gold was US$4,664/oz (A$6,495/oz). It is now US$3,886/oz (A$5,737/oz), down about 17% in US$ and 12% in A$. The company's FY26 achieved price was A$6,238/oz and its 30 June spot reference was A$5,861/oz, so the year's margins were earned at higher prices than today's. At current A$ spot, the FY26 AISC of A$2,841/oz still leaves a wide spread, but with no hedging that spread moves one-for-one with gold. The royalty valuation in note 22 used a gold forward range of US$4,068-4,627/oz; spot now sits below that range, which will matter when the liability is next revalued. Sector mood has turned sharply negative since release: GDX down 21%, GDXJ down 27%, COPX down 28%, XGD down 10.5%. The US dollar index is higher (99.16 to 103.41) and the US 10-year yield has risen (4.67% to 5.15%), both of which weigh on gold. Copper and silver have little direct bearing on this gold-only report.
Against WGX's own history
DrillScore holds no earlier Westgold intercepts, raisings or price-sensitive reactions. Against the company's own record: cash at bank rose from A$240m at 30 June 2025 to A$735m, and gold output rose from 326,384oz in FY25 to 387,354oz. The FY26 buyback retired 5,164,058 shares for about A$27m (average A$5.14). The Fletcher figures match the 18 August 2026 maiden reserve release, and the most recent analysed items are the 5 August Cue mill upgrade (A$22m), the 20 August reserve update and the 25 August Meekatharra scoping study.
Risks & caveats
- Gold output was 387k oz against an internal target of 413k oz; the board awarded a 12.5% short-term incentive outcome for gold production even though it fell below the threshold.
- Net loss of A$119.3m on the Mt Henry-Selene and Peak Hill sales and a A$4.7m held-for-sale loss on Chalice, with the Chalice consideration tied to Corazon's share price at completion.
- Income tax payable rose to A$212.5m at 30 June from A$26.7m, so tax settlements will absorb a large share of cash over the coming periods.
- The company is 100% unhedged, so earnings and cash flow move directly with the gold price, which has fallen sharply since release.
- The growth pipeline (Fletcher, Mason Zone, Higginsville 4Mtpa pathway) is described in the report but largely remains at study or drilling stage.
What's next
- Final dividend of 10c per share (about A$94.8m) paid - 8 October 2026
- Ex-dividend trading date; record date 16 September 2026 AWST - 15 September 2026
- Voluntary sustainability disclosures and ESG Databook in the FY26 Annual Report - October 2026
- Reframed single-phase Higginsville upgrade study to support up to 4Mtpa - not stated
- Chalice deferred consideration, tranche 1 of A$4m, payable 12 months after completion - about July 2027 (completion in July 2026)
- Drilling results from the Fletcher and Mason Zones at Beta Hunt - not stated
Questions worth asking
- What are the FY27 gold production and AISC guidance, and how exposed is the cost base to the current fall in the gold price?
- How will the A$212.5m income tax payable at 30 June be settled, and how much cash is left for the planned mill expansions after the dividend?
- When will the reframed single-phase Higginsville study (up to 4Mtpa) be released, and what capital does it carry?
- What specific actions will lift the total recordable injury frequency rate after its 107% rise to 11.77?
- When will Fletcher and Mason Zone drilling feed into a formal resource or reserve update?
What it means
On the company's own figures and the audited accounts, FY26 was a strong operating and balance sheet year: production beat the top of guidance, costs landed within the range, and cash built to A$939m with no drawn debt. The points to weigh are beneath the headline: statutory profit carries large non-cash asset-sale effects, production missed an internal target, safety results went backwards, and most of the growth story (Fletcher, Higginsville, Meekatharra) is still at study or drilling stage. Gold has fallen sharply since release, and the company is unhedged, so the business is fully exposed to that move. This is general information only, not advice to buy, sell or hold.
General information only - not financial advice. DrillScore's analyses are produced automatically by an AI model (Claude, by Anthropic) from the company's own ASX announcement and public market data, and scored by a fixed formula (how it works). They can be wrong or incomplete, don't consider your objectives or circumstances, and are not a recommendation to buy, sell or hold anything. Always read the original announcement and consider advice from a licensed adviser.
Decoded 15 Nov 2026, 8:17 am by claude-haiku-5-5 - confidence: high. Spotted a mistake? Tell us.
Start the conversation
Discuss WGX's announcement