Results - ASX:WGX
Westgold FY26: record 387,354oz gold, $2,441M revenue, $939M Treasury and 10c final dividend
Westgold reported record FY26 gold output of 387,354oz, revenue of $2,441M and underlying NPAT of $480M, with operating cash flow of $964M. It ended the year with a $939M Treasury balance, no debt and a 10 cent fully franked final dividend. The release contains no new drill results, resources or reserves; the main near-term catalyst is FY27 guidance due on 9 September 2026.
(price sensitive) - Westgold Resources announced: "FY26 Financial Results Summary" (6 pages) - read the original
What investors must know
- Revenue rose 79% to $2,441M on record gold production of 387,354oz and an achieved gold price of A$6,238/oz.
- Underlying EBITDA was $1,104M, a 45% margin, and underlying NPAT was $480M; statutory NPAT was $443M after a $119M loss on asset sales.
- Operating cash flow was $964M and free cash flow $602M; the $939M Treasury comprises cash of about $667M, bullion of $112M and investments of $160M, with no debt.
- The Board declared a 10 cent fully franked final dividend (about $95M), and $27M was spent on buy-backs in FY26; a $50M buy-back is approved for FY27.
- All-in sustaining cost rose 7% to A$2,841/oz from A$2,666/oz, although the release describes costs as stable.
- No drill results, Mineral Resource or Ore Reserve figures are reported here; FY27 production and cost guidance and an updated Strategic Outlook are due on 9 September 2026.
Money: can they follow it up?
- Period ending
- 2026-06-30
- Cash
- $667m
- Debt
- $0
- Operating cash flow (quarter)
- $964m
- Exploration spend (quarter)
- $42.0m
- 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
- No FY26 guidance comparison is given in this release. FY27 production and cost guidance is due 9 September 2026. Gold sales were 390,358oz.
This is a full-year FY26 result (not a quarter; no Appendix 5B is attached). The $939M is the total Treasury (cash $667M, bullion $112M, investments $160M). Cash figures are A$ as reported. Operating cash flow $964M less investing outflow $362M gives free cash flow of $602M. The company states it is 100% debt free. Undrawn facilities and shares on issue are not stated in this announcement. Gold production (387,354oz) is the figure used; sales were 390,358oz. The exploration figure of $42M is read from the Figure 2 treasury bridge.
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 earlier price-sensitive reactions on record for Westgold, so there is no stock-specific pattern to compare against. The shares closed at A$6.56 on 27 August and were A$5.71 at the time of this analysis, a fall of about 13%. That fall came during a sharp sector sell-off (XGD down 10.5%, GDX down 21.3%), so this announcement cannot be separated from the wider market move.
Past reactions describe what happened, not what will. How prices react to results
The historical pattern
What share prices did after past results like this one, from DrillScore's own records. It describes the past: it isn't a forecast for WGX and it isn't advice.
After 41 other announcements read as 'positive', stocks moved +1.8% by day 1, +2.4% by day 5 and +1.3% by day 20 against the XGD on average.
- Day 1
- +1.8%
- Day 5
- +2.4%
- Day 20
- +1.3%
After its earlier announcements, WGX moved +0.9% by day 1, +2.3% by day 5 and -3.8% by day 20 against the XGD on average.
- Day 1
- +0.9%
- Day 5
- +2.3%
- Day 20
- -3.8%
In the 20 trading days before this release the XGD gold index moved +32.8% (rising). After 38 past gold announcements released into a rising gold index, stocks moved +1.9% by day 1, +2.7% by day 5 and -4.1% by day 20 on average - before taking the market's own move out.
- Day 1
- +1.9%
- Day 5
- +2.7%
- Day 20
- -4.1%
A strand leans up or down when its day-5 average is 1% or more either way. Each is shown on its own and never added up into a prediction: small samples swing, and every result is different. The full backtest - how it's worked out
The market it landed in
| Market | On the day | Now | Since |
|---|---|---|---|
| Gold (US$/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 (27 Aug) gold was US$4,664/oz (A$6,495/oz); now it is US$3,886/oz (A$5,737/oz), down 16.7% in US$ terms. The FY26 achieved price of A$6,238/oz sits between those two levels, and current spot is roughly A$2,900/oz above the stated FY26 AISC of A$2,841/oz, before tax and growth capital. Copper (US$6.09/lb, down 7.5%) and silver (down 29.3%) also fell. The AUD dropped 5.7% to US$0.6774, which cushions the A$ gold price but does not offset the fall in US$ gold. The US dollar index rose 4.3% and the US 10-year yield rose to 5.154%. Sector mood has turned negative: XGD is down 10.5%, GDX down 21.3%, GDXJ down 26.5%, and the S&P/ASX 300 Metals & Mining index down 13.7% since release. The FY26 results describe a high-price year, and the backdrop has since weakened.
Against WGX's own history
DrillScore's database has no earlier Westgold intercepts and no capital raisings on record. Its cash entries for the June 2026 quarter show 939, which is the total Treasury balance; this announcement puts cash at about $667M. The database shows undrawn facilities of $600M for the same quarter, which this announcement does not state. Compared with FY25, cash-based performance improved sharply: operating cash flow rose from $357M to $964M and the Treasury from $364M to $939M. Recent earlier announcements in August 2026 were reserve, study and scoping updates, not drilling results.
Risks & caveats
- The gold price has fallen since the release: gold is now US$3,886/oz against US$4,664/oz on 27 August, so the record FY26 achieved price of A$6,238/oz is above current spot.
- Cost pressure is visible: AISC was up 7%, and the release points to ongoing industry inflation and heavy development spend.
- The '$122M returned to shareholders' figure includes a $95M final dividend that is declared but not yet paid.
- FY27 production and cost guidance has not yet been released, so the forward picture is unclear.
- Free cash flow in FY26 benefited from a high gold price, and growth, development and tax payments will reduce future cash build if prices stay lower.
What's next
- FY27 production and cost guidance and an updated Strategic Outlook - 9 September 2026
- Payment of the 10 cent fully franked final dividend (about $95M) - not stated
- Execution of the $50M on-market share buy-back approved for FY27 - FY27
Questions worth asking
- What FY27 production and AISC guidance will be given on 9 September, and how does it compare with FY26's 387,354oz and A$2,841/oz?
- When will the 10 cent final dividend (about $95M) be paid, and how much of the $50M FY27 buy-back is expected to be used?
- How much of the $939M Treasury is committed to the growth pipeline (Bluebird-South Junction, Great Fingall, Beta Hunt and the Meekatharra expansion) and how much is free to return?
- What drove the 7% rise in AISC, and what cost inflation is assumed for FY27?
- What are the undrawn facilities at 30 June 2026, and does the company have any plans for a debt facility?
What it means
For someone following Westgold, this result shows very strong earnings and cash generation in a year of record output and a high gold price, with a large Treasury and no debt. The points to weigh are that the gold price has since fallen sharply, costs rose 7%, and part of the headline $122M return is a dividend not yet paid. The next real test is FY27 production and cost guidance and the Strategic Outlook due on 9 September 2026. This is general information only, not personal financial advice.
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.
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