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Westgold Resources ( (AU:WGX) ) just unveiled an update.
Westgold Resources announced a substantial financial shift for the period ending December 31, 2024. The company’s revenue surged by 72% due to an increased gold price and their acquisition of Karora Resources Inc., which significantly boosted gold production by 29%. However, despite the revenue increase, Westgold reported a net loss attributable to members of $27.56 million, a stark contrast to the previous year’s profit. This loss is largely due to increased costs and investments related to the acquisition and expanded operations. The acquisition resulted in increased assets but also drove a reduction in cash reserves. The acquisition of Karora Resources brought several subsidiaries under Westgold’s control, expanding its operational footprint in the gold mining sector.
More about Westgold Resources
Westgold Resources Limited is a company in the mining industry, primarily focusing on gold production. The company is listed on the Australian Securities Exchange (ASX) and the Toronto Stock Exchange (TSX) under the symbol WGX.
YTD Price Performance: -17.20%
Average Trading Volume: 82,402
Technical Sentiment Consensus Rating: Hold
Current Market Cap: $1.44B
For detailed information about WGX stock, go to TipRanks’ Stock Analysis page.
