Western Gold Resources Ltd. (WGR) AI Stock Analysis

• Market Cap: AU$58.33M
• Dividend Yield: N/A
• Average Volume (3M): 1.17M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.29
• Revenue Growth: N/A
• EPS Growth: 40.17%
• Country: AU
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): >-0.01
• Shares Outstanding: 291,660,460
• 10 Day Avg. Volume: 1,487,174
• 30 Day Avg. Volume: 1,171,376
• PEG Ratio: 0.15
• Price to Book (P/B): 11.09
• Price to Sales (P/S): 229.66
• P/FCF Ratio: -8.12
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 53 Neutral
• Price Target: AU$0.21 ▲(6.50% Upside)

The score is held back primarily by weak financial performance (persistent losses and ongoing cash burn), partially offset by strong current technical momentum (price above key moving averages with positive MACD). Valuation is neutral-to-weak due to negative earnings (negative P/E) and no dividend yield support in the provided data.

Positive Factors

Balance Sheet Health

Absence of reported debt and positive equity provide structural financial flexibility, reducing bankruptcy risk and lowering near-term interest burdens. This strengthens the firm's ability to endure extended exploration losses and pursue value-enhancing projects over the next several quarters.

Revenue Recovery

A material revenue rebound signals that underlying operations can scale off a low base, indicating potential pathway to recurring sales. If sustained, this trend supports longer-term margin improvement and reduces dependence solely on financing to fund activity.

Market Liquidity

Relatively robust trading volume enhances the company's ability to access equity capital and provides investors with exit liquidity. For a cash-burning exploration miner, sustained market liquidity is a durable advantage when raising funds or executing corporate transactions.

Negative Factors

Ongoing Cash Burn

Persistent negative operating and free cash flow indicate the business cannot self-fund operations, creating structural financing pressure. Over multiple quarters this erodes runway, forces dilutive raises or asset sales, and constrains long-term project investment choices.

Persistent Losses and Weak Margins

Sustained operating and net losses with deep negative margins reflect an inability to convert revenue into profit. This structural profitability shortfall undermines return potential, limits reinvestment capacity, and raises execution risk for transitioning to a cash-generative model.

Reliance on External Funding

Dependence on equity financing as a funding source creates dilution risk and funding uncertainty across multiple quarters. For an early-stage/exploration gold firm, this structural reliance can impede long-term shareholder returns and complicate planning for sustained development programs.

Western Gold Resources Ltd. Business Overview & Revenue Model

Company Description

Western Gold Resources Limited engages in the exploration and extraction of mineral resources. It holds interest in the Wiluna West Gold Project that includes 7 granted mining leases covering an area of 85.8 square kilometers located in Wiluna, Western Australia. The company was incorporated in 2009 and is based in West Perth, Australia.

How the Company Makes Money

Western Gold Resources Ltd. makes money through the extraction and sale of gold. The company's primary revenue stream is the sale of gold extracted from its mining operations. This involves identifying viable gold deposits, extracting the raw ore, and then processing it to produce gold bullion. WGR sells its gold to various buyers, including refineries, precious metal traders, and jewelry manufacturers. The company's earnings are influenced by the market price of gold, production costs, and the efficiency of its mining operations. Additionally, strategic partnerships with other mining companies or joint ventures in exploration and development projects can contribute to its revenue if these collaborations lead to successful gold extraction.

Western Gold Resources Ltd. Financial Statement Overview

Summary

Western Gold Resources Ltd. faces significant financial hurdles with persistent losses and negative cash flows. While there is a slight improvement in equity and revenue, the overall financial health remains weak, characterized by high leverage, negative profit margins, and insufficient cash generation from operations. A strategic shift or external funding may be necessary to stabilize and improve financial performance.

Income Statement

Western Gold Resources Ltd. shows limited revenue generation with a notable loss trend in net income over the years. The gross profit margin is high due to low COGS, but the net profit margin remains negative, illustrating ongoing operational challenges. The revenue growth from zero to a small amount is positive but insufficient to offset losses. EBIT and EBITDA margins are significantly negative, reflecting substantial operating losses.

Balance Sheet

The company demonstrates a modest improvement in its balance sheet with a positive equity position as of the latest report. However, the debt-to-equity ratio is concerning, indicating potential leverage risks. The equity ratio has improved but remains low, highlighting a dependence on liabilities. The return on equity remains negative due to consistent net losses.

Cash Flow

Cash flow from operations is negative, indicating challenges in generating cash from core activities. Free cash flow is also negative, reflecting high cash consumption relative to income. While financing activities have provided some cash inflow, it primarily serves to cover operating deficits. The free cash flow to net income ratio is unfavorable, underscoring cash flow issues.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	26.98K	66.64K	4.64K	0.00	0.00	0.00
Gross Profit	24.81K	66.64K	4.64K	-1.78K	-1.82K	0.00
EBITDA	-2.25M	-1.97M	-2.43M	-1.90M	-4.01M	0.00
Net Income	-2.50M	-2.50M	-3.11M	-1.90M	-4.01M	2.05M
Balance Sheet
Total Assets	1.68M	1.68M	2.07M	1.29M	2.92M	838.75K
Cash, Cash Equivalents and Short-Term Investments	608.40K	608.40K	751.32K	658.71K	2.13M	31.25K
Total Debt	0.00	0.00	500.00K	0.00	0.00	463.62K
Total Liabilities	303.68K	303.68K	740.81K	261.94K	460.41K	813.40K
Stockholders Equity	1.38M	1.38M	1.33M	1.03M	2.46M	25.34K
Cash Flow
Free Cash Flow	-1.94M	-1.88M	-2.24M	-1.95M	-4.17M	-693.37K
Operating Cash Flow	-1.94M	-1.88M	-2.22M	-1.95M	-4.16M	-693.37K
Investing Cash Flow	198.00K	198.00K	-99.19K	0.00	-12.88K	0.00
Financing Cash Flow	1.60M	1.54M	2.41M	475.24K	6.27M	724.62K

Western Gold Resources Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.20
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:WGR, the sentiment is Positive. The current price of 0.2 is above the 20-day moving average (MA) of 0.19, above the 50-day MA of 0.17, and above the 200-day MA of 0.11, indicating a bullish trend. The MACD of 0.01 indicates Negative momentum. The RSI at 57.44 is Neutral, neither overbought nor oversold. The STOCH value of 66.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:WGR.

Western Gold Resources Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
WGR	53 Neutral	AU$58.33M	-14.60	-184.34%	―	―	40.17%
ODY	49 Neutral	AU$38.12M	-13.85	-19.04%	―	―	-4.00%
HAW	47 Neutral	AU$36.85M	-110.00	-2.49%	―	―	37.50%
MVL	47 Neutral	AU$24.13M	-6.54	-77.71%	―	―	―
AAM	46 Neutral	AU$30.79M	-6.35	-7.34%	―	―	―
KZR	45 Neutral	AU$51.99M	-8.64	-20.41%	―	400.00%	21.71%

Western Gold Resources Ltd. Corporate Events

Western Gold Resources Lifts Confidence in Gold Duke Resource Ahead of Planned Production

Western Gold Resources has released an updated Mineral Resource Estimate for its Gold Duke Project, now standing at 4.8 million tonnes at 1.8 grams per tonne gold for 277,000 ounces, including 2.0 million tonnes at 1.6 grams per tonne in the higher-confidence Measured and Indicated categories. The new estimate, prepared under the JORC 2012 Code and constrained within an A$7,000/oz pit shell, incorporates nearly 34,000 metres of recent grade control and infill reverse circulation drilling, refined geological modelling and revised economic assumptions, significantly improving confidence, continuity and operational realism of the resource in the key mining-approved deposits. Metallurgical test work has confirmed strong recoveries of up to 95.2% using conventional CIL processing, while a binding toll milling agreement for treatment at the nearby Wiluna plant and a fully funded pre‑production program underpin the company’s capital-light pathway toward production. With mineralisation remaining open along strike and at depth and a Stage 2 growth strategy underway to assess brownfields prospects near planned operations, the update strengthens the technical and economic foundations of Gold Duke and highlights potential for further resource growth and value creation for stakeholders.

Western Gold Resources Greenlights Mining at Gold Duke as It Moves Toward Near-Term Production

Western Gold Resources has approved a formal Decision to Mine at its Gold Duke Project in Western Australia, marking a strategic shift from exploration and development to becoming a near-term gold producer. The decision follows completion of a 35,000m close-spaced grade control and infill drilling program, updated geological modelling and mine scheduling across the Stage 1 pits, which have demonstrated strong continuity between new and historical data, supporting accurate ore boundary definition, higher confidence in pit optimisation and the potential for resource upgrades. With all key regulatory approvals in place, a binding toll-milling agreement secured with a nearby processing plant, a preferred mining contractor identified, and funding to production supported by a recent A$6.75 million placement and a planned deferred payment facility, the project is now operationally and financially positioned for mobilisation and site establishment in the first quarter of 2026 and updated mineral resource models expected before the end of 2025.

Western Gold Resources Completes Final Tranche of Share Placement

Western Gold Resources Ltd. has completed the issuance of 30,444,027 new fully paid ordinary shares as the final tranche of a placement totaling 56,250,000 shares. This move, approved at the company’s 2025 Annual General Meeting, aims to strengthen its financial position and support its strategic initiatives in the gold mining sector.

Western Gold Resources Issues 15 Million Unlisted Options

Western Gold Resources Ltd. announced the issuance of 15,000,000 unlisted options with an exercise price of $0.175, set to expire on December 5, 2028. This move is part of previously announced transactions and reflects the company’s strategic financial maneuvers to enhance its capital structure, potentially impacting its market positioning and stakeholder interests.

Western Gold Resources Ltd. Announces Quotation of New Securities on ASX

Western Gold Resources Ltd. announced the quotation of 30,444,027 ordinary fully paid securities on the Australian Securities Exchange (ASX) as of December 5, 2025. This move is part of previously announced transactions and is expected to enhance the company’s financial position and market presence, potentially benefiting stakeholders by increasing liquidity and investment opportunities.

Western Gold Resources Issues New Shares Under Loan Facility

Western Gold Resources Ltd. has issued 1,404,143 new fully paid ordinary shares as part of a $3 million loan facility agreement with professional and sophisticated investors. This issuance, made under section 708A(5)(e) of the Corporations Act 2001, allows lenders to receive their interest payments in shares at a deemed price of $0.08 per share, with an interest rate of 15% per annum paid quarterly. This move is part of the company’s strategy to manage its financial obligations and could impact its market positioning by potentially increasing its shareholder base.

Western Gold Resources Ltd. Issues New Securities to Bolster Operations

Western Gold Resources Ltd. announced the issuance of 1,404,143 fully paid ordinary securities, as part of a previously announced transaction. This move could potentially enhance the company’s market presence and provide additional capital for its operations, impacting stakeholders by possibly increasing shareholder value and supporting future growth initiatives.

Western Gold Resources Secures Shareholder Approval for AGM Resolutions

Western Gold Resources Limited announced that all resolutions presented at their Annual General Meeting were approved by the required majority. This approval includes key resolutions such as the re-election of directors and the ratification of placement shares, which are significant for the company’s governance and financial strategies.

Western Gold Resources Reports Positive Assay Results for Golden Monarch Deposit

Western Gold Resources Limited has announced promising assay results from its Golden Monarch deposit, part of the Gold Duke Project. The results indicate strong grade continuity and alignment with the company’s geological model, enhancing confidence in mine scheduling and project execution. The Golden Monarch deposit is a significant contributor to the project’s ore tonnes and gold ounces, with the latest drilling results reinforcing the predictability of mineralisation. This development de-risks the project further as the company moves towards a Decision to Mine, supported by high-resolution data from a comprehensive drilling program.

Western Gold Resources Announces Director’s Change in Securities

Western Gold Resources Ltd. announced a change in the director’s interest, specifically regarding Teck Siong Wong’s holdings. Mr. Wong, a director and beneficial shareholder of Bluebay Investments Group Corporation Ltd, has seen a lapse in 2,000,000 Class A and 2,000,000 Class B Performance Rights, leaving him with 2,891,629 Ordinary Fully Paid Shares and 4,000,000 Performance Rights expiring on 27 June 2030. This change reflects a reduction in potential future equity holdings, which may impact the company’s governance and shareholder value.

Western Gold Resources Announces Director’s Change in Interest

Western Gold Resources Ltd. has announced a change in the interests of its director, Gary Lyons, who has disposed of 2,000,000 Class A and 2,000,000 Class B performance rights. This change reflects a lapse in performance rights, leaving Mr. Lyons with 993,629 ordinary fully paid shares and 5,000,000 performance rights expiring on June 27, 2030. The announcement may impact the company’s governance and investor perception, as changes in director interests can signal shifts in strategic priorities or confidence in the company’s future performance.

Western Gold Resources Confirms Strong Gold Intersections at Gold Duke Project

Western Gold Resources Limited has announced promising results from its grade control and infill drilling at the Gold Duke Project, confirming the continuity and high-grade nature of the mineralization. These results support the company’s decision to proceed with mining, backed by a fully funded development plan and low pre-mining capital requirements, positioning the company to benefit from record Australian gold prices.

Western Gold Resources Ltd. Announces 2025 Annual General Meeting

Western Gold Resources Ltd. has announced its Annual General Meeting (AGM) scheduled for November 28, 2025, at DLA Piper in Perth. Shareholders are encouraged to participate either in person or via proxy, with voting instructions to be submitted by November 26, 2025. The company is promoting electronic communication and voting to streamline processes and enhance shareholder engagement.

Western Gold Resources Advances Share Placement Strategy

Western Gold Resources Ltd. has issued 25,805,973 new fully paid ordinary shares to institutional and sophisticated investors as part of a larger placement of 56,250,000 shares. The remaining shares in Tranche 2 are pending shareholder approval and receipt of funds, expected to be addressed at the upcoming Annual General Meeting in November 2025.

Western Gold Resources Lists New Securities on ASX

Western Gold Resources Ltd. has announced the quotation of 25,805,973 ordinary fully paid securities on the Australian Securities Exchange (ASX), effective from October 17, 2025. This move is part of a previously announced transaction, indicating a strategic step to enhance the company’s market presence and potentially increase liquidity for its stakeholders.

Western Gold Resources Advances Gold Duke Project with New Agreement

Western Gold Resources Ltd. has announced a significant milestone with the signing of a binding toll milling agreement for its Gold Duke Project, located in the heart of Western Australia’s Goldfields. The project is fully funded to production, with a short three-month payback period, and has completed grade control and infill drilling. This development positions the company for near-term production, potentially enhancing its market position and offering promising returns for stakeholders.