Westgold Resources (AU:WGX)
ASX:WGX
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Westgold Resources
(Sydney:WGX)
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Rating:67Neutral
Price Target:
AU$6.50
▲(3.17% Upside)
Action:ReiteratedDate:03/20/26
The score is driven primarily by strong financial performance (notably cash flow strength and low leverage), partly offset by weak technical momentum with the stock trading below key moving averages and a negative MACD. Valuation is supportive due to a low P/E, while the dividend yield is only modest.
Positive Factors
Very strong free cash flow generation
Exceptional free cash flow growth and strong cash conversion indicate the business consistently converts accounting profits into real cash. This durable cash engine supports reinvestment in mines, funds exploration, reduces need for new debt, and underpins dividend or buyback optionality over months to years.
Negative Factors
Very low net profit margin
A depressed net margin despite healthy operating margins suggests significant non‑operational costs, taxes or one‑off items are eroding bottom‑line returns. Over the medium term this limits retained earnings, weakens the capacity to grow equity and may constrain shareholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Very strong free cash flow generation
Exceptional free cash flow growth and strong cash conversion indicate the business consistently converts accounting profits into real cash. This durable cash engine supports reinvestment in mines, funds exploration, reduces need for new debt, and underpins dividend or buyback optionality over months to years.
Read all positive factors
Westgold Resources (WGX) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$5.57B
Dividend Yield0.46%
Average Volume (3M)6.04M
Price to Earnings (P/E)8.0
Beta (1Y)1.57
Revenue Growth101.97%
EPS Growth237.66%
CountryAU
Employees1,071
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.33
Shares Outstanding944,831,540
10 Day Avg. Volume3,116,570
30 Day Avg. Volume6,042,542
Financial Highlights & Ratios
PEG Ratio-0.93
Price to Book (P/B)1.33
Price to Sales (P/S)1.92
P/FCF Ratio41.26
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$8.74Price Target Upside38.73% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.68
Revenue Forecast (FY)AU$2.52B
Westgold Resources Business Overview & Revenue Model
Company Description
Westgold Resources Limited engages in the exploration, operation, development, mining, and treatment of gold assets primarily in Western Australia. The company's assets include Bryah Operations, Murchison Operations, Meekatharra Gold Operations, a...
How the Company Makes Money
Westgold primarily makes money by selling gold it produces. Revenue is generated when the company mines gold-bearing ore from its operations, processes that ore through its processing plants to produce gold doré (an unrefined gold-silver bullion p...
Westgold Resources Earnings Call Summary
Earnings Call Date:May 12, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 18, 2026
Earnings Call Sentiment Positive
The earnings call showcased strong financial performance with record cash build, safety improvements, and a solid liquidity position. However, challenges in the Murchison operations and increased temporary costs were noted. Overall, the company remains optimistic about future growth and cost reduction initiatives.Positive Updates
Record Operational Cash Build
Westgold generated a record operational cash build of $107 million before investing $74 million in growth and exploration. The company ended the quarter with a cash bullion and liquids position of $232 million, $80 million higher than the prior quarter.
Negative Updates
Underperformance at Murchison
The Murchison operations underperformed predominantly due to lower output at the Fortnum project, with issues such as illness in the workforce and lower haulage fleet availability.
Read all updates
Q3-2025 Updates
Positive
Negative
Record Operational Cash Build
Westgold generated a record operational cash build of $107 million before investing $74 million in growth and exploration. The company ended the quarter with a cash bullion and liquids position of $232 million, $80 million higher than the prior quarter.
Read all positive updates
Company Guidance
In the third quarter of fiscal year 2025, Westgold Resources maintained consistent gold production with 80,107 ounces, achieving a revenue of $363 million at a realized price of $4,630 per ounce. The company reported a record operational cash build of $107 million before investing $74 million in growth and exploration. Despite a temporary increase in costs, Westgold sustained an impressive all-in sustaining cost margin of $1,800 per ounce, with costs amounting to $29 per ounce. The company's financial position was robust, ending the quarter with $232 million in cash, bullion, and liquid investments, marking an $80 million increase from the previous quarter. Westgold also secured $482 million in available liquidity, considering the undrawn capacity of its corporate facility. The quarter saw strategic divestments, including the sale of the high-cost Lakewood Mill for $85 million, comprising $70 million in cash and $15 million in script. Additionally, the company's total injury frequency rate dropped by 8% to 6.27 injuries per million hours worked, underscoring their commitment to safety. Looking ahead, Westgold reaffirmed its fiscal year 2025 guidance, anticipating significant production increases in Q4 from key projects like Beta Hunt and Bluebird-South Junction, while also working on infrastructure upgrades to enhance productivity and cost-efficiency.Westgold Resources Financial Statement Overview
Summary
Income Statement
75
Positive
Balance Sheet
80
Positive
Cash Flow
85
Very Positive
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.97B | 1.36B | 716.47M | 654.37M | 647.58M | 571.17M |
| Gross Profit | 569.51M | 234.75M | 156.98M | 21.65M | 25.87M | 114.99M |
| EBITDA | 844.46M | 498.15M | 279.25M | 170.22M | 34.49M | 252.37M |
| Net Income | 253.05M | 34.75M | 95.23M | 10.00M | -111.12M | 76.75M |
Balance Sheet | ||||||
| Total Assets | 3.45B | 3.21B | 1.05B | 854.94M | 869.41M | 928.24M |
| Cash, Cash Equivalents and Short-Term Investments | 520.58M | 240.25M | 236.04M | 176.41M | 182.70M | 150.68M |
| Total Debt | 225.91M | 147.26M | 54.61M | 27.49M | 42.96M | 45.08M |
| Total Liabilities | 1.32B | 1.24B | 360.70M | 256.60M | 281.64M | 320.88M |
| Stockholders Equity | 2.13B | 1.97B | 691.80M | 598.34M | 587.77M | 607.36M |
Cash Flow | ||||||
| Free Cash Flow | 483.75M | 63.44M | 78.65M | 8.89M | -26.61M | 20.14M |
| Operating Cash Flow | 763.42M | 357.04M | 351.74M | 168.43M | 179.86M | 249.14M |
| Investing Cash Flow | -231.45M | -352.47M | -265.64M | -158.07M | -201.01M | -213.81M |
| Financing Cash Flow | -134.06M | -112.00K | -26.47M | -16.65M | 53.17M | -22.22M |
Westgold Resources Technical Analysis
Negative
6.30
Price Trends
6.62
Negative
6.53
Negative
5.29
Positive
Market Momentum
0.03
Negative
49.49
Neutral
49.91
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:WGX, the sentiment is Negative. The current price of 6.3 is above the 20-day moving average (MA) of 5.99, below the 50-day MA of 6.62, and above the 200-day MA of 5.29, indicating a neutral trend. The MACD of 0.03 indicates Negative momentum. The RSI at 49.49 is Neutral, neither overbought nor oversold. The STOCH value of 49.91 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:WGX.
Westgold Resources Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | AU$5.41B | 4.43 | 27.80% | 0.65% | 31.42% | ― | |
73 Outperform | AU$7.25B | 8.70 | 28.87% | ― | 149.69% | 209.07% | |
67 Neutral | AU$5.57B | 7.97 | 12.35% | 0.46% | 101.97% | 237.66% | |
67 Neutral | AU$7.53B | 11.53 | 11.87% | 1.32% | 16.69% | 3.17% | |
67 Neutral | AU$5.39B | 12.56 | 22.68% | ― | 69.26% | 175.52% | |
66 Neutral | AU$6.82B | -160.00 | 9.94% | 1.92% | 13.34% | -15.96% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
AU:WGX
Westgold Resources
5.90
2.95
100.27%
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Perseus Mining
5.59
2.31
70.32%
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Regis Resources Limited
7.14
2.76
62.83%
AU:RMS
Ramelius Resources Limited
3.59
1.02
39.47%
AU:GMD
Genesis Minerals Limited
6.35
2.49
64.51%
AU:CMM
Capricorn Metals Ltd
11.80
2.59
28.11%
Westgold Resources Corporate Events
Westgold Issues Cautionary Investor Presentation for March Quarter
Apr 28, 2026
Westgold Resources has released an investor presentation dated 29 April 2026 outlining information about its business and activities for the March 2026 quarter. The document emphasises that the material is for general information only, is not an o...
Westgold Posts Strong Cash Build as Higginsville Expansion and Asset Deals Bolster Growth
Apr 28, 2026
Westgold Resources reported a strong March quarter, producing 93,145 ounces of gold and maintaining FY26 guidance, though costs are expected near the top of the range amid inflation and deliberate cashflow-focused decisions. Revenue reached $495 m...
Westgold schedules webcast to unveil March quarter results
Apr 26, 2026
Westgold Resources will release its March 2026 Quarterly Report to the ASX on 29 April 2026, detailing its latest operational and financial performance. The company’s leadership team, including the CEO, CFO and COO, will host a live webcast ...
Westgold Updates Market on Progress of On-Market Share Buy-Back
Mar 31, 2026
Westgold Resources Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back of ordinary fully paid shares under code WGX. The update is part of a daily buy-back reporting process, confirming the progra...
Westgold trims equity overhang as performance rights lapse
Mar 31, 2026
Westgold Resources Limited has notified the market of the cessation of several tranches of performance rights, identified under the ASX codes WGXAH, WGXAI and WGXAJ. These rights, which were due to expire between 2026 and 2030, have lapsed because...
Westgold Issues New Unquoted Performance Rights Under Employee Incentive Scheme
Mar 31, 2026
Westgold Resources has notified the market of the issue of new unquoted performance rights under its employee incentive scheme. The company will issue 179,241 performance rights expiring on 30 June 2029 and 119,664 performance rights expiring on 3...
Westgold Retains 44% Stake as Spin‑Off Valiant Gold Lists on ASX After $75m IPO
Mar 26, 2026
Westgold Resources has confirmed that Valiant Gold has been admitted to the ASX official list after completing a significantly oversubscribed initial public offering that raised $75 million at $0.25 per share, including a $20 million priority offe...
Westgold Issues New Long-Term Performance Rights Under Employee Incentive Plan
Mar 26, 2026
Westgold Resources has issued 4,126,054 unquoted performance rights under its employee incentive scheme, with the rights expiring on June 30, 2030. The new securities, recorded as of March 23 and announced March 27, 2026, are not intended to be qu...
Westgold Director Cheryl Edwardes Increases Shareholding via On-Market Trade
Mar 26, 2026
Westgold Resources has disclosed a change in the shareholding of non-executive director Hon. Cheryl Edwardes AO, who increased her direct holding in the company. She acquired 3,791 fully paid ordinary shares via an on-market trade at $5.2599 per s...
Westgold Director David Kelly Lifts Indirect Shareholding
Mar 26, 2026
Westgold Resources director David Kelly has increased his indirect shareholding in the company via the DN MB Kelly Superfund account. On 24 March 2026, the fund acquired 10,000 fully paid ordinary shares in an on-market trade at $5.27 per share, ...
Westgold Updates Daily On‑Market Share Buy‑Back Totals
Mar 26, 2026
Westgold Resources Limited has disclosed an update to its on‑market share buy‑back program for its ordinary fully paid shares listed under ASX code WGX. The latest filing reports cumulative repurchases of 601,935 shares prior to the mo...
Westgold Updates Market on Ongoing On-Market Share Buy-Back
Mar 23, 2026
Westgold Resources Limited has updated the market on progress of its on-market share buy-back program for its ordinary fully paid shares. The company reported that it had repurchased a cumulative total of 452,421 shares prior to the latest trading...
Westgold Updates Market on Progress of On-Market Share Buy-Back
Mar 22, 2026
Westgold Resources has provided an updated notification of its on-market share buy-back program for its ordinary fully paid shares. The latest filing shows that the company repurchased 38,000 shares on the previous trading day, bringing the total ...
Westgold Updates On-Market Share Buy-Back Activity
Mar 18, 2026
Westgold Resources has provided a daily update on its on-market share buy-back program, confirming that its ordinary fully paid shares (WGX) remain the subject of the initiative first notified in August 2025. The company reported that a total of 2...
Westgold Updates Market on Progress of On-Market Share Buy-Back
Mar 16, 2026
Westgold Resources has provided an update on its ongoing on-market share buy-back program for its ordinary fully paid shares. The company reported that a total of 158,510 shares had been repurchased prior to the previous trading day, with an addit...
Westgold Updates Market on Progress of On‑Market Share Buy‑Back
Mar 15, 2026
Westgold Resources Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back of ordinary fully paid shares under code WGX. The latest filing, dated 16 March 2026, reports that a total of 77,901 shares h...
Westgold Secures A$600m Unsecured Credit to Bolster Liquidity
Mar 11, 2026
Westgold Resources has secured A$600 million in new unsecured revolving credit facilities from a syndicate of five Australian and international Tier 1 lenders, replacing its previous financing arrangements. The facilities are structured across thr...
Westgold Joins S&P/ASX 100 as S&P Dow Jones Unveils March Index Rebalance
Mar 6, 2026
SP Dow Jones Indices has announced its March 2026 quarterly rebalance of the SP/ASX equity indices, with a series of additions and removals across the 20, 50, 100, 200 and 300 benchmarks. The reshuffle reflects shifting market capitalisation and l...
Westgold Flags Risks and Limits on Reliance in H1 FY26 Investor Presentation
Feb 25, 2026
Westgold Resources has released an investor presentation dated 26 February 2026 outlining its H1 FY26 financial results, framed with extensive legal and regulatory disclaimers. The company emphasises that the document is informational only, not an...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.