Westgold Resources Ltd (AU:WGX)
OTHER OTC:WGX
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Westgold Resources
(OTC:WGX)
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Rating:67Neutral
Price Target:
AU$5.00
▼(-20.63% Downside)
Action:Reiterated
Date: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
Cash generation
Exceptional free cash flow growth (3816%) and strong cash conversion (operating cash flow to net income 10.27; free cash flow to net income 1.83) indicate the business can self-fund sustaining and growth capex, reduce leverage, and support flexibility in capital allocation over the medium term.
Negative Factors
Low net profitability
Despite healthy gross and EBITDA margins, the sharply lower net margin shows weak conversion of operating profits into reported earnings. Persistent below-par net profitability can limit retained earnings, dividend capacity and the ability to translate operational gains into shareholder returns over time.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Exceptional free cash flow growth (3816%) and strong cash conversion (operating cash flow to net income 10.27; free cash flow to net income 1.83) indicate the business can self-fund sustaining and growth capex, reduce leverage, and support flexibility in capital allocation over the medium term.
Read all positive factors
Westgold Resources (WGX) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$4.73B
Dividend Yield0.46%
Average Volume (3M)4.03M
Price to Earnings (P/E)17.4
Beta (1Y)1.63
Revenue Growth101.97%
EPS Growth237.66%
CountryAU
Employees1,071
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.27
Shares Outstanding944,831,540
10 Day Avg. Volume4,645,918
30 Day Avg. Volume4,025,764
Financial Highlights & Ratios
PEG Ratio-0.92
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$8.33Price Target Upside32.22% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.59
Revenue Forecast (FY)AU$2.43B
Westgold Resources Business Overview & Revenue Model
Company Description
Westgold Resources Limited is an Australian enterprise dedicated to the full spectrum of gold asset management, encompassing exploration, development, mining, and processing, predominantly within Western Australia. The company's significant portfo...
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:Feb 25, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Sep 02, 2026
Earnings Call Sentiment Positive
The call presented a strongly positive operational and financial half: record revenue, earnings, cash generation and a materially strengthened balance sheet (debt-free and $654m treasury). Production and operational milestones support confidence in the three‑year outlook and identified upside opportunities. Offsetting items include a large non‑cash accounting loss, elevated unit costs from purchased ore that raise combined AISC above the stated guidance range, several one‑off cash outflows (stamp duty, growth spend) and the decision to withhold an interim dividend pending franking credits. Overall, the positives—significant margin and cash improvements, portfolio simplification, and a clear growth plan—substantially outweigh the lowlights.Positive Updates
Record Revenue and Profit
Revenue of $1.2 billion (effectively doubled YoY, +100%) drove record underlying results: underlying EBITDA $612 million (up from $224 million, +173%), underlying net profit before tax $447 million (up from $89 million, ~+402%), and underlying net profit after tax $314 million (up from $57 million, ~+451%).
Negative Updates
High Cost of Purchased Ore
Ore purchased from New Murchison produced 25,000 ounces at a high AISC of $5,644/oz (low-margin), which lifted combined group AISC to $3,225/oz — above the FY26 AISC guidance range (guidance excluding OPA $2,600–$2,900/oz).
Read all updates
Q2-2026 Updates
Positive
Negative
Record Revenue and Profit
Revenue of $1.2 billion (effectively doubled YoY, +100%) drove record underlying results: underlying EBITDA $612 million (up from $224 million, +173%), underlying net profit before tax $447 million (up from $89 million, ~+402%), and underlying net profit after tax $314 million (up from $57 million, ~+451%).
Read all positive updates
Company Guidance
Management maintained FY‑26 guidance of roughly a 365k oz midpoint at an AISC of $2,600–$2,900/oz (excluding third‑party OPA tonnes) and said the NMG ore purchase is already factored in while other OPAs (eg Valiant) are excluded; for H1 FY‑26 they delivered 195k oz group production (170k oz mined at AISC $2,871/oz plus 25k oz OPA at AISC $5,644/oz) with a half‑year group AISC of $3,225/oz. Over the 3‑year outlook Westgold plans to grow production from 326k oz in FY‑25 to ~470k oz by FY‑28 with AISC stepping down toward ~$2,500/oz, and cited capacity/upsides including Beta Hunt ramp toward 2.0 Mtpa, Bluebird South Junction 1.0–1.2 Mtpa (target 1.2 Mtpa by FY‑28, aiming 1–1.2 Mtpa by early FY‑27), Higginsville nameplate ~1.6 Mtpa with days up to 1.7–1.75 and feasibility beyond 2.6 Mtpa (options to ~4.0 Mtpa).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
5.42
Negative
6.03
Negative
5.85
Negative
Market Momentum
-0.09
Negative
44.14
Neutral
56.46
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 5.02, above the 50-day MA of 5.42, and above the 200-day MA of 5.85, indicating a bearish trend. The MACD of -0.09 indicates Negative momentum. The RSI at 44.14 is Neutral, neither overbought nor oversold. The STOCH value of 56.46 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | AU$6.81B | 15.06 | 28.87% | ― | 149.69% | 209.07% | |
75 Outperform | AU$5.12B | 9.88 | 27.80% | 0.65% | 31.42% | ― | |
75 Outperform | AU$6.08B | 22.91 | 22.68% | ― | 69.26% | 175.52% | |
67 Neutral | AU$4.73B | 17.36 | 12.35% | 0.46% | 101.97% | 237.66% | |
67 Neutral | AU$7.10B | 18.04 | 12.39% | 1.32% | 16.69% | 3.17% | |
66 Neutral | AU$5.88B | 11.46 | 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
4.89
2.00
69.44%
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Perseus Mining
5.18
1.88
56.92%
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Regis Resources Limited
6.62
2.19
49.33%
AU:RMS
Ramelius Resources Limited
3.01
0.52
21.08%
AU:GMD
Genesis Minerals Limited
5.58
1.24
28.57%
AU:CMM
Capricorn Metals Ltd
12.68
2.82
28.63%
Westgold Resources Corporate Events
Westgold Frames Investor Deck as Informational Only, Not an Offer
Jun 10, 2026
Westgold Resources has released an investor presentation dated 10 June 2026 outlining summary information about its operations and investment profile, while stressing that the material is general in nature and may be incomplete. The document is fr...
Westgold Steps Up On-Market Buy-Back With Daily Share Repurchases
Jun 9, 2026
Westgold Resources has provided an update on its on-market share buy-back program, confirming that it repurchased 365,155 ordinary fully paid shares on the previous trading day. This brings the total number of shares bought back under the program ...
Westgold continues active on-market share buy-back program
Jun 3, 2026
Westgold Resources Limited has updated the market on its ongoing on-market share buy-back program for its ordinary fully paid shares, reporting a cumulative repurchase of 3,122,557 shares prior to the latest trading day. The company disclosed that...
Westgold Updates Daily On‑Market Share Buy‑Back Activity
Jun 2, 2026
Westgold Resources Limited has provided an updated notification of its ongoing on-market share buy-back for its ordinary fully paid shares listed on the ASX under the code WGX. The company reported that a total of 3,029,664 shares had been repurch...
Westgold lifts total on-market buy-back to nearly 2.9m shares
Jun 1, 2026
Westgold Resources has reported an update to its on-market share buy-back, confirming that it repurchased 154,316 ordinary fully paid shares in the most recent trading day. This takes the total number of shares bought back under the program to 2,8...
Westgold Updates Market on Daily Progress of On‑Market Share Buy‑Back
May 28, 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 confirms that the announcement is part of a daily buy...
Westgold Updates Market on Progress of On‑Market Share Buy‑Back
May 27, 2026
Westgold Resources has provided an updated notification to the ASX regarding its ongoing on-market share buy-back of ordinary fully paid shares under code WGX. As of 28 May 2026, the company reported that it had repurchased a total of 2,623,321 sh...
Westgold Updates Market on Progress of On-Market Share Buy-Back
May 26, 2026
Westgold Resources Limited has provided an update on its on-market share buy-back program for its ordinary fully paid shares trading under the ASX code WGX. The company reported that a total of 2,430,654 shares had been repurchased before the prev...
Westgold Updates Daily On‑Market Share Buy‑Back Activity
May 22, 2026
Westgold Resources has provided an updated notification of its on‑market share buy‑back, confirming that it repurchased 198,767 ordinary fully paid shares on the previous trading day. This lifts the total number of shares bought back u...
Westgold Updates Daily On-Market Share Buy-Back Figures
May 21, 2026
Westgold Resources Limited has provided an updated notification on its on-market share buy-back, confirming that the program relates to its ordinary fully paid shares under ASX code WGX. The update forms part of an ongoing capital management initi...
Westgold Updates Market on Ongoing On-Market Share Buy-Back
May 7, 2026
Westgold Resources has reported the latest progress under its on-market share buy-back program for its ordinary fully paid shares traded on the ASX under the code WGX. The company disclosed that a total of 1,529,890 shares had been repurchased pri...
Westgold Director Cheryl Edwardes Lifts Shareholding in On‑Market Trade
May 5, 2026
Westgold Resources director Hon. Cheryl Edwardes AO has increased her direct holding in the company through an on-market purchase. On 1 May 2026 she acquired 3,713 fully paid ordinary shares at $5.39 per share, lifting her stake from 25,796 to 29,...
Westgold Issues Daily Update on Ongoing On-Market Share Buy-Back
May 5, 2026
Westgold Resources Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for its ordinary fully paid shares under the code WGX. The company reported that a total of 1,504,890 shares had been...
Westgold Updates Daily On-Market Share Buy-Back Activity
May 4, 2026
Westgold Resources Limited has provided an update on its on-market share buy-back program for its ordinary fully paid shares trading under ASX code WGX. The company reported that it had repurchased a cumulative total of 1,135,985 shares prior to t...
Westgold Sells Peak Hill Gold Project for $58.3m Plus Royalty in Portfolio Shift
May 4, 2026
Westgold Resources has agreed to sell its non-core Peak Hill Gold Project in Western Australia to Great Boulder Resources for $58.3 million in cash and scrip, plus a 1.0% net smelter return royalty on all future production. The consideration inclu...
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...
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.