Westgold Resources (WGX.AX): 4Q drives FY26 guidance beat; FY27 guidance & updated 3yr outlook due in August; Buy

研报英文原文证据摘录

Westgold Resources (WGX.AX): 4Q drives FY26 guidance beat; FY27 guidance & updated 3yr outlook due in August; Buy

Equity Research

22 July 2026 | 5:54PM AEST

Westgold Resources (WGX.AX): 4Q drives FY26 guidance beat; FY27

guidance & updated 3yr outlook due in August; Buy

WGX reported group Jun-Q gold production/sales of ~99koz/~110koz, with Hugo Nicolaci

+61(2)9321-8323 |

production +6% QoQ and ahead of GSe/Visible Alpha Consensus Data on stronger hugo.nicolaci@gs.com

Goldman Sachs Australia Pty Ltd

organic Murchison output and elevated third-party ore volumes, partially offset by a

Paul Young

softer Southern Goldfields. Cash costs of ~A$2,466/oz were better than +61(2)9321-8302 |

expectations, with AISC of ~A$2,802/oz (excl. OPA ounces) also ahead, supported by paul.young1@gs.comGoldman Sachs Australia Pty Ltd

higher production and sustaining-spend timing. Marcus Dosanjh

+61(2)9321-8780 |

FY26 gold production of ~387koz exceeded the top end of guidance marcus.dosanjh@gs.comGoldman Sachs Australia Pty Ltd

(345-385koz), with AISC of ~A$2,841/oz in-line with guidance

(A$2,600-2,900/oz). FY26 growth capex of ~A$341mn was above guidance,

reflecting the deliberate acceleration of high-return FY27 projects, while

exploration spend of ~A$42mn was marginally below guidance (~A$50mn).

Across the Murchison, Bluebird-South Junction achieved an annualised mining rate

above 1Mtpa in June (in-line with plan), while Big Bell delivered record quarterly and

annual mining rates following ventilation upgrades. At Southern Goldfields, Beta

Hunt delivered its strongest mining quarter of FY26, though the ventilation-fan issue

remains unresolved, where interim capacity supports ~1.7Mtpa, with a replacement

>2Mtpa system expected in 2Q FY27. WGX also received state environmental