Westgold Resources has delivered a strong start with its September quarter, building $180 million in underlying cash and strengthening its balance sheet to $472 million in cash, bullion and liquid investments.

Managing director and chief executive officer Wayne Bramwell said the result reflected improving operational consistency and disciplined capital management across Westgold’s Western Australian portfolio.

“Westgold’s underlying cash build in the first quarter (Q1) of the 2025-26 financial year (FY26) of $180 million before growth and exploration spend culminated in a closing balance of $472 million in cash, bullion, and liquid investments,” Bramwell said. “This was an increase of $108 million quarter on quarter.”

The unhedged gold producer sold 94,913 ounces at a record realised price of $5296 per ounce, generating revenue of $503 million for the quarter.

Group gold production reached 83,937 ounces at an all-in sustaining cost (AISC) of $2861 per ounce, in line with full-year guidance of 345,000–385,000 ounces at an AISC of $2600–$2900 per ounce.

Operationally, the company achieved an 11 per cent improvement in its total recordable injury frequency rate (TRIFR), bringing it down to 5.04 per million hours worked.

During the quarter, Westgold also released an updated mineral resource and ore reserve statement, with group mineral resources increasing 24 per cent to 16.3 million ounces and ore reserves rising 5 per cent to 3.5 million ounces.

These gains were driven by growth at Beta Hunt, Bluebird–South Junction and Starlight, extending the company’s ore reserve life to around 10 years.

“The 2025 reserves and resources statement demonstrated the success of continued investment in growth projects and exploration,” Bramwell said. “This growth now underpins a 10-year ore reserve life and highlights the latent mineral potential that drilling can unlock within our portfolio.”

Looking ahead, Westgold’s three-year outlook targets organic production growth from 365,000 ounces in FY26 to around 470,000 ounces by FY28, with an AISC at approximately $2499 per ounce.

“Our team is focused on optimising our larger producing assets to maximise free cash flow,” Bramwell said. “With improving operational performance and a clear pathway defined by the three-year outlook, the business can now plan to sustain safe, responsible and profitable production into the future.”