Q4, FY23 HIGHLIGHTS
? 13% increase in gold production - and 15% reduction in ASIC
compared to Q3
? Doubled mine operating cash flow to $64M - from $32M in Q3
o Bluebird and Big Bell mines outperformed, with both
achieving quarterly production records and generating
material net cash inflow
o Starlight and Paddy’s Flat optimisation well progressed
? 7% reduction in total recordable injury frequency rates (TRIFR)
to 8.37 - compared to Q3
? Full year FY23 guidance met – with Westgold delivering top end
of production guidance (257,116oz Au) at mid-point of AISC
cost guidance ($1,999/oz Au)
? Closing cash and liquid assets to $192M - up $24M compared
to Q3
? Aggressive resource drilling programme continues with 9 rigs
operating with better results including:
o 5.19m at 30.91g/t Au from 231m (22BLDD259 – Bluebird)
o 6.81m at 11.95g/t Au from 55m (23CNDD103 – Paddy’s
Flat)
o 5.50m @ 16.68g/t Au from 925.00m (GFD019_23W1 -
Lower Fingall Reef)
? 49% increase in revised Mineral Resource Estimate for Great
Fingall
? Hedge position reduced to 10,000 oz - with the Group’s fixed
forward programme complete in July
? Off market takeover offer for Musgrave Minerals – declined to
increase offer and all acceptances are now null and void
Westgold Managing Director, Wayne Bramwell commented:
“Westgold’s outstanding Q4, FY23 results demonstrate what
our business can deliver when our teams execute to plan.
Our momentum continues and this was the second
consecutive quarter where we built cash, evidencing our cost
out and business improvement programmes are beginning to
be effective.
We delivered the full year guidance as stated and start FY24
from a position of financial strength. With full exposure to the
gold price from August and our organic growth opportunities
advancing rapidly, we have growing confidence in our team’s
ability to expand the scale and profitability of the business in
the year ahead.”

see & read more on
https://www.westgold.com.au/site/pdf/385dad00-4923-434b-a067-18fda71ae71b/June-2023-Quarterly-Report.pdf