Westgold Resources Records AU$25 million Cash Increase in Q1 FY24

Westgold Resources Limited (ASX: WGX), a prominent player in the mining industry, has unveiled its preliminary production figures for the first quarter of the fiscal year 2024 (Q1 FY24). The company, operating primarily in Western Australia, extracted a remarkable 63,104 ounces of gold from its Murchison and Bryah Operations. Furthermore, Westgold achieved an average gold sale price of AU$2,888 per ounce during this period.

Cash and Assets Surge

One of the most noteworthy highlights of this announcement is Westgold's substantial boost in its financial reserves. By the end of Q1 FY24, the company's cash, bullion, and liquid assets surged by an impressive AU$25 million, propelling the group's total to a substantial AU$217 million. This substantial cash build marks the third consecutive quarter of financial strength for Westgold, further solidifying its position in the market.

Maintaining Strong Momentum

Westgold is well on track to meet its production target for FY24, which ranges between 245,000 to 265,000 ounces. The company's Managing Director, Wayne Bramwell, expressed his satisfaction with the Q1 FY24 performance and highlighted the positive trajectory it signifies for the business.

Unprecedented Opportunity

Moreover, Bramwell pointed out a significant development in the company's financial strategy. With the successful conclusion of their fixed forward sales program in July, Westgold has been able to capitalize on the full value of the Australian dollar gold price in August and September for the first time. This strategic move has further strengthened the company's position and provided a solid foundation to deliver its

FY24 guidance.

Looking Ahead

As Westgold moves into Q2, it anticipates the first full quarter without the constraints of fixed forward contracts. This development positions the company to fund its exciting internal growth initiatives using operating cash flows. Wayne Bramwell sees opportunities such as the Great Fingall project as a sign of Westgold's transformation into a progressive and more profitable Australian gold miner.

Full Details Coming Soon

For a comprehensive overview of Westgold's Q1 FY24 operational and financial performance, stay tuned for the Quarterly Report scheduled for release on Wednesday, October 25, 2023. This report will provide an in-depth analysis of the company's progress and future prospects, ensuring that investors and stakeholders are well-informed about Westgold's promising journey

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