Westgold Resources Limited (ASX: WGX) decides not to pay dividend for FY22

Westgold Resources Limited (ASX: WGX) has announced its financial results for the year ended 30 June 2022 (FY22).

The results announced by the company are as follows:

• Strong finish to the year with record Q4 production of 72,597 ounces (oz)
• Delivered record full-year gold production of 270,884 oz (2021: 245,411oz)
• Record production delivered higher revenue of AU$647.6 million (2021: AU$571.2 million)
• AISC (post audited financials) of AU$1,692/oz (2021: AU$1,411/oz), outperforming on cost guidance amid the current inflationary environment
• EBITDA of AU$209.2 million (2021: AU$252.0 million)
• Net loss after tax of AU$111.1 million (2021: profit of AU$76.8 million)
• Closed FY22 debt free and with a bolstered liquidity position of AU$182.7 million (2021: AU$150.7 million).
• Amid current industry-wide inflationary and supply chain pressures, the Group has set its FY23 production and cost guidance of 240,000 - 260,000oz at an ASIC of AU$1,900 - AU$2,100oz
• A strong cash position facilitates AU$60 million of growth capital and AU$20 million of exploration in FY23.
• No dividend will be paid to members for the year ended 30 June 2022.

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