West Australia-focused Westgold Resources reported record gold production and a significant treasury increase in the fourth quarter of the 2025 financial year, as capital investments across its operations began to yield higher productivity and mine performance.

The ASX- and TSX-listed miner's fourth-quarter results of 88 000 oz of production and A$132-million in treasury build were group records, MD and CEO Wayne Bramwell said in a statement on Wednesday.

“These results propelled the group to a full-year production record of 326 384 oz, at all-in sustaining cost (AISC) of A$2 666 oz, and closing cash, bullion and liquid investments of $364-million– demonstrating the growing free cash flow capability of our business," he reported.

The quarterly cash build was driven by record production, an average realised gold price of A$5 174/oz, and receipt of a second A$20-million payment from the sale of the noncore Lakewood Mill. Westgold remains unhedged, retaining full exposure to the spot gold price. It expects to receive a final A$25-million Lakewood payment in November.

Mine productivity and throughput improved across the group, though delivery against full-year guidance was partially offset by trucking availability issues at Beta Hunt and development delays at Bluebird-South Junction. “Trucking availability at Beta Hunt and development delays at Bluebird-South Junction impacted delivery of the full-year target but group production of 34 000 oz in June shows what this portfolio can deliver when our mines perform,” Bramwell said.

The Murchison operations delivered 54 811 oz in the quarter, a substantial increase from 42 906 oz in the third quarter, driven by higher-grade stopes at Bluebird-South Junction and the Galaxy lodes at Starlight. In contrast, Southern Goldfields output fell to 33 211 oz from 37 201 oz, impacted by intermittent haulage issues at Beta Hunt, delaying about 4 000 oz of production into the 2026 financial year.

Despite these disruptions, Westgold reported a fourth-quarter AISC of $2 688/oz, down from $2 829/oz in the third quarter, with total AISC for the quarter at A$237-million. The company sold 71 500 oz of gold, generating A$370-million in revenue. Mine operating cash flows totalled A$219-million, with margins boosted by an average gold price that exceeded AISC by $2 486/oz.

Bramwell said larger assets were gaining momentum. “At Bluebird-South Junction, Westgold fired the first large South Junction stopes and now has a mine design that, though slower to implement in the short term, establishes higher outputs and future-proofs this multi-decade asset,” he said. “At Beta Hunt, substantial progress was made on mine infrastructure projects that will enable higher productivity whilst at Big Bell, the Upper Cave continues to deliver increasing tonnages.”

Smaller mines also contributed positively, with Bramwell noting that “our Starlight mine is outperforming yet again". He highlighted success at the Two Boys mine at Higginsville, saying, “a small underground mine which at the start of the year had little future, needed just a single diamond drill to start to define mine life extensions, lift mine grade and its outputs.”

In parallel, exploration spending totalled A$9-million in the fourth quarter, bringing the full-year exploration investment to A$43-million, slightly below guidance of A$50-million. Focus remained on the Fletcher zone and Western Flanks at Beta Hunt, and Bluebird-South Junction and Starlight in the Murchison.

“Alongside stellar drilling results detailed in our June 2025 quarterly exploration results, another milestone for Westgold this quarter was the announcement of a maiden mineral resource estimate of 2.3-million ounces from the Fletcher zone at Beta Hunt,” Bramwell said. “This result, achieved from just 1 km of the known 2 km strike, validates our view of the potential upside in Beta Hunt and signals the beginning of a multi-decade growth journey for the Fletcher zone.”