PERTH, Western
Australia, Aug. 28, 2024 /CNW/ - Westgold Resources
Limited (ASX: WGX) (TSX: WGX) (OTCQX: WGXRF) (Westgold or the
Company) is pleased to report the highlights of its financial
results for the full year ended 30 June
2024 (FY24).
Highlights for FY24
|
852% increase in Net Profit After Tax – to
$95M
|
|
760% increase in free cash flow to $86M – post $273M
investment in growth capex and exploration
|
|
EBITDA of $271M – generated at a competitive EBITDA
margin of 38%
|
|
Unhedged position drives 9% revenue growth – lifts to
$716M
|
|
Cash, bullion & liquids1 up 37% –
to $263M
|
|
2.25cps dividends declared – represents a 12% free
cash flow payout ratio
|
Westgold Managing Director and CEO Wayne Bramwell commented:
"FY24 was a watershed year for Westgold with the Company
delivering significant improvement across key financial metrics.
The improvement is testament to the hard work of our people and
their commitment to our strategy which prioritises safe and
profitable gold production.
In FY24 Westgold found a balance between investing in our
near-term growth options, maintaining balance sheet strength and
delivering shareholder returns. In FY25 this investment will see
our organic growth pipeline deliver increased output from an
expanded Bluebird-South Junction mine at Meekatharra and first ore
from the iconic Great Fingall near Cue.
We will apply the same strategy to our Southern Goldfields
assets. Westgold can see the opportunity to increase the scale of
Beta Hunt and develop new targets at Higginsville with an intensive
drilling campaign expected to unlock substantial value in H2,
FY25."
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____________________________
|
|
1 Bullion is
valued at the closing gold price.
|
FY24 Summary
|
Key Consolidated Results
|
FY24
|
FY23
|
Movement
|
|
Revenue ($M)
|
716
|
657
|
9 %
|
|
Gold Sales
(oz)
|
227,691
|
256,009
|
(11) %
|
|
Achieved gold price
($/oz)
|
3,135
|
2,556
|
23 %
|
|
Cost of sales
($M)
|
559
|
632
|
(12) %
|
|
EBITDA ($M)
|
271
|
167
|
62 %
|
|
NPAT ($M)
|
95
|
10
|
852 %
|
|
Earnings per share
(cps)
|
20.11
|
2.11
|
853 %
|
|
Net cashflow from
operations ($M)
|
352
|
168
|
110 %
|
|
Free cash flow
($M)
|
86
|
10
|
760 %
|
|
Dividends
(cps)
|
2.25
|
-
|
-
|
|
Key Balance Sheet Items
|
30 June 2024
|
30 June 2023
|
Movement
|
|
Cash & Cash
Equivalents
|
236
|
176
|
34 %
|
|
Cash, Bullion &
Liquids2
|
263
|
192
|
37 %
|
|
Net Assets
|
692
|
598
|
16 %
|
- 852% growth in NPAT - Westgold delivered a profit of
$95M, with the impact of its
increased revenue and margin flowing to earnings in FY24.
- 62% improvement in EBITDA - reflects higher revenue and
Westgold's continued focus on increasing the profitability of its
operations which included the closure of Paddy's Flat.
- 9% increase in Revenue - reflects the 23% increase in
the achieved gold price and reduced hedging exposure in FY24,
offset by a decrease in gold sales as a result of the lower gold
produced in FY24 driven by the pausing of mining at Paddy's
Flat.
- 12% reduction in cost of sales - driven by the pausing
of mining at Paddy's Flat, ongoing application of operational and
commercial initiatives that drive cost out of the business and
capitalised development shifting from current mining areas to
investments in growth projects at Great Fingall, Big Bell and
Bluebird-South Junction.
- 2.25cps dividend - Westgold declared a 1.25cps fully
franked final dividend to complement the 1cps interim dividend
declared in February 2024. In total,
2.25cps dividends have been announced for the year, representing a
12% free cash flow payout ratio.
For more information, please refer to Westgold's FY24 -
Appendix 4E and Annual Financial Report filed on the ASX and SEDAR+
on 29 August 2024.
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______________________________
|
|
2 Bullion is
valued at the closing gold price.
|
Conference call details
Westgold advises that Wayne
Bramwell (Managing Director and Chief Executive Officer) and
Tommy Heng (Chief Financial Officer)
will present the results and be available to answer questions via
webcast on Thursday, 29 August 2024
at 8:30am AWST / 10:30am AEST.
To listen to the Webcast live, please click on the link below
and register your details:
FY24 FINANCIAL RESULTS WEBCAST
Please note it is best to log on a few minutes before the
scheduled commencement time to ensure you are registered in time
for the start of the call.
This announcement is authorised for release to the ASX by the
Board.
SOURCE Westgold Resources Limited