PERTH, Western Australia, Aug. 29, 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
