WESTGOLD RESOURCES LIMITED (WGX)
Share Price Analysis and Chart

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26/08/2026

1

Buy

$8.25

29.51%

Westgold Resources has outlined potential expansions across three of its four mills, which UBS believes provide a pathway to more than 650kozpa gold production by FY30, potentially making Westgold the fifth-largest ASX-listed gold producer.

The broker estimates combined milling capacity could reach 9.5Mtpa across the Murchison and Southern Goldfields hubs, with FY30 group AISC of just over $3,200/oz and production above the top end of consensus expectations.

Including forecasts of $1.8bn of growth capex through FY30, and around $1.6bn to develop the mining fronts required to feed the expanded mills, the analyst still forecasts FCF throughout, with FCF yields rising from 4% in peak-capex FY28 to 16% in FY30.

Key developments include Murchison capacity increasing to a potential 5.5Mtpa and a proposed Southern Goldfields expansion to 4Mtpa, including development of Fletcher from the September quarter of 2028.

UBS retains its Buy rating and raises the target price by 6% to $8.25 from $7.75.

FORECAST
UBS forecasts a full year FY27 dividend of 17.00 cents and EPS of 90.00 cents.

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30/07/2026

1

Buy

$7.30

(28/08/2026)

14.60%

Canaccord Genuity retains a Buy rating for Westgold Resources with its target price lowered to $7.20 from $7.25 following the release of the June quarter 2026 production report.

Group gold production reached 99koz at an all-in sustaining cost of $3,220/oz inclusive of ore purchase agreement expenses, driving an underlying cash and bullion build of $72m.

The Murchison operations outperformed expectations as the Bluebird underground mine approached a 1.2Mtpa target run rate, offsetting deferred toll treatment parcels at the Beta Hunt asset in the Southern Goldfields.

The balance sheet remains debt-free with $1.54bn in available liquidity, supporting ongoing share buybacks ahead of an updated three-year outlook scheduled for August 2026.

The analyst modestly reduces FY27 free cash flow forecasts by 1% to $398m while viewing current production estimates as conservative relative to broader market consensus.