Westgold Resources has provided its preliminary production results for the first quarter of the 2024 financial year (Q1 FY24).
During the quarter, the gold miner produced 63,104 ounces (oz) of gold from its Murchison and Bryah operations in Western Australia.
The Murchison gold operations includes the Cue project and the Meekatharra project, and the Bryah gold operations includes the Fortnum project.
From both operations, Westgold achieved an average gold sale price of $2888/oz. At the end of Q1 FY24, its cash, bullion and liquid assets increased by $25 million, which took the group total to $217 million from the $192 million recorded in Q4 FY23.
Westgold now remains on track to deliver its FY24 production guidance of 245,000–265,000oz.
“With $25 million of cash build in Q1 FY24, Westgold continues to build balance sheet strength,” Westgold Resources managing director Wayne Bramwell said.
“Corporately, the completion of our fixed forward sales program in July saw us realise the full value of the Australian dollar gold price in August and September for the first time. Our operational performance was pleasing and with positive cash build for a third consecutive quarter, Westgold has set the foundation to deliver its FY24 guidance.
“Looking forward, Q2 will mark the first full quarter with cash flows unimpeded by fixed forward contracts. We can fund our exciting suite of internal growth options from operating cashflows and see opportunities (like the) Great Fingall as heralding a new stage of Westgold’s transformation into a progressive and more profitable Australian gold miner.”
Last month, Westgold updated its total mineral resource and ore reserve statement, and for its key gold projects.