Westgold Resources shares soar on 'high confidence' 3-year plan
Make us a preferred source
Make us a preferred source on Google
The news: Westgold Resources shares rocketed in early trade after the gold miner unveiled a new three-year outlook to investors this morning.
The numbers: Westgold shares were up 9.8% to $4.92 at 11:30am AEST, having surged 91% over the last 12 months.
The company's "high confidence" plan sets out an increase in annual gold production from 326,000 ounces in FY25 to more than 470,000 ounces by FY28. More than 80% of material is expected to be mined from current ore reserves, which total 3.5 million ounces.
The context: Westgold managing director and CEO Wayne Bramwell said the growth plan is organic, fully funded and "underpinned by realistic production forecasts, cost assumptions and focuses on maximising the performance of our existing processing infrastructure to drive our costs down".
Bramwell also noted that the plan is "conservative by design".
What they said: "Additional growth can be delivered through mill optimisation, mine productivity improvements, systematic exploration and resource development, with our larger Beta Hunt and Bluebird-South Junction mines ripe for resource expansion," he said.
The source: ASX
