FY2021
Year ended 30 June 2021 · maiden dividend
Westgold produced 245,411 oz and declared its maiden 2c per-share dividend after the year end.
ASX: WGX · Five-year financial review
Westgold Resources Limited (ASX: WGX) - Five-Year Financial Review FY2021-FY2025
Five June year ends of Westgold’s consolidated statutory results, cash flows, financial position and gold operations. Monetary statements are shown in Australian dollars millions (A$m) unless a row states another unit. FY2025 includes Karora operations from 1 August 2024.
Reading the tables: 0 (nil) is a supported zero. Other text distinguishes an amount included in another line, a non-applicable item, a separately unavailable component and an unresolved value. These are not interchangeable. Period-specific detail is labelled; complete year-by-year detail remains available.
FY2025 revenue
A$1,360.30m
Statutory; Karora included from August 2024
FY2025 profit after tax
A$34.75m
Includes A$84.51m acquisition costs and A$33.11m disposal gain
FY2025 operating cash flow
A$357.04m
Net cash from operating activities
30 June 2025 cash
A$240.25m
Cash and equivalents; excludes bullion and investments
Five years in context
FY2021–FY2023 span a profitable year, a FY2022 impairment-driven loss, then a smaller FY2023 profit after an operating reset. FY2024 profit recovered before the Karora merger closed. The merger completed on 1 August 2024, so FY2025 statutory and operating totals cover a materially expanded group.
FY2025 revenue and production rose, but statutory profit after tax fell from FY2024 as acquisition costs, tax, a royalty fair-value loss and the Lakewood disposal gain affected the result. Operating cash flow remained above A$350m in both FY2024 and FY2025; investing cash flow includes the acquisition and disposal cash lines.
Events behind the numbers
FY2022
Year ended 30 June 2022 · impairment
A$175.54m non-cash mine and plant impairment accompanied cost inflation; statutory profit turned to a loss.
FY2023
Year ended 30 June 2023 · mine reset
Following the first-quarter strategic review, marginal underground mines were placed on care and maintenance and annual gold output was 257,116 oz.
FY2024
April 2024 · Karora merger announced
The merger was announced in April 2024. Completion and operational control followed on 1 August 2024, after this balance date.
FY2025
1 August 2024 · Karora enters the group
Karora operations entered the consolidated group, with A$84.51m acquisition costs reported in profit or loss. Separately, Lakewood was sold in April 2025, and the statement reports a separate A$33.11m gain on disposal of a subsidiary.
FINANCIAL REVIEW / 01
Statutory earnings
Revenue increased across the five reports, but FY2025 is a larger combined group after Karora. FY2022 includes the separately disclosed A$175.54m impairment; FY2025 includes acquisition costs, a disposal gain and a royalty fair-value loss. Those items explain why the revenue line alone does not describe statutory profit.
Statutory group revenue
A$m
Revenue
AI-generated presentation · values from Statutory profit or loss; no missing values plotted as zero.
Statutory profit or loss
A$m
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | 571.17 | 647.58 | 654.37 | 716.47 | 1,360.30 |
| Cost of sales | -455.46 | -620.30 | -631.60 | -559.50 | -1,125.55 |
| Gross profit | 115.71 | 27.28 | 22.77 | 156.98 | 234.75 |
| Finance income, separately presented | — | — | — | Included in combined line | 4.58 |
| Other income | 2.29 | 4.66 | 11.00 | 12.21 | 17.81 |
| Other income plus separately presented finance income | 2.29 | 4.66 | 11.00 | 12.21 | 22.39 |
| Finance costs | -0.35 | -1.40 | -2.46 | -4.68 | -12.55 |
| Other expenses | -10.88 | -12.97 | -17.37 | -27.25 | -55.73 |
| Impairment of mine properties and PP&E | 0 (nil) | -175.54 | 0 (nil) | — | — |
| Fair-value gain / (loss) on financial assets | 5.20 | -2.01 | 0.00 | — | — |
| Exploration and evaluation expenditure written off | -0.09 | -0.11 | 0 (nil) | -0.29 | -1.13 |
| Acquisition costs | — | — | — | — | -84.51 |
| Gain on disposal of subsidiary | — | — | — | — | 33.11 |
| Royalty financial-instrument fair-value movement | — | — | — | — | -22.27 |
| Share of loss of associate | — | — | — | — | -2.23 |
| Profit or loss before tax | 111.89 | -160.09 | 13.95 | 136.97 | 111.83 |
| Income tax benefit / (expense) | -35.14 | 48.97 | -3.95 | -41.74 | -77.08 |
| Profit or loss after tax | 76.75 | -111.12 | 10.00 | 95.23 | 34.75 |
A$m; current-year figures from each annual statement. Expenses retain their reported negative sign.
FY2023 own report shows A$654.37m revenue and A$11.00m other income; FY2024 comparative presents A$656.65m and A$8.72m, with the same FY2023 profit before tax. The series uses the FY2023 own report.
FY2025 includes Karora from 1 August 2024. The five-year line is group statutory data, with a clear acquisition boundary after FY2024. The presentation-bridge row retains FY2021–FY2024 own-year other income and sums FY2025 other income with its separately reported finance income; it does not reallocate earlier years' components.
Impairment is a separately presented statutory line through FY2023; the absence of that line in FY2024–FY2025 is shown as not separately presented, not zero.
Source: Westgold annual reports, current-year consolidated statements and operating summaries; exact record refs retained in author evidence.
Statutory earnings per share
cents/share
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Basic earnings per share | 18.16 | -25.32 | 2.11 | 20.11 | 3.85 |
| Diluted earnings per share | 18.12 | -25.32 | 2.11 | 19.79 | 3.81 |
Per ordinary share attributable to parent holders. FY2025 includes the post-merger share count.
Source: Westgold annual reports, current-year consolidated statements and operating summaries; exact record refs retained in author evidence.
FINANCIAL REVIEW / 02
Assets, liabilities and liquidity
At 30 June 2025 the asset base and equity were substantially larger after the Karora transaction. The A$621.47m deferred tax liability is a material part of the post-combination balance sheet; borrowings and the royalty financial liability are shown separately.
Cash and cash equivalents at 30 June
A$m
Cash and cash equivalents
AI-generated presentation · values from Consolidated statement of financial position; no missing values plotted as zero.
Consolidated statement of financial position
A$m
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 150.68 | 182.70 | 176.41 | 236.04 | 240.25 |
| Inventories | 59.13 | 96.08 | 82.74 | 71.60 | 165.87 |
| Total current assets | 222.46 | 293.26 | 276.61 | 324.61 | 456.38 |
| Property, plant and equipment | 166.75 | 147.92 | 140.90 | 204.46 | 335.71 |
| Mine properties and development | 407.34 | 263.80 | 258.79 | 364.25 | 1,392.43 |
| Exploration and evaluation expenditure | 89.74 | 104.58 | 123.49 | 147.86 | 956.84 |
| Total non-current assets | 677.51 | 533.91 | 536.65 | 727.89 | 2,748.63 |
| Total assets | 899.97 | 827.17 | 813.25 | 1,052.50 | 3,205.01 |
| Trade and other payables | 83.78 | 88.02 | 79.23 | 148.04 | 257.67 |
| Provisions (current) | 11.41 | 13.07 | 11.81 | 14.79 | 25.04 |
| Interest-bearing loans and borrowings (current) | 22.96 | 22.84 | 15.94 | 23.38 | 100.46 |
| Financial liability — Royalty (current) | — | — | — | 0 (nil) | 10.01 |
| Total current liabilities | 118.15 | 123.93 | 106.98 | 186.20 | 393.17 |
| Provisions (non-current) | 77.12 | 69.67 | 66.27 | 71.01 | 129.77 |
| Interest-bearing loans and borrowings (non-current) | 22.11 | 20.12 | 11.55 | 31.23 | 46.80 |
| Financial liability — Royalty (non-current) | — | — | — | 0 (nil) | 44.32 |
| Deferred tax liabilities | 75.23 | 25.69 | 30.11 | 72.25 | 621.47 |
| Total non-current liabilities | 174.46 | 115.48 | 107.93 | 174.50 | 842.36 |
| Total liabilities | 292.61 | 239.41 | 214.91 | 360.70 | 1,235.53 |
| Net assets | 607.36 | 587.77 | 598.34 | 691.80 | 1,969.48 |
A$m at 30 June. FY2021–FY2024 statements were printed in whole A$; FY2025 in A$000. Display is normalized to A$m.
FY2025 mine properties, exploration assets, debt, deferred tax and issued capital reflect the Karora business combination; avoid reading the change as organic growth.
Royalty liability was a FY2025 line. FY2021–FY2023 were not separately presented. The FY2024 current and non-current royalty-liability comparatives are nil: the current classification is supported by the full FY2024 liabilities subtotal and FY2025 comparative statement, not the dash alone.
Basis and presentation notes (1)
- Financial liability — Royalty (current) / FY2024 — 0 (nil): FY2025 comparative explicitly shows a dash for FY2024 current royalty liability; the complete FY2024 current-liability statement adds to its reported subtotal without a royalty amount. The FY2024 fair-value table has no royalty liability. This is a supported nil on the current-liability basis.
Source: Westgold annual reports, current-year consolidated statements and operating summaries; exact record refs retained in author evidence.
FINANCIAL REVIEW / 03
Cash generation and deployment
Operating cash flow rose sharply in FY2024, then remained near that level in FY2025 even as the consolidated group expanded. The FY2025 operating total includes A$22.40m paid for Karora acquisition employee liabilities. Investing cash flow separately includes a subsidiary acquisition outflow and subsidiary disposal inflow, distinct from ongoing mine development and exploration payments.
Net operating cash flow
A$m
Net cash from operating activities
AI-generated presentation · values from Consolidated cash-flow totals; no missing values plotted as zero.
Consolidated cash-flow totals
A$m
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net cash from operating activities | 249.14 | 179.86 | 168.43 | 351.74 | 357.04 |
| Payments for Karora acquisition employee liabilities (operating) | Not applicable | Not applicable | Not applicable | Not applicable | -22.40 |
| Net cash used in investing activities | -213.81 | -201.01 | -158.07 | -265.64 | -352.47 |
| Net cash from / (used in) financing activities | -22.22 | 53.17 | -16.65 | -26.47 | -0.11 |
| Net increase / (decrease) in cash | 13.12 | 32.02 | -6.29 | 59.63 | 4.46 |
A$m, cash basis. FY2025 cash movement also included an A$0.25m adverse exchange effect after the A$4.46m net cash increase.
The FY2025 Karora employee-liability payment is a component already included within net operating cash flow, separate from the investing acquisition outflow and the statutory acquisition-cost expense.
FY2021–FY2024 ended before Karora combination completion on 1 August 2024. The Karora employee-liability payment is therefore not applicable to those years; it is reported only within FY2025 operating cash flow.
Basis and presentation notes (4)
- Payments for Karora acquisition employee liabilities (operating) / FY2021 — Not applicable: FY2021 predates the Karora combination completed on 1 August 2024.
- Payments for Karora acquisition employee liabilities (operating) / FY2022 — Not applicable: FY2022 predates the Karora combination completed on 1 August 2024.
- Payments for Karora acquisition employee liabilities (operating) / FY2023 — Not applicable: FY2023 predates the Karora combination completed on 1 August 2024.
- Payments for Karora acquisition employee liabilities (operating) / FY2024 — Not applicable: FY2024 ended 30 June 2024, before Karora combination completion on 1 August 2024.
Source: Westgold annual reports, current-year consolidated statements and operating summaries; exact record refs retained in author evidence.
Investing cash outflows and transaction cash flows
A$m
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Payments for property, plant and equipment | -32.35 | -37.74 | -45.27 | -46.55 | -81.42 |
| Payments for mine properties and development | -182.40 | -150.54 | -95.36 | -201.87 | -169.37 |
| Payments for exploration and evaluation | -14.25 | -18.19 | -18.91 | -24.66 | -42.81 |
| Net cash outflow on acquisition of subsidiary | — | — | — | — | -102.87 |
| Net cash inflow on sale of subsidiary | — | — | — | — | 44.84 |
A$m cash outflows, reported negative. These statement lines are not identical to issuer capital-investment or segment-capex definitions.
Source: Westgold annual reports, current-year consolidated statements and operating summaries; exact record refs retained in author evidence.
Financing cash-flow components
A$m
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Equipment loan repayments | -22.25 | -28.13 | -10.16 | -19.47 | -36.01 |
| Lease liability payments in financing cash flow | -8.35 | -9.04 | -6.49 | -2.27 | -7.43 |
| Dividends paid, cash-flow statement | — | -6.32 | 0 (nil) | -4.74 | -5.93 |
| Proceeds from borrowing | — | — | — | — | 50.00 |
A$m cash basis. FY2021 maiden dividend was declared for payment after 30 June 2021, so a cash dividend line was not presented in that year.
Lease liability cash-flow labels and the lease-note movement use different payment scopes. FY2025 financing cash flow reports A$7.43m paid; the lease roll-forward reports A$6.64m payments. They are not treated as identical.
Source: Westgold annual reports, current-year consolidated statements and operating summaries; exact record refs retained in author evidence.
FINANCIAL REVIEW / 05
Gold operations and unit costs
FY2025 gold production rose with the Southern Goldfields assets added through Karora. Achieved gold price also increased, while issuer-reported AISC rose to A$2,666/oz. The asset-scope change limits a like-for-like reading of the operating series.
Group gold production
oz
Gold produced
AI-generated presentation · values from Group gold production and sales; no missing values plotted as zero.
Group all-in sustaining cost
A$/oz
All-in sustaining cost per ounce
AI-generated presentation · values from Group gold unit-cost measures; no missing values plotted as zero.
Group gold production and sales
mixed (row labels)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Gold producedoz | 245,411 | 270,884 | 257,116 | 227,237 | 326,384 |
| Gold soldoz | 245,066 | 269,705 | 256,009 | 227,691 | 308,979 |
| Ore processedtonnes | 3,767,945 | 3,697,925 | 3,625,035 | 3,481,765 | 5,336,343 |
| Processed head gradeg/t | 2.29 | 2.50 | 2.50 | 2.30 | 2.10 |
| Metallurgical recovery% | 88.40 | 90.00 | 90.00 | 89.00 | 91.00 |
| Achieved gold priceA$/oz | 2,330 | 2,401 | 2,556 | 3,135 | 4,387 |
Group physical and pricing measures, each in the row unit. FY2025 Southern Goldfields production entered after the Karora completion, changing the asset scope.
FY2024 achieved price is the group summary number in the frozen extraction; no district-specific interpretation is assumed.
Source: Westgold annual reports, current-year consolidated statements and operating summaries; exact record refs retained in author evidence.
Group gold unit-cost measures
A$/oz
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| C1 cash cost per ounce produced | 1,158 | 1,438 | 1,706 | 1,711 | 2,375 |
| All-in sustaining cost per ounce | 1,411 | 1,692 | 1,999 | 2,178 | 2,666 |
Issuer operating measures, not statutory IFRS profit or cash flow. FY2025 group scope includes Southern Goldfields following Karora.
Source: Westgold annual reports, current-year consolidated statements and operating summaries; exact record refs retained in author evidence.
Reading the figures
- Current-year figures are used from each own-year statement. The FY2024 statement presents FY2023 revenue and other income comparatives differently while leaving FY2023 profit before tax unchanged. The FY2025 comparative also separates FY2024 finance income from other income.
- FY2025 includes Karora from 1 August 2024. Earlier years are Westgold’s pre-combination group and are not a like-for-like operating or asset base.
- A matching-period reported-nil record supports zero. The FY2024 current royalty-liability comparative is unresolved because its dash was interpreted ambiguously as nil or not disclosed; other unpresented lines are not converted to zero.
- AISC and achieved gold price are issuer operating measures. Cash-flow capex lines are not substituted for the company’s broader investment definition.
Annual-report source registry
- Annual Report to Shareholders (2021)Year ended 2021-06-30; report dated 2021-10-28. Current-year values used.
- Annual Report (2022)Year ended 2022-06-30; report dated 2022-10-21. Current-year values used.
- Annual Report (2023)Year ended 2023-06-30; report dated 2023-10-20. Current-year values used.
- Annual Report (2024)Year ended 2024-06-30; report dated 2024-10-23. Current-year values used.
- Annual Report (2025)Year ended 2025-06-30; report dated 2025-10-20. Current-year values used.
Prepared from the existing annual extraction datasets, supplemented only by selected same-company annual-report tables and saved row interpretations. No new raw-document extraction or web financial research was used for this test.
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