Westgold
(ASX:WGX) says it is looking at reaching the top end of its 2022-23 gold production guidance after a solid effort in the three months to March.
That’s after the company Wednesday provided an early production update ahead of the release of a full quarterly and 9-month report later in April.
The company told the ASX that it had had another solid quarter of operations, producing 60,512 ounces of gold even after a major rainfall event across the Murchison temporarily restricted, but did not stop milling operations towards the end of the quarter.
That was short of the 65,426 ounces produced in the March, 2022 quarter.
Westgold said this took year-to-date gold production to 188,740 ounces for the 9 months to March and put the company and “on track to achieve the upper end of production guidance of 240,000 – 260,000 ounces for 2022-23.”
The 9-month figure was also short of the 198,288 ounces from the previous corresponding period. Westgold just topped its guidance of 270,000 ounces then, reporting production of 270,884 for the year to June, 2022.
“Importantly, the Company’s cash, bullion and liquid assets at the end of Q3, FY23 were $168M, up from the prior quarter (Q2: $159M) but lower than the $189 million in the March, 2022 quarter.
Wednesday’s statement made no mention of costs. The guidance for 2022-23 given in July, 2022 was for an All in Sustaining Cost of $1,900 – $2,100 per ounce.
Westgold CEO Wayne Bramwell said in the statement
“Westgold’s Q3 results show changes made around operating discipline, mining efficiency and cost management are beginning to deliver the financial results we expect from our mines.
“The turnaround this quarter is encouraging considering the investment in resource drilling, earthworks associated with our hybrid power stations and solar farms and a major rainfall event across the Murchison late in the quarter that impacted our Meekatharra and Fortnum operations.”
Westgold shares eased 1.6% to $1.485.
