Westgold achieves record price for ounces sold in Q3
ASX- and TSX-listed Westgold achieved a record price of $7 080/oz for 69 900 oz of gold sold in its third financial quarter ended March 31.
This generated $495-million in cash for the group, with its closing cash, bullion and liquid investments having totalled $856-million at the end of the quarter – marking a $202-million quarter-on-quarter increase.
The company remains debt free and unhedged.
Westgold produced 93 145/oz of gold in the quarter under review, which brought the company’s gold production to 288 500 oz for the nine months ended March 31.
The company maintains its full-year guidance of between 345 000 and 385 000 oz.
Westgold had gold bullion inventory of 33 400 oz valued at $225-million at the end of the quarter.
About 23 drill rigs are operating across the Murchison and Southern Goldfields prospects, in Western Australia, to expand the group’s resource base.
Westgold MD and CEO Wayne Bramwell says the Bluebird-South Junction and Beta Hunt mines, also in Western Australia, remain the two cornerstone assets underpinning Westgold’s growth over the next three years.
He adds that the company entered the ASX top 100 companies in the quarter, which marked a significant milestone reflecting the growing scale, quality and resilience of the business. The ASX 100 represents the largest and most liquid, as well as actively traded companies listed on the exchange.
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