With production from its hubs coming in at 60,512 ounces for the three months to March 31, the company has now produced 188,740oz for the financial year.

 

Another successful quarter will put it in the upper half of its 240,000-260,000oz full-year guidance. Costs have been tracking to the midpoint of A$1900-2100/oz.

 

While full costs won't be disclosed until it releases its financials later this month, managing director Wayne Bramwell has hinted things are going well.

 

Cash and bullion increased $9 million over the period to $168 million, and Bramwell said changes made in recent quarters were starting to deliver results.

 

Westgold posted a $131 million loss for the June half 2022, but has enacted sweeping reforms to target a return to profitability this year.

 

With so much cash sloshing around, and the company achieving its goals of rebuilding its treasury, it is considering investing more in resource drilling, and earthworks associated with its planned hybrid power stations and solar farms that should help reduce costs further.

 

Westgold has reported some good deep hits at Big Bell and the Great Fingall Deeps in recent weeks, confirming new areas of mineralisation below current resources, and Big Bell has been exceeding its design rate in recent months. 

 

A prefeasibility study for an expansion is expected by mid-year. 

 

Westgold shares have traded between 69c and $1.95 over the past year and were last traded at $1.51, capitalising it at $715 million.