Gold miner Westgold Resources (ASX:WGX) continued to strengthen its treasury over the December quarter of 2023 even as production dipped slightly quarter-on-quarter.
The $985 million market capitalisation company produced 59,238 ounces of gold over the three months to the end of December, and it achieved an average gold sale price of $3,041 per ounce.
For comparison, Westgold over the September quarter of 2023 produced 63,104 ounces of gold and achieved an average sales price of $2,888 per ounce.
The company says it remains on track to reach its 2024 financial year production guidance of between 245,000 and 265,000 ounces of gold.
Meanwhile, Westgold increased its cash balance by $21 million over the December quarter, taking its total cash and bullion at hand at the end of 2023 to $238 million.
Managing Director Wayne Bramwell says this marks the fourth consecutive quarter for Westgold of positive cash build.
“In what was a challenging quarter, these results depict the inherent operational flexibility Westgold has within its portfolio of assets.
Weaker outputs from Paddy’s Flat at Meekatharra, our smallest mine, were offset by stronger outputs from the resurgent Starlight underground mine at Bryah.”
“In what was a challenging quarter, these results depict the inherent operational flexibility Westgold has within its portfolio of assets”
Westgold says it will publish full operational and financial details for the December quarter of 2023 in its next quarterly report to be released before the end of January.
Write to Joshua Smith at Mining.com.au
Images: Westgold Resources
