Westgold Resources (ASX: WGX): Goldman Sachs Refreshed 3-Year Outlook

Key Takeaways

• 1.Westgold updated its 3-year outlook through FY29, guiding FY27 production to 385–425koz, rising to 425–470koz in FY28 and 460–510koz in FY29, with an aspirational target of >600kozpa beyond FY29 driven by Fletcher Zone.
• 2.FY27 AISC guidance was set higher at A$2,980–3,380/oz excluding OPA due to labor, energy, consumable inflation, royalties, and accelerated open pit mining, before declining to A$2,640–3,000/oz by FY29.
• 3.Growth capital expenditures will peak in FY27 at A$450–480mn, driven by accelerated mine development across Murchison, before declining in FY28 and FY29.

Table of Contents

• Key takeaways
• WGX indicative 3yr outlook timeline
• WGX key group level charts
• Exhibit 13: WGX FY27 guidance vs. GSe & consensus
• Investment thesis
• Exhibit 14: WGX operating and financial summary
• EPS and NAV changes, key investment risks

Report data

Exhibit 1: The 3yr production outlook was broadly in-line with market expectations where we continue to see upside to longer-term consensus estimates on Fletcher Zone development to move toward ~600kozpa... — as of September 9, 2026.