Business
Westgold Completes Sale of Lakewood Mill
Westgold Resources Limited (ASX | TSX: WGX – Westgold or the Company) is pleased to announce it has successfully completed the divestment of its non-core, Lakewood Milling Operation to Black Cat Syndicate Limited (ASX: BC8) for a total consideration of $85M (refer ASX: 25 February 2025), comprising $70M in cash and $15M in BC8 scrip issued at $0.76 per share.
About this update from Westgold Resources Ltd
[{"type":"text","content":"PERTH, Western Australia, April 1, 2025 /CNW/ - Westgold Resources Limited (ASX | TSX: WGX – Westgold or the Company) is pleased to announce it has successfully completed the divestment of its non-core, Lakewood Milling Operation to Black Cat Syndicate Limited (ASX: BC8) for a total consideration of $85M (refer ASX: 25 February 2025), comprising $70M in cash and $15M in BC8 scrip issued at $0.76 per share.","length":409,"tagName":"p"},{"type":"image","alt":"Westgold Completes Sale of Lakewood Mill (CNW Group/Westgold Resources Limited)","displaySize":"","headline":null,"caption":"Westgold Completes Sale of Lakewood Mill (CNW Group/Westgold Resources Limited)","className":"","disableSlideshowImg":false,"size":{"original":{"width":142,"height":200,"url":"https://media.zenfs.com/en/cnwgroup.com/c79d28d3d8e5fa73b837b2131ca0fa19"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/BFL._lLQdsrapm2_kdjDMw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTIxMDtoPTI5NjtjZj13ZWJw/https://media.zenfs.com/en/cnwgroup.com/c79d28d3d8e5fa73b837b2131ca0fa19","width":142,"height":200}},"href":"https://mma.prnewswire.com/media/2654851/Westgold_Resources_Limited_Westgold_Completes_Sale_of_Lakewood_M.pdf?p=original","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"As of 31 March 2025, Westgold has received $25M in cash, with an additional $20M payment due by 30 June 2025 and the final cash payment of $25M on 30 November 2025.","length":164,"tagName":"p"},{"type":"text","content":"Importantly, Westgold retains priority access to process up to 200ktpa of ore at Lakewood via a toll-treating agreement (for a period of two years).","length":148,"tagName":"p"},{"type":"text","content":"Westgold Managing Director and CEO Wayne Bramwell commented:","length":60,"tagName":"p"},{"type":"text","content":""Westgold is an unhedged gold producer with six mines and now four mills operational across two of Western Australia's most abundant goldfields.","length":153,"tagName":"p"},{"type":"text","content":"Our corporate strategy is to leverage our portfolio and focus on our larger, lower-cost mines and mills to unlock value for our shareholders. The divestment of Lakewood is consistent with this plan, reduces our cost base and simplifies our Southern Goldfields business.","length":269,"tagName":"p"},{"type":"text","content":"All Beta Hunt ore will now be directed...