Westgold Resources Ltd · ASX:WGX
Westgold Resources — FY2023 Earnings Presentation
12 slides from Westgold Resources's earnings presentation, Aug 24, 2023
Slide 1: FY23 Full Year Results
ASX:WGX westgold.com.au For personal use only FY23 FULL YEAR RESULTS WESTGOLD RESOURCES LIMITED Wayne Bramwell | Managing Director Tommy Heng | CFO
Slide 2: Disclaimer
Disclaimer COMPLIANCE STATEMENT The information in this report that relates to Exploration Results is compiled by Westgold technical employees and contractors under the supervision of Mr. Simon Rigby B.Sc. (Hons), who is a member of the Australian Institute of Geoscientists. Mr Rigby is a full-time
Slide 3: FY23 – A Turnaround Year
FY23 – A Turnaround Year Story of two halves - H1 stabilise and reset, H2 building cash For personal use only Record production at the Bluebird & Big Bell mines 49% increase in Great Fingall Mineral Resource to 588koz 63% reduction to TRIFR of 8.37 Top end of production guidance and mid-point of All
Slide 4: At first glance, production and costs compare unfavourably to FY22
At first glance, production and costs compare unfavourably to FY22 For personal use only Unit FY23 FY22 Inc/(Dec) % High cost pressures in the first half of FY23, impacted by inflation resulted in marginal mines being All-In Sustaining placed on care and maintenance A$/oz 1,999 1,692 18% Cost (A
Slide 5: Financial metrics improved in FY23
Financial metrics improved in FY23 Strong year on year financial performance despite increasing cost pressures in H1 FY23 For personal use only FY23 FY22 ($M) ($M) Inc/(Dec) % Revenue growth through improving exposure to spot price - partially offset by Revenue 654 648 1% fewer ounces produced EBI
Slide 6: FY23 - a tale of two halves
FY23 - a tale of two halves $2M build in Cash, Bullion & Liquids position achieved through a $33M uplift in the second half For personal use only 192 190 24 H1 H2 31 -$31M +$33M ($M) 9 0 FY23 Opening Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 FY23 Closing Cash, Cash, Bullion & movement movement movement moveme
Slide 7: Cost out strategy – began to see benefits
Cost out strategy – began to see benefits $17M reduction in AISC in H2 vs H1 FY23 & 12% reduction from Q1 to Q4 For personal use only Q1 FY23 Q2 FY23* Q3 FY23 Q4 FY23 $139m - $2,106/oz $126m - $2,032/oz $127m - $2,094/oz $122m - $1,780/oz $2,167/oz $2,185/oz $2,183/oz $2,128/oz $2,122/oz $2,024/oz $
Slide 8: FY23 NPAT impacted by H1 reset
FY23 NPAT impacted by H1 reset Lower production and higher costs offset by improved Equipment divestment For personal use only realised gold price (open pit fleet) 12 ($M) (4) 10 6 (5) 1 Restructure 123 costs (111) FY22 FY22 FY22 Gross profit Other income Corporate costs Finance FY23 Statutory Impai
Slide 9: FY23 – closing cash, bullion and liquids up A$2M to A$192M
FY23 – closing cash, bullion and liquids up A$2M to A$192M FY23 Closing Cash, Bullion and Liquid Assets grows to $192M ($M) Revenue improved on prior year (FY22: For personal use only +$2M (470) $648M) - due to increased spot exposure with fewer hedged ounces, offset by reduced production (44) 654
Slide 10: Westgold fixed forward programme complete
Westgold fixed forward programme complete 1 Additional ~$4.4M in monthly revenue from August 20232 For personal use only Forward contracts remaining (koz) 148 135 122 109 96 83 70 60 50 40 30 20 10 Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 22 22 22 22 22 22 22 23 23 23 23 23 23 23 1. D
Slide 11: Summary
Summary Improving financial results in FY23 FY24 Strategy For personal use only Continue free cash flow generation REVENUE $654M 1% YoY Continue to safely and efficiently optimise our assets Invest in exploration drilling EBITDA $167M 387% YoY Sensibly invest in technology that drives cost reduction
Slide 12: Want to know more?
Want to know more ? For personal use only Investor Relations kasun.liyanaarachchi@westgold.com.au Media peter.knight@westgold.com.au www.westgold.com.au ASX : WGX 12