Australia's Westgold Resources down most in nearly 2 months on weak outlook

Westgold Resources

02/08/2023 04:42

** Shares of Westgold Resources Ltd  WGX.AX  fall as much as
9.2% to A$1.553, biggest intraday fall since June 6
    ** Australian gold miner forecasts FY24 gold production
between 245,000 - 265,000 ounces, midpoint of which is lower
than their output of 257,116 oz in FY23
    ** Expects FY24 all-in-sustaining-costs between A$1,800 and
A$2,000 per ounce, compared with FY23 AISC of a$1,999/oz
    ** Co sets production and cost guidance "conservatively"
assuming steady state production levels for Big Bell and
Bluebird underground mines in Western Australia, among others
    ** Targets exploration expense of A$25 mln in FY24 vs A$19
mln a year earlier
    ** Stock up 95.43% this year, as of last close, vs a 15.6%
increase in the  .AXGD  index

 (Reporting by Adwitiya Srivastava in Bengaluru)
 ((adwitiya.srivastava@thomsonreuters.com))