Westgold Resources lifts Ore Reserves by 41% in 2026 update

The Westgold Resources Ltd (ASX: WGX) share price is in focus today after the gold miner reported a 41% jump in its Ore Reserves to 4.1 million ounces and a 15% lift in average reserve grade to 2.22g/t gold, as at 30 June 2026.

What did Westgold Resources report?

• Total gold Mineral Resource Estimate: 194 million tonnes at 2.30g/t Au for 14.4 million ounces, up 8% year-on-year (after adjustments for asset sales).
• Total Ore Reserves: 57 million tonnes at 2.22g/t Au for 4.1 million ounces, up 41% after depletion and divestments.
• Ore Reserve grade increased 15% to 2.22g/t Au (from 1.93g/t Au in FY25).
• Measured and Indicated Resources now at 62.6% of total inventory (up from 56.6% in FY25).
• 10-year Reserve life maintained at current processing capacity across the group.
• Exploration and resource development spend totalled $42 million in FY26; Reserve additions achieved at a competitive $27/oz cost.

What else do investors need to know?

The company’s resource and reserve growth comes despite the divestment of several non-core assets, which removed around 3 million ounces from the prior Mineral Resource total. Westgold highlights that the growth was delivered organically, underpinned by resource drilling programs across both the Murchison and Southern Goldfields portfolios.

The addition of the maiden Fletcher Ore Reserve at Beta Hunt added 1.1 million ounces, while upgrades at Bluebird-South Junction and Starlight also contributed. Westgold continues to maintain strong resource confidence, with the majority of its Mineral Resource now in higher-confidence Measured and Indicated categories.

What’s next for Westgold Resources?

Looking ahead, Westgold plans to invest between $50 million and $75 million in exploration and resource development drilling in FY27, subject to market conditions and board approval. With 26 drill rigs active across its portfolio, the company is targeting further conversion of Mineral Resources to Ore Reserves and additional mine life extension.

Westgold expects ongoing drilling at key assets such as Beta Hunt, Big Bell South, Paddy’s Flat and Cuddingwarra will support both near-term Reserve growth and broader hub optimisation. Management sees continued Ore Reserve growth as fundamental to unlocking mill expansion options and growing production.

Westgold Resources share price snapshot

Over the past 12 months, Westgold Resources shares have risen 81%, significantly outperforming the S&P/ASX 200 Index (ASX: XJO).

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The post Westgold Resources lifts Ore Reserves by 41% in 2026 update appeared first on The Motley Fool Australia.

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Motley Fool contributor Laura Stewart has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips. This article was prepared with the assistance of Large Language Model (LLM) tools for the initial summary of the company announcement. Any content assisted by AI is subject to our robust human-in-the-loop quality control framework, involving thorough review, substantial editing, and fact-checking by our experienced writers and editors holding appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content published by The Motley Fool Australia.