Westgold Resources Limited

Notable vs. Peers

• Financials score of 9.8/10 is stronger than the peer average of 6.4/10.
• All-in sustaining cost of $3,225/oz is 66% higher than the peer producer average of $1,941/oz.

Lifecycle Milestones

1. Permit granted

   Reached — date not disclosed · Reused pre-existing mining lease, same shape as HL/DRD (batch 1) and IPT (this batch): Bluebird opened in 1985 and was mined continuously under a chain of prior operators (St Barbara 1991-2005, Mercator 2005-2008/2011, Reed Resources 2011-2014) before Metals X acquired it in May/June 2014 and restarted it (mining recommenced June 2015, this miner's existing CONSTRUCTION_START row) -- the underlying mining lease long predates Metals X's 2014 acquisition and this restart, and no dated 'new permit granted to Metals X/Westgold' event was found (nor would one be expected for a 30-year-old continuously-held lease passing between successive owners of the same operation). Reused, not newly granted. · Source
2. Construction decision (FID)

   Reached — date not disclosed · Mining Weekly (29 Jan 2015): Metals X CEO Peter Cook announced the company would 'move the Central Murchison project through to development, with the aim of starting mining operations by the middle of 2015' -- immediately following completion of a revised feasibility study (undertaken after Metals X's mid-2014 acquisition of the Meekatharra/Bluebird operation), which materially improved the project's economics (13-year mine life, ~200,000 oz/y average over the first ten years, A$42M max cash drawdown, A$636M NPV/36% IRR vs a A$141.9M NPV in the prior 2013 study). Used as the decision-equivalent event per this campaign's established convention (feasibility-study completion / public development-go-ahead standing in for a separately labelled FID release, same as MUX/HOC in batch 1) -- and the announced 'middle of 2015' target matches the actual June 2015 mining recommencement already on file under CONSTRUCTION_START, confirming correct sequencing. Month precision only (Jan 2015). · Source
3. Construction start

   Reached — date not disclosed · Mining recommenced at the Bluebird Gold Mine (Meekatharra) in June 2015, following Metals X's May 2014 acquisition of the Meekatharra Gold Operation from the administrators of GMK/Reed Resources. This occurred during Westgold Resources Limited's 2012-2016 period as a wholly-controlled Metals X subsidiary, ahead of the Dec 2016 demerger/re-listing (see script header) -- recorded as the real restart of the asset now held by WGX. Exact day within June 2015 not confirmed from available sourcing -- recorded reached-but-undated. · Source
4. First pour / production

   Reached — date not disclosed · Ore processing at Bluebird began in October 2015, the month following the June 2015 mining recommencement (see CONSTRUCTION_START above, including the same Metals X-subsidiary-period disclosure). Exact day not confirmed from available sourcing -- recorded reached-but-undated. · Source
5. Commercial production

   Reached — date not disclosed · Genuinely reached, but no single company-wide commercial-production date exists: Westgold's own long-standing Western Australian operations (Fortnum, Cue/Big Bell, Meekatharra, Bryah/Tuckabianna) merged with Karora Resources on 2024-08-01 (following Ontario Superior Court, Karora shareholder, FIRB and Takeovers Panel approvals), adding Beta Hunt and the Higginsville processing/gold-mining operations -- each asset independently reached production at a different time under different prior ownership. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · Source

Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.

A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.