Full Year 2024 Westgold Resources Ltd Earnings Call Transcript
Key Points
- Westgold Resources Ltd (WGXRF) achieved a $95 million profit for FY24, demonstrating significant financial improvement.
- The company declared a total of $0.0225 per share in dividends for FY24, reflecting a commitment to shareholder returns.
- Westgold Resources Ltd (WGXRF) completed its merger with Karora, enhancing its production capacity to over 400,000 ounces per annum.
- The company has successfully transitioned to hybrid power, reducing diesel consumption, carbon emissions, and operational costs.
- Westgold Resources Ltd (WGXRF) remains debt-free with a $100 million corporate facility yet to be drawn, indicating strong financial health.
- The decision to pause mining at Paddy's Flat negatively impacted year-on-year production comparisons.
- Trade payables increased significantly from $78 million to $148 million due to heavy investment in growth projects.
- The company faces challenges in maintaining and further improving its safety culture, despite significant progress.
- Depreciation charges are expected to increase as new projects like Great Fingall come online.
- The company has a history of poor performance with hedging, which may pose risks if gold prices decline.
Good morning, ladies and gentlemen, and welcome to the Westgold Resources full-year results conference call. Your speakers for today are Wayne Bramwell, Managing Director; and Tommy Heng, Chief Financial Officer.
I'll now hand over to Wayne to commence the call.
Thank you very much, Shane. Straight to slide 5, FY24 year in review. What a year it has been for Westgold. The transformation of the business continued, and we have returned the business to meaningful profitability through the delivery of safe and profitable ounces.
The graph on the left depicts just how far we've come in what is a very short space of time. $95 million profit this year is a fantastic achievement and testament to the efforts of our teams. Key to this, of course, has been our focus on focus on safety, which has seen continued improvement.
The improvement in our safety culture has come hand-in-hand with changes to our organizational culture more broadly, a culture
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