# September 2026 Quarterly Results

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/september-2026-quarterly-results--f2f18d7c-b7b4-4b02-8cb7-de0aa7737133

Original source: https://www.newswire.ca/news-releases/september-2026-quarterly-results-887338993.html

Publisher: cnw

Original announcement: 2026-10-21T00:15:50.020Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-10-21T00:25:17.466Z

Atlas analysis updated: 2026-10-21T00:25:17.466Z

- Company: Westgold Resources Limited

- Ticker: WGX

- Exchange: Unavailable

- Region: Western Australia

- Primary commodity: Gold

- Secondary commodities: None reported

- Document categories: Production, Resource update, Metallurgy

- Extracted: 2026-10-21 00:25:18 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

Westgold Resources Limited reported strong Q1 FY27 results, with gold production of 98,393 ounces at an All-In Sustaining Cost \(AISC\) of A$2,912/oz. The company achieved a significant 41% increase in Group Ore Reserves to 4.1 million ounces and ended the quarter with a robust balance sheet, including A$1,040 million in cash, bullion, and liquid investments. Westgold remains debt-free and unhedged, confirming it is on track to meet its FY27 production and cost guidance.

Reasoning: Westgold reported strong Q1 FY27 financial results with a substantial increase in cash and liquid investments, a 41% increase in Group Ore Reserves, and the declaration of a 1.1Moz maiden Ore Reserve at Fletcher. The company remains debt-free and unhedged, confirming it is on track to meet its FY27 guidance, despite a slight increase in AISC and minor QoQ production dip.

- Positive factor: Strong cash generation and balance sheet growth

- Positive factor: Significant increase in Group Ore Reserves

- Positive factor: Maiden Ore Reserve declared at Fletcher

- Positive factor: On track to meet FY27 production and cost guidance

- Positive factor: Debt-free and unhedged position

- Negative factor: Slight increase in AISC/oz quarter-on-quarter

- Negative factor: Minor quarter-on-quarter decrease in gold production

Facts used in scoring: 54

## Classification and evidence

**Tonnage Growth**

Polarity: positive

Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved.

Why it applies: Group Ore Reserves increased by 41% to 4.1Moz, indicating a significant increase in contained metal.

Evidence · text

> Group Ore Reserves increased by 41% to 4.1Moz

**Maiden Resource**

Polarity: neutral

Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component.

Why it applies: The document explicitly states the 'declaration of a 1.1Moz maiden Ore Reserve at Fletcher'.

Evidence · text

> declaration of a 1.1Moz maiden Ore Reserve at Fletcher

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: The compliance statement confirms that Mr. Jake Russell and Mr. Leigh Devlin, both Competent Persons and Qualified Persons, verified, reviewed, and approved the information.

Evidence · text

> Mr. Jake Russell B.Sc. \(Hons\), who is a member of the Australian Institute of Geoscientists and who has verified, reviewed, and approved such information... Mr. Leigh Devlin B.Eng. FAusIMM, who has verified, reviewed and approved such information.

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: The compliance statement explicitly mentions that the reporting of Mineral Resources and Ore Reserves complies with the JORC Code.

Evidence · text

> reporting of Mineral Resources, Ore Reserve Estimates in Australia complies with the JORC Code.

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: The compliance statement explicitly mentions that the reporting of Mineral Resources and Ore Reserves complies with NI 43-101.

Evidence · text

> reporting of Mineral Resources, Ore Reserve Estimates... comply with... National Instrument 43-101 – Standards of Disclosure for Mineral Projects \(' NI 43-101 '\).

## Extracted facts

Stored fact records: 20. Some facts used in scoring do not have a stored record.

## Metallurgical Results (20)

### Fact 1

[Link to this fact](https://atlas-staging.minestarters.com/news/september-2026-quarterly-results--f2f18d7c-b7b4-4b02-8cb7-de0aa7737133#fact-metallurgical-facts-4)

Westgold Group · gold

#### Identity

- Project: Westgold Group
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: WGX

#### Recovery

- Recovery: 93 %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-21T00:00:00.000Z

Reasoning: Group recovery rate remained high at 93%, indicating efficient gold extraction.

- Positive factor: Strong recovery rate for gold processing

Evidence · table

> 93

Context: 93

### Fact 2

[Link to this fact](https://atlas-staging.minestarters.com/news/september-2026-quarterly-results--f2f18d7c-b7b4-4b02-8cb7-de0aa7737133#fact-metallurgical-facts-15)

Murchison · gold

#### Identity

- Project: Murchison
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: WGX

#### Recovery

- Recovery: 91 %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-21T00:00:00.000Z

Reasoning: Murchison recovery rate remained high at 91%, indicating efficient gold extraction.

- Positive factor: Strong recovery rate for gold processing

Evidence · table

> 91

Context: 91

### Fact 3

[Link to this fact](https://atlas-staging.minestarters.com/news/september-2026-quarterly-results--f2f18d7c-b7b4-4b02-8cb7-de0aa7737133#fact-metallurgical-facts-23)

Southern Goldfields · gold

#### Identity

- Project: Southern Goldfields
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: WGX

#### Recovery

- Recovery: 96 %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-21T00:00:00.000Z

Reasoning: Southern Goldfields achieved a high recovery rate of 96%, indicating efficient gold extraction.

- Positive factor: High recovery rate for gold processing

Evidence · table

> 96

Context: 96

#### Tags used in scoring

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: 96% is at or above the exceptional band \(95%\)

### Fact 4

[Link to this fact](https://atlas-staging.minestarters.com/news/september-2026-quarterly-results--f2f18d7c-b7b4-4b02-8cb7-de0aa7737133#fact-metallurgical-facts-35)

Bluebird · gold

#### Identity

- Project: Bluebird
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: WGX

#### Recovery

- Recovery: 93 %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-21T00:00:00.000Z

Reasoning: Bluebird processed 202kt at 3.3g/t Au with 93% recovery, producing 19,946 oz, indicating strong processing performance.

- Positive factor: High head grade and recovery

- Positive factor: Increased gold production quarter-on-quarter

Evidence · table

> 202

Context: 202

### Fact 5

[Link to this fact](https://atlas-staging.minestarters.com/news/september-2026-quarterly-results--f2f18d7c-b7b4-4b02-8cb7-de0aa7737133#fact-metallurgical-facts-36)

Ore Purchase · gold

#### Identity

- Project: Ore Purchase
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: WGX

#### Recovery

- Recovery: 97 %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-21T00:00:00.000Z

Reasoning: Ore Purchase agreements contributed 168kt processed at 2.3g/t Au with 97% recovery, yielding 12,193 oz, providing mill feed flexibility despite lower production QoQ.

- Positive factor: High recovery rate

- Positive factor: Provides additional ore optionality and mill feed flexibility

- Negative factor: Decreased gold production quarter-on-quarter

Evidence · table

> 168

Context: 168

#### Tags used in scoring

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: 97% is at or above the exceptional band \(95%\)

### Fact 6

[Link to this fact](https://atlas-staging.minestarters.com/news/september-2026-quarterly-results--f2f18d7c-b7b4-4b02-8cb7-de0aa7737133#fact-metallurgical-facts-37)

Open Pit & Low Grade \(Murchison\) · gold

#### Identity

- Project: Open Pit & Low Grade \(Murchison\)
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: WGX

#### Recovery

- Recovery: 86 %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-21T00:00:00.000Z

Reasoning: Open Pit & Low Grade material in Murchison processed 112kt at 1.2g/t Au with 86% recovery, producing 3,734 oz.

Evidence · table

> 112

Context: 112

### Fact 7

[Link to this fact](https://atlas-staging.minestarters.com/news/september-2026-quarterly-results--f2f18d7c-b7b4-4b02-8cb7-de0aa7737133#fact-metallurgical-facts-38)

Meekatharra Hub · gold

#### Identity

- Project: Meekatharra Hub
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: WGX

#### Recovery

- Recovery: 94 %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-21T00:00:00.000Z

Reasoning: Meekatharra Hub processed 482kt at 2.5g/t Au with 94% recovery, producing 35,873 oz, with its annualised processing rate exceeding base capacity despite minor setbacks.

- Positive factor: Annualised processing rate exceeding base capacity

- Negative factor: Marginally lower production due to reduced third-party ore and shutdowns

Evidence · table

> 482

Context: 482

### Fact 8

[Link to this fact](https://atlas-staging.minestarters.com/news/september-2026-quarterly-results--f2f18d7c-b7b4-4b02-8cb7-de0aa7737133#fact-metallurgical-facts-39)

Big Bell · gold

#### Identity

- Project: Big Bell
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: WGX

#### Recovery

- Recovery: 86 %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-21T00:00:00.000Z

Reasoning: Big Bell processed 230kt at 1.8g/t Au with 86% recovery, producing 11,597 oz, delivering strong and consistent results.

- Positive factor: Consistent production results

Evidence · table

> 230

Context: 230

### Fact 9

[Link to this fact](https://atlas-staging.minestarters.com/news/september-2026-quarterly-results--f2f18d7c-b7b4-4b02-8cb7-de0aa7737133#fact-metallurgical-facts-40)

Fender · gold

#### Identity

- Project: Fender
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: WGX

#### Recovery

- Recovery: 85 %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-21T00:00:00.000Z

Reasoning: Fender processed 32kt at 2.4g/t Au with 85% recovery, producing 2,155 oz, showing a decrease in production from the prior quarter.

- Negative factor: Decreased gold production quarter-on-quarter

Evidence · table

> 32

Context: 32

### Fact 10

[Link to this fact](https://atlas-staging.minestarters.com/news/september-2026-quarterly-results--f2f18d7c-b7b4-4b02-8cb7-de0aa7737133#fact-metallurgical-facts-41)

Great Fingall · gold

#### Identity

- Project: Great Fingall
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: WGX

#### Recovery

- Recovery: 87 %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-21T00:00:00.000Z

Reasoning: Great Fingall processed 58kt at 2.7g/t Au with 87% recovery, producing 4,313 oz, indicating a positive ramp-up.

- Positive factor: Increased gold production quarter-on-quarter

Evidence · table

> 58

Context: 58

### Fact 11

[Link to this fact](https://atlas-staging.minestarters.com/news/september-2026-quarterly-results--f2f18d7c-b7b4-4b02-8cb7-de0aa7737133#fact-metallurgical-facts-42)

Open Pit & Low Grade \(Murchison\) · gold

#### Identity

- Project: Open Pit & Low Grade \(Murchison\)
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: WGX

#### Recovery

- Recovery: 90 %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-21T00:00:00.000Z

Reasoning: Open Pit & Low Grade material in Murchison processed 22kt at 1.4g/t Au with 90% recovery, producing 893 oz.

Evidence · table

> 22

Context: 22

### Fact 12

[Link to this fact](https://atlas-staging.minestarters.com/news/september-2026-quarterly-results--f2f18d7c-b7b4-4b02-8cb7-de0aa7737133#fact-metallurgical-facts-43)

Cue Hub · gold

#### Identity

- Project: Cue Hub
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: WGX

#### Recovery

- Recovery: 86 %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-21T00:00:00.000Z

Reasoning: Cue Hub delivered consistent performance, processing 342kt at 2.0g/t Au with 86% recovery, producing 18,958 oz.

- Positive factor: Consistent performance in line with prior quarter

- Positive factor: Increased gold production quarter-on-quarter

Evidence · table

> 342

Context: 342

### Fact 13

[Link to this fact](https://atlas-staging.minestarters.com/news/september-2026-quarterly-results--f2f18d7c-b7b4-4b02-8cb7-de0aa7737133#fact-metallurgical-facts-44)

Starlight · gold

#### Identity

- Project: Starlight
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: WGX

#### Recovery

- Recovery: 94 %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-21T00:00:00.000Z

Reasoning: Starlight processed 203kt at 2.7g/t Au with 94% recovery, producing 16,535 oz, indicating strong processing performance.

- Positive factor: High head grade and recovery

- Positive factor: Increased gold production quarter-on-quarter

Evidence · table

> 203

Context: 203

### Fact 14

[Link to this fact](https://atlas-staging.minestarters.com/news/september-2026-quarterly-results--f2f18d7c-b7b4-4b02-8cb7-de0aa7737133#fact-metallurgical-facts-45)

Open Pit & Low Grade \(Murchison\) · gold

#### Identity

- Project: Open Pit & Low Grade \(Murchison\)
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: WGX

#### Recovery

- Recovery: 95 %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-21T00:00:00.000Z

Reasoning: Open Pit & Low Grade material in Murchison processed 21kt at 0.8g/t Au with 95% recovery, producing 525 oz.

Evidence · table

> 21

Context: 21

#### Tags used in scoring

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: 95% is at or above the exceptional band \(95%\)

### Fact 15

[Link to this fact](https://atlas-staging.minestarters.com/news/september-2026-quarterly-results--f2f18d7c-b7b4-4b02-8cb7-de0aa7737133#fact-metallurgical-facts-46)

Fortnum Hub · gold

#### Identity

- Project: Fortnum Hub
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: WGX

#### Recovery

- Recovery: 94 %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-21T00:00:00.000Z

Reasoning: Fortnum Hub processed 224kt at 2.5g/t Au with 94% recovery, producing 17,060 oz, demonstrating consistent delivery.

- Positive factor: Consistent delivery and strong recovery

Evidence · table

> 224

Context: 224

### Fact 16

[Link to this fact](https://atlas-staging.minestarters.com/news/september-2026-quarterly-results--f2f18d7c-b7b4-4b02-8cb7-de0aa7737133#fact-metallurgical-facts-47)

Southern Goldfields · gold

#### Identity

- Project: Southern Goldfields
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: WGX

#### Recovery

- Recovery: 96 %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-21T00:00:00.000Z

Reasoning: Southern Goldfields processed 413kt at 2.1g/t Au with 96% recovery, producing 26,502 oz, showing higher production QoQ.

- Positive factor: High recovery rate

- Positive factor: Increased gold production quarter-on-quarter

Evidence · table

> 413

Context: 413

#### Tags used in scoring

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: 96% is at or above the exceptional band \(95%\)

### Fact 17

[Link to this fact](https://atlas-staging.minestarters.com/news/september-2026-quarterly-results--f2f18d7c-b7b4-4b02-8cb7-de0aa7737133#fact-metallurgical-facts-48)

Beta Hunt · gold

#### Identity

- Project: Beta Hunt
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: WGX

#### Recovery

- Recovery: 96 %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-21T00:00:00.000Z

Reasoning: Beta Hunt processed 361kt at 2.1g/t Au with 96% recovery, producing 23,400 oz, indicating strong processing performance.

- Positive factor: High recovery rate

- Positive factor: Increased gold production quarter-on-quarter

Evidence · table

> 361

Context: 361

#### Tags used in scoring

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: 96% is at or above the exceptional band \(95%\)

### Fact 18

[Link to this fact](https://atlas-staging.minestarters.com/news/september-2026-quarterly-results--f2f18d7c-b7b4-4b02-8cb7-de0aa7737133#fact-metallurgical-facts-49)

Two Boys · gold

#### Identity

- Project: Two Boys
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: WGX

#### Recovery

- Recovery: 94 %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-21T00:00:00.000Z

Reasoning: Two Boys processed 27kt at 2.6g/t Au with 94% recovery, producing 2,134 oz, showing a decrease in production from the prior quarter.

- Negative factor: Decreased gold production quarter-on-quarter

Evidence · table

> 27

Context: 27

### Fact 19

[Link to this fact](https://atlas-staging.minestarters.com/news/september-2026-quarterly-results--f2f18d7c-b7b4-4b02-8cb7-de0aa7737133#fact-metallurgical-facts-50)

Lake Cowan · gold

#### Identity

- Project: Lake Cowan
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: WGX

#### Recovery

- Recovery: 95 %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-21T00:00:00.000Z

Reasoning: Lake Cowan processed 1kt at 1.4g/t Au with 95% recovery, producing 26 oz.

Evidence · table

> 1

Context: 1

#### Tags used in scoring

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: 95% is at or above the exceptional band \(95%\)

### Fact 20

[Link to this fact](https://atlas-staging.minestarters.com/news/september-2026-quarterly-results--f2f18d7c-b7b4-4b02-8cb7-de0aa7737133#fact-metallurgical-facts-51)

Open Pit & Low Grade \(Southern Goldfields\) · gold

#### Identity

- Project: Open Pit & Low Grade \(Southern Goldfields\)
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: WGX

#### Recovery

- Recovery: 94 %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-21T00:00:00.000Z

Reasoning: Open Pit & Low Grade material in Southern Goldfields processed 24kt at 1.3g/t Au with 94% recovery, producing 942 oz.

Evidence · table

> 24

Context: 24

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.