News Summary
On December 10, 2025, Westgold Resources announced that mining has recommenced at the Great Fingall underground mine. The first stope has been fired, delivering initial grades of 3-4 g/t Au. The company is ramping up towards a combined steady-state production rate of approximately 40,000 tonnes per month from Great Fingall and the nearby Golden Crown mine by late FY2027. The ore will be processed at the Cue processing hub, complementing the high-volume ore from the Big Bell mine. CEO Wayne Bramwell noted this is a proud achievement, revitalizing a historic high-grade mine to strengthen operations and create shareholder value.
Material Impact
The recommencement of mining at Great Fingall is a material and positive development. While not a surprise, it represents the successful execution of a critical milestone in the company’s well-communicated 3-year growth outlook.
A review of historical news and the Q1 FY26 earnings call transcript shows that management has been consistently guiding the market towards this event.
– On June 25, 2025, the company guided for “first production from Great Fingall” in “Early FY26”.
– On August 6, 2025, this was refined to “first ore from higher grade virgin stopes in Q2 FY26”.
– During the October 27, 2025 earnings call, COO Aaron Rankine confirmed they were “on track to deliver the first ore from virgin stopes in Q2”.
The December 10 announcement confirms that Westgold has met its guidance on schedule. In the context of the operational challenges and guidance cut in February 2025 due to ramp-up delays at other assets, this on-time delivery is a significant positive. It demonstrates improved project execution and increases confidence in management’s ability to deliver its ambitious plan to grow production to 470,000 ounces per annum by FY28.
Financially, bringing a new, high-grade ore source online is crucial for lifting the overall head grade at the Cue hub and improving margins. This development de-risks a key component of Westgold’s production growth profile and supports the strong upward re-rating the stock has experienced since the 3-year plan was announced. The market rightly rewards execution, and this news is a clear example of the company delivering on its promises.
Catalysts
– Q2 FY26 Quarterly Report (January 2026): This will be the most critical upcoming release. Look for:
– Production and AISC figures for the quarter. It’s crucial to see if the company is on track with its back-end weighted guidance.
– Commentary on the ramp-up rates and grades from Great Fingall.
– Production uplift from Beta Hunt following the completion of key infrastructure upgrades.
– Progress at Bluebird-South Junction and whether the accelerated timeline (1.2Mtpa by start of FY27) remains achievable.
– Higginsville Expansion Plan (HXP): Updates on the detailed engineering study and a potential Financial Investment Decision (FID) in FY26. This is a major value driver not fully baked into the current 3-year plan.
– Divestment of Non-Core Assets: News on the sale of Peak Hill, Mt Henry, and Chalice assets, which would further streamline the portfolio and add cash to the balance sheet.
Materiality Conclusion
The recommencement of mining at Great Fingall is rated as Material – Positive. It is a key operational milestone, delivered on schedule, that validates management’s execution capability and de-risks a core component of the company’s 3-year growth strategy. This achievement should bolster investor confidence that the company can deliver on its larger production and cost-reduction targets.
