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Westgold Resources Reports Half Yearly Report for Period Ending 31 December 2019

24 Feb 2020  |  08:24:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Half Yearly Results Summary

Westgold Resources reported its half yearly report for the period ending 31 December 2019. The Group's half year results show a substantial improvement in financial outcomes compared to the previous half year. The mining segments of Meekatharra Gold Operations (MGO) and Fortnum Gold Operations (FGO) were profitable while the Cue Gold Operations (CGO) performance reflects the development phase prior to transition to steady state operations. Net realisable values (NRV) of Inventory resulted in write downs of $0.7m relating to ore stockpiles, stores and spares. The Company repaid 7,500oz of gold loans against its pre-pay debt, reducing the balance to 7,500oz as at 31 December 2019.

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