$1.8bn Westgold Resources Enters TSX, Strengthens Global Position

Westgold Resources Makes Its Mark on the Toronto Stock Exchange, Securing Global Growth with Strategic Acquisitions and Expansion Plans

Editorial Team (ET)May 17, 2025

A shower of confetti and the ringing of an electronic bell at the Toronto Stock Exchange (TSX) on Friday morning marked a major milestone for Australia’s Westgold Resources (ASX: WGX, TSX: WGX). With a market capitalization of C$2.4 billion ($1.8 billion), Westgold has officially become a dual-listed mining giant, joining the ranks of both the Australian Stock Exchange (ASX) and the TSX.

Westgold, already one of Australia’s top five gold producers, now ranks as the 10th-largest gold mining company listed on the TSX, based on its forecast production for the year. The strategic move to list on the TSX provides the company with broader exposure to North American investors and aligns with its growth ambitions in the global gold market.

The Significance of the TSX Listing

So, why does the TSX listing matter? Simply put, it opens up new opportunities for Westgold. By having a dual listing, the company can attract a more diverse group of investors, each with a strong interest in gold mining. As Wayne Bramwell, Westgold’s managing director and CEO, pointed out, both the ASX and the TSX are deeply entrenched in the gold sector. "Having an ASX listing and a TSX listing brings the best of both worlds together," he said. With this dual exposure, Westgold stands to gain not only in visibility but also in investor confidence.

Westgold’s Position in the Global Gold Market

Westgold’s market cap of $1.8 billion places it in a competitive position among global gold miners. While Australia is renowned for its robust mining industry, Westgold’s move to list on the TSX signals its ambition to play on a larger stage. This listing brings it alongside global heavyweights, further solidifying its reputation in the international mining landscape.

The $1.8 billion valuation is a testament to the company’s robust growth in recent years. The market capitalization reflects not only Westgold’s current operations but also its growth potential, particularly after the acquisition of Karora Resources.

The Acquisition of Karora Resources

In one of its most significant moves to date, Westgold completed an $826 million acquisition of Karora Resources just six weeks before its TSX listing. This acquisition gives Westgold control of two highly productive Australian gold mines—Beta Hunt and Higginsville—located in Western Australia. The deal positions Westgold to increase its annual gold production to over 400,000 oz, strengthening its standing as a major player in the gold industry.

With ore reserves totaling 3.2 million oz and additional exploration prospects, Westgold’s production potential has significantly expanded. The company expects to achieve an annual output of over 400,000 oz of gold in the coming years. This positions Westgold well in a global market that continues to see strong demand for gold.

Beta Hunt, with reserves of 3.2 million oz, is currently producing around 1.6 million tonnes of gold per year. However, Westgold aims to ramp up production to 2.5 million tonnes annually. This mine is expected to become the “engine room” for Westgold’s southern goldfields business, as noted by Bramwell.

On the other hand, the Higginsville mine, which has not seen exploration drilling for over a decade, presents Westgold with significant untapped potential. The company plans to pursue exploration efforts at this site, which Bramwell described as the “cherry on the cake” in the Karora acquisition.

Gold Prices Surge Amidst Westgold’s Expansion

Westgold’s TSX debut coincided with a historical high for gold prices. On the day of its listing, gold hit $2,563 per oz., giving Westgold a favorable tailwind as it continues to expand its production. Bramwell acknowledged that the record-breaking gold prices are providing the company with significant momentum. “The business has got great momentum now, and the challenge for us is to maintain that momentum and step up our production levels well above the 400,000 ounces we started with,” he said.

Westgold’s operations span six underground mines and five processing plants across the Murchison and Southern Goldfields regions of Western Australia. With a processing capacity of 6.6 million tonnes per year, the company is well-positioned to scale its production in the coming years.

Westgold’s Exploration and Expansion Plans

The company’s future growth plans are largely centered around the Beta Hunt and Higginsville mines. At Beta Hunt, Westgold sees significant exploration potential in the Fletcher zone, which has already yielded promising results. The company plans to continue drilling and resource definition efforts in the near term.

The Fletcher zone is particularly exciting for Westgold. With exploration activities ramping up, the company expects to expand its resource base significantly in the coming years.

Meanwhile, Higginsville has been largely unexplored for the last 10 to 15 years, leaving significant room for new discoveries. Westgold is preparing to explore 10 high-potential targets at the site, aiming to unlock the mine’s full potential.

The Role of Cash Flow in Expansion

With A$165 million in cash flow, Westgold is well-funded to pursue its ambitious growth plans. This strong financial position allows the company to accelerate production, expand exploration, and enhance shareholder value.

Impact on Shareholders

For shareholders, the dual listing offers a host of benefits, from increased liquidity to enhanced global visibility. As Westgold continues to grow, its shareholders are likely to see increased returns on their investment, particularly if gold prices remain high and production continues to rise.

Conclusion

Westgold’s TSX listing marks a new chapter for the Australian mining giant. With a strong financial position, robust production capacity, and a favorable market for gold, the company is well-positioned for future growth. As it continues to expand its operations and tap into new exploration opportunities, Westgold is set to solidify its standing as one of the world’s leading gold producers.

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