Westgold's Fletcher deposit adds 1.1Moz ore reserve at Beta Hunt

Westgold Resources (ASX: WGX) delivered a maiden ore reserve of 1.1 million ounces for the Fletcher deposit at its Beta Hunt mining complex near Kambalda, Western Australia. The company also increased the Fletcher mineral resource by about 30% to 3.0 Moz.

The ore reserve sits at 13.5 million tonnes grading 2.6 grams per tonne gold, backed by completed mine planning, a commercial evaluation, and a pre-feasibility study. Fletcher's mineral resource now totals 40.1 Mt at 2.3 g/t, with the Indicated category jumping 426% to 1.55 Moz at 2.7 g/t.

CEO Wayne Bramwell called Beta Hunt "the key growth driver" in Westgold's Southern Goldfields business. The company operates two established mining fronts at the complex and plans to lift throughput from 1.7 million tonnes per annum to 2 Mtpa during fiscal 2027. That target excludes any contribution from Fletcher or the adjacent Mason orebody.

Bramwell said Fletcher's growing scale and mineable inventory now justify a detailed evaluation of a 4.0 Mtpa processing solution. Drilling will continue at Fletcher and start at Mason, he added, while Westgold advances debottlenecking work at the Higginsville facility to accommodate a larger plant.

The total Beta Hunt ore reserve across all zones rose to 21.7 Mt at 2.34 g/t for 1.6 Moz, and the total mineral resource hit 74.6 Mt at 2.25 g/t for 5.4 Moz. Both figures have increased since Westgold acquired the asset in August 2024 – the ore reserve up 201% and the mineral resource up 104%.

WGX shares held at A$5.83, giving the company a market cap of A$5.48 billion. The stock was steady through the announcement.

The Fletcher deposit sits 2 km from existing Beta Hunt infrastructure, meaning Westgold can extend decline access and ventilation without major capital outlay. The 4.0 Mtpa processing study will test whether the combined Fletcher, Mason, and existing ore streams can sustain a larger mill at Higginsville. Bramwell flagged the study as the next major catalyst for the asset.

Westgold's Alpha Score sits at 44/100, rated Mixed, in the Utilities sector. The score reflects the company's operational progress offset by execution risk on the expansion timeline.