Australian gold miners hit the jackpot in 2025. Skyrocketing prices and a perfect exchange rate lined their pockets like never before. In addition, the party may not be over yet. According to the Department of Industry, Science and Resources, gold export earnings are expected to touch a record AUD 60bn in  FY 2025–26, potentially making gold Australia's second-most valuable export - after iron ore.

The long-term outlook looks just as promising. These numbers could climb up to AUD 74bn by the 2026–27 season. Gold has stepped up as a critical buffer for the Aussie economy, with the local price of gold surging by more than 40% over the last year alone. There are a host of reasons for this upward trajectory.

In 2025, nations pivoted toward gold to diversify away from the US dollar and insulate themselves from geopolitical risks. As trade wars and tariff chaos really ramped up, gold became the "neutral" safe spot for everyone to park their cash.

A record buying spree from central banks across the globe is what powered Australia’s record-breaking export boom. This major shift has in turn also helped Westgold Resources pull in a massive AUD 732m in Q2 26.

A 24-karat quarter

So, what has sent the company's results through the roof? No prizes for guessing. Westgold Resources dug up a record 111,418 oz for the quarter, just as gold prices hit a new high of AUD 6,356/oz. This is a 37.7% y/y increase from Q2 25’s 80,886 oz.

The Murchison Hub was the primary growth engine, contributing 80,934 oz (up significantly from 53,140 oz in the previous quarter) due to higher grades at Fortnum and Meekatharra. The company also acted as a "custom refiner" to boost its own sales, supercharging its output by processing 22,317 oz of high-grade third-party oxide ore under an Ore Purchase Agreement (OPA).

Following these results, Westgold Resources has maintained its FY26 production guidance of 345,000–385,000 ounces.

Cashing in on the gold rush

As mentioned earlier, the company’s revenue for the quarter hit a record AUD 732m, eclipsing the AUD 354.12m that it collected in Q2 25. The company sold its gold at an average record price of AUD 6,356/oz—a huge leap from the AUD 4,066 /oz recorded in Q2 25.
.
A main highlight of the quarter is that the company is now 100% debt-free after paying off its last AUD 50m. By the end of December 2025, Westgold Resources was sitting on AUD 654m in cash, bullion and investments. The company generated a record AUD 365m in cash this quarter, more than double what it did in the previous quarter (AUD 180m in Q1 FY26).

For those waiting for the final figures, Westgold Resources will release its H1 results later this week.

A golden sprint

Westgold Resources is trading at AUD 7.26, up 195% from last year. FYI, the stock reached its 52-week high of AUD 7.90 in late January 2026. With a market capitalization of approximately AUD 6.76bn ($4.79bn), the company remains a favorite in the market. Four out of five analysts have "Buy" ratings on the stock, with an average 12-month target price of AUD 8.78. This valuation implies over 22% upside potential, with aggressive estimates reaching as high as AUD 9.90.

Finally, Westgold Resources’ dividend outlook is also gaining strength along with its record profits, with the projected yield expected to climb steadily from 1.71% in FY26 to 2.81% by FY28.

A golden future?

It’s a high stakes play. The company’s biggest gamble is staying 100%-unhedged, i.e. selling every ounce of gold at the current market rate. This is what let them cash in on those insane AUD 6,356/oz record prices at the end of 2025.

If a trade deal or a sudden shift in the global economy causes gold prices to tank tomorrow, Westgold Resources' profits would drop. Operationally, the company faces execution risks at major expansion projects such as Beta Hunt and Bluebird, where infrastructure upgrades are critical to meeting its 470,000-ounce FY28 target.