07:41 AM EDT, 09/03/2025 (MT Newswires) -- Westgold Resources ( WGXRF ) , which gained 7.4% to 52 week highs yesterday, overnight Tuesday said the updated mineral resource estimate (MRE) and ore reserve statement for the Murchison and Southern Goldfields operations showed an increase in resources.

Among highlights, WGX said the report shows a 24% increase in mineral resource from fiscal 2024, growing to 9.2 million ounces measured and indicated and 7.1 million ounces inferred resources post mining depletion. The total gold Measured and Indicated MRE was 137 Mt at 2.09 g/t gold for 9.2 Moz and the total Inferred MRE was 94 Mt at 2.33 g/t gold for 7.1 Moz of gold.

The estimate also included a 5% increase in ore reserves to 3.5 million ounces post mining depletion, a statement said.

Westgold said 19 drill rigs are operating on surface and underground across the 3,200km square portfolio.

The company added it will invest $50 million to be invested in exploration and resource development in fiscal 2026.

Westgold Managing Director and CEO Wayne Bramwell said: "In FY25 Westgold invested $43M in resource development and exploration across our portfolio. This investment delivered significant growth in Group Mineral Resources, most notably with the maiden Fletcher Mineral Resource, and a material uplift in Group Ore Reserves.

"Importantly, our Mineral Resource and Ore Reserve growth has been created whilst concurrently investing in critical mine infrastructure across our Murchison and Southern Goldfields mines. This investment has now established a sustainable platform for long term cashflow generation over a 10-year Group Ore Reserve life.

"Westgold will continue to drill and invest in organic growth through exploration, resource definition and Mineral Resource conversion across our portfolio. We unlocked value for our shareholders and stakeholders in FY25 and are confident in our team's ability to create additional value from two of Western Australia's most productive goldfields."

Westgold shares closed up $0.23, to $3.34, on the Toronto Stock Exchange on Tuesday.