Macquarie has slightly lowered its five-year production forecast for Westgold Resources, with a decrease of approximately 15,000 ounces annually.

Westgold Resources' shares are up 2.88% at A$1.605.

This modification in the outlook echoes the company’s remarks on the ‘right sizing’ of Paddy’s Flat and Starlight underground mines located in Western Australia.

Interestingly, Westgold Resources predicted its potential gold production for FY24, which ranges from 245,000 to 265,000 oz.

The midpoint figures are marginally less than their FY23 output of 257,116 oz.

Notwithstanding this, the brokerage firm indicates that the stable yearly production anticipated in the FY24 midpoint guidance signifies that the company’s streamlined operating model is functioning properly.

Additionally, Macquarie is expecting a production of 304 koz in FY2025, following Westgold Resources' statement that organic growth initiatives are set to ‘establish a growth runway into FY25’.

Macquarie maintains its target price for the company’s shares at A$2.00, and has set an ‘Outperform’ rating.

Westgold Resources' stock has seen a significant increase this year, with a rise of around 78.3% as of the last closing.

Westgold Resources is a mining company primarily engaged in gold production in Western Australia.