Westgold Resources has officially commenced trading on the OTCQX platform in the US with the ticker: WGXRF.
The OTCQX Best Market is the highest tier of the OTC (over-the-counter) Markets’ platforms, on which 12,000 US and global securities trade.
By trading on the US platform Westgold aims to enhance its visibility and accessibility to the North American retail, high net worth, and institutional investors.
It’s a significant move considering institutional investors alone account for approximately 23 per cent of Westgold’s share register.
“The North American market is taking keen interest in Westgold, an Australian gold company which is now being recognised for its free cash generation, improved profitability, and strong balance sheet,” Westgold managing director Wayne Bramwell said.
“The OTCQX quotation supports this growing interest and makes Westgold more readily accessible to a wider audience.
“Importantly, as an unhedged and debt free Australian gold producer with a significant pipeline of organic growth opportunities, Westgold is now well positioned to continue to enhance shareholder value.”
The company emphasised there is to be no change to issued capital as part of the quotation on the OTCQX market and Westgold’s primary listing remains on the ASX.
Westgold’s listing in the US follows a period of growth for the miner, recently announcing 59,238 ounces (oz) of gold production in the second quarter of the 2023–24 financial year (FY24).
The gold miner achieved a sale price of $3041/oz, adding $21 million to its cash, bullion, and liquid assets for the quarter.
“This is the fourth consecutive quarter of positive cash build and takes our closing cash and bullion to $238 million for the half year,” Bramwell said.
“Even with intermittent COVID-19 cases affecting productivity across the group, our teams delivered.”