PERTH, July 23, 2021 – Western Gold Resources Limited, the owner and operator of the Wiluna West Gold Project in Western Australia, made their successful debut on the Australian Securities Exchange (“ASX”) today at AUD$0.20 per share. Malaysian TSLAW Group, a diversified group of companies based in Kuala Lumpur that is involved in industries such as steel production, mining, property development and management to restaurants is a substantial shareholder of Western Gold.
Gary Lyons, Chairman of Western Gold, said following the debut of Western Gold on the ASX: “It has been an exciting journey and the successful debut is a vote of confidence from our investors and the market. This listing will help us realise the true potential of the gold resources located at the Wiluna West Gold Project as we intend to use the funds raised to aggressively follow-up on known gold deposits while intensifying greenfields exploration of locations where significant relatively untested targets are present. These activities will help spur the move towards gold production as well as increase mineral resources and confidence in the mineral estimate done earlier this year.”
“Australia remains a commodities powerhouse with mining continuing to be an important contributor to the economy. In 2020, gold exports rose 12% to AUD$27 billion due to high prices and as a result of investments into gold production in recent years. Despite the COVID-19 pandemic and operating under challenging conditions, Australian resources exports, including minerals, metals and energy, accounted for 62% of total exports generating AUD$270 billion in revenue”.
“We expect gold exploration and production activities to sustain as gold will always have an allure, as jewellery, a store of wealth and as a hedge against inflation. As an industrial metal, it is immensely versatile and a is widely used in manufacturing electronic devices, high-precision medical devices and dentistry, to name a few. We see global demand for gold supported by stockpiling from central banks while we believe that with the accelerated rollout of vaccination programmes across the world, retail consumers will come in strongly especially in traditional markets such as China and India. We hope that our listing will attract more investors who can see the value of the Company’s exploration and production activities that is underpinned by the dynamics of precious metals and its role in the global economy,” he added.
The Wiluna West Gold Project located 750km northeast of Perth, Western Australia, consists of seven (7) granted mining leases occupying 85.8 sq km with an estimated 293,000 ounces of gold and a gold grade of 2.0 based on an updated mineral resource estimate conducted in 2021. Western Gold directly controls the Wiluna West Gold Project through its wholly-owned subsidiary, Wiluna West Gold Pty Ltd.
GTT and Lazarus are the joint lead brokers for the initial public offer that raised AUD$7 million.