Amid the carnage, guess which ASX All Ordinaries mining share is surging higher

a man wearing a gold shirt smiles widely as he is engulfed in a shower of gold confetti falling from the sky. representing a new gold discovery by ASX mining share OzAurum Resources

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The Westgold Resources Ltd (ASX: WGX) share price is defying the broader ASX market today.

This comes after the gold miner announced a positive update to its Bryah and Murchison operations.

At the time of writing, Westgold shares are up 3.0% to $1.20 apiece.

In comparison, the All Ordinaries Index (ASX: XAO) is deep in the red by 4.63% to 6,814.2 points. Fears about rising inflation rates and the possibility of an impending recession in the US are dragging global markets down.

What did Westgold announce to the ASX?

Investors are bidding up the Westgold share price amid a sea of red following the release of the company’s gold production numbers.

In today’s statement, Westgold reported that its Bryah and Murchison assets achieved a record month of gold production.

In total, the company achieved an output of 25,100 ounces of gold for the month of May. This represents a 4.7% increase on the 23,969 ounces of gold registered in April.

Furthermore, the Big Bell mine production reached a steady state of production last quarter. In the last two months, production soared by over 95,000 tonnes per month which supported the overall output result.

With a few weeks remaining to finish out the current financial year, Westgold noted that it’s on track to meet its full-year production and cost guidance.

As such, the company is forecasting gold production to come in at 270,000 ounces for FY22. This reflects an improvement on the 245,400 ounces of gold attained in FY21.

All-in sustaining costs (AISC) which include operating costs and sustaining capital expenditure are predicted to be between $1,500 and $1,700 per ounce.

Touching on the result, Westgold managing director Wayne Bramwell said:

The Westgold team has again risen to the challenge and delivered exceptional results from across our operations in May.

Pleasingly Big Bell continues to lift, delivering +95,000 tonnes per month for two consecutive months. With stronger outputs from our Bryah and Murchison mines the company remains on track with full year production and cost guidance.

Westgold share price summary

Despite today’s positive trading update, the Westgold share price has fallen by around 40% in 2022.

When looking further back over the last 12 months, the company’s shares are down by more than 45%.

Westgold shares are currently sitting just above their 52-week low of $1.128 which occurred last Friday.

Based on today’s price, Westgold presides a market capitalisation of roughly $552 million