Announcement PDF Westgold Resources Limited FY24 Full Year Results ASX:WGX | TSX:WGX | OTCQX:WGXRF westgold.com.au Important Notices and Disclaimer Investor Presentation Summary Information This investor presentation is dated 29 August 2024, and has been prepared by Westgold Resources Limited (ASX: WGX, TSX:WGX, OTCQX: WGXRF) (Westgold) based on information available to it at the time of preparing this presentation. This presentation has been prepared following Westgold's acquisition of all of the outstanding and issued common shares in Karora Resources Inc (Karora) by way of a statutory plan of arrangement. To the maximum extent permitted by law, none of Westgold, its directors, employees or agents, advisers, nor any other person, accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it. By reviewing or retaining these materials, or attending or participating in this presentation, you acknowledge and represent that you have read, understood and accepted the terms of this “Important Notices and Disclaimer”. This presentation contains summary information about Westgold and its activities current only at the date of this presentation. This presentation is for information purposes only. The information in the presentation is of a general nature only and does not purport to be complete. This presentation should be read in conjunction with Westgold’s periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX), which are available at www.asx.com.au and on Westgold's website at www.westgold.com.au, and in Canada under Westgold's profile on SEDAR+ at www.sedarplus.ca. Certain information in this presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. Neither Westgold nor its representatives have independently verified any such information sourced from third parties or industry or general publications. Not an Offer Not Investment Advice This presentation is not an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchase or sale of any security, and neither this presentation nor anything in it shall form the basis of any contract or commitment whatsoever. This presentation does not constitute in any way an offer or invitation to subscribe for securities in Westgold pursuant to the Corporations Act 2001 (Cth) and has not been lodged with the Australian Securities and Investment Commission or any of the Canadian Securities Administrators. This presentation does not constitute investment advice and has been prepared by Westgold without taking into account the recipient’s investment objectives, financial circumstances or particular needs. Each recipient must make his/her own independent assessment and investigation of Westgold, Karora and its business and assets when deciding if an investment is appropriate and should not rely on any statement or the adequacy and accuracy of any information. This presentation is in summary form and does not purpose to be exhaustive. Westgold makes no representation or warranty (either expressed or implied) as to the accuracy, reliability or completeness of the information in this presentation. Westgold and its respective directors, employees, agents and consultants shall have no liability (including liability to any person by reason of negligence or negligent misstatement) for any statements, opinions, information or matters (express or implied) arising out of, contained in or derived from, or for any omissions from the presentation, except liability under statute that cannot be excluded. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. This presentation has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this presentation have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions registered under the US Securities Act or exempt from, or not subject to, the registration of the US Securities Act and applicable US state securities laws. 2 Important Notices and Disclaimer Forward-looking Statements This document contains “forward-looking information” and “forward-looking statements” which are based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of Westgold believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as ‘expects’, ‘anticipates’, ‘plans’, ‘believes’, ‘estimates’, ‘seeks’, ‘intends’, ‘targets’, ‘projects’, ‘forecasts’, or negative versions thereof and other similar expressions, or future or conditional verbs such as ‘may’, ‘will’, ‘should’, ‘would’ and ‘could’. Although management believes that the assumptions made by Westgold and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of Westgold to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, changes in laws, regulations and practices, the geopolitical, economic, permitting and legal climate that Westgold operates in, as well as those factors disclosed in Westgold's publicly filed documents. Westgold believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Readers should not place undue reliance on forward-looking information. Westgold does not undertake to update any forward-looking information, except in accordance with applicable securities laws. Historical Information Information about the past performance of Westgold contained in this presentation is given for illustrative purposes only and cannot be relied upon as an indicator of (and provides no guidance as to) future performance, including future share price performance of Westgold. Any such historical information is not represented as being, and is not, indicative of Westgold’s view on its future financial condition and/or performance, nor the future financial condition and/or performance of the merged group. Ore Reserves and Mineral Resources This presentation refers to Westgold having a combined Ore Reserve and Mineral Resource estimate of 13Moz and 3.2Moz (respectively) and refers to the individual Ore Reserve (or Mineral Reserve) and Mineral Resource estimate of Westgold. The information in this presentation that relates to the Ore Reserves and Mineral Resources of Westgold (except in relation to Bluebird-South Junction and Starlight Mineral Resources) has been extracted from the ASX announcement titled “Westgold 2023 Mineral Resources and Ore Reserves " released to the ASX on 11 September 2023 and available at www.asx.com.au. The information in this presentation that relates to the Mineral Resources and Ore Reserve of Bluebird-South Junction has been extracted from the ASX announcement titled "Westgold Declares Maiden South Junction Ore Reserve" announcement on 14 August 2024 and available at www.asx.com.au. The information in this presentation that relates to the Mineral Resources of Starlight has been extracted from the ASX announcement titled “Starlight Mineral Resource Increases by 41%" released to the ASX on 11 June 2024 and available at www.asx.com.au. Westgold confirms that it is not aware of any new information or data that materially affects the information included in that announcement, and that all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed. Westgold confirms that the form and context in which the Competent Persons findings are presented have not been materially modified from that announcement. The information in this presentation that relates to Westgold’s Exploration results and Mineral Resource Estimates is compiled by Westgold technical employees and contractors under the supervision of Mr. Jake Russell B.Sc. (Hons), who is a member of the Australian Institute of Geoscientists and who has verified, reviewed and approved such information. Mr Russell is a full-time employee of Westgold and has sufficient experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activities which he is undertaking to qualify as a Competent Person as defined in the Joint Ore Reserves Committee’s 2012 Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC Code) and as a Qualified Person as defined in the CIM Guidelines and NI 43-101. Mr. Russell is a full-time employee as General Manager of Westgold and, accordingly, is not independent for purposes of NI 43-101. Mr Russell consents to and approves of the inclusion in this presentation of the matters based on his information in the form and context in which it appears. Mr Russell is eligible to participate in short and long-term incentive plans of Westgold. The information in this presentation that relates to Westgold’s Ore Reserve is based on information compiled by Mr. Leigh Devlin B.Eng. MAusIMM and who has verified, reviewed and approved such information. Mr. Devlin has sufficient experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activities which they are undertaking to qualify as a Competent Person as defined in the JORC Code and as a Qualified Person as defined in the CIM Guidelines and NI 43-101. Mr. Devlin is full-time senior executive of Westgold and, accordingly, is not independent for purposes of NI 43-101. Mr. Devlin consents to and approves of the inclusion in this presentation of the matters based on his information in the form and context in which it appears. Mr. Devlin is a full-time senior executive of Westgold and is eligible to and may participate in short-term and long-term incentive plans of Westgold as disclosed in its annual reports and disclosure documents. The information in this presentation that relates to the Mineral Reserves and Mineral Resources of Karora has been extracted from the TSX announcement titled “Karora Announces Strong Increase In Beta Hunt Gold Mineral Resources, Grades And Gold Mineral Reserves” dated 21 November 2023 and available at www.sedarplus.com. 3 Important Notices and Disclaimer JORC CODE Investment Risk It is a requirement of the ASX Listing Rules that the reporting of Ore Reserves and Mineral Resources in Australia comply with the JORC Code. Investors outside Australia should note that while Ore Reserve and Mineral Resource estimates of Westgold in this presentation comply with the JORC Code (such JORC Code-compliant Ore Reserves and Mineral Resources being "Ore Reserves" and "Mineral Resources" respectively), they may not comply with the relevant guidelines in other countries and, in particular, do not comply with (i) National Instrument 43-101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators (the "NI 43-101"); or (ii) Item 1300 of Regulation S-K, which governs disclosures of Mineral Reserves in registration statements filed with the SEC. Information contained in this presentation describing mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of Canadian or US securities laws. As noted above, an investment in shares in Westgold is subject to investment and other known and unknown risks, some of which are beyond the control of Westgold. Westgold does not guarantee any particular rate of return or the performance of Westgold, nor does it guarantee the repayment of capital from Westgold or any particular tax treatment. Prospective investors should have regard to the risks outlined in this presentation when making their investment decision and should make their own enquires and investigations regarding all information in this presentation, including but not limited to the assumptions, uncertainties and contingencies which may affect future operations of Westgold and the impact that different future outcomes may have on Westgold. These risks, together with other general risks applicable to all investments in listed securities not specifically referred to, may affect the value of shares in Westgold in the future. There is no guarantee that the Westgold shares will make a return on the capital invested, that dividends will be paid on the Westgold shares or that there will be an increase in the value of the Westgold shares in the future. Accordingly, an investment in Westgold should be considered highly speculative and potential investors should consult their professional advisers before deciding whether to subscribe for Westgold shares. Karora Foreign Estimates This presentation refers to Westgold having a production capacity of +400kozpa, which is based on Karora's TSX announcement " Karora Announces First Quarter Gold Production of 36,147 ounces, Gold Sales of 40,343 Ounces and a cash position of C$87.3 million" dated 5 April 2024 filed by Karora on SEDAR+ (www.sedarplus.com) in accordance with NI 43-101, and Westgold's ASX announcement titled "Q3 FY24 Production Update" dated 3 April 2024 and available at ww.asx.com.au. All material assumptions underpinning the Westgold production target as announced on that date continue to apply and have not materially changed. Effect of Rounding A number of figures, amounts, percentages, estimates and calculations of value in this presentation are subject to the effect of rounding. The actual calculation of these figures may differ from the figures set out in this presentation. For the purposes of Listing Rule 5.12, Westgold cautions that the Karora Mineral Reserves and Mineral Resources are not reported in accordance with the JORC Code. The Karora Mineral Reserves and Mineral Resource estimates are foreign estimates prepared in accordance with NI 43-101. A competent person has not done sufficient work to classify the foreign estimate as a Mineral Resource in accordance with the JORC Code, and it is uncertain whether further evaluation and exploration will result in an estimate reportable under the JORC Code. Please refer to Westgold's ASX announcement titled “Merger to create a +400kozpa Australian Gold Miner" dated 8 April 2024 for additional technical information relating to the foreign estimate. The information in this presentation and the aforementioned announcement provided under Listing Rules 5.12.2 to 5.12.7 that relates to the Karora foreign estimate is based on information compiled by Mr Jake Russell B.Sc. (Hons) MAIG and is an accurate representation of the available data and studies for Karora's projects. Mr Russell is a member of the Australian Institute of Geologists and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken to qualify as a Competent Person, as defined in the JORC Code and as a Qualified Person as defined in NI 43-101. Mr Russell is a full-time employee as General Manager Technical Services for Westgold and, accordingly, is not independent for purposes of NI 43-101. Mr Russell consents to the inclusion in this presentation of the matters based on this information in the form and context in which they appear. 4 FY24 – Year in review Return to meaningful profitability through focus on safe and profitable ounces Westgold delivers $95M Statutory Profit in FY24 ($M) 95  Safety improvement  Achieved revised production/cost guidance 10  Unhedged and debt free1  2.25 cps dividends declared for FY24  Merger with Karora completed 1 August 2024 -111 FY22 1. $100M Corporate Revolving facility remains undrawn FY23 FY24 5 Focus on safety and sustainability delivers results Safety Sustainability Substantial reduction in Total Injury Frequency Rate (TRIFR) All Murchison operating mines and mills running on hybrid power which now can: Generate 82 MW (gas, battery & solar) Injuries per million hours worked 22.9 Reduce diesel consumption by 38 million litres per annum 8.4 FY22 1. At a diesel price assumption of $1.64/L FY23 -18% 6.9 FY24 Reduce carbon emissions by 56% Deliver ≈$60/oz in AISC savings1 6 1 Top end of adjusted FY24 production guidance … and bottom end of FY24 cost guidance Production (oz) AISC ($/oz) Growth Capital ($M) Exploration ($M) FY24 Group Guidance FY24 Actual FY23 Actual 220,000-230,000 227,237 257,116 2,100-2,300 130 25 2,1782 157 25 1,999 72 19  YoY production down due to Paddy’s Flat underperformance and closure  YoY AISC $/oz higher due to lower production  Increased growth capital executing growth pipeline  Exploration expenditure has already produced Reserve & Resource increases3 1. Refer to ASX announcement titled “Q3, FY24 Production Update” – 3 April 2024 2. Post audit adjustments of financials 3. Refer to ASX announcements made by Westgold titled "Bluebird-South Junction Increases to 6.4Mt at 3.1 gpt Au" announcement on 16 April 2024; "Starlight Mineral Resource Increases by 41%" announcement on 11 June 2024; and "Westgold Declares Maiden South Junction Ore Reserve" announcement on 14 August 2024 7 Substantial improvement in financial metrics FY24 ($M) FY23 ($M) Inc/(Dec) % Revenue 716 657 9% EBITDA 271 167 62% NPAT 95 10 852% Free Cash Flow1 86 10 760% Net Assets 692 598 16% Cash, Bullion & Liquids2 263 192 37% 1. Operating cash inflows minus investing cash outflows 2. Bullion is valued at the closing gold price  Increased gold price and reduced YOY hedging exposure  Increased margin delivers higher EBITDA, profitability and free cash flows 8 Westgold is now fully unhedged Increased revenue driven by gold price and reduced hedging exposure Consistent increase in revenue ($M) $716M $648M $657M $337M $327M  Increased gold price and reduced YOY hedging exposure $571M $658M $387M $311M Hedged revenue $330M $184M $25M FY21 FY22 Sales at spot price FY23 $33M Zero cost collars struck at $3,340/oz  Completed fixed forward sales contracts in July 2023  Completed zero cost collars in June 2024 FY24 9 Lower total AISC year on year Lower mining costs offset by increased sustaining capital Lower total AISC in FY24 ($M) AISC reduced by ~4% to $495M in FY24  Mining suspended at Paddy’s Flat and the completion of ore drives at Big Bell sub-level cave in FY23 514 495 (67)  Increased capital mine development at Great Fingall, Starlight (Nightfall expansion), Bluebird (South Junction expansion), Big Bell (LHOS) and Fender 30 7 3 7 (2) 2 Sustaining Capital Corporate Costs Royalties Stockpile Movements Admin Processing  Increase sustaining capital for existing mines at Bluebird, Big Bell and Starlight. FY23 AISC Mining  Remuneration & Benefits strategy implementation in Q2 and Q3 FY24 FY24 AISC 10 Delivering meaningful profitability Focus on safe, profitable ounces NPAT growth in FY24 ($M) Increased profit margin driven by improved gold price exposure and reduction in operating costs Increased profit (11) (38) 134 FY24 NPAT Corporate Costs Gross Profit Income Tax Expense Increase due to the remuneration and benefits strategy announced in Q2 FY24 10 FY23 NPAT 95 11 $157M invested in Growth Capex in FY24 Investing in our future FY24 Growth capex breakdown ($M) Ramp up to commercial production 1 July 2024 14 Expansion into South Junction 11 10 157 42 27 Access into Nightfall LHOS expansion 23 17 Decline development FY24 Growth Capex Other Hybrid Power Project Plant & Equipment Big Bell Fingall Fender Bluebird Starlight 15 12 $71M Cash Build in an investment intensive year Six consecutive quarters of Cash, Bullion & Liquids build ($M) +$71M build in FY24 +$16M +$21M +$25M +$24M +$9M 159 Q2 FY23 +$9M 238 263 247 217 +$104M 192 168 Q3 FY23 1. $100M Corporate Revolving facility remains undrawn Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 13 8 176 Opening Cash 18 (128) Closing Cash & Bullion 8 Closing Investments Dividend paid 19 Closing Bullion (5) 236 Closing Cash (6) Payments for Financial Assets 68 (24) Lease Payments Working Capital (26) Stockpiles (48) Exploration PP&E Growth Capital 714 Sustaining Capital Operating Cash Costs Revenue 8 Opening Investments 192 Opening Bullion Opening Cash & Bullion $71M cash & bullion build Westgold’s operations continue to generate FCF ($M) +$71M (429) (75) 263 14 12% free cash flow payout ratio for FY24 2.25 cents per share of dividend declared (1.25 cents per share fully franked) 2.25 Westgold Dividend Policy1  pay a minimum dividend of 1cps (A$0.01/share) each financial year 1.25  up to a maximum of 30% of free cash flow  Subject to Westgold maintaining a minimum net cash balance of A$100M (after the payment of any dividend) 1.00 Interim dividend Final fully franked dividend FY24 Dividends Declared 1. Subject to the full discretion of the Board of Directors, taking into consideration Westgold’s underlying financial performance and cash flow, commodity price expectations, balance sheet and treasury risk management, working capital needs and competing internal and external investment opportunities necessary for future growth, development and exploration and any other factors that the Board of Directors may consider relevant. Free cash flow is defined as net cash flows from operating and investing activities before debt/equity and dividends. 15 Summary of Financial Results Trending in the right direction Revenue EBITDA NPAT $716M $271M $95M 9% from FY23 62% from FY23 852% from FY23 $571M $648M $657M $716M $271M $252M $95M $77M $209M $10M $167M -$111M FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 16 Our FY25 platform Leading Australian Gold Producer WA is our home Financial Strength Among top 5, with production over 400,000 ozpa1 Operating in two of Australia’s most abundant gold regions Robust balance sheet with $165 million in available liquidity Strategic Merger Unhedged Advantage Growth Potential Shareholder Returns is Our Focus Merger with Karora delivers substantial diversification, synergy & upside One of Australia’s largest fully unhedged gold producers Strong pipeline of organic growth projects Committed to free cash flow generation and shareholder returns 1. Refer to “Karora’s Foreign Estimates” section in slide 4 for further information 17 Contact Information: Thank you. Investor Relations Kasun Liyanaarachchi | Investor Relations Manager kasun.liyanaarachchi@westgold.com.au +61 458 564 483 Media Peter Knight | Communications Manager peter.knight@westgold.com.au +61 459 980 481 ASX: WGX | TSX:WGX | OTCQX: WGXRF westgold.com.au