Announcement PDF WESTGOLD RESOURCES LIMITED ASX : WGX A WELL FUNDED, DEBT FREE, ESTABLISHED GOLD PRODUCER IN THE MURCHISON WAYNE BRAMWELL JUNE 2023 | MANAGING DIRECTOR WWW.WESTGOLD.COM.AU Disclaimer COMPLIANCE STATEMENT The information in this report that relates to Exploration Results is compiled by Westgold technical employees and contractors under the supervision of Mr. Simon Rigby B.Sc. (Hons), who is a member of the Australian Institute of Geoscientists. Mr Rigby is a full-time employee of the company 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 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Rigby consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. Mr Rigby is eligible to participate in short- and long-term incentive plans of the company. The information in this report that relates to 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. Mr Russell is a full time employee of the Company, 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 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Russell consents to the inclusion in this report 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 the company. The information in this report that relates to Ore Reserve Estimates is based on information compiled by Mr. Leigh Devlin, B.Eng MAusIMM. 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 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Devlin consents to the inclusion in this report 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 the Company and is eligible to, and may participate in short-term and long-term incentive plans of the Company as disclosed in its annual reports and disclosure documents. MINERAL RESOURCES AND ORE RESERVE ESTIMATES Information in this presentation relating to Mineral Resource and Ore Reserve estimates is extracted from the ASX releases “Resources and Reserve Statement – Amended” dated 6 October 2022 and “Great Fingall Resource grows to half a million ounces” dated 31 May 2023. Westgold confirms that it is not aware of any new information or data that materially affects the information included in these announcements and that all material assumptions and technical parameters underpinning the Mineral Resource and Ore Reserve estimates continue to apply and have not materially changed. Westgold confirms that the form and context in which the competent persons’ findings are presented in this document have not been materially modified from the original market announcements FORWARD-LOOKING STATEMENTS These materials prepared by Westgold Resources Limited (or “the Company”) include forward-looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs. Forward-looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation. Forward looking statements are based on the Company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company’s business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company’s control. Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forwardlooking statements or to advise of any change in events, conditions or circumstances. 2 1.0 Westgold overview 3 ASX : WGX – 100% Western Australian gold producer Strong Balance Sheet, Generating Free Cash Flow A$168M of cash, bullion and liquid assets as @ 31 March 2023 No forward sold ounces by August 2023 and debt free1 240koz to 260koz – profitable ounces FY23 Production Guidance2 A$1,900 to A$2,100 per ounce FY23 AISC Guidance2 7.9Moz Mineral Resource, 2.1Moz Ore Reserve R&R as @ 30 June 20223 Structuring for enhanced profitability & growth into FY24 1. 2. 3. Refer Westgold ASX announcement dated 26 April 2023 – March Quarterly Report. Refer Westgold ASX announcement dated 26 August 2022 - Westgold delivers FY22 and releases guidance for FY23. Refer Westgold ASX announcement dated 6 October 2022 – Resources and Reserve Statement – Amended. 4 Regionally dominant – in the Bryah and Murchison MURCHISON OPERATIONS BRYAH OPERATIONS 5 Corporate snapshot Shares on Issue1 Performance Rights on Issue1 12 Month Trading Range2 Avg Liquidity / day2 473.6M 4.4M $1.74 – $0.70 WGX Share price ($/share) Westgold six month price movement Corporate Structure 1.8 1.7 1.6 1.5 1.4 ≈2.6M shares 1.3 Cash, Bullion and Investments1 $168M 1.2 Institutional Investors ≈69% 1.1 1.0 0.9 0.0 Executive Management Jan/23 Chief Operating Officer Phillip Wilding Chief Financial Officer Tommy Heng Feb/23 Mar/23 Apr/23 May/23 Jun/23 Jul/23 Major Shareholders % L1 Capital 9.6 Ruffer LLP 7.2 GM Env, Health & Safety Matthew Pilbeam GM Exploration & Growth Simon Rigby Dimensional Fund Advisors 4.9 GM People & Engagement Melissa Wren Ninety-One 4.4 1 –As 1. @at3031June March 2021, 2023; 2 – 2. ASX Asclosing at 22 June price2023; 10 Sept All currency 2021 is AUD unless stated otherwise. 6 Refreshed leadership Hon. Cheryl Edwardes AM Wayne Bramwell Julius Matthys Fiona Van Maanen Gary Davison David Kelly Independent Non-Executive Chair Managing Director Master of Laws, Bachelor of Arts (B.A) Master of Science (Mineral Economics), Grad Dip (Business), Bachelor of Science (Extractive metallurgy) Independent Non-Executive Director Independent Non-Executive Director Independent Non-Executive Director Independent Non-Executive Director Bachelor of Commerce Bachelor of Business (Accounting) Masters Mineral & Energy Economics, Dip Engineering (Mining) Bachelor of Science (Geology) 7 Our Evolution - to safe and profitable production FY17- FY22 – the ramp up years Westgold spun out of Metals X Limited FY17 - 20 235koz produced (FY20) Maiden dividend declared FY21 245koz produced (FY21) FY23 on – safe & profitable ounces Significant cost inflation begins exacerbated by COVID-19 FY22 270koz produced (FY22) ▪ Streamlined business – simplification driving free cash flow and profitability ▪ Optimised operating model – expand 2 mines, optimize 2 more, review 3 assets on C&M ▪ Operating and cost discipline – underpinning cash generation and platform for growth ▪ Leveraging key skillset and scale – class leading underground mining capabilities and fleet ▪ Aggressively drilling for resource conversion and extension – 9 rigs operating ▪ Investing in the future – gas + renewable power stations under construction and operational in FY24 ▪ On track to deliver top end of FY23 production guidance - from four shallow UG mines 8 FY23 – Tracking to top end of production guidance OPERATION FY23 Group Guidance Q1 Q2 Q3 YTD Production (oz) 240,000 -260,000 66,048 62,180 60,512 188,740 AISC ($/oz) A$1,900-2,100 A$2,106 A$2,032 A$2,094 A$2,077 Growth Capital ($M)1 A$60 A$21 A$18 A$15 A$54 Exploration ($M)2 A$20 A$7 A$3 A$4 A$14 1. Growth Capital includes underground, camp and other growth-related project, property, plant and equipment costs 2. Exploration includes expenditure associated with all Murchison and Bryah tenure and includes FY23 Great Fingall and Caustons drilling “Westgold is delivering on the strategy of producing safe and profitable ounces in FY23. We are early in this operational and financial turnaround and are continuing to build balance sheet strength. Our assets are past the capital intensive phase and free cash flow is growing at a time when the gold price is in uncharted territory. Increasing free cash flow and profitability is key to structuring this business for growth into FY24 and beyond. Our team now has a clear view to a larger, safer and sustainable gold business.“ Wayne Bramwell | Managing Director 9 Environment, Health & Safety performance EH&S Performance Highlights for the Q3 FY23: Reduced TRIFR by 61% in 12 months 15 12 o Q3 – 0.00 from Q2 – 0.60 ▪ High Potential Incident Frequency Rate (HiPoFR) increased slightly (up 2.13%) - due to the worked hours differential. Total Recordable Injury (TRI) count o Q3 – 9.03 from Q2 – 14.36 ▪ Lost Time Injury Frequency Rate (LTIFR) has achieved 0.00 – the first time WGX has achieved a zero LTIFR: 20 18.44 14.36 9 15 9.03 6 10 10 9 7 3 ▪ Zero Significant Environmental Incidents ▪ Zero Significant Psychosocial Harm events 25 22.91 1.41 0 5 6 Q4 - FY22 0.86 0.60 Q1 - FY23 TRI Q2 - FY23 LTIFR TRIFR 0.00 Q3 - FY23 12 Month rolling Injury Frequency Rate (injuries/million hours worked) ▪ 37.15% decrease in Total Recordable Injury Frequency Rate (TRIFR) – the first time WGX has returned a TRIFR result below 10.0: -61% 0 10 ESG - Committed to the journey Safety, Health and Wellbeing Diversity and Inclusion Environmental Stewardship ▪ 61% reduction in Total Recordable Injury Frequency Rates in 12 months ▪ Active investment in the health and wellbeing of our people ▪ 33% female directors ▪ 13% female employees ▪ Increasing focus on indigenous employment and community ▪ Zero reportable environmental incidents ▪ Increasing rehabilitation rate of disturbed land ▪ Transition to mixed diesel, gas and renewable energy platform ▪ 100% compliance with ASX Corporate Governance Principles and Recommendations ▪ WHS Legislation rollout and effectiveness Audit Governance 11 2.0 Operations & Projects 12 Three established processing plants Tuckabianna Bluebird Fortnum 2 stage crush, ball, gravity and CIP SAG/ball, gravity and CIP SAG/ball, gravity and CIP Current milling rates 1.4Mtpa 1.6 - 1.8Mtpa 0.9Mtpa Soft ore blend capacity 1.5Mtpa1 2.0Mtpa2 1.0Mtpa3 148px at Big Bell, 266px at Cue 420px 200px Type Camp/Village 1. Ball mill Work Index Theoretical Calc 30% Oxide Blend. 2. Historical throughput Rate. 3. Historical Yarlarweelor Oxide. 13 Four operating shallow underground mines 14 14 Big Bell – 3Moz produced to date and growing 1 Big Bell sub-level cave now consistently above design levels since April 22 ▪ Decline and Sub-level cave operation ▪ Designed for 800-900ktpa ▪ Circa 7 years of caving operations ahead Big Bell Deeps Expansion contemplates 1.3-1.4Mtpa operation ▪ Additional LHOS operation delivers increased production and higher grade ▪ Cost efficiency gains in utilisation of existing mine infrastructure ▪ Potential additional 10 years of LHOS operations ▪ Completion of expansion studies expected in Q4 FY23 3 Latest drilling [ASX 29 March 2023] ▪ 50.37m @ 5.05g/t Au from 746.6m [true width 15m – 22BBDD0120A] ▪ 200m below current PFS mine plan ▪ Deeper drilling continues 15 1. Refer ASX Announcements dated 13 March 2023, Big Bell Operational Update; 29 March 2023 Big Bell Expansion Drilling Update. Bluebird – Drilling success supports further expansion 1 South Junction and Bluebird have produced > 1Moz Au from shallow open pits Bluebird underground expansion to 600ktpa on track ▪ Q1 mine record – 90kt @ 3.2 g/t Au ▪ Q2 mine record – 111kt @ 3.5 g/t Au ▪ Strong result in Q3 – 103kt @ 3.7 g/t Au ▪ Monthly record in April – 48kt at 3.7g/t Au ▪ Monthly record in May – 49kt at 4.0g/t Au Recent high-grade drill holes ▪ 11.94m @ 7.32g/t Au from 195.04m in 22BLDD247 ▪ 5.72m @ 8.53 g/t Au from 140.72m in 22BLDD278 ▪ 17.59m @ 3.94 g/t Au from 139.75m in 23BLDD026 Two underground drill rigs running ▪ on resource extensions and testing broader Southjunction opportunity 1. Refer ASX Announcements dated 9 May 2023 Drilling success supports further expansion at Bluebird and 8 June 2023 Bluebird delivers another production record. 16 Paddy’s Flat – Over 1.5Moz produced to date Paddy’s Flat – historic high-grade producer ▪ Multiple lodes being mined concurrently ▪ Prohibition lode coming to an end ▪ ▪ ▪ Improved recoveries expected through Bluebird mill as impurities harmful to recoveries diminish with reduced Prohibition feed Other high-grade structures persist at Fenian’s/Consols ▪ virgin levels now being mined by mechanised methods ▪ high-grade spur structures being identified Cost structure being optimised ▪ reduced scale but increasing grade ▪ Targeting approximately 250ktpa @ +4.5 g/t Au ▪ One rig on resource extension 17 Starlight – 750koz produced to date… 1 Starlight Underground ▪ 750,000 oz Au produced to date ▪ ▪ Multi-lode system, decline and LHOS operation ▪ ▪ 500-600ktpa @ +2.5 g/t Au All ore to Fortnum 0.9Mtpa processing hub ▪ ▪ 250,000 oz Au under Westgold management Supplemented with LG open pit stocks and remnant stockpiles Two rigs on resource extension / definition – adding mine life Regional open pit and underground targets ▪ Peak Hill – open pit and UG opportunities ▪ Yarlarweelor ▪ Regent-Messiah open pits 1. Refer ASX Announcement dated 25 January 2023 December Quarterly. 18 Owner Operator – class leading capability and fleet Modern Mining fleet - $200M replacement value Agi Active Plant Idle Plant Cable Bolter Charge up Diamond Drill Grader IT loader Long Hole Boxhole Borer Spray Mec Underground Truck Underground Jumbo Underground Loader Water Cart 0 5 10 15 20 25 Idle fleet poised to take advantage of growth opportunities 30 19 Great Fingall Deeps – the next new high grade mine… ▪ Historic high grade underground mine ▪ 1.2Moz @19.5 g/t Au ▪ 12 – 18 months of decline development ▪ The Production Target for Great Fingall is 300 – 450ktpa @ 4-6 g/t Au for 39-87koz with first production envisaged in FY25 ▪ 49% uplift to Great Fingall Mineral Resource announced in May ▪ ▪ 4.3Mt at 4.3g/t Au for 588koz1 New geological data has resulted in a reinterpretation of the existing model ▪ showing that the Fingall Reef is not flattening with depth and so completed holes were not in optimal positions ▪ System bifurcates with new data validating a steeper interpretation in line with historic workings ▪ Two drill rigs on site defining key geological triggers for FID ▪ Subject to FID, development commencement on track for Q1 FY24 1. Refer ASX Announcement “Great Fingall Resource grows to half a million ounces” dated 31 May 2023. 20 Investing in the future – clean energy transition underway Power Station Capacity (MW) Tuckabianna 9.2 Fortnum 9.2 Big Bell 7.7 Bluebird 12.2 Total 38.3 The Clean Energy Transition Project will substantially reduce the cost of power and carbon emissions: ▪ Four new hybrid power facilities under construction ▪ ▪ ▪ Build-own-operate contracts ▪ Electricity Purchase Agreement with Pacific Energy Limited (gas-fired power facility, solar and battery storage) ▪ LNG Supply Agreement with Clean Energy Fuels Australia ▪ 38 million litre reduction per annum in diesel fuel usage ▪ ▪ 34% power generating capacity supplied by renewables ▪ 56% reduction in emissions ▪ ~A$60/oz AISC savings1 Construction progressing at all 4 sites ▪ ▪ 1. Combination of solar, battery storage and LNG replaces 5 diesel fired stations Tuckabianna being commissioned first – in Q1, FY24 Big Bell, Fortnum, Bluebird – commissioning Q2-Q3, FY24 At a diesel price assumption of $1.64/L. 21 3.0 Financials 22 Q3 FY23 – closing cash, bullion and liquids up A$9M to A$168M 1 Q3 Closing Cash, Bullion and Liquid Assets grows to $168M ($M) +$9M ▪ Westgold remains debt free ▪ Q3 gold sales of 60,043oz - revenue of A$159M ▪ ▪ (114) 158 (12) 168 (6) 159 8 (17) 9 6 (4) 144 5 1 (3) 150 10 Achieved gold price of A$2,635/oz Operating cash costs including sustaining capital maintained – Q3 A$126M (Q2: A$128M) ▪ reflects changes to the operating plan ▪ reduction in the price of diesel and key consumables ▪ monetisation of surface stockpiles resulted in a positive movement on inventories – stockpiles ▪ Capital expenditure stabilised – includes the Clean Energy Transition (CET) Project (A$6M) ▪ Exploration spend continues – drilling at Great Fingall Deeps, Cuddingwarra and Meekatharra North ▪ Growth funds systematically deployed - A$3M drawdown for growth projects relating to the tailings storage facility (TSF) lift Operating Closing Cash, Bullion and Liquid Assets Closing Investments Closing Bullion Closing Cash Lease Payments Working Capital Inventories - stockpiles Working Capital Exploration PP&E Growth Capital Sustaining Capital Operating Cash Costs Revenue Opening Cash Opening Investments Opening Bullion Opening Cash, Bullion and Liquid Assets Capital Expenditure 1. Refer ASX Announcement dated 26 April 2023 March Quarterly. 23 Hedge Book – forward contracts completed in July Forward Contracts remaining (ounces) 148,000 Hedge book reduced during Q3 to 40,000oz 135,000 122,000 109,000 ▪ at an average A$2,459/oz ▪ Last spot sale on 03/05/23 was at A$3,040/oz 96,000 Optionality over 30,000oz of Zero Cost Collars in FY24 83,000 ▪ 70,000 60,000 Contingent deliveries of 2,500oz per month from July 2023 to June 2024, subject to the put and call being struck 50,000 40,000 ▪ Protects the downside of gold price volatility with the put option only being triggered if the gold price falls to A$2,700/oz. ▪ The upside on this small volume of production is correspondingly capped and again, only triggered if the gold price hits A$3,340/oz 30,000 20,000 10,000 Jul 23 Jun 23 May 23 Apr 23 Mar 23 Feb 23 Jan 23 Dec 22 Nov 22 Oct 22 Sep 22 Aug 22 Jul 22 30 Jun 22 - 24 Westgold is arguably undervalued relative to its peers 1 EV/Reserve Oz ($/oz) 1,500 Ore Reserve Grade (g/t) Ramelius Resources 1+ 2+ 4+ 1,200 Bellevue Gold 900 Bubble size represents Enterprise Value (EV) Gold Road Resources 600 Silver Lake Resources 300 Red 5 Pantoro Limited Regis Resources Westgold Resources 0 0 1 2 3 4 Total Gold Ore Reserves (Moz) Westgold’s growing free cash flow presents an outstanding opportunity for revaluation 1. Gold Ore Reserves as reported in each company’s latest Mineral Resources and Ore Reserves Statements as released to the ASX. Data shown on a non-gold equivalent basis. EV calculated using closing market capitalisation from share prices on 21 June 2023 and latest cash and debt figures from the company’s ASX announcements. 25 4.0 Musgrave takeover offer 26 Transaction overview ▪ Westgold to acquire all of the issued outstanding ordinary shares in Musgrave via an all-scrip off-market takeover (the “Offer”) ▪ ▪ ▪ Offer price of $0.30 per share 1 Westgold share for every 5.37 Musgrave shares held Offer price implies an undiluted equity value for Musgrave of $177.3 million Musgrave shareholders will own 18.9% of the Combined Group Structure Offer Considerations Offer Conditions 1 ▪ ▪ Limited conditions including: ▪ 50.1% minimum acceptance threshold ▪ No Material adverse changes ▪ Other customary conditions 1. Refer Westgold ASX announcement dated 23 June 2023 – Offer for Musgrave Now Open and Completion of Dispatch. 27 Compelling Offer premium 1,2,3,4 Implied Offer price of $0.30 / share 30.5% $0.229 33.0% 41.3% $0.225 $0.212 5-day VWAP 1. 2. 3. 4. 30-day VWAP All volume weighted average prices (VWAP) have been calculated from 2 June 2023, the last day before the loss of confidentiality affected Musgrave’s share price and volumes. 5-day volume VWAP of Musgrave shares is calculated from 29 May 2023 to 2 June 2023, data is sourced from IRESS. 30-day VWAP of Musgrave shares is calculated from 21 April 2023 to 2 June 2023, data is sourced from IRESS. 180-day VWAP of Musgrave shares is calculated from 14 September 2023 to 2 June 2023, data is sourced from IRESS. 180-day VWAP 28 Significant benefits for Musgrave shareholders Strong Strategic Rationale ✓ Westgold’s 1.4Mtpa Tuckabianna mill and 1.8Mtpa Bluebird mill are located 40km and 120km to the north of Fast tracking development of the Cue Gold Project ✓ Westgold has a proven operational track record and the financial capability to develop Musgrave’s assets ✓ Removes duplication of processing infrastructure, overhead costs and corporate costs Musgrave’s Cue Gold Project respectively More Efficient Capital Use Materially reduces approval, financing, construction, capital and operating risks Retain Interests as a Shareholder Become part of a well funded, cash generating gold producer with exposure to Musgrave’s assets Capital Gains Tax rollover relief ✓ Ability to develop Musgrave assets with reduced funding risk and significant shareholder dilution ✓ Musgrave’s Stage 1 PFS assumes $121M start up capital in a high risk economic environment for developers1 ✓ Immediately saves $80M capital and construction time associated with Musgrave’s proposed standalone 500ktpa processing plant ✓ Westgold is a leading Australian gold producer and has consistently delivered production of 240-260koz per annum ✓ Westgold is well funded with $168M in cash and liquid assets as at 31 March 2023 ✓ Improved trading liquidity with approximately 3.1M shares traded per day2 ✓ Market capitalisation of $763M on 2 June 2023 ✓ If Westgold acquires at least 80% of Musgrave shares, Capital Gains Tax rollover relief may be available to Musgrave shareholders in relation to the Offer Consideration … All underpinned by compelling Offer premiums 1. 2. Refer Musgrave ASX announcement dated 17 April 2023 – Stage 1 PFS Demonstrates Potential Value of Cue Gold Project. Based on the last 12 months of trading. Trading data sourced from IRESS. 29 Combination creates a ~$940M Australian gold producer with… 1 8.8Moz of combined Gold Mineral Resources2 Potential to increase annual production to 290-300koz of gold3 Potential to reduce AISC through economies of scale and incremental production from Musgrave’s shallow, high grade open pit ore Strengthened balance sheet with approximately $180M cash and liquid assets4 1. 2. 3. 4. Based on the Musgrave undisturbed closing price of $0.24 and Westgold closing price of $1.61 on 2 June 2023. Combined Group Mineral Resources based on Westgold Resources of 7.9Moz and Musgrave Resources of 927koz. See company Reserves and Resources statements. Refer to the Important Notice and Disclaimer section in this Presentation. Based on Westgold cash and cash equivalents of $168 million and Musgrave cash and cash equivalents of $11.8 million as reported in the company’s March 2023 Quarterly Reports. 30 5.0 The value proposition 31 Westgold – turnaround on track Business simplified in FY23 ▪ Turnaround focused on safety and profitability ▪ Simplification delivering efficiencies, efficiencies driving profitability Grade focus and operational performance enhancing cash flow ▪ Bluebird outperforming - expansion on track ▪ Big Bell outperforming - expansion PFS complete in Q4 ▪ Paddy’s Flat and Starlight – optimising to maximise returns Investing in the future ▪ 9 rigs drilling - extending current mine lives and advancing Great Fingall ▪ Hybrid power stations will deliver cost savings and emission reductions ▪ UG fleet upgrade – additional hybrid UG loaders reduce diesel consumption Balance sheet strength - structuring for growth ▪ Free cash flow building balance sheet ▪ Debt free, forward free and fully leveraged to gold price by August 2023 32 More Information required? Contact: Investor Relations kasun.liyanaarachchi@westgold.com.au Media www.westgold.com.au peter.knight@westgold.com.au ASX : WGX 33 APPENDICES 34 Q3 FY23 – Mine and mill physicals MURCHISON Paddy’s Flat Bluebird Open Pit & Low Grade BLUEBIRD HUB Big Bell Open Pit & Low Grade TUCKABIANNA HUB BRYAH Starlight Open Pit & Low Grade FORTNUM HUB GROUP TOTAL – 3 HUBS Ore Mined (‘000) 170 103 Mined Grade (g/t) 2.6 3.7 Mined Ounces (koz) 13.9 12.3 Ore Milled (‘000) 162 103 Head Grade (g/t) 2.78 3.84 Recovery (%) 84 96 Q3 Gold Production (oz) 12,208 12,246 85 1.12 82 2,509 26,963 271 2.7 23.4 284 2.63 86 20,711 38 0.94 85 933 21,644 Ore Mined (‘000) 136 Mined Grade (g/t) 2.2 Mined Ounces (koz) 9.8 Ore Milled (‘000) 172 Head Grade (g/t) 2.12 Recovery (%) 97 Q3 Gold Production (Oz) 11,362 25 0.70 96 542 11,904 869 2.4 90 60,512 35 Q3 FY23 – Consolidated physicals and costs MURCHISON BRYAH GROUP MAR QTR FY23 MAR QTR FY23 MAR QTR FY23 GROUP YTD FY23 Physical Summary ROM - UG Ore Mined UG Grade Mined Ore Processed Head Grade Recovery Gold Produced Gold Sold Achieved Gold Price Units t g/t t g/t % oz oz A$/oz 543,438 2.8 671,917 2.6 88 48,609 48,085 $2,635 135,889 2.2 197,438 1.9 97 11,904 11,959 $2,635 679,328 2.7 869,355 2.4 90 60,512 60,043 $2,635 2,252,836 2.7 2,706,859 2.4 90 188,740 189,432 $2,498 Cost Summary Mining Processing Admin Stockpile Movements Royalties Cash Cost (produced oz) Corporate Costs Sustaining Capital All-in Sustaining Costs A$/oz A$/oz A$/oz A$/oz A$/oz A$/oz A$/oz A$/oz A$/oz $1,017 $497 $101 $58 $98 $1,771 $27 $218 $2,016 $1,204 $610 $139 $168 $69 $2,190 $67 $157 $2,414 $1,054 $519 $108 $80 $92 $1,853 $35 $206 $2,094 $1,090 $501 $110 $73 $87 $1,861 $31 $185 $2,077 36 Mineral Resource Statement - At 30 June 2022 1 MURCHISON OPERATIONS (ROUNDED FOR REPORTING) Measured Indicated Inferred Total Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Big Bell 5,249 3.27 552 9,860 2.61 828 4,976 2.64 422 20,085 2.79 1,802 Cuddingwarra 118 2.09 8 1,708 1.82 100 994 1.57 50 2,820 1.74 158 Day Dawn 58 1.73 3 3,501 4.42 497 3,089 2.57 256 6,648 3.54 756 Tuckabianna 295 4.09 39 3,781 2.66 323 6,765 2.32 505 10,842 2.49 867 Tuckabianna Stockpiles 567 1.32 24 3,792 0.70 86 0 0.00 0 4,358 0.78 110 Meekatharra North 0 0.00 0 97 1.98 6 75 2.11 5 172 2.04 11 Nannine 68 2.55 6 1,293 2.17 90 534 2.15 37 1,895 2.18 132 Paddy's Flat 906 4.29 125 10,618 1.74 595 2,490 1.90 152 14,013 1.93 871 Reedy's 481 3.82 59 3,062 2.56 252 8,883 2.44 698 12,426 2.53 1,009 Yaloginda 552 3.33 59 8,010 1.83 473 7,110 1.46 334 15,672 1.72 865 Bluebird Stockpiles 648 1.25 26 0 0.00 0 0 0.00 0 648 1.25 26 Total 8,942 3.13 901 45,722 2.21 3,249 34,916 2.19 2,458 89,579 2.29 6,608 Project BRYAH OPERATIONS (ROUNDED FOR REPORTING) Measured Indicated Inferred Total Project Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Fortnum 1,316 4.05 171 4,764 2.38 364 2,436 2.37 186 8,515 2.64 721 Horseshoe 0 0.00 0 1,266 2.09 85 183 1.43 8 1,449 2.01 93 Peak Hill 0 0.00 0 7,547 1.55 376 1,838 1.7