ASX : WGX westgold.com.au AUSTRALIAN GOLD CONFERENCE WESTGOLD RESOURCES LIMITED Wayne Bramwell | Managing Director 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 ASX : WGX – 100% Western Australian gold producer FY23 - delivered 257,116 profitable ounces @ AISC of $1,999/oz Strong balance sheet - $192M in cash and liquids @ 30/6/231 Debt free and now generating free cash flow1 Structured for enhanced profitability and growth into FY24 Fully leveraged to the gold price 1. Refer Westgold ASX announcement dated 26 July 2023 – June Quarterly Report. 3 Westgold’s FY23 turnaround Westgold 2.0 – safe and profitable ounces  Refreshed Board and management team in end of FY22 Cash and bullion position improving from Q2 FY23 Cash, bullion and liquids position ($M) 189 159 157  Streamlined the business & reduced operating costs  Aggressively drilling to extend mine lives 6 139 97 9 9 132 Q4 FY21 Q1 FY22 101 Q2 FY22 159 168 96 110  Investing in the future to drive costs down  Built cash and delivered FY23 guidance 96 7 151 192 190 94 86 Q3 FY22 Q4 FY22 Growth funds1 8 Liquid assets 97 Cash and bullion2 90 7 84 87 8 6 6 56 59 70 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 and the Company begins FY24 with $192M of cash, bullion and liquid assets. 1. Proceeds from capital raise and associated interest 2. Cash and bullion excluding growth funds 4 4 Mines + 3 processing hubs across the Bryah and Murchison MURCHISON OPERATIONS BRYAH OPERATIONS 5 Westgold Today Major Shareholders Corporate Structure Shares on Issue1 Performance Rights on Issue1 4.4M 12 Month Trading Range2 $1.75 – $0.70 Avg Liquidity / day2,3 ≈2.0M shares Cash, Bullion and Investments1 Debt1 70% 473.6M 70% Institutions Others 30% $192M Nil Executive Management Phillip Wilding Chief Financial Officer Tommy Heng Australia 23% North America 24% 2% Europe Other Broker Coverage Westgold price movement in 2023 Chief Operating Officer 50% 1.8 1.6 1.4 GM Env, Health & Safety Matthew Pilbeam GM Exploration & Growth Simon Rigby 1.0 GM People Melissa Wren 0.8 1.2 Jan 23 1 –As 1. @at3030June June2021, 2023;2 2. – ASX As atclosing 16 Augprice 2023; 10All Sept currency 2021 is AUD unless stated otherwise; 3. Average calculated over 90 Days +61% Mar 23 May 23 Jul 23 6 FY24 – production up, costs down GUIDANCE FY23 FY24 Production (oz) 240,000 – 260,000 245,000 – 265,000 AISC ($/oz) 1,900 – 2,100 1,800 – 2,000 Growth Capital ($M) 60 130 1 Exploration ($M) 20 25 2 1. Growth Capital includes underground development, camp and other growth-related project, property and plant costs. 2. Exploration includes expenditure associated with all Murchison and Bryah tenure. 7 Westgold’s FY24 plan is simple Capital growth and shareholder returns Drivers of cash flow Turnaround builds a cash generative business in FY23 Investing in growth opportunities Fixed forward contracts now complete Focus on margin Production up and costs down in FY24 Cash generation Updated dividend policy 8 Westgold – a disciplined approach to growth and capital returns $ Investing in growth opportunities & exploration $ Returning capital to shareholders 9 FY24 – enhancing profitability Investing $60M in the development of 3 new mines Increasing exploration and resource development spend Growth capital guidance on new mines in FY24 ($M) Exploration expenditure ($M) 60 6 25 Almost 150km of drilling achieved in FY23 24 18 30 19 16 Great Fingall Big Bell Expansion Fender Investment in New Mines1 FY19 14 14 FY20 FY21 FY22 FY23 FY24 Guidance …all fully funded through our expanding profitability and existing cash reserves. 1. New mines defined as mines currently not in production. Total growth capital guidance (including growth capital on producing mines) is $130M for FY24 10 Great Fingall – another high grade mine  49% uplift to Great Fingall Mineral Resource announced in May  2.5Mt of ore production at ≈5g/t for 383koz of gold  Initial eight-year mine life with development commencing in early Q2, FY24  first ore production in H1, FY25  +45koz pa Au production @ All-In Cost (AIC) ≈$1,801/oz  $30M average capital expenditure in FY24 and FY25  Establishes Group gold production pathway to +300koz Au pa Financial metrics Unit Base Case Spot Price Gold price assumption $/oz 2,600 2,944 Net life of mine (LOM) cash generation $M 306 436 Net Present Value (NPV8%) $M 184 272 Internal Rate of Return (IRR) % 53 69 1. Refer ASX Announcement “Great Fingall Resource grows to half a million ounces” dated 31 May 2023. 11 Big Bell Deeps – 2 mines in 1 Big Bell Deeps Expansion Long Hole Open Stoping (LHOS) operation under the SLC  Operates in parallel with sub-level cave  Increases mined grade as LHOS + SLC = grade lift  Lifts output to 1.2-1.3Mtpa  Potential additional 10 years of LHOS operations  Cost efficiency – as LHOS utilises existing mine infrastructure  Completion of expansion studies expected in Q1 FY24  Production from late FY24 12 1. Refer ASX Announcements dated 13 March 2023, Big Bell Operational Update; 29 March 2023 Big Bell Expansion Drilling Update. Drilling enhances sustainability FY24 Exploration and resource development focus shifts to next suite of organic growth opportunities:  Bluebird – South Junction (at Meekatharra)  Gibraltar (proximal to the Bluebird processing hub at Meekatharra)  Peak Hill tenements (within the Bryah region) and underground targets close to the Fortnum processing hub  Caustons (proximal to Tuckabianna processing hub)  the Cuddingwarra area near Cue. 13 Westgold – balancing growth and capital returns $ Investing in growth opportunities & exploration $ Returning capital to shareholders 14 Dividend Policy for FY24 – based on FCF Confidence in the turnaround of Westgold supports revision of the Dividend Policy FY24 Dividend Policy1: $ $ • pay a minimum dividend of 1cps (i.e.. $0.01/share) each financial year • up to a maximum of 30% of free cash flow Following criteria apply:  Westgold maintains a minimum net cash balance of $100M (after the payment of any dividend);  Free cash flow is defined as net cash flows from operating and investing activities before debt/equity and dividends. Sustainable and consistent returns to our shareholders 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 15 Westgold’s FY24 strategic priorities Continue to safely and efficiently optimise our assets Invest in resource development and exploration drilling Continue free cash flow generation Sensibly invest in technology that drives cost reduction Increase mine life of our existing mines Assess inorganic growth opportunities aligned to our core capabilities 16 Hybrid power online – our new Tuckabianna facility  The Tuckabianna hybrid facility replaces the diesel fired power station and includes:  6 MW solar farm fitted with 11,088 photovoltaic panels  battery energy storage system with 2.4 MW installed capacity  9.5 MW gas-fuelled power station  ~10ML of annual diesel fuel reduction  ~15kt of CO2 equivalent emission reduction  Tuckabianna is a the first of four hybrid power plants to be installed, which together are expected to deliver:  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 1. At a diesel price assumption of $1.64/L. 17 ~$4.4M in additional monthly revenue from August 2023 1 Westgold is now fully leveraged to the gold spot price2 Forward contracts remaining (koz) 148 135 122 109 96 83 70 Jun 22 1. 2. Jul 22 Aug 22 Sep 22 Oct 22 Nov 22 Dec 22 60 Jan 23 50 Feb 23 40 Mar 23 30 Apr 23 20 May 23 10 Jun 23 Jul 23 Indicative calculation assuming $2,900/oz spot price and the hedged price of $2,459/oz over 10koz During 2023, the Group entered into zero-cashflow collar contracts whereby the Group purchased a total of 30,000 ounces of gold call options and sold a total of 30,000 ounces of gold put options contracts with equal and offsetting values at inception. These contracts are comprised of put options of $2,700/oz and call options of $3,340/oz. All of these contracts were outstanding at 30 June 2023 and mature over the period July 2023 to June 2024. 18 18 WESTGOLD – A progressive and profitable Australian Gold Miner Westgold now a cash generative business – safe and profitable ounces H2, FY23 - $33M in cash generated closed FY23 with $192M cash, bullion and liquids FY24 - production increasing and costs decreasing in FY24 Fully funded to advance organic growth targets Focussed on creating value for our shareholders No debt and fully leveraged to the gold price 19 Talk to us! Investor Relations kasun.liyanaarachchi@westgold.com.au Media peter.knight@westgold.com.au www.westgold.com.au ASX : WGX 20 APPENDIX A Westgold overview 21 Experienced leadership team 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 (Hons.) 22 Owner Operator – class leading capability and fleet Modern Mining fleet1 - ~$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 1. As at 31 July 2023 23 ESG - Committed to the journey Safety, Health and Wellbeing Diversity and Inclusion Environmental Stewardship  63% reduction in Total Recordable Injury Frequency Rates in FY23  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 24 Westgold TRIFR reduced by 63% in FY23 Westgold has reduced TRIFR by 63% in FY23 15  Q4 – 8.37 from Q3 – 9.03  Lost Time Injury Frequency Rate (LTIFR) remained steady:  Q4 – 0.64 from Q3 – 0.62  High Potential Incident Frequency Rate (HiPoFR) reduced slightly (down 4%)  Zero Significant Environmental Incidents Total Recordable Injury (TRI) count  7% decrease in Total Recordable Injury Frequency Rate (TRIFR): 25 22.91 18.44 12 20 14.36 9 9.03 6 10 1.41 0 Q4 - FY22 -7% 8.37 10 5 9 3  Zero Significant Psychosocial Harm events 15 6 6 6 0.86 0.60 0.62 0.64 Q1 - FY23 Q2 - FY23 Q3 - FY23 Q4 - FY23 TRI LTIFR TRIFR 12 Month rolling Injury Frequency Rate (injuries/million hours worked) EH&S Performance Highlights for the Quarter: -63% 0 25 APPENDIX B Financials 26 FY23 – closing cash, bullion and liquids up A$2M to A$192M FY23 Closing Cash, Bullion and Liquid Assets grows to $192M ($M) +$2M  Revenue improved on prior year (FY22: $648M) due to increased spot exposure with fewer hedged ounces, offset by reduced production  Operating cash costs impacted by increasing cost pressures in H1 FY23 (FY22: $420M)  Capital expenditure stabilised – includes the Clean Energy Transition (CET) Project (A$7M)  Exploration investment continued in line with Westgold’s strategy to extend mine lives (includes Bluebird, Great Fingall, Big Bell Deeps)  Westgold remains debt free (470) (44) 654 (56) (42) 14 Capital Expenditure (23) (17) (4) 176 8 8 192 Closing Cash, Bullion and Liquid Assets Closing Investments Closing Bullion Closing Cash Other Financing Lease Payments Working Capital Working Capital Inventories - stockpiles Sustaining Capital Operating Cash Costs Revenue Opening Cash Opening Investments Opening Bullion Opening Cash, Bullion and Liquid Assets Operating Exploration 7 (19) 183 PP&E 0 Growth Capital 190 27 APPENDIX C Reserves/Resources 28 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 1.78 105 9,385 1.60 481 Stockpiles 821 0.96 25 464 0.70 10 16 0.54 0 1,302 0.86 36 Total 2,137 2.86 197 14,042 1.85 836 4,473 2.08 300 20,651 2.01 1,332 29 1. Refer ASX Announcement 6 October 2022 – Resources and Reserve Statement – Amended. The Company 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 29 technical parameters underpinning the Mineral Resource and Ore Reserve estimates in that announcement continue to apply and have not materially changed. Ore Reserve Statement - At 30 June 2022 1 MURCHISON OPERATIONS (ROUNDING FOR REPORTING) Proven Project Big Bell Cuddingwarra Day Dawn Tuckabianna Tuckabianna Stockpiles Meekatharra North Nannine Paddy's Flat Reedy's Yaloginda Bluebird Stockpiles Total Tonnes ('000s) Grade 4,170 0 0 42 567 0 0 230 55 155 648 5,867 2.94 0.00 0.00 4.09 1.32 0.00 0.00 4.84 4.40 3.97 1.25 2.72 Probable Ounces Au ('000s) 394 0 0 5 24 0 0 36 8 20 26 513 Tonnes ('000s) Grade 4,641 710 1,289 1,034 3,758 0 718 659 888 845 0 14,542 3.08 1.75 6.92 2.48 0.70 0.00 1.82 4.21 3.27 3.65 0.00 2.73 Total Ounces Au ('000s) 460 40 287 82 85 0 42 89 93 99 0 1,278 Tonnes ('000s) Grade 8,811 710 1,289 1,075 4,324 0 718 889 943 1,000 648 20,410 3.01 1.75 6.92 2.54 0.79 0.00 1.82 4.37 3.34 3.70 1.25 2.73 Ounces Au ('000s) 854 40 287 88 109 0 42 125 101 119 26 1,791 BRYAH OPERATIONS (ROUNDED FOR REPORTING) Proven Probable Total Project Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Fortnum Horseshoe Peak Hill Stockpiles Total 344 0 0 821 1,166 3.83 0.00 0.00 0.96 1.81 42 0 0 25 68 2,541 761 581 464 4,347 1.97 1.84 2.21 0.70 1.84 161 45 41 10 258 2,886 761 581 1,285 5,512 2.19 1.84 2.21 0.86 1.84 204 45 41 36 325 1. Refer ASX Announcement 6 October 2022 – Resources and Reserve Statement – Amended. The Company 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 Mineral Resource and Ore Reserve estimates in that announcement continue to apply and have not materially changed. 30