ANNUAL REPORT 2023 WESTGOLD RESOURCES LIMITED A PROGRESSIVE AND INNOVATIVE WESTERN AUSTRALIAN GOLD MINER With over 1,300 staff and contractors and more than 1,300km2 of tenure, Westgold is the dominant gold miner in the Murchison and Bryah regions of Western Australia. www.westgold.com.au CONTENTS 1 1 2 5 6 8 22 32 49 50 51 52 53 54 102 103 109 111 Our Purpose and Ambition Values and Behaviours Letter from the Chair Financial Results Our Annual Outputs Our Operations Directors’ Report Remuneration Report (Audited) Auditor’s Independence Declaration Consolidated Statement of Comprehensive Income Consolidated Statement of Financial Position Consolidated Statement of Cash Flows Consolidated Statement of Changes in Equity Notes to the Consolidated Financial Statements Directors’ Declaration Independent Auditor’s Report Shareholder Information Corporate Directory Westgold Resources Limited Annual Report 2023 OUR PURPOSE AND AMBITION VALUES AND BEHAVIOURS Westgold’s purpose as an organisation is to create intergenerational wealth by leveraging our gold assets. In doing so we aspire to: Our values and behaviours guide how we work with each other, our communities, and external stakeholders. They speak to the core aspirations of the organisation and influence our actions and decisions. Our values provide the framework that holds us accountable and with the buy in of our staff, ultimately drives the culture that will deliver success. – create shareholder value, –c  ontribute to our wider communities, and – p  rovide opportunities for our team to grow and succeed. CHOOSE SAFETY – Think safety and act safely – Look out for each other – Protect our environment SHOW RESPECT – Appreciate everyone for who they are and what they contribute – Enable everyone to do a great job – Grow strong teams and communities DELIVER VALUE – Plan to succeed as a team – Execute with excellence – Rise to the challenge and keep on improving Westgold Resources Limited Annual Report 2023 1 LETTER FROM THE CHAIR A TURNAROUND YEAR Dear Shareholders, It is my pleasure to present the Westgold Resources Limited Annual Report for the financial year ended 30 June 2023 (FY23). FY23 has been one of significant positive change for Westgold. After working through early challenges and refocusing in the first half of FY23, I’m proud to see the company emerge as a truly successful West Australian gold producer. In the first quarter of FY23 the Board initiated a strategic review to address the improvement of profitability of the business. In parallel, a new leadership team initiated the reset of our culture, operational base and approach to cost management. A new strategy was outlined to the shareholders with commitment to an operating regime that would deliver safe and profitable production in FY23. The plan was to restructure and stabilise the business in the first half and if successful, profitability would return in the second half of FY23. Difficult decisions were made, including placing three marginal underground mines on to care and maintenance. Staff and equipment were redeployed and consolidated into four larger operating underground mines. A deep dive into Westgold’s cost base was completed with opportunities identified to improve productivity and reduce our costs. 2 Westgold Resources Limited Annual Report 2023 With new vigour, Westgold’s safety performance continued to improve, along with operating efficiencies and productivity. Cost management improved dramatically alongside greater accountability being shifted back to operational management. Significant investments were made in exploration and resource development with a view to extending the planning horizon and mine life of each of our four operating mines and the planned next underground mine at Great Fingall. After two quarters of cash outflow, the business was financially stabilised. The second half of FY23 saw positive cashflow from our operations and increasing efficiencies being realised. The large, fixed forward hedge book was coming to an end and stronger production from our mines, coupled with a rising A$ gold price, lifted our revenue. Our approach to environmental, social and corporate governance (ESG) continues to evolve. ESG is key to our social licence to operate and with a view to reducing our emissions and operating cost, major investment was made in the construction of four new hybrid (gas-solar-battery) power stations across our operations. The first station was commissioned at Tuckabianna in July 2023, with three more stations scheduled for commissioning in the first half of FY24. Our commitment to becoming a better corporate citizen was evidenced in FY23 by greater community initiatives and involvement. A new Community Relations team was established to work with the communities we impact upon across our regional tenure, and particularly the area of indigenous employment. FY23 was a turnaround year for Westgold. Our employees have leaned into the new direction, new culture and the values that underpin how we do business. There is still much to achieve but Westgold finishes FY23 in a strong financial position with $192M in cash, bullion and liquid assets. Importantly, the Group is fully funded to deliver its FY24 corporate objectives. Our vision for Westgold going forward is clear. To be a safer, progressive, socially responsible, highly profitable and cash generative gold miner with the aim of providing consistent returns to our shareholders. Thank you for your continued support. Hon. Cheryl Edwardes AM Non-Executive Chair Westgold Resources Limited Annual Report 2023 3 4 Westgold Resources Limited Annual Report 2023 YEAR END 30 JUNE 2023 FINANCIAL RESULTS Unless specifically noted, all dollar amounts disclosed in this report are Australian Dollars (A$ or AUD) GOLD SALES REVENUE NET CASH FROM OPERATIONS 256,009oz $654.4M $168.4M (FY22: 269,705 oz) (FY22: $647.6M) (FY22: $179.9M) NET PROFIT/(LOSS) BEFORE TAX NET PROFIT/(LOSS) AFTER TAX CLOSING CASH, BULLION & LIQUIDS* $13.9M $10.0M $192M (FY22: ($160.1M)) (FY22: ($111.1M)) (FY22: $190M) PROFIT/(LOSS) PER SHARE NET ASSETS AVERAGE HEDGE GOLD PRICE 2.1c $598.3M A$2,495/oz (FY22: (25.3c)) (FY22: $587.8M) (FY22: A$2,396/oz) OUTSTANDING HEDGED OUNCES 10,000oz (FY22: 148,000oz) * Bullion is valued at closing spot price. Westgold Resources Limited Annual Report 2023 5 YEAR END 30 JUNE 2023 OUR ANNUAL OUTPUTS MURCHISON OPERATIONS 203,382oz BRYAH OPERATIONS GOLD PRODUCED 53,735oz GROUP 257,116oz MURCHISON OPERATIONS A$1,686/oz BRYAH OPERATIONS CASH COST (C1) A$1,780/oz GROUP A$1,706/oz MURCHISON OPERATIONS A$1,971/oz BRYAH OPERATIONS ALL IN SUSTAINING COSTS A$2,103/oz GROUP A$1,999/oz 6 Westgold Resources Limited Annual Report 2023 Westgold Resources Limited Annual Report 2023 7 OUR OPERATIONS REVIEW OF OPERATIONS Westgold Resources Limited (ASX: WGX) (Westgold or the Group) is a Western Australian gold mining business. With over 1,300 staff and contractors, we are the dominant gold miner in the Mid West. Westgold is the owner-operator of all its underground mines. This internal capability, provides a level of operational flexibility and competitive advantage. This has ensured the business remains able to more consistently deliver against operational targets. A ‘hub and spoke’ style operating model in the Murchison region provides optionality to process ore from Westgold’s mines at either of its two processing hubs near Cue and Meekatharra. In contrast the Bryah operation is centred upon the Fortnum processing hub. In FY23, Westgold produced 257koz of gold at an All-In Sustaining Cost (AISC) of $1,999/oz, meeting the top end of its FY23 Production Guidance of 240koz to 260koz and midpoint of its FY23 AISC Guidance of between $1,900/oz and $2,100/oz. MURCHISON OPERATIONS The Murchison Operations incorporate the Tuckabianna and Bluebird processing hubs. With a combined production of approximately 200koz per annum, the Murchison Operations currently delivers circa 80% of Westgold’s Group gold production. In FY23, the Murchison Operations produced 203koz of gold at an AISC of $1,971/oz (see Figure 1). 60,000 2,500 GOLD PRODUCTION (OZ) $ 2,235 /oz $ 2,004 /oz 50,000 $ 2,016 /oz 2,000 $ 1,662 /oz 40,000 1,500 30,000 1,000 20,000 10,000 500 50,329 oz 49,280 oz 48,609 oz 55,165 oz Q1FY23 Q2FY23* Q3FY23 Q4FY23 0 Gold Produced ALL-IN SUSTAINING COST ($/OZ) FY23 MURCHISON PRODUCTION AND A$ COST 0 AISC/oz NOTE: * Q2 FY23 AISC adjusted post audited Half-Year Financial Report for the period ended 31 December 2022 Figure 1 - FY23 Murchison Production and A$ Costs WESTGOLD ACHIEVES MATERIAL IMPROVEMENT IN SAFETY PERFORMANCE 8 Westgold Resources Limited Annual Report 2023 Westgold has achieved a significant year on year improvement in safety. In FY23, there were no fatalities or serious disabling injuries at Westgold. Our Total Recordable Injury Frequency Rate (TRIFR) showed considerable improvement with a 63% reduction on the previous year, finishing at 8.37 injuries per million hours worked. Our Lost Time Injury Frequency Rate (LTIFR) reduced from 1.41 to 0.64, which is a 55% reduction for the period ending June 2023 (see Figure 3). These results were achieved through initiatives including: – – – – – Visible and active leadership at all levels of the business; A specific focus on managing critical risks; Improved operational discipline across all areas; Active investment in people, health & wellbeing; and Tailored, relevant and well tested frameworks, systems and processes in place. CUE Westgold’s Cue operation is located around the regional town of Cue and encompasses Westgold’s southern-most group of assets including the historic mining centres of Big Bell, Cuddingwarra, Day Dawn and Tuckabianna (see Figure 2). This package includes two of Western Australia’s most iconic past producers in the Big Bell mine (≈2.6Moz) and the Great Fingall mine (≈1.2Moz). It incorporates the 1.2-1.4Mtpa Tuckabianna processing hub, a 148-person village at Big Bell, a 266-person village at Cue and associated mining infrastructure to support a large FIFO and DIDO mining operation. In FY23, the Tuckabianna plant received underground ore from the large Big Bell underground and the smaller Comet underground mine in addition to stockpiled ore from the previously mined Cuddingwarra open pits. The Tuckabianna processing hub treated 1,328,159t of ore, at the upper range of the plant’s operating capacity on hard ore and in line with expectations. The hub produced 90,769oz of gold in FY23, achieving a metallurgical recovery of 87%. Big Bell remained the primary source of ore to the Tuckabianna mill, with the Comet underground mine providing additional feed early in the year, prior to entering care and maintenance. In addition to fresh underground feed, Westgold has access to significant ore stockpiles which it continued to utilise as supplementary ore feed at its Cue and Meekatharra processing hubs. 15 25 22.91 12 18.44 14.36 9 6 15 9.03 10 8.37 10 5 9 3 0 20 6 6 6 1.41 0.86 0.60 0.62 0.64 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 TRI LTIFR Figure 3 - Westgold has reduced TRIFR by 63% in FY23 TRIFR 0 12 MONTH ROLLING INJURY FREQUENCY RATE Figure 2 - Cue assets -63% Westgold Resources Limited Annual Report 2023 9 OUR OPERATIONS REVIEW OF OPERATIONS (CONTINUED) Since commercial production was declared in FY22, the Big Bell mine (see Figure 4) has consistently produced above its designed capacity of 800900ktpa. In FY23, Big Bell continued to expand, producing 1.13Mt of high grade ore at 2.6g/t. Recent studies focused on expanding Big Bell to the zone beneath the pegmatites using an open stoping with paste fill mining method are well advanced. This zone is expected to extend the overall mine life of Big Bell to over 10 years whilst simultaneously increasing the mined grade. The Fender underground mine, which was paused in early FY23 will commence late in the first quarter of FY24 providing additional feed to the Meekatharra processing hub. This mine will operate as an extension to the Big Bell mine given its close proximity. In addition to the mining operations, the Company is accelerating exploration activities across Cue with the primary focus being the Day Dawn mining centre, consisting of Great Fingall and Golden Crown. This work has been based on new geophysical datasets and geological reinterpretations in early FY22, leading to the discovery of the Figure 4 - Big Bell showing proposed development of Big Bell Deeps Sovereign target, located between Great Fingall and Golden Crown. A program was also undertaken testing the Great Fingall reef at depth, which resulted in a significant re-interpretation (see Figure 5). As a result of this, the resource grew significantly in FY23 with the mine expected to commence development early in FY24, enabling production in the second half of FY25. The subsequent ramp up of Great Fingall establishes a Group gold production pathway to +300koz per annum. TUCKABIANNA HYBRID POWER FACILITY IN OPERATION “Westgold continues to innovate to reduce our greenhouse gas emissions and drive our operating costs down.” Wayne Bramwell, Westgold Managing Director 10 Westgold Resources Limited Annual Report 2023 In July 2023, Westgold commissioned the first of four Hybrid Power Facilities at its Tuckabianna Process Plant. The new 17.9MW facility, replaces the existing diesel fired power station delivering a reduction of approximately 15kt of CO2 equivalent emissions and 10ML of annual diesel fuel consumption. The Tuckabianna Hybrid Power facility incorporates: – 6MW solar farm fitted with 11,088 photovoltaic panels (see Figure 6) – – a battery energy storage system with 2.4MW installed capacity; and a 9.5MW gas-fuelled power station. In addition to the now operational Tuckabianna facility, a further three new hybrid power facilities are being constructed across the Group at Bluebird, Fortnum and Big Bell. With a combined installed capacity of 82MW, all facilities are expected to be online and powering Westgold’s operations by Q3 FY24. Figure 5 - Great Fingall FY23 Resource Increase These facilities are expected to reduce Westgold’s annual diesel fuel consumption by 38ML and lower annual CO2 equivalent emissions by approximately 57,000t. Figure 6 - Tuckabianna solar farm Westgold expects its All-In Sustaining Cost to reduce by approximately $60/oz1 due to lower cost energy being provided by these new hybrid power facilities. 1 At a diesel price assumption of $1.64/L Westgold Resources Limited Annual Report 2023 11 OUR OPERATIONS REVIEW OF OPERATIONS (CONTINUED) MEEKATHARRA The Meekatharra operation is located around the regional town of Meekatharra and encompasses Westgold’s central group of assets including the historic gold mining centres of Meekatharra North, Paddy’s Flat, Yaloginda, Nannine and Reedy’s (see Figure 7). Westgold’s Meekatharra assets include the 1.6-1.8Mtpa Bluebird processing hub, a 420-person village, and associated mining infrastructure required to support a large FIFO and DIDO mining operation. For FY23, the Bluebird plant received underground ore from the Paddy’s Flat, Triton – South Emu and Bluebird underground mines, along with excess ore from Big Bell and supplementary low-grade stockpiles. The Bluebird underground mine has been expanding rapidly since recommencement of mining in mid FY22, with further extensions and opportunities being identified. A second decline commenced in mid FY23 to expand the mining footprint with outputs continuing to rise with grades well above the original plan. The South Junction zone to the South of Bluebird (location of the access portal) has shown potential to continue to expand the mine. Figure 7 - Meekatharra assets The Bluebird processing hub performed strongly for the year treating 1,494,123t, slightly below the plant’s capacity, mainly due to the now high percentage of hard rock feed (minimal oxide). In FY23, the hub produced 112,614oz of gold at a metallurgical recovery of 89%. Near mine exploration at and around Meekatharra focused on the extension of Paddy’s Flat, BluebirdSouth Junction and the broader Reedy’s package. WESTGOLD FIXED FORWARD SALES COMPLETED IN JULY 2023 In FY23, Westgold reduced its 148koz fixed forward hedge book by 138koz, such that only 10koz remained to be delivered into by the end of July 2023 (see Figure 8). The fixed forwards were delivered at an average price of $2,390/oz, representing a lost opportunity of ~$70 million2 in revenue. The remaining 10koz were delivered in July 2023. Westgold is now free of its fixed forward hedges and its gold sales are leveraged to the current gold spot price. During March 2023, when A$ gold was pushing through $2,900/oz, the company put in place 30,000oz of zero cost collars comprising put options at $2,700/oz and call options at $3,340/oz for deliveries of 2,500oz per month from July 2023 to June 2024, subject to the put and call being struck. 2 12 Westgold Resources Limited Annual Report 2023 Assuming a constant spot gold price of $2,900/oz At Paddy’s Flat, as production from the bulk Prohibition lodes draw to a close, geological work has focused on extending the known high-grade thurst and spur systems. Due to the discreet nature of the highgrade thrusts and spurs, intense geological definition activities will be a hallmark of continued operations at Paddy’s Flat. Westgold is increasingly encouraged by drilling results at Bluebird. This remarkably consistent high-grade zone of mineralisation continued to have its footprint expanded over FY23. The ore body’s progressive expansion was complemented by the successful initial testing of the broader South Junction lodes at depth. In FY24, Westgold will continue extending and infilling the footprint of both Bluebird and South Junction, with multiple drill rigs currently active on surface and underground. During FY23, work progressed on reevaluating the Triton – South Emu system. Westgold is investigating an alternative approach to mine planning and execution at Triton – South Emu which offers a more sustainable and economically compelling project which best utilises the significant infrastructure and mine development in place. This strategy protects the downside of gold price volatility with the put option only being triggered if the gold price falls to $2,700/oz. The upside on this small volume of production is also capped and again, only triggered if the gold price hits $3,340/oz. FORWARD CONTRACTS REMAINING ( koz) Finally, initial testing of the extensions to the historic Gibraltar mine is also planned for early FY24. 148 135 122 109 96 83 70 60 50 40 30 20 10 Jun 22 Jul 22 Aug 22 Sep 22 Oct 22 Nov 22 Dec 22 Jan 23 Feb 23 Mar 23 Apr 23 May 23 Jun 23 Jul 23 Figure 8 - Westgold reduced its remaining forward contracts to 10koz in FY23 Westgold Resources Limited Annual Report 2023 13 OUR OPERATIONS REVIEW OF OPERATIONS (CONTINUED) BRYAH OPERATIONS The Bryah Operations are centred upon the Fortnum processing hub and incorporate the Fortnum, Horseshoe and Peak Hill mining areas (see Figure 9). With production from Fortnum averaging approximately 50koz per year, the hub remains a key contributor to Westgold’s total production. Figure 9 - Bryah assets FY23 BRYAH PRODUCTION AND A$ COSTS 2,500 $ 2,414 /oz $ 2,271 /oz $ 2,140 /oz 15,000 $ 1,696 /oz 1,500 10,000 1,000 5,000 0 500 15,719 oz 12,900 oz 11,904 oz 13,212 oz Q1FY23 Q2FY23* Q3FY23 Q4FY23 Gold Produced AISC/oz NOTE: * Q2 FY23 AISC adjusted post audited Half-Year Financial Report for the period ended 31 December 2022 Figure 10 - FY23 Bryah Production and A$ Costs 14 2,000 Westgold Resources Limited Annual Report 2023 0 ALL-IN SUSTAINING COST ($/OZ) GOLD PRODUCTION (OZ) 20,000 In FY23, the Bryah Operations produced 53,735oz of gold at an AISC of $2,103/oz (see Figure 10). The Fortnum operation is located in the Proterozoic age Bryah Basin stratigraphy approximately 150km northwest of Meekatharra and represents the northernmost group of Westgold assets. These assets encapsulate the historic mining centres of Labouchere, Fortnum, Horseshoe and Peak Hill which collectively have delivered approximately 2Moz of reported gold production. The processing hub incorporates the 0.8-0.9Mtpa Fortnum carbonin-leach (CIL) processing plant, a 200-person village, airstrip and associated mining infrastructure required to support a remote FIFO operation. Mining output is currently dominated by the Starlight underground mine with supplementary, free on surface lowgrade stocks providing a blended feedstock to the plant. Fortnum had a challenging year with weaker results delivered from the Starlight underground mine. This resulted in an operational restructure focused on optimising the mine plan, targeting key mining areas including the Moonlight, Twilight North, Galaxy and Trev’s lodes. The processing plant performed well, treating 802,753t of hard ore blend at a metallurgical recovery of 96%. A new pebble crusher will be installed in FY24 which will help manage the hard ores and incrementally increase throughput. A major extension drilling program was undertaken at Starlight during FY23. This program focused on testing the primary Starlight lodes over a multi-year window to provide increased levels of certainty for mine planning and infrastructure investment. Pleasingly these works have resulted in an expansion of the Mineral Resource base in the order of 70koz after mining depletion of 66koz. Drill testing of Starlight remains ongoing, targeting further Mineral Resource increases and translation of these to Ore Reserves as additional data density is achieved. Drill testing of the Nightfall system was also progressed in FY23. The Nightfall mineralisation sits adjacent to the Starlight lodes with many areas already having undergone capital development. This will allow for expedited production once the system is adequately defined. At the end of FY23 Westgold turned its attention to the evaluation of its Peak Hill suite of assets which are envisaged to provide a mediumterm source feed to the Fortnum Processing Plant. Significant progress has been made on locating and validating historic data, with initial geological modelling of Peak Hill mineralisation planned for early FY24. This modelling will form the basis for drill testing in the Peak Hill region over the course of FY24. Westgold Resources Limited Annual Report 2023 15 OUR OPERATIONS MINERAL RESOURCES & ORE RESERVES Westgold released its annual update of Mineral Resource and Ore Reserve Estimates on the ASX on 11 September 2023. Shareholders should refer to that announcement for full detail including JORC 2012 appendices. The tables below summarise them by operational area. MINERAL RESOURCE STATEMENT – ROUNDED FOR REPORTING 30 JUNE 2023 Project Tonnes (‘000s) Grade (g/t) Ounces Au (‘000s) Murchison 9,350 3.11 936 Bryah 1,865 2.36 141 Sub-Total 11,215 2.99 1,078 Murchison 44,827 2.39 3,441 Bryah 13,724 1.88 828 Sub-Total 58,551 2.27 4,270 Murchison 33,472 2.40 2,585 Bryah 4,115 2.40 318 Sub-Total 37,587 2.40 2,903 Murchison 87,649 2.47 6,963 Bryah 19,704 2.03 1,287 Grand Total 107,353 2.39 8,250 Measured Indicated Inferred Total ORE RESERVE STATEMENT – ROUNDED FOR REPORTING 30 JUNE 2023 Project Tonnes (‘000s) Grade (g/t) Ounces Au (‘000s) Murchison 5,076 2.67 435 Bryah 1,249 1.54 62 Sub-Total 6,325 2.44 497 Murchison 14,384 2.89 1,335 Bryah 1,994 1.90 122 Sub-Total 16,378 2.77 1,457 Murchison 19,461 2.83 1,770 Bryah 3,243 1.76 184 Grand Total 22,704 2.68 1,954 Proven Probable Total Glossary: Murchison incorporates the Meekatharra and Cue business units. Bryah incorporates the Fortnum business unit. 16 Westgold Resources Limited Annual Report 2023 The Mineral Resources by mining project are tabulated below: MURCHISON OPERATIONS MINERAL RESOURCE STATEMENT - ROUNDED FOR REPORTING 30 JUNE 2023 Measured Indicated Project Tonnes (‘000s) Grade (g/t) Ounces Au (‘000s) Big Bell 5,498 3.08 544 9,917 Tonnes (‘000s) Inferred Grade (g/t) Ounces Au (‘000s) Tonnes (‘000s) 3.23 1,030 8,942 Total Grade (g/t) Ounces Au (‘000s) Tonnes (‘000s) Grade (g/t) Ounces Au (‘000s) 2.73 785 24,357 3.01 2,358 Cuddingwarra 85 1.66 5 1,600 1.63 84 597 1.50 29 2,282 1.59 117 Day Dawn 58 1.73 3 3,776 4.63 562 2,339 4.29 322 6,173 4.47 887 Tuckabianna 267 3.54 30 3,448 2.78 308 2,899 2.63 245 6,614 2.75 584 Tuckabianna Stockpiles 481 1.64 25 3,744 0.70 85 0 0.00 0 4,225 0.81 110 Meekatharra North 0 0.00 0 97 1.98 6 75 2.11 5 172 2.04 11 Nannine 68 2.55 6 859 2.06 57 340 2.26 25 1,267 2.14 87 Paddy's Flat 1,033 4.03 134 10,593 1.70 579 2,415 1.86 144 14,042 1.90 857 Reedy's 458 3.74 55 3,055 2.55 251 8,883 2.44 698 12,396 2.52 1,004 Yaloginda 745 4.30 103 7,737 1.93 481 6,981 1.48 332 15,464 1.84 916 Bluebird Stockpiles 656 1.50 32 0 0.00 0 0 0.00 0 656 1.50 32 Total 9,350 3.11 936 44,827 2.39 3,441 33,472 2.40 2,585 87,649 2.47 6,963 BRYAH OPERATIONS MINERAL RESOURCE STATEMENT - ROUNDED FOR REPORTING 30 JUNE 2023 Measured Project Tonnes (‘000s) Indicated Inferred Total Grade (g/t) Ounces Au (‘000s) Tonnes (‘000s) Grade (g/t) Ounces Au (‘000s) Tonnes (‘000s) Grade (g/t) Ounces Au (‘000s) Tonnes (‘000s) Grade (g/t) Ounces Au (‘000s) Fortnum 1,019 3.53 116 4,446 2.50 357 2,078 3.05 204 7,543 2.79 677 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 846 0.94 25 464 0.70 10 16 0.54 0 1,326 0.85 36 Total 1,865 2.36 141 13,724 1.88 828 4,115 2.40 318 19,704 2.03 1,287 Westgold Resources Limited Annual Report 2023 17 OUR OPERATIONS MINERAL RESOURCES & ORE RESERVES (CONTINUED) The Mineral Resources by mining project are tabulated below: MURCHISON OPERATIONS MINERAL RESOURCE STATEMENT COMPARISON 2022 2023 Change Project Tonnes (‘000s) Grade (g/t) Ounces Au (‘000s) Tonnes (‘000s) Grade (g/t) Ounces Au (‘000s) Tonnes (‘000s) Grade (g/t) Ounces Au (‘000s) Big Bell 20,085 2.79 1,802 24,357 3.01 2,358 4,272 0 556 Cuddingwarra 2,820 1.74 158 2,282 1.59 117 -538 0 -41 Day Dawn 6,648 3.54 756 6,173 4.47 887 -475 1 131 Tuckabianna 10,842 2.49 867 6,614 2.75 584 -4,227 0 -283 Tuckabianna Stockpiles 4,358 0.78 110 4,225 0.81 110 -133 0 0 Meekatharra North 172 2.04 11 172 2.04 11 0 0 0 Nannine 1,895 2.18 132 1,267 2.14 87 -627 0 -45 Paddy's Flat 14,013 1.93 871 14,042 1.90 857 28 0 -15 Reedy's 12,426 2.53 1,009 12,396 2.52 1,004 -29 0 -5 Yaloginda 15,672 1.72 865 15,464 1.84 916 -208 0 50 Bluebird Stockpiles 648 1.25 26 656 1.50 32 8 0 6 89,579 2.29 6,608 87,649 2.47 6,963 -1,930 -5.73 355 Total BRYAH OPERATIONS MINERAL RESOURCE STATEMENT - COMPARISON 2022 18 2023 Change Project Tonnes (‘000s) Grade (g/t) Ounces Au (‘000s) Tonnes (‘000s) Grade (g/t) Ounces Au (‘000s) Tonnes (‘000s) Grade (g/t) Ounces Au (‘000s) Fortnum 8,515 2.64 721 7,543 2.79 677 -972 0 -45 Horseshoe 1,449 2.01 93 1,449 2.01 93 0 0 0 Peak Hill 9,385 1.60 481 9,385 1.60 481 0 0 0 Stockpiles 1,302 0.86 36 1,326 0.85 36 24 0 0 Total 20,651 2.01 1,332 19,704 2.03 1,287 -948 1.47 -45 Westgold Resources Limited Annual Report 2023 The Ore Reserves by mining project are tabulated below: MURCHISON OPERATIONS ORE RESERVE STATEMENT - ROUNDED FOR REPORTING 30 JUNE 2023 Proven Probable Total Project Tonnes (‘000s) Grade (g/t) Ounces Au (‘000s) Big Bell 3,573 2.85 327 Cuddingwarra 0 0.00 0 98 1.77 6 98 1.77 6 Day Dawn 0 0.00 0 1,944 5.08 317 1,944 5.08 317 Tuckabianna 0 0.00 0 683 3.00 66 683 3.00 66 Tuckabianna Stockpiles 481 1.64 25 3,744 0.70 85 4,225 0.81 110 Meekatharra North 0 0.00 0 0 0.00 0 0 0.00 0 Nannine 0 0.00 0 262 1.93 16 262 1.93 16 Tonnes (‘000s) 6,270 Grade (g/t) Ounces Au (‘000s) Tonnes (‘000s) Grade (g/t) Ounces Au (‘000s) 3.31 668 9,843 3.14 995 Paddy's Flat 117 3.54 13 420 3.47 47 538 3.48 60 Reedy's 57 3.35 6 398 3.42 44 455 3.41 50 Yaloginda 192 5.10 31 566 4.81 88 757 4.89 119 Bluebird Stockpiles 656 1.50 32 0 0.00 0 656 1.50 32 Total 5,076 2.67 435 14,384 2.89 1,335 19,461 2.83 1,770 BRYAH OPERATIONS ORE RESERVE STATEMENT - ROUNDED FOR REPORTING 30 JUNE 2023 Proven Project Tonnes (‘000s) Probable Total Grade (g/t) Ounces Au (‘000s) Tonnes (‘000s) Grade (g/t) Ounces Au (‘000s) Tonnes (‘000s) Grade (g/t) Ounces Au (‘000s) Fortnum 403 2.82 37 1,172 2.29 86 1,576 2.42 123 Horseshoe 0 0.00 0 357 2.18 25 357 2.18 25 Peak Hill 0 0.00 0 0 0.00 0 0 0.00 0 Stockpiles 846 0.94 25 464 0.70 10 1,310 0.85 36 Total 1,249 1.54 62 1,994 1.90 122 3,243 1.76 184 Westgold Resources Limited Annual Report 2023 19 OUR OPERATIONS MINERAL RESOURCES & ORE RESERVES (CONTINUED) The movement in Ore Reserves over the past year are tabulated below: MURCHISON OPERATIONS ORE RESERVE STATEMENT COMPARISON 2022 2023 Change Project Tonnes (‘000s) Grade (g/t) Ounces Au (‘000s) Tonnes (‘000s) Grade (g/t) Ounces Au (‘000s) Tonnes (‘000s) Grade (g/t) Ounces Au (‘000s) Big Bell 8,811 3.01 854 9,843 3.14 995 1,033 0 141 Cuddingwarra 710 1.75 40 98 1.77 6 -613 0 -35 Day Dawn 1,289 6.92 287 1,944 5.08 317 655 -2 30 Tuckabianna 1,075 2.54 8