ASX:WGX westgold.com.au 2023 ANNUAL GENERAL MEETING WESTGOLD RESOURCES LIMITED 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 Acknowledgement of traditional ownership Westgold would like to acknowledge the Traditional Custodians of the land on which we gather today and pay our respects to their Elders past and present. We would also like to extend that respect to Aboriginal and Torres Strait Islander peoples here today. Westgold – Reinvigorating the Murchison MURCHISON OPERATIONS BRYAH OPERATIONS 4 The Board 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.) 5 Corporate Snapshot Major Shareholders Corporate Structure Shares on Issue1 Performance Rights on Issue1 12 Month Trading Range2 Avg Liquidity / day2,3 Cash, Bullion and Investments1 Debt1 71% 473.6M 3.7M A$2.12 – A$0.72 Others 29% ≈1.8M shares Nil Phillip Wilding 2.2 Chief Financial Officer Tommy Heng 1.8 23% North America 22% 3% Europe Other Broker Coverage Westgold price movement in 20232 Chief Operating Officer Australia 71% Institutions A$217M Executive Management 52% A$/share 2.0 1.6 GM Env, Health & Safety Matthew Pilbeam GM Exploration & Growth Simon Rigby 1.2 GM People Melissa Wren 0.8 +135% 1.4 1.0 Jan 23 Mar 23 May 23 1 1. –@ 2021, 2 – 2. ASX price 10 Sept 2021 As30 at June 30 June 2023; Asclosing at 20 November 2023; All currency is AUD unless stated otherwise; 3. Average calculated over 90 Days Jul 23 Sep 23 Nov 23 6 FY23 – A Turnaround Year 63% reduction to TRIFR of 8.37 in FY23 Story of two halves - H1 stabilise and reset, H2 building cash Record production at the Bluebird & Big Bell mines Increase in exploration investment grows Mineral Resource after depletion to 8.3Moz Top end of production guidance and mid-point of All-In Sustaining Cost (AISC) guidance achieved 7 Material improvement in Westgold’s approach to safety Westgold maintains its TRIFR in Q1 FY24, following a 63% improvement over FY23 -63% 22.91 25 18.44 12 20 14.36 9 15 9.03 6 10 9 3 0 Q4-FY22 8.82 10 9 6 1.41 8.37 6 0.86 0.60 Q1 - FY23 Q2 - FY23 TRI 0.00 Q3 - FY23 LTIFR 5 6 TRIFR 0.64 0.98 Q4 - FY23 Q1 - FY24 12 Month rolling Injury Frequency Rate (injuries/million hours worked) Total Recordable Injury (TRI) count 15 0 8 FY23 Sustainability highlights Diversity key to becoming a progressive gold miner • 12% of Westgold’s employees identify as female • Target is 25% female participation within 3 years • Westgold Board is 33% female • Leadership Team is 28% female Reducing our emissions • • Commenced transition to Hybrid power (gas, solar & batteries) Investing in more hybrid underground loaders and ventilation on demand The people we impact • 63% reduction of TRIFR in FY23 • 55% reduction in LTIFR in FY23 • Critical risk management program implemented • Increased resources for heritage, Indigenous stakeholder and community engagement The lands we work on • No significant environmental incidents in FY23 9 FY23 - a tale of two halves $2M build in Cash, Bullion & Liquids position achieved in FY23 through a $33M uplift in the second half FY23 FY24 +$2M 25 192 190 H1 -$31M ($M) 31 0 FY23 Opening Cash, Bullion & Liquids Balance Q1 movement Q2 movement H1 - Reset and stabilise 24 H2 +$33M 9 Q3 movement Q4 movement 217 FY23 Closing Cash, Bullion & Liquids Balance H2 - Generate cash Q1 movement Q1 FY24 Closing Cash, Bullion & Liquids Balance Trend continues 10 Cash build driven by sustained cost reduction over multiple quarters $17M reduction in AISC in H2 vs H1 FY23 & Q4 FY23 total AISC maintained in Q1 FY24 Q1 FY23 $139m - $2,106/oz Q2 FY23* $126m - $2,032/oz Q3 FY23 $127m - $2,094/oz Q4 FY23 $122m - $1,780/oz Q1 FY24 $122m - $1,935/oz Reset plan AISC ($M) activated $47M $48M $45M $44M $42M Jul 22 Aug 22 Sep 22 Oct 22 $40M Nov 22 Dec 22 H1 - Reset and stabilise Note: * Q2 FY23 AISC adjusted post audited Half-Year Financial Report for the period ended 31 December 2022 $41M Jan 23 $42M Feb 23 $43M Mar 23 $41M $42M Apr 23 May 23 H2 - Generate cash $38M Jun 23 $42M Jul 23 $40M $40M Aug 23 Sep 23 Trend continues 11 $19M investment in drilling grows Resource - a first since FY17 Mineral Resource improved in size and quality in FY23 +7% 9,857 2.39 9,345 9,118 2.17 2.10 2.14 2.22 2.24 8,799 2.11 +4% 8,250 2017 2018 2019 2020 Resource Grade (g/t) 7,947 7,940 2021 2022 Resource Oz (koz) 2023 12 Internal growth opportunities in FY24 Great Fingall Bluebird Expansion Big Bell Expansion  Decline development commenced in October 2023  8-year mine life with first ore scheduled for H1, FY25  +45koz pa Au production at All-In Cost (AIC) ≈$1,801/oz  Early development likely to intersect previously discovered linking reef structures (including Sovereign) - with potential to realise early production upside in FY24  Bluebird production rates have been expanded from ≈250ktpa @ 4g/t Au to ≈550ktpz @ 4g/t Au  A new decline into South Junction has the potential to expand Bluebird mining rates to ≈750ktpa @ 4g/t Au  FID in Q2, FY24  Long Hole Open Stoping operation under the current sub level cave  Lifts over all mine grade for Big Bell  +10 years of mine life 13 Hybrid power – future proofing our mines Commissioning status of hybrid power stations Power Facility Gas Solar Comments Battery Tuckabianna Operational since early Aug 2023 Fortnum Gas, battery and solar commissioned in October 2023 Big Bell Gas commissioned in October 2023, with solar and battery due Q3 FY24 Bluebird Commissioning to be completed in Q2 FY24 Fully commissioned, these hybrid facilities are expected to:  Reduce diesel consumption by 38 million litres per annum  Reduce emissions by 56% duction in emissions  Deliver ≈A$60/oz in AISC savings1 1. At a diesel price assumption of $1.64/L. 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 (A$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 A$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 establishes $100M Revolving Corporate Facility “Westgold is confident in the trajectory of our business and see the support of two tier one international financiers, such as ING Bank and Societe Generale as strong validation of the Company’s growth plans. With $217M1 of cash and bullion at the end of Q1, FY24, Westgold is fully funded to develop organic growth assets such as the Great Fingall mine at Cue. With a strong balance sheet and growing cash flows from our operations this new corporate facility provides an additional $100M in additional firepower to move quickly on opportunities we see emerging.” Wayne Bramwell | Managing Director 1 As of 30 September 2023. Refer ASX Announcement 5 October 2023. FY24 – the plan ahead Production and Cost Guidance OPERATION Production (oz) AISC ($/oz) FY24 Group Guidance 245,000 -265,000 $1,800-2,000 Growth Capital ($M)1 $130 Exploration ($M)2 $25 FY24 Strategy Continue free cash flow generation Continue to safely and efficiently optimise our assets Continue investment in exploration drilling Invest in technology that reduces our costs 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 Causton’s drilling Increase mine life of our current mines Assess inorganic growth opportunities aligned to our core capabilities 17 Thank you for attending the 2023 AGM Investor Relations kasun.liyanaarachchi@westgold.com.au Media peter.knight@westgold.com.au www.westgold.com.au ASX : WGX 18