ASX Announcement 11 September 2024 Bonanza Grade Coarse Gold Zones At Western Flanks Perth, Western Australia, 11 September 2024: Westgold Resources Limited (ASX: WGX, TSX: WGX, OTCQX: WGXRF) (Westgold or the Company) is pleased to provide an update in relation to recent mining activities at the Western Flanks orebody at Beta Hunt. Highlights Sediment hosted coarse gold mineralisation confirmed within Western Flanks - providing significant production upside potential. Mineralisation style is consistent with the bonanza grade “Father’s Day Vein” - previously mined in the parallel A Zone deposit. Potential for similar style high grade positions within Beta Hunt - including in the rapidly evolving Fletcher Zone. Westgold Managing Director and CEO Wayne Bramwell commented: “Coarse gold occurrences at Beta Hunt, such as the famous “Father’s Day Vein” discovered in 2018, have to date been limited to the A Zone deposit. The confirmation of this style of mineralisation within the Western Flanks deposit not only provides increased production upside, it also indicates the potential for additional bonanza grade zones within other mineralised structures such as the Fletcher Zone. Westgold sees a much larger opportunity at Beta Hunt and across our Southern Goldfields assets, with drilling the catalyst to defining their real scale.” Westgold Resources Limited ABN 60 009 260 306 ASX: WGX | TSX:WGX | OTC:WGXRF westgold.com.au T: +61 8 9462 3400 E: perth.reception@westgold.com.au Level 6, 200 St Georges Terrace Perth WA 6000 PO Box 7068, Cloisters Square WA 6850 Sediment Hosted Coarse Gold at Beta Hunt – The A Zone Discovery Within Westgold’s Beta Hunt mine at Kambalda, Western Australia, the majority of gold mineralisation is hosted within the Lunnon Basalt and associated with northwest trending subvertical structures (Figure 2). Within the Lunnon Basalt is a narrow pyritic laminated shale horizon known as the Lunnon Sediment. When intersected by mineralising structures, such as that in A Zone, the Lunnon Sediment has developed a bonanza grading southerly plunging coarse gold zone along the length of the A Zone. This gold zone includes the Father’s Day Vein (FDV) occurrence which was discovered in 20181 and produced in excess of 30,000oz of gold 2. Importantly, the FDV had not been captured in the A Zone geological or Mineral Resource Estimation model at that time. Figure 2 - Beta Hunt gold deposit locations 1 Refer to Karora Resources (then RNC Minerals) TSX Announcements of 9 September 2018 & 16 September 2018. 2 Refer to Karora Resources (then RNC Minerals) TSX Announcement of 2 October 2018. Bonanza Grade Coarse Gold Zones at Western Flanks 11 September 2024 2 Western Flanks – An Additional Coarse Gold Opportunity Drilling conducted by Karora Resources in 2019 as part of the Western Flanks exploration program intersected sediment associated, coarse gold in two holes with assay results comprising (Appendix A):  2.00m @ 1,017.3 g/t Au - including 0.27m @ 7,621 g/t Au, in drill hole WFN-29; and  4.75m @ 395.9g/t Au - including 0.85m @ 2,210g/t Au, in drill hole WFN-063 3. These results highlighted the potential for Western Flanks to also host the same style of coarse gold mineralisation as mined from the Father’s Day Vein within A Zone. In Q1 FY25, the mining schedule allowed for stoping of the area hosting the coarse gold intersections identified in the 2019 drilling (Figures 3 & 4). Observations from mining Stope WFC-380-N1 have since revealed the presence of sediment associated coarse gold (Figure 1) which confirms the same coarse gold style of mineralisation mined at A Zone is also present at Western Flanks. In a similar fashion to A Zone, the coarse gold mineralisation at Western Flanks is interpreted to have a shallow southerly plunge along the length of the Western Flanks Mineral Resource. The coarse gold mineralisation at Western Flanks is not yet modelled in the Western Flanks Mineral Resource and is therefore expected to deliver additional ounces to the mine reconciliation. Figure 3 - Beta Hunt long section looking east showing 2023 Ore Reserves highlighting the position of the WFC380-N1 Stope hosting Lunnon Sediment associated coarse gold Refer to Karora Resources TSX announcements of 22 January 2019, and 25 February 2019 (accessible via SEDAR+ (www.sedarplus.ca)). 3 Bonanza Grade Coarse Gold Zones at Western Flanks 11 September 2024 3 Figure 4 - Oblique view looking north of Western Flanks mine development highlighting position WFC380-N1 Stope which contains the coarse gold. Also shown are two historical drill holes which intersected Lunnon Sediment associated coarse gold. Results from these holes were previously reported in Karora’s news releases of 22 January 2019, and 25 February 2019 (accessible via SEDAR+ (www.sedarplus.ca)). Looking Forward The Lunnon Sediment is a regional stratigraphic unit which is located around 150m below the Lunnon Basalt – Kambalda Ultramafic contact. This unit is likely present over the full Beta Hunt sub-lease and the confirmation, through mining, that coarse gold is now associated with the Western Flanks shear zone supports the interpretation for coarse gold mineralisation occurring wherever the Lunnon Sediment intersects a mineralised shear zone. By analogy to A Zone and Western Flanks, this opens the opportunity for Lunnon Sediment coarse gold mineralisation to occur within the Fletcher Zone (within the Hunt Block) as well as extensions to shear zones in the Beta and Gamma Blocks. This represents significant upside production potential that will be tested by accelerated drilling programmes in FY25. Bonanza Grade Coarse Gold Zones at Western Flanks 11 September 2024 4 This announcement is authorised for release to the ASX and TSX by the Board. Investor and media relations enquiries Investor Relations Kasun Liyanaarachchi | Investor Relations Manager investor.relations@westgold.com.au +61 458 564 483 Media Peter Knight | Communications Manager peter.knight@westgold.com.au +61 459 980 481 Investor Relations – North America Rob Buchanan | CPIR Rob.Buchanan@westgold.com.au +1 416-309-0600 Competent/Qualified Person Statements Exploration Results The information in this release that relates to exploration results was 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 and who has verified, reviewed and approved such information. 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 (the “JORC Code”) and as a Qualified Person as defined in the CIM Guidelines and National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Mr. Rigby is an employee of the Company and, accordingly, is not independent for purposes of NI 43-101. Mr Rigby consents to and approves the inclusion in this release 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. General Mineral Resources, Ore Reserve Estimates and Exploration Targets and Results are calculated in accordance with the JORC Code. Investors outside Australia should note that while Ore Reserve and Mineral Resource estimates of the Company in this announcement comply with the JORC Code (such JORC Code-compliant Ore Reserves and Mineral Resources being "Ore Reserves" and "Mineral Resources" respectively), they may not comply with the relevant guidelines in other countries. The JORC Code is an acceptable foreign code under NI 43-101. Information contained in this announcement describing mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of US securities laws, including Item 1300 of Regulation S-K. All technical and scientific information in this release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and has been reviewed on behalf of the Company by Qualified Persons, as set forth above. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not been materially changed. The Company confirms that the form and context in which the Competent Persons findings are presented have not been materially modified from the original market announcements. Bonanza Grade Coarse Gold Zones at Western Flanks 11 September 2024 5 Forward Looking Statements These materials prepared by Westgold Resources Limited 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”, “believe”, “forecast”, “predict”, “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. In addition, the Company’s actual results could differ materially from those anticipated in these forwardlooking statements as a result of the factors outlined in the “Risk Factors” section of the Company’s continuous disclosure filings available on SEDAR+ or the ASX, including, in the Company’s current annual report, half year report or most recent management discussion and analysis. 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 forward-looking statements or to advise of any change in events, conditions or circumstances. Bonanza Grade Coarse Gold Zones at Western Flanks 11 September 2024 6 APPENDIX A – WESTERN FLANKS – WFC N1 P3 STOPE DRILLING SIGNIFICANT INTERSECTIONS WITHIN LUNNON SEDIMENT UNIT Hole Collar N Collar E Collar RL WFN-29 544087 374806 -348.7 WFN-63 544087 374805 -348.2 Intercept (Downhole) From (m) 2.00m @ 1,017.3g/t Au 43.00 Inc. 0.27m @ 7,621g/t Au 44.82 4.75m @ 365.9g/t Au 47.00 Inc. 0.85m @ 2,210g/t Au 51.00 Bonanza Grade Coarse Gold Zones at Western Flanks 11 September 2024 Dip Azi Total Length (m) -8.6 234 119.8 -9.0 230 117.2 7 APPENDIX B – JORC 2012 TABLE 1 – GOLD DIVISION SECTION 1: SAMPLING TECHNIQUES AND DATA (Criteria in this section apply to all succeeding sections.) Criteria Sampling techniques JORC Code Explanation Commentary • Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information. Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.). Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. • Diamond Drilling A significant portion of the data used in resource calculations has been gathered from diamond core. Multiple sizes have been used historically. This core is geologically logged and subsequently halved for sampling. Grade control holes may be whole-cored to streamline the core handling process if required. • Face Sampling At each of the major past and current underground producers, each development face / round is horizontally chip sampled. The sampling intervals are domained by geological constraints (e.g. rock type, veining and alteration / sulphidation etc.). The majority of exposures within the orebody are sampled. • Sludge Drilling Sludge drilling at is performed with an underground production drill rig. It is an open hole drilling method using water as the flushing medium, with a 64mm (nominal) hole diameter. Sample intervals are ostensibly the length of the drill steel. Holes are drilled at sufficient angles to allow flushing of the hole with water following each interval to prevent contamination. Sludge drilling is not used to inform resource models. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. • • • • Drilling techniques • • • Drill sample recovery • Bonanza Grade Coarse Gold Zones at Western Flanks 11 September 2024 • RC Drilling Drill cuttings are extracted from the RC return via cyclone. The underflow from each interval is transferred via bucket to a four-tiered riffle splitter, delivering approximately three kilograms of the recovered material into calico bags for analysis. The residual material is retained on the ground near the hole. Composite samples are obtained from the residue material for initial analysis, with the split samples remaining with the individual residual piles until required for re-split analysis or eventual disposal. • RAB / Aircore Drilling Combined scoops from bucket dumps from cyclone for composite. Split samples taken from individual bucket dumps via scoop. RAB holes are not included in the resource estimate. • Blast Hole Drilling Cuttings sampled via splitter tray per individual drill rod. Blast holes not included in the resource estimate. All geology input is logged and validated by the relevant area geologists, incorporated into this is assessment of sample recovery. No defined relationship exists between sample recovery and grade. Nor has sample bias due to preferential loss or gain of fine or coarse material been noted. 8 Criteria Logging JORC Code Explanation • • • Sub-sampling techniques and sample preparation • • • • • • Quality of assay data and laboratory tests • • • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography. The total length and percentage of the relevant intersections logged If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled. The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. Bonanza Grade Coarse Gold Zones at Western Flanks 11 September 2024 Commentary • Westgold surface drill-holes are all orientated and have been logged in detail for geology, veining, alteration, mineralisation and orientated structure. Westgold underground drillholes are logged in detail for geology, veining, alteration, mineralisation and structure. Core has been logged in enough detail to allow for the relevant mineral resource estimation techniques to be employed. • Surface core is photographed both wet and dry and underground core is photographed wet. All photos are stored on the Company’s servers, with the photographs from each hole contained within separate folders. • Development faces are mapped geologically. • RC, RAB and Aircore chips are geologically logged. • Sludge drilling is logged for lithology, mineralisation and vein percentage. • Logging is quantitative in nature. • All holes are logged completely, all faces are mapped completely. • Blast holes -Sampled via splitter tray per individual drill rods. • RAB / AC chips - Combined scoops from bucket dumps from cyclone for composite. Split samples taken from individual bucket dumps via scoop. • RC - Three tier riffle splitter (approximately 5kg sample). Samples generally dry. • Face Chips - Nominally chipped horizontally across the face from left to right, sub-set via geological features as appropriate. • Diamond Drilling - Half-core niche samples, sub-set via geological features as appropriate. Grade control holes may be whole-cored to streamline the core handling process if required. • Chips / core chips undergo total preparation. • Samples undergo fine pulverisation of the entire sample by an LM5 type mill to achieve a 75µ product prior to splitting. • QA/QC is currently ensured during the sub-sampling stages process via the use of the systems of an independent NATA / ISO accredited laboratory contractor. A significant portion of the historical informing data has been processed by in-house laboratories. • The sample size is considered appropriate for the grain size of the material being sampled. The un-sampled half of diamond core is retained for check sampling if required. For RC chips • regular field duplicates are collected and analysed for significant variance to primary results. • Recent drilling was analysed by fire assay as outlined below; • At Beta Hunt all drill core sampling is conducted by Karora personnel. Samples for gold analysis are shipped to SGS Mineral Services of Kalgoorlie for preparation and assaying by 50 gram fire assay analytical method. All gold diamond drilling samples submitted for assay include at least one blank and one Certified Reference Material ("CRM") per batch, plus one CRM or blank every 20 samples. In samples with observed visible gold mineralization, a coarse blank is inserted after the visible gold mineralization to serve as both a coarse flush to prevent contamination of subsequent samples and a test for gold smearing from one sample to the next which may have resulted from inadequate cleaning of the crusher and pulveriser. The lab is also required to undertake a minimum of 1 in 20 wet screens on pulverised samples to ensure a minimum 85% passing at -75µm. No significant QA/QC issues have arisen in recent drilling results. 9 Criteria JORC Code Explanation Verification of sampling and assaying • • • • Location of data points • • • Data spacing and distribution • • • Orientation of data in relation • to geological structure • The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data. Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control. Data spacing for reporting of Exploration Results. Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied. Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. Bonanza Grade Coarse Gold Zones at Western Flanks 11 September 2024 Commentary • Photon Assay was introduced in 2023 for Beta Hunt grade control samples. PhotonAssay™ technology (Chrysos Corporation Limited) is a rapid, non-destructive analysis of gold and other elements in mineral samples. It is based on the principle of gamma activation, which uses high energy x-rays to excite changes to the nuclear structure of selected elements. The decay is then measured to give a gold analysis. Each sample is run through two cycles with a radiation time of 15s. This methodology is insensitive to material type and thus does not require fluxing chemicals as in the fire assay methodology. Highlights of the PhotonAssay™ process are as follows: • The process is non-destructive; the same sample accuracy can be determined by repeat measurements of the same sample. In addition, the instrument runs a precision analysis for each sample relating to the instrument precision o The process allows for an increased sample size, about 500 g of crushed product. • The crushed material is not pulverised, as in the fire assay process; this ensures that gold is not smeared or lost during pulverisation (especially important if there is an expectation of visible gold that is being analysed) • Historical drilling has used a combination of Fire Assay, Aqua Regia and PAL analysis. • These assay methodologies are appropriate for the resources in question. • No independent or alternative verifications are available. • Virtual twinned holes have been drilled in several instances across all sites with no significant issues highlighted. Drillhole data is also routinely confirmed by development assay data in the operating environment. • Primary data is collected utilising LogChief. The information is imported into a SQL database server and verified. • All data used in the calculation of resources and reserves are compiled in databases (underground and open pit) which are overseen and validated by senior geologists. • No adjustments have been made to any assay data. • All data is spatially oriented by survey controls via direct pickups by the survey department. Drillholes are all surveyed downhole, deeper holes with a Gyro tool if required, the majority with single / multishot cameras. • All drilling and resource estimation is preferentially undertaken in local mine grid at the various sites. Topographic control is generated from a combination of remote sensing methods and • ground-based surveys. This methodology is adequate for the resources in question. • Data spacing is variable dependent upon the individual orebody under consideration. A lengthy history of mining has shown that this approach is appropriate for the Mineral Resource Estimation process and to allow for classification of the resources as they stand. • Compositing is carried out based upon the modal sample length of each individual domain. • • • • Drilling intersections are nominally designed to be normal to the orebody as far as underground infrastructure constraints / topography allows. Development sampling is nominally undertaken normal to the various orebodies. Where drilling angles are sub optimal the number of samples per drill hole used in the estimation has been limited to reduce any potential bias. It is not considered that drilling orientation has introduced an appreciable sampling bias. 10 Criteria Sample security JORC Code Explanation • The measures taken to ensure sample security. Audits or reviews • The results of any audits or reviews of sampling techniques and data Commentary • For samples assayed at on-site laboratory facilities, samples are delivered to the facility by Company staff. Upon delivery the responsibility for sample security and storage falls to the independent third-party operators of these facilities. • For samples assayed off-site, samples are delivered to a third-party transport service, who in turn relay them to the independent laboratory contractor. Samples are stored securely until they leave site. • Site generated resources and reserves and the parent geological data is routinely reviewed by the Westgold Corporate technical team. SECTION 2: REPORTING OF EXPLORATION RESULTS (Criteria listed in the preceding section also apply to this section.) Criteria Mineral tenement and land tenure status JORC Code Explanation • • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. Bonanza Grade Coarse Gold Zones at Western Flanks 11 September 2024 Commentary • Native title interests are recorded against several WGX tenements. • The CMGP tenements are held by the Big Bell Gold Operations (BBGO) of which Westgold has 100% ownership. • Several third-party royalties exist across various tenements at CMGP, over and above the state government royalty. • The Fortnum Gold Project tenure is 100% owned by Westgold through subsidiary company Aragon Resources Pty. Ltd. Various Royalties apply to the package. The most pertinent being; • State Government – 2.5% NSR • Beta Hunt is owned by Westgold through a sub-lease agreement with St Ives Gold Mining Company Pty Ltd (SIGMC), which gives Westgold the right to explore and mine gold and nickel. • Royalties on gold production from Beta Hunt are as follows: o A royalty to the state government equal to 2.5% of the royalty value of gold metal produced; and o Royalties to third parties equal to 4.75% of recovered gold less allowable deductions. • The Higginsville-Lakewood Operations include the Higginsville and Lakewood Mills and associated infrastructure, mining operations and exploration prospects which are located on 242 tenements owned by Westgold and covers approximately 1,800km2 total area. • Royalties on the HGO gold production are as follows: o Production payments of up to 1% of gross gold revenue over various tenements to traditional land owners. o Royalty equal to 2.5% of recovered gold to the Government of Western Australia; and o Vario