Announcement PDF ANNUAL REPORT 2024 GROWING A MAJOR AUSTRALIAN GOLD PRODUCER Westgold is one of Australia’s top five gold companies - with a growing portfolio of mines and processing facilities in two of Western Australia’s most prolific gold producing regions. www.westgold.com.au CONTENTS 1 1 2 4 6 8 30 41 56 57 58 59 60 61 106 107 108 113 115 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 Consolidated Entity Disclosure Statement Directors’ Declaration Independent Auditor’s Report Shareholder Information Corporate Directory ARTIST – JANINE MONGOO Westgold is proud to partner with Ngoonooru Wadjari artist Janine Mongoo, who has created beautiful and powerful artwork that bridges Indigenous history with Westgold's operations. Based in Meekatharra, Janine’s family connection to this land stretches back many years.Known as Mikadah, meaning ‘place of little water’, Meekatharra's landscape has nurtured generations of Aboriginal Australians. The rich ecosystem provided sustenance through bush tucker – native plants and animals – and vital water sources from soaks and gnamma holes. Janine's artistic spirit draws inspiration from this deep ancestral connection and the surrounding environment. Her works bridge the gap between the ancient traditions of her people and the modern landscape. THE ARTWORK The three symbols in the middle of Janine’s artwork represent Westgold’s operations in the Murchison, and the symbols around the circles are people sitting around in community. The larger outlying symbols represent the Traditional Owner groups in the area. The gold dots represent Westgold mine sites, tenements and operations. 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 our organisation and influence our actions and decisions. Our values provide the framework that holds us accountable, and with the support of our staff, 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 2024 1 LETTER FROM THE CHAIR A TRANSFORMATIONAL YEAR Dear Shareholders, It is my pleasure to present the Westgold Resources Limited (“Westgold” or “the Group”) Annual Financial Report for the financial year ended 30 June 2024 (FY24). Leadership drives culture, culture drives performance. FY24 has been a transformational year for Westgold and I’m proud to see the leadership and culture now driving improved performance in many businesscritical areas. Our mantra of safe and profitable ounces is resonating with our workforce and our team has delivered both in FY24. The business continues to improve its key safety metrics and gain momentum as it begins to deliver against its corporate objectives. Six quarters of positive cashflow whilst making significant investments in extending our mine lives is a delicate balance. A resurgent gold price has assisted our financial performance and positioned the company to raise its view towards faster growth. During this year Westgold spent $25M on drilling across its key Murchison and Bryah assets. This investment has unlocked significant value and seen the Bluebird-South Junction mine grow in stature. Drilling continues at Bluebird-South Junction and the extent of this system continues to expand. Drilling at the Starlight underground mine has also successfully extended the mine life, with grade lifting from the Nightfall lode and encouraging results from testing additional lodes such as Waterbore and the extensions of Starlight. 2 Westgold Resources Limited Annual Report 2024 Westgold also committed to the development of the iconic Great Fingall mine at Cue. This historic high grade mine (alongside the Golden Crown mine) is one of the only remaining high-grade reef mines in Australia that has not seen modern mining. The Westgold Board approved the development of Great Fingall in August 2023, development commenced immediately, and this mine will deliver high grade ounces for our shareholders in FY25. Our commitment to building a long term, sustainable business that minimises its impact on the environment was evidenced in FY24 with 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 the last of four stations commissioned in FY24, materially reducing our carbon emissions and fossil fuel consumption. Westgold announced a merger with TSX listed Karora Resources Inc in April 2024. This merger brought together two similar sized, owner-operator companies with gold assets in Western Australia. This transformational transaction propels Westgold to +400,000oz pa of production from mines across the Murchison and Southern Goldfields, diversifying our footprint and expanding our operating team to over 1,900 people. Westgold will continue to focus on its internal growth pipeline and this pipeline has been expanded. The company now has 3,200km2 of tenure across two of Western Australia’s most productive goldfields. Importantly, we have the team and equipment to unlock its value. Our vision for Westgold going forward remains clear. The expanded Westgold aspires to become a leading Australian gold miner that is progressive, socially responsible and a business that consistently returns value to our shareholders and stakeholders. This is a journey and there remains much that can be achieved. Westgold now has a larger team of focused and culturally aligned people who have the vision and resources to make Westgold a larger and more profitable Australian gold company. Thank you for your continued support. Hon. Cheryl Edwardes AM Non-Executive Chair Westgold Resources Limited Annual Report 2024 3 YEAR END 30 JUNE 2024 FINANCIAL RESULTS Unless specifically noted, all dollar amounts disclosed in this report are Australian Dollars (A$ or AUD) 4 Westgold Resources Limited Annual Report 2024 NET CASH FROM OPERATIONS GOLD SALES REVENUE 227,691oz $716.5m $351.7m (FY23: 256,009oz) (FY23: $656.6m) (FY23: $168.4m) NET PROFIT/(LOSS) BEFORE TAX NET PROFIT/(LOSS) AFTER TAX CLOSING CASH & CASH EQUIVALENTS $137.0m $95.2m $236.0m (FY23: $13.9m) (FY23: $10.0m) (FY23: $176.4) PROFIT/(LOSS) PER SHARE 20.1c (FY23: 2.11c) NET ASSETS $691.8m (FY23: $598.3m) AVERAGE HEDGE GOLD PRICE A$3,340/oz (FY23: A$2,390/oz) OUTSTANDING HEDGED OUNCES AS AT 30 JUNE 2024 Nil ounces (FY23: 10,000oz) * Bullion is valued at closing spot price. Westgold Resources Limited Annual Report 2024 5 YEAR END 30 JUNE 2024 OUR ANNUAL OUTPUTS 6 Westgold Resources Limited Annual Report 2024 MURCHISON OPERATIONS 168,485oz BRYAH OPERATIONS GOLD PRODUCED 58,752oz GROUP 227,237oz MURCHISON OPERATIONS A$1,790/oz BRYAH OPERATIONS CASH COST (C1) A$1,483/oz GROUP A$1,711/oz MURCHISON OPERATIONS A$2,281/oz BRYAH OPERATIONS ALL IN SUSTAINING COSTS A$1,883/oz GROUP A$2,178/oz Westgold Resources Limited Annual Report 2024 7 OUR OPERATIONS REVIEW OF OPERATIONS Westgold Resources (ASX/TSX: WGX) is a significant Australian gold company – producing over 227,000oz of gold in FY24 (top end of revised production guidance of between 220,000oz and 230,000oz) from its owner-operated portfolio of established mines and processing plants, at an All-In Sustaining Cost (AISC) of $2,178/oz (at the lower end of its revised guidance of between $2,100/oz and $2,300/oz). In August 2024, subsequent to the period under review, Westgold merged with TSX-listed Karora Resources, near-doubling its annual gold production capacity to over 400,000oz when its mines in development reach full production, elevating the Company to the ranks of Australia’s top five gold producers. With more than 350 land titles spanning ~3,200km2 across two of Western Australia’s most prolific goldfields – the Company has an enviable pipeline of organic growth options and exploration targets to sustain its operations. This unprecedented opportunity for sustainable growth is underpinned by Westgold’s profitable operations, robust balance sheet and its highly experienced Board of Directors, management team, and skilled workforce of some 1,900 people. Figure 1. Map of Westgold’s operations in Western Australia 8 Westgold Resources Limited Annual Report 2024 Westgold Resources Limited Annual Report 2024 9 OUR OPERATIONS REVIEW OF OPERATIONS (CONTINUED) 600000E LEGEND 650000E Westgold Tenements D MEEKATHARRA NORTH MINING AREA Mine Development Project Processing Plant Greenstones Granite PADDY’S FLAT MINING AREA Paddy’s Flat 7050000N 7050000N Mill 1.8Mtpa YALOGINDA MINING AREA Bluebird NANINE MINING AREA 25 Kilometres Meekatharra has a number of advanced growth projects and exploration targets which sustain and extend gold production beyond existing operations, including: GDA94 MGA Zone 50 REEDY’S MINING AREA Triton 7000000N BIG BELL MINING AREA Big Bell 7000000N CUDDINGWARRA MINING AREA Tuckabianna Mill 1.4Mtpa Great Fingall /Golden Crown D DAY DAWN MINING AREA Comet 550000E 600000E TUCKABIANNA MINING AREA 6950000N 650000E Figure. Westgold’s Murchison operations MURCHISON OPERATIONS Westgold’s Murchison operations are located around the towns of Meekatharra and Cue in the mid-west region of Western Australia and in FY24 encompassed three operating underground mines (Big Bell, Bluebird South Junction and Paddy’s Flat ), two mines in development (Fender and Great Fingall) and two processing hubs (the 1.6-1.8Mtpa Bluebird plant at Meekatharra and the 1.4Mtpa Tuckabianna plant near Cue). Subsequent to the period under review, Paddy’s Flat was paused, and Fender has since achieved commercial production. 10 – South Emu Fender 6950000N The Meekatharra processing hub incorporates the 1.6-1.8 Mtpa Bluebird processing plant, a 420-person village, and associated mining infrastructure required to support mining operations. In FY24, the Bluebird plant received ore from the Paddy’s Flat (since paused) and Bluebird – South Junction underground mines, and surplus ore from the Group’s Cue operations, supplemented by lower grade, stockpiled surface ore. Westgold Resources Limited Annual Report 2024 In FY24, gold output from Westgold’s Murchison operations was 168,485oz, representing 74% of the Group’s production at a C1 Cash Cost of $1,790/oz and an AISC of $2,281oz. MEEKATHARRA The Meekatharra operations are located around the regional town of Meekatharra, and include the historic gold mining centres of Meekatharra North, Paddy’s Flat, Yaloginda, Nannine and Reedy’s. – – Extensions to the Bluebird underground mine, including the incorporation of the South Junction orebody and potential inclusion of the Polar Star extension; Triton Deeps and Boomerang in the Reedy Mining Area; and New targets across the central package where drilling below 100m in depth is sparse, with advanced targets including the GNH and Paddy’s North deposits. BLUEBIRD UNDERGROUND MINE Ongoing drilling during the reporting period assisted this emerging flagship operation to mine higher grades for fewer tonnes, resulting in improved profitability and cash flow, delivering 452,000t at 3.7 g/t for FY24. During the year under review, a second decline was established at Bluebird, to open more production fronts to maintain output. Pleasingly, the boundaries of the Bluebird and South Junction system continue to expand, and Westgold continues to prioritise an extensive resource drilling programme to grow the mine’s footprint. South 17500E 18000E SOUTH JUNCTION 18500E 19000E North Maiden Ore Reserve 500mRL 500mRL South Junction Open Pit Historical Production +400Koz Au Bluebird Open Pit Historical Production +600Koz Au South Junction Lodes Iron Bar Lodes Open Polar Star Lodes Bluebird North Lodes 24BLDD064 31.37m @ 5.55g/t Au from 122m & 15.5m @ 4.62g/t from 158m Existing Bluebird Workings 0mRL 24BLDD095 Exploration South Junction Mine showing initial ore reserve Target Bluebird Mine Bluebird North Expansion (Planned) Open 24SJDD021_W2 5.79m @ 2.39g/t Au, 4.70m @ 4.58g/t & 20.94m @ 6.74g/t 0mRL 9.25m @ 3.79g/t Au from 122m Open 24BLDD066 18.9m @ 3.65g/t Au from 293m Bluebird Expansion (Planned) 500 Metres LEGEND Depleted by UG Mining -500mRL Measured & Indicated Resources Inferred Resources Open -500mRL Exploration Target 17500E 18000E 18500E 19000E Figure 3. South Junction Maiden Ore Reserve Westgold spent $25M on drilling across its key Murchison and Bryah assets during the year. This investment unlocked significant value, and in particular saw the Bluebird-South Junction mine grow in stature, with the announcement in April 2024 of an interim Mineral Resource Estimate for the combined system of 6.4Mt at 3.1g/t for 827koz (refer ASX - Bluebird-South Junction Increases to 6.4Mt at 3.1 g/t Au 16 April 2024). This represented a half a millionounce increase in the Mineral Resource of Bluebird – South Junction, post nine months of mining depletion at that time. In conjunction with the programme to better define the South Junction opportunities, works to define the parallel Polar Star lode, continue into FY25. At the close of the period, the Bluebird mine plan was transitioning to South-Junction’s large, bulk mining areas, which will be the operational focus over the coming half (H1 FY25). This strategy is expected to re-optimise the Bluebird mining areas and materially increase outputs, to a rate of 1.2Mtpa from Bluebird-South Junction by Q4 FY25. PADDY’S FLAT Westgold’s Paddy’s Flat underground mine at Meekatharra has been a significant contributor to the business for many years, and in FY24 delivered 189,000t of ore at 2.9g/t. Following completion of mining of the large Prohibition lode however, the mine was failing to meet profitability metrics, with underperformance driven both by a lack of drill data across the Paddy’s Flat operation, and the inherent complexity of this large, yet under-drilled system. In January 2024, an operational pause was implemented, which saw Paddy’s Flat personnel and equipment redeployed to bolster resources within the Company’s larger operations, with mine production from Fender supplementing, then replacing, Paddy’s Flat during the latter half of the year. Paddy’s Flat has transitioned into an exploration phase, targeting definition of a 3-4 year optimised mine plan prior to a restart decision. Westgold Resources Limited Annual Report 2024 11 OUR OPERATIONS REVIEW OF OPERATIONS (CONTINUED) OPEN PIT AND LOW-GRADE STOCKS During the reporting period, Westgold continued to monetise its inventory of low grade and open pit stocks to manage mill blend and throughput requirements, along with trucking excess Big Bell ore and stockpiles to the Bluebird Mill. CUE The Cue operations are located around the regional town of Cue and encompass Westgold’s southernmost group of Murchison assets. This package includes two of Australia’s most prolific past producers in the Big Bell mine (2.6Moz) and the Great Fingall mine (1.2Moz). 12 Westgold Resources Limited Annual Report 2024 The Cue processing hub incorporates the 1.4 Mtpa Tuckabianna processing plant, a 148-person village at Big Bell, a 266-person village at Cue and associated mining infrastructure to support mining operations. The Tuckabianna plant receives underground ore from the Big Bell underground mine, with supplementary feed provided by lower grade surface stockpiles. Following the completion of ramp up and commencement of steady state production in April 2022, Big Bell has consistently delivered design levels, producing 1.1Mt of ore at 2.1g/t in FY24. The Cue hub includes a number of advanced development projects and drill-ready exploration targets with the potential to underwrite sustained growth in gold production at the operations, including: – – – – – – Big Bell Deeps - high grade sublevel open stopes located below the existing sublevel cave; Great Fingall and Golden Crown – development commenced in November 2023; Fender Mine – a shallow underground mine beneath Westgold’s Fender open pit, which commenced mining in October 2023; Causton’s – on the Tuckabianna trend, close to the mill and with high potential for underground mining; Additional shallow targets on the Big Bell line of lode beneath the 700, 1600 and the Shocker pits; and Open pit and underground targets within the Cuddingwarra Mining centre. BIG BELL UNDERGROUND MINE Big Bell continued to perform well during the year, producing 1,140kt of ore at 2.15g/t. As planned, mined grade varied as the mine plan transitioned between the highergrade north side, and the lowergrade, south side of the cave. Big Bell’s next level, 710, also commenced during the fourth quarter of the period, allowing the North side to re-start, albeit at comparatively lower mining rates. Development of the Big Bell Deeps (the long hole open stoping area) access decline progressed during the period, culminating in the Final Investment Decision in November 2023 with a view to significantly extending the mine life, grade, and production profile of the mine. At the time of this report, the commencement of stoping activity at Big Bell Deeps was scheduled for the second half of FY25. South 3000N 3500N North 4000N Existing Cave 250 Metres -500mRL -500mRL Ongoing Sub-level Caving Operation # 24BBDD0026 10.9m @ 3.81g/t Au from 143m Pegmatite Intrusion Big Bell LHOS -1000mRL Initial 16 year mine life -1000mRL 22BBDD0116B # 3000N 3500N 24.5m @ 3.31g/t Au from 543m 4000N Figure 4. Big Bell Mine Plan Westgold Resources Limited Annual Report 2024 13 OUR OPERATIONS REVIEW OF OPERATIONS (CONTINUED) GREAT FINGALL During the period under review, Westgold committed to the development of the iconic Great Fingall mine at Cue. Great Fingall is one of the few remaining high-grade reef mines in Australia which has not been subject to a modern phase of mining. The Board approved the development of Great Fingall in August 2023, and development commenced immediately. First ore from Great Fingall is expected in the latter half of FY25, following an 18-month schedule which will see development of a decline down to the virgin reef 700m below surface, under the old workings of the historic mine. At the end of FY24, the Project was well-progressed, with decline advance rates exceeding assumptions in the Feasibility Study. Phase one of the primary ventilation circuit had also been completed, with fans installed on the first large diameter vent raise. Dewatering of the Great Fingall and Golden Crown workings continued during the period, in preparation for development under the historic workings. At full production, the Great Fingall mine will produce more than 45,000oz of gold per annum. 14 Westgold Resources Limited Annual Report 2024 SCHEMATIC OBLIQUE SECTION LOOKING NORTH West Golden Crown East Great Fingall OP Mine (1995-2018) 137koz @ 1.55g/t Au 900mRL 900mRL Historical UG Mine (1983-1996) 288koz @ 13.80g/t Au Current Decline 750mRL 750mRL Take-off to Golden Crown 600mRL 600mRL Historical UG Mine (1891-1929) 1.2Moz @ 19.50g/t Au 450mRL 300mRL 450mRL 15.12m @ 4.31g/t from 796.78m in 23GFDD002_W1 1.93m @ 6.37g/t from 787.77m in 23GFDD001_W2 2.4m @ 8.15g/t from 798.05m in 23GFDD002_W2 # ## # # # 150mRL UPPER FINGALL 1.3m @ 12.15g/t from 827m in 23GFDD001_W1 -300mRL 150mRL 2.3m @ 4.56g/t from 886.7m in 23GFDD001_W4 0mRL -150mRL 300mRL 9.66m @ 4.38g/t from 793m in 23GFDD001_W3 0mRL LEGEND LOWER FINGALL Base of Current Mine Plan 500 Metres Figure 5. Great Fingall Resource -150mRL Open Pit Void Underground Void -300mRL Golden Crown Resource Upper Great Fingall Resource Lower Great Fingall Resource FENDER Fender is located immediately south of Big Bell. It was suspended from production in early FY23 while the Company restructured and optimised its mining operations. That rationalisation process released essential equipment and personnel, which, together with more favourable economics, enabled development of the Fender underground operations to recommence in mid-September 2023, with first ore delivered to the Bluebird Mill in October. Ramp up was achieved during the reporting period, with the mine reaching steady state and commercial production on 1 July 2024. In FY25, Fender ore will displace lower grade stockpile feed to the Bluebird Mill at approximately 330,000tpa @ 2.7g/t. 700N 600N 500N NE 400N 300N 200N 100N 0N SW FENDER FY25 - Long Section 0mRL 0mRL EXISTING PIT -100m -100m -200m -200m # -300m 24FNDD0022 3.95m @ 5.89g/t Au 24FNDD0017 11.29m @ 4.30g/t Au from 45m # from 141m -300m Mine Plan Expansion Potential -400m -400m LEGEND Mined FY25 FY26 100 metres -500m 700N 600N 500N 400N 300N 200N 100N -500m 0N Figure 6. Fender FY25 Long section Westgold Resources Limited Annual Report 2024 15 OUR OPERATIONS REVIEW OF OPERATIONS (CONTINUED) BRYAH Westgold’s Bryah operations encompass the historic mining centres of Fortnum, Horseshoe and Peak Hill which collectively have delivered approximately 2Moz reported gold production. Mining output is currently dominated by the Starlight underground mine with supplementary, free on surface low grade stockpiles providing a blended feedstock to the 0.9Mtpa Fortnum carbon-in-leach (CIL) processing plant. 16 Westgold Resources Limited Annual Report 2024 The Fortnum processing hub hosts a 200-person village, airstrip and associated mining infrastructure required to support mining operations. Located approximately 150km northwest of Meekatharra, the Bryah operations represent the northernmost group of Westgold assets, and in FY24 produced 58,752oz of gold at an AISC of $1,883. In the year under review, the Starlight mine plan was effectively reset, with an intensive resource development drilling program informing a 3-4 year mine plan. Three underground diamond drill rigs were deployed, focussed on resource definition in the Nightfall zone both at depth and crucially along strike where the mineralisation remains open and significant grades and widths of mineralisation were encountered. Additional lodes such as Waterbore and the extensions of Starlight have also delivered encouraging results. With progressive development confirming the continuation of the high-grade lodes, an additional development crew was mobilised in February 2024, to accelerate access to this expanding area of higher-grade production to both increase grade and increase the number of mining areas in FY25. 650000E Starlight 7200000N Fortnum Mill 0.9Mtpa D 7200000N Yarlarweelor FORTNUM MINING AREA HORSESHOE MINING AREA Port Hedland W.A. PEAK HILL MINING AREA Meekatharra PERTH LEGEND Current UG Mine 7150000N 7150000N Potential OP Mine D Gold Processing Plant 10 Westgold Tenements Kilometres GDA94 MGA Zone 50 Proterozoic Greenstones Granite 650000E Figure 7. Westgold’s Bryah operations 12750N 12500N 12250N 12000N North 11750N 11500N 11250N South STARLIGHT FY25 LOM - Long Section 500mRL 500mRL EXISTING PIT WB1270RD02 6.46m @ 17.2g/t Au from 136.5m WB1270RD17 2.2m @ 27.35g/t Au from 72.4m # 250m # NF1130RD11 NF1140GC127 9.95m @ 10.8g/t Au from 69m 16.39m @ 7.05g/t Au from 272m # Fortnum Fault Projection 0m # # # WB1270RD18 Trev’s Thrust Projection 4.18m @ 8.28g/t Au from 278.9m # NF1125RD03 26.35m @ 4.41g/t Au from 201m Potential for offset Starlight Mine sequence Potential for offset Starlight Mine sequence Resource Growth Potential LEGEND -500m 0m 11.46m @ 5.58g/t Au from 74m NF1125RD06 -250m 250m Mined FY25 FY26 FY27 FY28 FY29 FY30 -250m -500m 200 metres 12750N 12500N 12250N 12000N 11750N 11500N 11250N Figure 8. Starlight FY25 LOM – Long Section Westgold Resources Limited Annual Report 2024 17 OUR OPERATIONS REVIEW OF OPERATIONS (CONTINUED) INVESTING IN EXPLORATION CAPACITY In FY24 Westgold continued to invest in extensive drilling across its priority operations with up to 12 underground and surface drill rigs operating across the business during the year. The focus remained on extending mine planning horizons of the four key operating mines, along with defining opportunities in the shallow, upper areas of Great Fingall. Westgold has an extensive pipeline of organic growth opportunities, and during the year, optimisation studies were progressed at a number of previously paused assets. 18 Westgold Resources Limited Annual Report 2024 The South Emu Triton underground near Meekatharra was reviewed for restart, along with shallow mining opportunities in the upper areas of Great Fingall with the potential to be accessed without impacting the decline advance to the virgin ore at depth. During the reporting period, Westgold significantly enhanced its in-house underground drilling capacity, with the purchase of six additional underground drill rigs expanding its diamond drill rig fleet size to 13. This investment allowed Westgold to displace contract rigs conducting drilling in parallel with Westgold’s existing fleet. Bringing all underground diamond drilling activities in-house vastly increases Westgold’s operating flexibility. This capability allows rapid deployment to ensure Westgold is best placed to take advantage of emerging geological opportunities, and at the same time delivering superior drilling productivity at industry leading unit rates. The additional rig capacity and agility will be instrumental in expediting priority projects such as Great Fingall and South Junction - as drill platforms open at these significant development projects. FULL EXPOSURE TO THE GOLD PRICE At the end of the financial year, Westgold had no derivative contracts outstanding and so entered FY25 as a significant and 100% unhedged Australian gold producer, fully leveraged to the resurgent gold price. At the time of this report the record price of gold was ~A$3,800/ oz, as investors turned to the relative safety of gold against the backdrop of continuing global instability. At the start of FY24, the Group had in place 30,000oz of zero cost collars comprising put options at $A2,700/ oz and call options at $A3,340/oz for deliveries of 2,500oz per month from July 2023 to June 2024, subject to the put and call being struck. This strategy protected the downside of gold price volatility with the put option only being triggered if the gold price were to fall to A$2,700/ oz. The upside on this small volume of production was also capped and again, only triggered if the gold price hit A$3,340/oz. During the year, a total of 10,000oz of call options were struck at A$3,340/ oz. The Zero Cost Collars concluded at the end of 30 June 2024. Westgold Resources Limited Annual Report 2024 19 OUR OPERATIONS REVIEW OF OPERATIONS (CONTINUED) CHOOSING SAFETY Westgold entered FY24 with determination to consolidate its improved performance from FY23 and to embed those key business learnings toward a continuously improving strategic approach. Safety performance continued to improve during the year, with a Total Recordable Injury Frequency Rate (TRIFR) of 6.85 per million hours worked representing an improvement of 18% for the full year. No Significant Psychosocial Harm Events were reporting during the period, and the Significant Environmental Incident Frequency Rate remained at zero. Figure 9. Safety performance FY24 20 Westgold Resources Limited Annual Report 2024 FIVE CORE PILLARS OF SAFETY Westgold’s health and safety performance is underpinned by a robust management system, clear accountability, and a strong focus on continuous improvement, informed by regular reviews, audits, and performance monitoring. Safety leadership is embedded at all levels of the organisation, including clearly defined roles and responsibilities, and a dedicated health and safety team provides guidance, support, and expertise to the Company’s operations. In FY24, a comprehensive Environment, Health and Safety (EH&S) Strategy was implemented, founded on five core pillars: – – Leadership: Visible and active leadership at all levels of the organisation. Critical risk management: Preventing significant impact risks within our business. – – – Operational discipline: Having the courage to do what we say we will do. Fit-for-purpose systems: Establishing systems that are fit for purpose and relevant to our business. Resilient people: Active investment and increased focus on employee health and wellbeing. MINE SAFETY MANAGEMENT SYSTEM FRAMEWORK During the period – in line with updated Western Australian Work Health and Safety legislation – Westgold significantly enhanced and re-implemented its mine safety management system framework to provide a more streamlined and fitfor-purpose approach to achieving, improving and monitoring the desired level of health and safety across the business. Customised Project Management Plans and Principal Mining Hazard Management Plans were developed and implemente