Announcement PDF December 2024 Quarterly Report 23 January 2025 ASX Release Westgold is an agile Australian gold company. Production lifts again in Q2, FY25 ASX200 With six operating mines and combined processing capacity of ~7Mtpa across two of Western Australia’s most prolific gold regions – we have a clear vision and strategy to sustainably produce +500,000ozpa from FY26/27. Perth, Western Australia, 23 January 2025 Westgold Resources Limited (ASX | TSX: WGX - Westgold or the Company) is pleased to report results for the period ending 31 December 2024 (Q2 FY25). HIGHLIGHTS OPERATIONS Safety Performance Total Recordable Injury Frequency Rate (TRIFR) of 6.85 / million hours – an improvement of ~7% Record gold production in Q2 FY25 of 80,886oz Au @ AISC of A$2,703/oz with increased net mine cashflow of $45M funding the Company’s operational and growth capital requirements EXPLORATION & RESOURCE DEVELOPMENT Seventeen drill rigs operating across portfolio Bluebird-South Junction Resource and Reserve grown to 1.4Moz and 573Koz respectively Starlight Mineral Resource grown by 91%, underpinning expansion plan for Fortnum Impressive drill results from both the Murchison and Southern Goldfields: ■ 68.00m at 5.48g/t Au in hole 24BLDD171 at South Junction ■ 6.60m @ 41.84g/t Au in hole WF440N1-05AE at Beta Hunt Fletcher Zone ■ 5.65m at 360.84 g/t Au in hole NF1120RD28 at Starlight CORPORATE Financial values are reported in A$ unless otherwise specified This announcement is authorised for release to the ASX by the Board. Investor Relations & Media Kasun Liyanaarachchi | IR Manager investor.relations@westgold.com.au +61 458 564 483 Westgold Resources Limited ASX: WGX | TSX: WGX ABN 60 009 260 306 Ore purchase agreement signed with New Murchison Gold - set to increase Murchison production in FY26 Balance sheet bolstered with additional A$200M corporate facility - providing Westgold access to a total of A$300M in corporate facilities without mandatory hedging. Closing cash, bullion, and liquid investments at 31 December 2024 of $152M Westgold remains 100% unhedged – offering full exposure to escalating gold price 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 Westgold Managing Director and CEO Wayne Bramwell commented: “Q2, FY25 was the first full quarter of Westgold stewardship of the Southern Goldfields assets. Outputs continue to lift with a record group gold production of 80,886oz - increasing net mine cash flows to $45M and funding the Company’s operational and growth capital requirements. Westgold also drew down $50M from the corporate facility during the period to balance the working capital requirements of our much larger business. The FY25 strategy is to systematically reconfigure the larger portfolio to generate higher levels of free cashflow with capital investment in critical mine infrastructure at Beta Hunt and Bluebird-South Junction, and resource development drilling key to achieving this. In the Southern Goldfields we have rapidly demonstrated the ability to lift mine outputs. We are investing for the next decade of operations at Beta Hunt with the key enablers to higher mine productivity including a clean mine water supply, upgrades to underground pumping, power, ventilation and facilities for our workforce. All of these projects are underway and on completion will set this mine up to consistently deliver >2Mtpa run rates during 2025. In the Murchison, we are steadily expanding the Bluebird-South Junction mine to lift outputs to 1-1.5Mtpa run rates in 2025, ultimately sustaining the Bluebird mill from a single source. A change in ground support methodology to support the expansion and transition to a larger transverse open stoping mining method slowed the progress of this ramp up in Q2, and with those changes now implemented, Bluebird-South Junction mine output is increasing again. Seventeen drill rigs are operational today. At South Junction, intersections such as 68.00m at 5.48g/t Au and 45.00m at 4.18g/t Au highlight the quality and thickness of the mineral endowment. At the Fletcher Zone, five rigs are operational, with highly encouraging results including 6.6m at 41.84g/t and 24.6m at 6.9g/t Au building our confidence in a third mining front. Our strategic asset review commenced with the Fortnum scoping study defining a pathway to a higher margin, expanded 1.5Mtpa facility with a 10-year integrated mine plan. At Meekatharra we finalised an ore purchase agreement with a Murchison explorer that unlocks value for all shareholders and will provide a new softer feed source to our Bluebird mill in FY26. Strong treasury management is key to delivering our strategy and providing returns to our shareholders. During the quarter Westgold expanded our corporate facility to $300M without mandatory hedging to support mine and process plant expansion plans as this investment will reduce operating cost and enhance future cashflows. Building a simpler, yet larger scale and more profitable business requires investment and time. Six months on post-merger, Westgold now has the portfolio that can deliver increased levels of free cash flow. Our capital investments are focussed on higher mine productivity and lowering our all in sustaining costs with the Group’s Q4, FY25 exit run rate the measure of our success.” December 2024 Quarterly Report 2 Executive Summary Cash Position at 31 December 2024 Q2, FY25 was the first full quarter of Westgold stewardship of the Southern Goldfield assets. Westgold closed the quarter with cash, bullion and liquid investments of $152M (see Figure 1). This result was driven by record group gold production of 80,886oz, increasing net mine cash flows of $45M and funding the Company’s operational and growth capital requirements. Westgold also draw down $50M from the corporate facility during the period to balance the working capital requirements of now, a much larger business. 103 (6) 136 17 Closing Bullion (9) Closing Cash (29) 12 (13) 152 Closing Cash, Bullion & Investments 50 (16) Merger Costs (10) Closing Investments (3) (29) 56 Dividend paid (10) 87 37 55 Working Capital Lease Payments Stockpiles Working Capital Proceed from Borrowing drawdown Exploration Capital Expenditure PP&E Sustaining Capital Southern Goldfields Operating Cashflow Murchison Operating Cash Flow Opening Cash Opening Investments Opening Bullion Opening Cash, Bullion & Investments Operating Growth Capital 11 Figure 1: Cash, Bullion, and Liquid Investments Movement (A$M) – Q2 FY25 Notes ■ Merger costs of $13M relating to Karora Resources Inc’s North American advisor costs finalised in Q2. ■ Dividend payment relates to payment of FY24 Final Dividend (declared 1.25 cent per share fully franked). ■ Working capital movement of $29M reflects the timing of creditor payments. ■ The draw down of $50M from the corporate facility provides prudent overall treasury management of a larger business. December 2024 Quarterly Report 3 Group Production Highlights – Q2 FY25 Westgold achieved its highest quarterly gold production in Q2 FY25, producing 80,886 ounces and generating $45M in net mine cashflow. This included 46,461 ounces from the Murchison and 34,425 ounces from the Southern Goldfields. Notwithstanding the quarter-on-quarter improvement in ounces produced, the ramp up at the Bluebird-South Junction and Beta Hunt underground mines was slower than planned. All-In Sustaining Cost (AISC) for the quarter was $2,703/oz (Q1 FY25 $2,422/oz). The elevated AISC $/oz in Q2 FY25 was due to lower than anticipated production from Bluebird-South Junction and Beta Hunt combined with the impact of absorbing a full quarter of Southern Goldfields operating costs. Capital growth projects continued to advance across the Group in line with the current strategy to ramp up production in H2 FY25. 77,369 80,886 59,238 52,100 52,795 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 3,041 3,137 3,493 3,723 2,041 2,245 2,492 133 130 Q2 FY24 Q3 FY24 Gold production (oz) 2,422 Q2 FY25 4,066 2,703 Achieved gold price ($/oz) AISC ($/oz) 219 187 AISC ($M) 108 Q4 FY24 Q1 FY25 Q2 FY25 Figure 2: Westgold Quarterly Production (oz), Achieved Gold Price and AISC ($/oz) December 2024 Quarterly Report 4 120 2,796 2,619 110 100 2,309 90 2,490 2,209 2,643 2,342 2,561 2,200 1,983 70 1,842 74 69 75 75 50 40 40 45 1,800 -200 50 42 38 35 35 38 -400 43 -600 -800 30 0 2,000 0 60 48 2,800 2,400 2,198 70 3,000 2,600 2,370 2,230 80 2,542 2,791 -1,000 Oct 23 Nov 23 Dec 23 Jan 24 Feb 24 Mar 24 Apr 24 AISC (A$M) May 24 Jun 24 Jul 24 Aug 24 Sep 24 Oct 24 Nov 24 Dec 24 -1,200 AISC/oz (A$/oz) Figure 3: Westgold Monthly AISC The Company sold 86,879oz of gold for the quarter achieving a record price of $4,066/oz, generating $353M in revenue. With Westgold free of any fixed forward sales contracts, the Company continues to offer shareholders full exposure to record spot gold prices. Westgold’s operations generated $110M of mine operating cashflows with the achieved gold price $1,363/oz over AISC. AISC for Q2 FY25 of $219M (Q1 FY25 of $187M) including $32M in additional costs from the Southern Goldfields being under Westgold’s control for the first full quarter. As illustrated in Figure 3 the monthly AISC since post-merger (August 2024) has been relatively consistent. Capital expenditure during Q2 FY25 of $56M (Q1 FY25 $58M) includes $29M investment in growth projects (Bluebird-South Junction and the Great Fingall development), $27M upgrading processing facilities, infrastructure and equipment across the sites. Investment in exploration and resource development of $9M (Q1 FY25 $14M) for the quarter was focussed on Bluebird-South Junction and Starlight in the Murchison, and the Fletcher Zone, Larkin Zone and Two Boys underground in the Southern Goldfields. The net mine cash inflow for Q2 FY25 was $45M (refer Table 1 under Group Performance Metrics). December 2024 Quarterly Report 5 Environmental, Social and Governance (ESG) People People are a key enabler of operational productivity. Westgold is committed to investing in building organisation capability and lowering workforce turnover. Westgold’s continued focus on diversity and inclusion has been recognised at the AMEC Awards 2024, with Westgold celebrated as finalists for the Diversity and Inclusion Award. Respect in the Workplace training was rolled out to the business and a Respect Hotline was established as another avenue for the workforce to raise workplace concerns. At the end of the quarter, Westgold employed 2,100 employees and contractors. Safety and Sustainability Westgold has maintained a strong focus on safety, resulting in continued positive trends across key performance indicators this quarter. The Total Recordable Injury Frequency Rate (TRIFR) decreased to 6.85 injuries per million hours worked, representing a 7.09% improvement quarter-on-quarter. The business recorded zero (0) Lost Time Injuries, resulting in a 3.52% decrease in the Lost Time Injury Frequency Rate (LTIFR) to 0.98. The High Potential Incident Rate (HiPR) increased from 5.18 to 6.09. During this quarter, zero (0) Significant Environmental Incidents were recorded. Figure 4: The TRIFR Decreased in Q2 FY25 December 2024 Quarterly Report 6 Group Performance Metrics Westgold’s quarterly physical and financial outputs for Q2 FY25 are summarised below. The Group operates across the Murchison and Southern Goldfields regions of Western Australia with the Murchison Operations incorporating four underground mines (Bluebird-South Junction, Starlight, Big Bell, and Fender) and three processing hubs (Fortnum, Tuckabianna and Bluebird). Westgold’s merger with Karora Resources Inc completed on 1 August 2024. These assets are grouped and reported as Westgold’s Southern Goldfields operations – incorporating the Beta Hunt and Two Boys underground mines and two processing hubs (Higginsville and Lakewood). Table 1: Westgold Q2 FY25 Performance 664,568 Southern Goldfields 450,555 1,115,123 g/t 2.3 2.3 2.3 ROM - OP Ore Mined t - - - OP Grade Mined g/t - - - Ore Processed t 749,182 592,823 1,342,005 Head Grade g/t 2.1 2.0 2.1 Recovery % 90 92 91 Gold Produced oz 46,461 34,425 80,886 Gold Sold oz 50,263 36,616 86,879 A$/oz 4,066 4,066 4,066 Mining A$’M 72 52 124 Processing A$’M 32 24 56 Admin A$’M 6 5 11 Stockpile Movements A$’M (6) 3 (3) Royalties A$’M 5 12 17 Cash Cost (produced oz) A$’M 109 96 205 Corporate Costs A$’M 3 1 4 Sustaining Capital A$’M 7 3 10 All-in Sustaining Costs A$’M 119 100 219 All-in Sustaining Costs A$/oz 2,556 2,903 2,703 Physical Summary Units Murchison ROM - UG Ore Mined t UG Grade Mined Achieved Gold Price Group Cost Summary December 2024 Quarterly Report 7 Units Murchison Southern Goldfields Group Notional Revenue (produced oz) A$’M 189 140 329 All-in Sustaining Costs A$’M (119) (100) (219) Mine Operating Cashflow A$’M 70 40 110 Growth Capital A$’M (26) (3) (29) Plant and Equipment A$’M (15) (12) (27) Exploration Spend A$’M (5) (4) (9) Net Mine Cashflow A$’M 24 21 45 Net Mine Cashflow A$/oz 509 605 554 Physical Summary Notional Cashflow Summary Q2 FY25 Group Performance Overview Westgold processed 1,342,005t (Q1 FY25 – 1,289,561t) of ore in total at an average grade of 2.1g/t Au (Q1 FY25 – 2.1g/t Au), producing 80,886oz of gold (Q1 FY25 – 77,369oz). Group AISC in Q2 FY25 was $219M (Q1 FY25 $187M). The $32M increase reflects the enlarged Westgold post-merger accounting for three months’ worth of production at the Southern Goldfields in comparison to two months in Q1 FY25. MURCHISON The Murchison operations produced 46,461oz of gold (Q1 FY25 – 52,889oz), largely as a result of lower production from the Bluebird-South Junction mine and reduced access to low grade stockpiles. Total AISC of $119M was in line with the prior quarter (Q1 AISC - $121M). Total AISC continues to trend down against historical average quarterly AISC, demonstrating the effectiveness of Westgold’s cost optimisation and focus on profitability. Mining costs in the Murchison operations were $1,549/oz (Q1 FY25 $1,074/oz) coinciding with additional costs to re-establish access to remnant mining areas at Big Bell being offset by lower sustaining capital requirements. In addition, a revision to ground support requirements in the South Junction area of the Bluebird-South Junction mine, slowed production from South Junction and resulted in increased ground support costs for this quarter. Total Capital expenditure of $41M, included Growth Capital ($26M) and Plant and Equipment ($15M) across the Murchison operations. Growth Capital related to the Great Fingall development and expansions to the Bluebird-South Junction and Starlight mines. Plant and Equipment capital includes investment related to processing facilities ($6M), Bluebird-South Junction primary ventilation fans ($3M) and Bluebird paste plant ($2M) during the quarter. December 2024 Quarterly Report 8 SOUTHERN GOLDFIELDS Q2 represents the first full quarter of operation under Westgold’s ownership. The Southern Goldfields production continued to increase, delivering 34,425oz of gold (Q1 FY25 – 24,480oz). The additional month’s operation resulted in increased total AISC in the Southern Operations quarter on quarter (Q2 AISC - $100M vs Q1 ASIC - $65M). On a per ounce basis, AISC was higher at $2,903/oz (Q1 AISC – $2,696/oz) as a result of production being impacted due to a bearing failure on a primary ventilation fan and a burst rising main (impacting pumping) at Beta Hunt. Produced ounces were under budget due to lower grades seen in development tonnage and smaller content of coarse gold from the A Zone lode at Beta Hunt. Grade reconciliation was an issue with the inherited resource model now being populated with a backlog of drill data left from the previous operators and new drill data from the latest Westgold drilling. Total Capital Expenditure of $15M, included Growth Capital ($3M) and Plant and Equipment ($12M) across the Southern Goldfields operations relating to Beta Hunt mine, processing facilities and underground equipment. Table 2: Q2 FY25 Group Mining Physicals Ore Mined (‘000 t) Mined Grade (g/t) Contained ounces (Oz) Bluebird 88 3.42 9,649 Fender 76 2.26 5,531 Big Bell 333 1.81 19,338 Starlight 168 2.67 14,374 Beta Hunt 407 2.26 29,555 Two Boys 44 2.22 3,125 GROUP 1,115 2.28 81,571 Murchison Southern Goldfields December 2024 Quarterly Report 9 Table 3: Q2 FY25 Group Processing Physicals Ore Milled (‘000 t) Head Grade (g/t) Recovery (%) Gold Production (Oz) Bluebird 89 3.38 93 8,982 Fender 64 2.13 85 3,757 Open Pit & Low Grade 1 66 1.22 85 2,194 Bluebird Hub 219 2.36 89 14,933 Big Bell 301 1.86 87 15,609 Open Pit & Low Grade 21 0.69 86 402 Tuckabianna Hub 322 1.78 87 16,011 Starlight 167 2.82 95 14,364 Open Pit & Low Grade 41 0.94 95 1,153 Fortnum Hub 208 2.46 95 15,517 Beta Hunt 247 2.31 92 16,896 Lakewood Hub 247 2.31 92 16,896 Beta Hunt 167 2.26 92 11,107 Two Boys 52 2.28 92 3,470 Pioneer OP 2 2.21 92 155 Open Pit & Low Grade 125 0.78 92 2,797 Higginsville Hub 346 1.72 92 17,529 GROUP TOTAL 1,342 2.06 91 80,886 Murchison Southern Goldfields 1 Includes low grade ore mined at Big Bell and trucked to Bluebird December 2024 Quarterly Report 10 Operations Summary Murchison Figure 5: Murchison Location Map December 2024 Quarterly Report 11 ■ Bluebird-South Junction Underground Mine (Meekatharra) The production ramp-up at Bluebird-South Junction ended Q1 in line with planned throughput rates and poised to commence substantial stoping operations at South Junction. In October updated geotechnical modelling highlighted the need to enhance ground support for both existing and new development drives in South Junction to support the expansion and transition to a larger transverse open stoping mining method. While this required additional resources and temporarily slowed production ramp-up during Q2 FY25, the enhanced ground support management plan – which is not dissimilar to ground support used in other Westgold mines – is not expected to materially impact steady state mining rates or anticipated mining costs going forward. By December, full access was restored to the South Junction mining fronts and production momentum regained. The planned 1.2Mtpa run rate is now expected to be achieved in late Q4. In conjunction with the expansion in mining rates, project works remain on track for underground HV electrical upgrades, primary ventilation upgrades and paste fill infrastructure. The completion of these projects will ensure sustained production growth from South Junction. ■ Bluebird Mill (Meekatharra) Lower than anticipated production at Bluebird-South Junction and lower production at Fender in November (see section below for details) constrained ore supply to the Bluebird mill. As a result, the Bluebird mill operated at reduced capacity during Q2. However, this situation created a valuable opportunity to address legacy maintenance issues. These items including screening upgrade, tankage repairs and reline, elution circuit upgrade and structural repairs where completed, ensuring enhanced availability and reliability as Bluebird-South Junction progresses toward its ramp-up to 1.2Mtpa. ■ Fender Underground Mine (Cue) Production at Fender had a strong start to the quarter, achieving record production in October. A severe, yet localised rainfall event in November temporarily impacted critical underground dewatering infrastructure. Production returned to steady levels in December, with substantial works completed to enhance surface flood protection. Looking ahead to Q3, the focus will be advancing the Fender decline to access the next level in the sequence, positioning the mine for sustained steady state production. ■ Big Bell Underground Mine (Cue) Production from the cave increased compared to the previous quarter due to commencement of remnant cave mining, averaging 110kt per month, with a record production month achieved in December. A scoping study was completed early in Q2 on mining remnant areas of the cave, with the study identifying low-cost production that could be mined from remnant drawpoints between the 320 and 585 levels. Efforts to re-establish access to the remnant drawpoints commenced in the upper levels of the cave with some remnants being mined during the quarter and setting the stage to commence increased levels of bogging activity in Q3. December 2024 Quarterly Report 12 The ability to mine remnants in the upper areas of the cave has insured continued ore availability when combined with the ore from the cave bottom. This has allowed Westgold to defer the development of the long hole open stoping mine in the Big Bell Deeps and prioritise the Bluebird-South Junction and Beta Hunt mine expansions. This deferral is expected to reduce capital expenditure in FY25 by up to $20M. ■ Great Fingall Underground Mine (Cue) The development of the Great Fingall project made strong progress during the quarter, with development advancing as planned. The establishment of the Life-of-Mine (LOM) infrastructure is progressing smoothly, with preparations underway for the installation of an upgraded primary ventilation fan in early Q3. This upgrade will support the continued growth of the mine and ensure adequate ventilation to meet production demands. Furthermore, the upgrade to the dewatering infrastructure is on track, with a new rising main being drilled to support the installation of a new pump station on the 1660 level. Early Mining Opportunity Over the last year, Westgold investigated the possibility of mining flat lying structures in the vicinity of the existing Great Fingall Open Pit, collectively termed the Fingall Flats. A drilling program of the Fingall Flats, completed in Q4 FY24, provided confidence that the grade and distribution of gold warranted further development of a mine plan which would enable extraction. Westgold has completed substantial work derisking the mining of this ore which daylights into the exiting pit walls and contacts historical mine development. Higher than anticipated complexity of the derisking work delayed production expectations from H1 into H2 FY25. With this work now completed, Westgold have built a robust mine plan that sees the development of bulk stopes to recover Great Fingall Flats ore, with mining to commence in late-Q3 FY25 following the completion of ore drives during Q2. These early, bulk stopes are expected to substantially reduce execution risk and increase recoverability of the ore whilst optimising operating costs. It is expected that over 100kt of ore can be mined from this source at a mined grade of ~1.3-1.7g/t and rate of approximate 20kt/month as a precursor to accessing the higher grade, virgin stopes from Q4 FY25. ■ Tuckabianna Processing Hub (Cue) Big Bell underground ore was the primary source of ore feed to the Tuckabianna processing hub, with throughput remaining steady at 107kt per month and recovery at 87%. The plant experienced minimal unplanned downtime during the quarter, with the planned mill reline completed in November. Construction of the Tuckabianna West in-pit tailings storage facility is progressing well, with planned completion set for early Q3. Earthworks, piping, and power line installation have been successfully completed according to plan. Once completed, the facility will secure 8 years of tailings storage capacity. December 2024 Quarterly Report 13 ■ Starlight Underground Mine (Fortnum) Production and grade from Starlight continue to exceed expectations, with the 1095 level development yielding high-grade ore, significantly boosting Starlight’s production output for the quarter. Production continues in Nightfall on the 1140 and 1160 levels, as well as in Starlight on the 865 level. Progress on the ventilation upgrade is moving forward smoothly, with the development of a new vent portal completed during the quarter. The planned upgrade of primary fans in Q3 will further support the mine’s expansion into the Nightfall area. ■ Fortnum Processing Hub (Fortnum) Starlight underground material contributed 90% of the ore feed to the Fortnum processing hub, with the remaining 10% sourced from low-grade stockpiles. In November, the processing plant achieved its highest throughput since May 2020, processing 73kt of ore. Planned maintenance during the quarter included a full reline of both the Ball and SAG mills. Additionally, the completion of the TSF2 Cell 2 lift to 518mRL in November provided increased tailings storage capacity. December 2024 Quarterly Report 14 Southern Goldfields Figure 6: Southern Goldfields Location Map ■ Beta Hunt Underground Mine (Kambalda) Beta Hunt had a strong start to the quarter, achieving a record in October with ore production of 161kt (1.9Mt annualised rate), and the fifth highest monthly mined ounces on record, totalling 11.2koz. This strong performance was supported by operational improvements, including enhanced manning levels and surface remoting over shift changes, highlighting Beta Hunt’s potential to achieve a 2Mtpa production rate. In November and December, production was impacted by ventilation restrictions due to a bearing failure on the primary fan and a burst rising main. These issues hindered production output and impeded capital development progress, delaying access to additional production fronts in the A-Zone and Western Flanks. December 2024 Quarterly Report 15 Westgold is in the process of updating resource models and establishing 24-hour geology support at Beta Hunt, after an internal study identified these as key drivers for grade underperformance against plan. Despite substantial drilling having been completed across Western Flanks and A-zone, the inherited Beta Hunt resource models excluded substantial infill definition data, causing poor grade reconciliation. This data is being incorporated into current resource models as a priority, with the work expected to be completed in January 2025. The lack of 24-hour geology coverage underground has been identified as the primary driver a poor spatial compliance at Beta Hunt to plan, resulting in increased ore dilution. Another key driver for lower than planned Beta Hunt grade was the lack of anticipated coarse gold presentation in ore, which until as recently as last year, was predictably found in accordance with Karora’s models. Despite these challenges, Beta Hunt continues to demonstrate strong production potential. The focus moving into Q3 will be on addressing key operational challenges, including resolving ventilation constraints and upgrading underground water supply and dewatering infrastructure, ensuring Beta Hunt is set up for growth and sustained efficiency. ■ Lakewood Processing Hub (Kalgoorlie) Beta Hunt underground material served as the primary ore feed for the 1.2Mtpa Lakewood Mill at Kalgoorlie, continuing to support the mill’s operations effectively. Lakewood processing achieved strong throughput for the quarter, meeting forecasted throughput levels despite a setback caused by the premature failure of a ball mill discharge grate. The issue was promptly addressed, and sustained high throughput helped mitigate the impact of this downtime. Construction of a new Tailings Facility cell was successfully completed during the quarter, further enhancing the site’s tailings management capacity. ■ Two Boys Underground Mine (Higginsville) Production from the Two Boys underground mine remains steady, demonstrating consistent performance. The development of the ML70 diamond drill drive was successfully completed during the quarter, and grade control drilling has now commenced. Fourteen holes have been completed as part of Westgold’s first drilling program, with assays from three of these holes indicating a potential extension to the life of mine. This positive result enhances the outlook for continued production and further resource potential. ■ Higginsville Processing Hub (Higginsville) The 1.6Mtpa Higginsville processing plant currently relies on Two Boys underground and surplus Beta Hunt underground ore as its primary ore feed sources. During the quarter, the mill head grade was slightly below forecast due to increased low grade stockpile blending with lower ore supply from both mines. The Chalice return water system experienced multiple pump failures, leading to a temporary reduction in plant availability. In response, significant resources have been allocated to improving the reliability of the return water system to minimise future disruptions and optimise plant performance. The TSF 2-4 Stage 4 lift is progressing as planned and remains on track for completion in early Q3. Looking ahead, the primary focus will be on enhancing the reliability of the Chalice return water system and completing the TSF lift to further support ongoing plant efficiency. December 2024 Quarterly Report 16 Exploration and Resource Development Westgold continues to invest in exploration and resource development across the Company’s highly prospective tenement portfolio. Key activities have been summarised in this section. Murchison RESOURCE DEVELOPMENT ACTIVITIES Starlight (Fortnum) The Nightfall lode has driven the recent period of elevated performance at Fortnum, and thus the site has continued to focus resources to this orebody. Drilling has continued to define this high-grade area ahead of the mining front to ensure maximum extraction of value for the operation. Better results from resource definition work returned this quarter include: 