ACN 009 260 306 UNAUDITED INTERIM FINANCIAL REPORT FOR THE THREE AND NINE MONTHS ENDED 31 MARCH 2025 CONTENTS CORPORATE DIRECTORY ........................................................................................................................... 1 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE THREE AND NINE MONTHS ENDED 31 MARCH 2025............................................................................................................... 2 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025........................ 3 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE THREE AND NINE MONTHS ENDED 31 MARCH 2025 ............................................................................................................................................. 4 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE NINE MONTHS ENDED 31 MARCH 2025 ............................................................................................................................................. 5 NOTES TO THE FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED 31 MARCH 2025 ........ 6 WESTGOLD RESOURCES LIMITED UNAUDITED INTERIM FINANCIAL REPORT 31 MARCH 2025 CORPORATE DIRECTORY DIRECTORS Hon. Cheryl L Edwardes AO (Non-Executive Chair) Wayne C Bramwell (Managing Director) Fiona J Van Maanen (Non-Executive Director) Gary R Davison (Non-Executive Director) Julius L Matthys (Non-Executive Director) David N Kelly (Non-Executive Director) Leigh S Junk (Non-Executive Director) – appointed 1 August 2024, resigned 28 November 2024 Shirley E In’t Veld (Non-Executive Director) – appointed 1 August 2024 COMPANY SECRETARY Susan Park SENIOR EXECUTIVES Su Hau (Tommy) Heng (Chief Financial Officer) Aaron Rankine (Chief Operating Officer) – appointed 20 January 2025 Jacob Mesiha (Acting Chief Operating Officer) – appointed 1 August 2024 – 20 January 2025 Philip Wilding (Chief Operating Officer) – resigned 1 August 2024 REGISTERED OFFICE Level 6, 200 St Georges Terrace Perth WA 6000 P: +61 8 9462 3400 E: perth.reception@westgold.com.au W: www.westgold.com.au POSTAL ADDRESS PO Box 7068 Cloisters Square WA 6850 SECURITIES EXCHANGE Listed on the Australian Securities Exchange and Toronto Stock Exchange. ASX Code: WGX TSX Code: WGX SHARE REGISTRY Computershare Investors Services Pty Ltd Level 17, 221 St Georges Terrace Perth WA 6000 P: +61 8 9323 2000 F: +61 8 9323 2033 W: www.computershare.com DOMICILE AND COUNTRY OF INCORPORATION Australia WESTGOLD RESOURCES LIMITED UNAUDITED INTERIM FINANCIAL REPORT 31 MARCH 2025 1 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE THREE AND NINE MONTHS ENDED 31 MARCH 2025 Note Three months ended 31 March 2025 2024 $ $ Nine months ended 31 March 2025 2024 $ $ Revenue Cost of sales Gross profit 3 364,804,351 (295,173,877) 69,630,474 148,052,074 (145,509,623) 2,542,451 988,756,290 (792,885,148) 195,871,142 511,151,062 (436,542,188) 74,608,874 Other income Finance costs Acquisition costs Other expenses Gain on disposal of subsidiary Fair value movement on financial instruments at fair value through profit and loss - Royalty Exploration and evaluation expenditure written off Share of loss of an associate and net impairment Profit/(Loss) before income tax 4 5 6 25 14,916,937 (2,780,765) (803,319) (25,376,281) 50,592,902 3,994,799 (1,209,245) (6,045,258) - 22,324,675 (8,175,630) (84,362,665) (54,210,069) 50,592,902 8,546,554 (3,285,117) (16,284,928) - 16 (11,835,987) - (21,306,362) - 12 9 (1,019,627) 93,324,333 (717,253) (807,231) (1,975,527) 97,951,235 63,585,383 (13,669,427) 79,654,906 996,579 279,326 (45,857,500) 52,093,735 (19,517,391) 44,067,992 79,654,906 79,654,906 279,326 279,326 52,093,735 52,093,735 44,067,992 44,067,992 Income tax (expense)/benefit Profit for the period Profit attributable to: Members of the parent entity Other comprehensive profit for the period, net of tax Items that may be reclassified subsequently to profit or loss Exchange differences on translation of foreign operations Total comprehensive income for the period 3,212,984 - 8,910,649 - 82,867,890 279,326 61,004,384 44,067,992 Total comprehensive income attributable to: Members of the parent entity 82,867,890 279,326 61,004,384 44,067,992 Basic earnings per share 8.97 0.06 5.86 9.30 Diluted earnings per share 8.87 0.06 5.80 9.16 Earnings per share attributable to the ordinary equity holders of the parent (cents per share) WESTGOLD RESOURCES LIMITED UNAUDITED INTERIM FINANCIAL REPORT 31 MARCH 2025 2 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025 Note CURRENT ASSETS Cash and cash equivalents Trade and other receivables Inventories Prepayments Other financial assets Total current assets NON-CURRENT ASSETS Financial assets at fair value through profit and loss Investment in associate Property, plant and equipment Mine properties and development Exploration and evaluation expenditure Right-of-use assets Total non-current assets TOTAL ASSETS CURRENT LIABILITIES Trade and other payables Provisions Interest-bearing loans and borrowings Financial liability – Royalty Total current liabilities NON-CURRENT LIABILITIES Provisions Interest-bearing loans and borrowings Financial liability – Royalty Deferred tax liabilities Total non-current liabilities TOTAL LIABILITIES NET ASSETS EQUITY Issued capital Accumulated profit Share-based payments reserve Foreign currency translation reserve Other reserves TOTAL EQUITY WESTGOLD RESOURCES LIMITED UNAUDITED INTERIM FINANCIAL REPORT 31 MARCH 2025 31 March 2025 $ 30 June 2024 $ 178,666,134 67,578,554 128,078,665 7,883,415 1,842,440 384,049,208 236,039,162 6,845,501 71,600,123 8,479,999 1,649,443 324,614,228 8 9 10 11 12 13 43,949,879 2,803,108 270,604,137 1,432,062,386 894,861,089 19,806,489 2,664,087,088 3,048,136,295 8,010,952 204,459,735 364,254,621 147,861,258 3,299,105 727,885,671 1,052,499,899 14 222,133,094 27,622,579 99,260,151 9,959,482 358,975,305 148,035,107 14,788,299 23,376,904 186,200,310 24 15 16 24 108,069,644 48,195,146 47,568,497 493,018,558 696,851,846 1,055,827,151 1,992,309,145 71,012,521 31,232,548 72,253,414 174,498,483 360,698,793 691,801,106 17 1,705,075,073 73,585,720 23,244,072 8,910,649 181,493,631 1,992,309,145 462,597,009 27,419,534 20,290,932 181,493,631 691,801,106 25 7 15 16 3 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE THREE AND NINE MONTHS ENDED 31 MARCH 2025 Three months ended, 2025 2024 $ $ Nine months ended, 2025 2024 $ $ OPERATING ACTIVITIES Receipts from customers Interest received Receipts from other income Payments to suppliers and employees Payments for acquisition related costs Interest paid Net cash flows from operating activities 364,804,211 538,740 226,964 (235,143,626) (1,653,254) 128,773,035 146,078,348 2,223,672 2,187,184 (101,061,413) (585,359) 48,842,432 988,756,150 2,464,775 384,908 (694,122,162) (38,836,411) (4,508,503) 254,138,757 509,177,336 6,103,024 2,481,637 (306,257,294) (1,424,320) 210,080,383 INVESTING ACTIVITIES Payments for property, plant and equipment Payments for mine properties and development Payments for exploration and evaluation Proceeds from sale of financial assets Payments for purchase of financial assets Proceeds from performance bond facility Proceeds from sale of property, plant and equipment Net cash inflow on sale of a subsidiary Net cash outflow on acquisition of a subsidiary Net cash flows used in investing activities (32,490,629) (41,781,259) (11,019,697) (2,800,000) 25,000,000 (63,091,585) (3,708,289) (46,974,062) (5,996,124) 1,596,921 (55,081,554) (67,113,641) (139,924,082) (34,057,528) 410,420 (2,800,000) 1,584,814 25,000,000 (102,869,326) (319,769,343) (27,726,141) (126,441,039) (17,152,416) 8,632,232 2,500,000 2,281,046 (157,906,318) Proceeds from borrowing Payment for equipment loans Payment for lease liabilities Dividend paid Net cash flows (used)/provided in financing activities (8,143,306) (2,113,847) (10,257,153) (4,670,032) (331,526) (5,001,558) 50,000,000 (32,868,291) (3,266,746) (5,927,549) 7,937,414 (13,367,821) (1,885,475) (15,253,296) Net increase /(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the period Effects of exchange rate changes Cash and cash equivalents at the end of the period 55,424,297 122,815,208 426,629 178,666,134 (11,240,680) 224,573,304 213,332,624 (57,693,172) 236,039,162 320,144 178,666,134 36,920,769 176,411,855 213,332,624 FINANCING ACTIVITIES WESTGOLD RESOURCES LIMITED UNAUDITED INTERIM FINANCIAL REPORT 31 MARCH 2025 4 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE NINE MONTHS ENDED 31 MARCH 2025 Issued capital (note 17) $ Accumulated profit/(loss) $ Share-based payments reserve $ Other reserve $ Foreign currency translation reserve $ 462,597,009 27,419,534 20,290,932 181,493,631 - 691,801,106 Profit for the period - 52,093,735 - - - 52,093,735 Other comprehensive income, net of tax Total comprehensive profit for the period net of tax Transactions with owners in their capacity as owners Issue of share capital Share-based payments Share issue costs, net of tax Dividends paid At 31 March 2025 - 52,093,735 - - 8,910, 8,910,649 8,910,649 61,004,384 1,242,602,047 (123,983) 1,705,075,073 (5,927,549) 73,585,720 2,953,140 23,244,072 181,493,631 8,910,649 1,242,602,047 2,953,140 (123,983) (5,927,549) 1,992,309,145 462,997,480 - (63,075,769) 44,067,992 44,067,992 16,923,956 - 181,493,631 - - 598,339,298 44,067,992 44,067,992 - - 2,326,359 - - 2,326,359 (300,353) 462,697,127 (4,736,227) (23,744,004) 19,250,315 181,493,631 - (300,353) (4,736,227) 639,697,069 At 1 July 2024 At 1 July 2023 Profit for the period Other comprehensive income, net of tax Total comprehensive profit for the period net of tax Transactions with owners in their capacity as owners Share-based payments Share issue costs, net of tax Dividends paid At 31 March 2024 WESTGOLD RESOURCES LIMITED HALF YEAR FINANCIAL REPORT 31 DECEMBER 2024 Total Equity $ 5 NOTES TO THE FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED 31 MARCH 2025 1. CORPORATE INFORMATION The Unaudited Interim financial report of Westgold Resources Limited for the three- and nine-months period ended 31 March 2025. Westgold Resources Limited (“the Company or the Parent”) is a for-profit company limited by shares incorporated in Australia whose shares are publicly traded on the Australian Securities Exchange and Toronto Stock Exchange. Westgold is a gold producing company. The Group’s assets are located in Western Australia and comprise its 100% interest in the Murchison and Southern Goldfields. The Murchison incorporates four underground mines (BluebirdSouth Junction, Starlight, Big Bell, and Fender) and three processing hubs (Fortnum, Tuckabianna and Bluebird) with the Southern Goldfields – incorporating the Beta Hunt and Two Boys underground mines and one processing hubs at Higginsville. The address of the registered office is Level 6, 200 St Georges Terrace, Perth, WA 6000. 2. MATERIAL ACCOUNTING POLICIES (a) Basis of preparation of the half-year financial report This general purpose condensed consolidated financial report for the three and nine months ended 31 March 2025 has been prepared in accordance with AASB 134 Interim Financial Reporting and the Corporations Act 2001. The unaudited Interim financial report does not include all notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the Group as the full financial report. It is recommended that the unaudited interim financial report be read in conjunction with the annual report and half year financial report of Westgold for the year ended 30 June 2024 and period ended 31 December 2024. These should be considered together with any public announcements made by Westgold and its controlled entities during the three and nine months ended 31 March 2025 in accordance with the continuous disclosure obligations of the ASX and TSX listing rules. The financial report is presented in Australian dollars (A$) unless otherwise specified. (b) Basis of consolidation and business combination The Unaudited Interim financial report is comprised of the financial statements of Westgold (the Company) and its controlled entities (the Group). The financial statements of subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All intercompany balances and transactions, including unrealised profits arising from intra-group transactions, have been eliminated in full. Controlled entities are consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group. Refer to note 23, for the change in ownership of controlled entities during the three and nine months period. Where there is loss of control of a controlled entity, the consolidated financial statements include the results for the part of the reporting period during which the Company has control. Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any noncontrolling interests in the acquiree. For each business combination, the Group elects whether to measure the noncontrolling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in Acquisition costs unless they are directly attributable to issuance of new shares as part of the business combination, in which case they are accounted for directly in equity. WESTGOLD RESOURCES LIMITED UNAUDITED INTERIM FINANCIAL REPORT 31 MARCH 2025 6 NOTES TO THE FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED 31 MARCH 2025 (CONTINUED) 2. MATERIAL ACCOUNTING POLICIES (CONTINUED) (c) New and amended accounting standards and interpretations The Group has adopted all Accounting Standards and Interpretations effective from 1 July 2024. The accounting policies adopted are consistent with those of the previous financial year and corresponding interim periods. There is no other new and amended Accounting Standards and Interpretations applied for the first time from 1 July 2024. Three months ended, 2025 2024 $ $ 3. REVENUE Sale of gold at spot Sale of gold under forward contracts Sale of silver Total revenue from contracts with customers 4. 363,016,715 1,787,636 364,804,351 147,538,614 513,460 148,052,074 985,063,636 3,692,654 988,756,290 484,681,621 24,594,000 1,875,441 511,151,062 804,942 13,897,708 214,287 14,916,937 2,214,917 1,779,882 3,994,799 2,464,775 17,903,184 1,956,716 22,324,675 6,274,511 474,520 1,797,523 8,546,554 803,319 803,319 - 75,596,428 8,766,237 84,362,665 - OTHER INCOME Interest income Fair value gain on financial assets Other income Total other income 5. Nine months ended, 2025 2024 $ $ ACQUISITION COSTS Acquisition related stamp duty1 Other acquisition costs Total acquisition costs 1. Stamp duty is calculated based on the provisional purchase price allocation, refer to note 24. WESTGOLD RESOURCES LIMITED UNAUDITED INTERIM FINANCIAL REPORT 31 MARCH 2025 7 NOTES TO THE FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED 31 MARCH 2025 (CONTINUED) 6. OTHER EXPENSES Employee benefits expense Salaries and wages expense Directors' fees and other benefits Other employee benefits Share-based payments expense (Note 22) Other administration expenses Consulting expenses Information Technology related expenses Travel and accommodation expenses Business development expenses Other costs Depreciation expense Property plant and equipment Right-of-use assets (Note 13) Other expense Foreign exchange gain Total other expenses 7. Three months ended, 2025 2024 $ $ Nine months ended, 2025 2024 $ $ 17,343,347 202,500 125,592 1,496,045 19,167,484 2,453,776 150,000 110,015 1,040,616 3,754,407 36,268,589 607,500 341,974 2,953,140 40,171,203 7,544,557 450,000 207,169 2,326,359 10,528,085 1,206,055 1,401,900 186,310 995,355 2,599,669 6,389,289 243,306 419,742 60,607 1,099,328 272,706 2,095,689 3,806,975 3,286,262 367,494 2,239,097 3,546,779 13,246,607 1,057,397 1,367,950 272,011 1,751,707 681,397 5,130,462 121,907 532,579 654,486 90,620 104,542 195,162 355,745 1,165,431 1,521,176 270,328 356,053 626,381 (834,978) (834,978) - (728,917) (728,917) - 25,376,281 6,045,258 54,210,069 16,284,928 INVENTORIES Ore stocks Gold in circuit Gold metal Stores and spares Provision for obsolete stores and spares Inventories at lower of cost and net realisable value 31 March 2025 $ 18,208,351 29,702,072 16,391,868 73,954,067 (10,177,693) 128,078,665 30 June 2024 $ 7,943,252 11,932,566 11,713,492 47,089,461 (7,078,648) 71,600,123 During the three and nine months period ended 31 March 2025, there were no write-downs in inventories (no writedown in the same periods in 2024) from operations for the Group. WESTGOLD RESOURCES LIMITED UNAUDITED INTERIM FINANCIAL REPORT 31 MARCH 2025 8 NOTES TO THE FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED 31 MARCH 2025 (CONTINUED) 8. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS These financial assets consist of investments in ordinary listed shares. The fair value of financial assets at fair value through profit or loss has been determined directly by reference to published price quotations in an active market. New Murchison Gold The Group has a 15.79% (30 June 2024: 18.69%) interest in New Murchison Gold Limited (NMG), formerly Ora Gold Limited, which is involved in the exploration of gold and base metals in Australia. NMG is listed on the Australian Securities Exchange (ASX: NMG). During the period NMG initiated a capital raise placement, to which WGX subscribed for 215,384,615 shares to the value of $2,800,000. At the end of the period, the fair value of NMG was $24,808,694 (30 June 2024: $8,010,952) which is based on the quoted share price. Black Cat Syndicate During the quarter the group disposed of its non-core Lakewood Milling Operation to Black Cat Syndicate Limited, refer to Note 26. Black Cat Syndicate Limited is listed on the Australian Securities Exchange (ASX: BC8). As part of the consideration price the Group received 19,739,439 ordinary shares, issued at $0.76 per share in BC8. Resulting in the Group having a 2.86% shareholding in BC8. The Consideration Shares are subject to a 12-month escrow period from their date of issue. At the end of the period, the fair value of BC8 was $18,951,834 which is based on the quoted share price. The Group has other listed investments total of $189,351. The total fair value gain of $17,903,184 during the period (2023: $474,520) is reported in note 4. 9. INVESTMENT IN ASSOCIATE The Group holds 31,863,345 shares representing a 21.65% interest in Kali Metals Limited (“Kali”), which became part of the group through the acquisition of Karora. As a result of the level of share ownership resulting in the group having significant influence over Kali, the Group accounts for its investment as an associate using the equity method of accounting. The carrying value is $2,803,108, during the quarter the loss attributable to the investment in associate was $129,386 and an impairment of the carrying of the value of $890,241 as a result of the fair value (based on the closing share price) being lower than the equity accounted carrying value. 10. PROPERTY, PLANT AND EQUIPMENT During the nine months ended 31 March 2025, the Group incurred $67,113,641 (2024: $82,809,298) in relation to property, plant and equipment acquisitions. Refer to note 24 for the purchase allocation fair value adjustments made to property, plant and equipment. 11. MINE PROPERTIES AND DEVELOPMENT During the nine months ended 31 March 2025, the Group incurred $139,924,082 (2024: $126,441,039) in relation to mine properties and development costs. During the period, there were transfers of $nil (2024: $nil) to mine properties and development from exploration and evaluation as mining areas commenced development. Refer to note 24 for the purchase allocation fair value adjustments made to mine properties and development. WESTGOLD RESOURCES LIMITED UNAUDITED INTERIM FINANCIAL REPORT 31 MARCH 2025 9 NOTES TO THE FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED 31 MARCH 2025 (CONTINUED) 12. EXPLORATION AND EVALUATION EXPENDITURE During the nine months ended 31 March 2025, the Group incurred $34,057,528 (2024: $17,152,416) in relation to exploration and evaluation expenditure, with the increase mainly being as a result of the enlarged Westgold Group post-merger with Karora. Refer to note 24 for the purchase allocation fair value adjustments made to exploration and evaluation expenditure. In addition, exploration and evaluation expenditure is capitalised if activities in the area of interest have not yet reached a stage that permits a reasonable assessment of the existence or otherwise of economically recoverable reserves. To the extent it is determined in the future that this capitalised expenditure should be written off, profits and net assets will be reduced in the period in which this determination is made. In assessing the carrying value of all of the Group’s projects, there were $807,231 expenditure on exploration and evaluation of mineral resources written off during the period (2024: nil). 13. RIGHT-OF-USE ASSETS Group as a lessee The Group has lease contracts for various items of mining equipment, motor vehicles and buildings used in its operations. Leases of mining equipment generally have lease terms between three and seven years, while motor vehicles and buildings generally have lease terms between three and five years. The Group also has certain leases of assets with lease terms of 12 months or less and leases of office equipment with low value. The Group applies the short-term lease and lease of low-value assets recognition exemptions for these leases. Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period: As at 1 July 2023 Additions Depreciation expense As at 31 March 2024 As at 1 July 2024 Acquisition of subsidiary Additions Disposals Depreciation expense Change due to foreign exchange translations As at 31 March 2025 Power Stations $ 829,800 (829,800) - Premises $ 3,652,175 (618,879) 3,033,296 Mining Equipment $ 828,440 231,805 (426,173) 634,072 Total $ 5,310,415 231,805 (1,874,852) 3,667,368 2,806,832 7,154,288 13,736,243 (4,308,633) 1,879 19,390,609 492,273 803,808 (21,265) (858,936) 415,880 3,299,105 7,958,096 13,736,243 (21,265) (5,167,569) 1,879 19,806,489 Set out below are the carrying amounts of lease liabilities (included under interest-bearing loans and borrowings) and the movements during the period: As at 1 July Acquisition of subsidiary Additions Accretion of interest Payments As at 31 March WESTGOLD RESOURCES LIMITED UNAUDITED INTERIM FINANCIAL REPORT 31 MARCH 2025 Nine months ended, 31 March 2025 $ 3,664,610 7,958,096 13,736,243 901,435 (3,579,175) 22,681,209 Nine months ended, 31 March 2024 $ 5,595,472 182,530 385,543 (2,271,019) 3,892,526 10 NOTES TO THE FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED 31 MARCH 2025 (CONTINUED) 13. RIGHT-OF-USE ASSETS (CONTINUED) The following are the amounts recognised in profit or loss: Nine months ended, 31 March 2025 $ Nine months ended, 31 March 2024 $ 4,002,138 1,165,431 901,435 6,069,004 1,469,524 356,053 385,343 2,210,920 31 March 2025 $ 75,759,796 70,626,289 75,747,009 222,133,094 30 June 2024 $ 74,799,700 73,235,407 148,035,107 Depreciation expense for right-of-use assets Included in cost of sales Included in admin expenses (Note 6) Interest expense on lease liabilities Total amount recognised in profit or loss 14. TRADE AND OTHER PAYABLES Trade creditors (a) Accruals (b) Acquisition costs(c) The carrying value of trade and other payables approximates the fair value. (a) Trade creditors are non-interest bearing and generally on 30-day terms. (b) Accruals are non-interest bearing and generally on 30-day terms. (c) The acquisition costs are related to stamp duty costs on the acquisition of Karora. 15. INTEREST-BEARING LOANS AND BORROWINGS Current Lease liabilities Syndicated Facility Agreement Equipment loans Non-Current Lease liabilities Equipment loans 31 March 2025 $ 30 June 2024 $ 9,868,392 50,000,000 39,391,759 99,260,151 1,319,140 22,057,764 23,376,904 12,812,817 35,382,329 48,195,146 2,345,470 28,887,078 31,232,548 During the period, additional equipment loans of $36,464,566 were obtained by the Group in a non-cash form which resulted in additions to property, plant and equipment. The Group executed a Syndicated Facility Agreement (SFA) with ING Bank and Société Generale to increase the existing $100M SFA to $300M through the addition of a new $200M facility with a three-year term, which the Group is able to utilise for general corporate purposes. As at 31 March 2025 the remaining undrawn facilities is $250M. This facility is subject to the fulfilment of financial covenants, as are commonly found in lending arrangements with financial institutions. The Group regularly monitors its compliance with these covenants. As at 31 March 2025, none of the covenants relating to this facility have been breached. WESTGOLD RESOURCES LIMITED UNAUDITED INTERIM FINANCIAL REPORT 31 MARCH 2025 11 NOTES TO THE FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED 31 MARCH 2025 (CONTINUED) 16. FINANCIAL LIABILITY – ROYALTY The Group has a participation royalty agreement with Morgan Stanley (“Participation Royalty”), which was inherited through the acquisition of Karora (refer to note 24). The Group shall pay Morgan Stanley 27.5% of the first 2,500 troy ounces of gold sold from Higginsville in each quarter, multiplied by the difference between the average gold London pm fix price for that quarter and A$1,340 per ounce. The Group may terminate its obligation to pay participation royalties on or after 1 January 2035 (unless extended under certain conditions) by paying US$0.7 million. The Group has recognised a derivative liability for the participation royalty agreement which is fair valued at each reporting period. The fair value of the financial instrument not traded in an active market is determined using valuation techniques. These valuation techniques maximize the use of observable market data where it is available. If all significant inputs required to measure the fair value of an instrument are observable, the instrument is included as a Level 2 measurement. As the discount rate is not an observable input, the Participation Royalty liability is classified within Level 3 of the fair value hierarchy. The participation royalty obligation was estimated using a forward contract valuation approach model. The key inputs used in the valuation include: • the gold forward price curve; • USD/AUD foreign exchange rates based on forward curves; • discount rates incorporating the Group’s estimated credit spread of 2.93% as at 31 March 2025 (3.41% as at 31 July 2024); • a current risk-free rate based on the Australian dollar swaps curve; and • the Group’s estimated gold ounce delivery into the participation royalty. The following table reflects the movements in the liability: 31 March 2025 $ 31 March 2024 $ As at 1 August Acquisition of subsidiary Settlements Net change in fair value As at 31 March 40,365,839 (4,144,222) 21,306,362 57,527,979 - Current Portion Non-Current Portion 9,959,482 47,568,497 - As at 31 March 2025, the following tables summarize the quantitative information about significant unobservable inputs used in Level 3 fair value measurements for the Participation Royalty: Inputs Credit spread Gold forward price (USD/oz) Unobservable inputs 2.93% 3,123 – 3,706 Range of Relationship of unobservable inputs on fair value A change in the discount rate of 1 % would impact the fair value by $1.6 million. A change in the gold forward price of 10% would impact the fair value by A$7.6 million. WESTGOLD RESOURCES LIMITED UNAUDITED INTERIM FINANCIAL REPORT 31 MARCH 2025 12 NOTES TO THE FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED 31 MARCH 2025 (CONTINUED) 17. ISSUED CAPITAL 31 March 2025 $ Issued capital Ordinary shares Issued and fully paid Movements in ordinary shares on issue At 1 July 2023 Share issue costs At 31 March 2024 At 1 July 2024 Issued share capital Share issue costs, net of tax At 31 March 2025 18. 30 June 2024 $ 1,705,075,073 462,597,009 Number of shares on issue 473,622,730 473,622,730 $ 462,997,480 (300,353) 462,697,127 473,622,730 469,486,960 943,109,690 462,597,009 1,242,602,047 (123,983) 1,705,075,073 OPERATING SEGMENTS For management purposes, the Group is organised into operating segments determined by the location of the mineral being mined or explored, as these are the sources of the Group’s major risks and have the most effect on rates of return. The operating segments reported including comparatives have been updated in the current financial year as a result of the merger with Karora and in accordance with current operations strategy, key decision making and segment information provided to the Chief Operating Decision Maker (CODM), being the executive management team. The previously identified operating segments were combined into one Murchison segment and newly acquired operations of Karora were identified as Southern Goldfields segment. Reportable segmen