Westgold Provides 3-Year Outlook
Released
Released
Announcement PDF
ASX and Media Announcement
1 October 2025
Westgold Provides 3-Year Outlook
High confidence plan to deliver 470Koz pa of high margin production from FY28
Perth, Western Australia, 1 October 2025: Westgold Resources Limited (ASX | TSX: WGX –
Westgold or the Company) is pleased to present its 3-Year Outlook (3YO) – a high
confidence plan that increases annual Group gold production from 326koz (delivered in
FY25), lifts production and lowers all in sustaining cost (AISC) from FY27 and delivers 470Koz
from FY28.
The 3YO is conservative by design and excludes several material organic growth opportunities
such as the Fletcher Zone at Beta Hunt. It is underpinned by our current portfolio of operating
assets and predicated upon:
▪
2025 Ore Reserves1 (56 Mt at 1.93 g/t Au for 3.5Moz of gold);
▪
Our four processing hubs (~6Mtpa processing capacity); and
▪
Increasing mine outputs and mill feed grades (to further enhance operating margins).
Highlights
The 3YO is a high confidence, executable 3-year plan underwritten by 2025 Ore
Reserves1
▪
More than 80% of material to be mined in the 3YO is from current Ore Reserves
3YO sees Group AISC fall and gold production lift to 470koz per annum from FY28
▪
From four existing processing hubs - fed from existing mining assets and ore
purchase agreement
3YO underpinned by full utilisation of existing processing hubs
▪
With higher volumes, and higher grade ore supply further enhancing Group
operating margins
3YO is fully funded
▪
1
Balance sheet and forecast cash flow fully funds 3YO growth capital and
exploration expenditure
Refer to the Company’s Announcement on 3 September 2025 – ‘2025 Mineral Resource Estimate and Ore Reserves’ available
on the ASX or SEDAR+
Westgold Resources Limited
ABN 60 009 260 306
ASX | TSX: WGX
T: +61 8 9462 3400
E: perth.reception@westgold.com.au
W: westgold.com.au
Level 6, 200 St Georges Terrace
Perth WA 6000
PO Box 7068, Cloisters Square WA 6850
▪
Growth capital peaks in FY27 with proposed Higginsville hub expansion to
2.6Mtpa
On a hub-by-hub basis:
▪
▪
▪
Meekatharra Hub (1.8Mtpa) – processing capacity fully utilised with highergrade material from Bluebird-South Junction and Great Fingall underground
mines, supplemented by Murchison open pit program
o
Bluebird-South Junction underground expansion continues in FY26 –
reaching 1.2Mtpa in FY28
o
Great Fingall first high-grade stope ore delivered in FY26 – ramping up
to 0.6Mtpa in FY28
o
Open Pits commencing in FY27 - providing buffer stockpiles and softer
ore to optimise plant throughputs
Higginsville Hub (1.6Mtpa) – processing capacity fully utilised with highergrade material from Beta Hunt and Two Boys underground mines
o
Beta Hunt infrastructure upgrades support 2Mtpa run rate by H2,
FY26 – notably from current mining fronts only (excludes Fletcher Zone)
o
2.6Mtpa Higginsville Expansion Study - due for completion in H2, FY26;
with construction planned to commence in FY27
Cue Hub (1.4Mtpa) and Fortnum Hub (0.9Mtpa) processing capacity fully
utilised – with mines and mills well matched and optimised
3YO upside (opportunities being actively developed but not included in the 3YO):
▪
Fletcher Zone (Beta Hunt) - Fletcher zone is emerging, with resource definition
drilling underway to determine scale and optimum mine design
▪
Further expansion of Higginsville hub to 4Mtpa - the Higginsville expansion
study, while predicated on an upgrade of the mill capacity to 2.6Mtpa, does
investigate multiple options up to 4Mtpa
▪
Polar Star lodes (Bluebird-South Junction) - resource definition continues to
determine scale of the third mining front
▪
Improving mine productivity – key to lifting Group mine outputs and lowering
Group all in sustaining costs.
Cautionary Statements
There is a low level of geological confidence associated with inferred mineral resources and
there is no certainty that further exploration work will result in the determination of indication
mineral resources or that the production target itself will be realised.
The stated production target is based on the entity’s current expectations of future results or
events and should not be solely relied upon by investors when making investment decisions.
Further evaluation work and appropriate studies are required to establish sufficient
confidence that this target will be met.
Westgold Provides 3-Year Outlook
1 October 2025
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Westgold Managing Director and CEO Wayne Bramwell commented:
“Westgold’s three-year outlook (3YO) articulates a high confidence, executable plan that
sees the business step up from 326koz of production in FY25 to more than 470koz by FY28.
It provides a baseline for a larger, more profitable and sustainable gold producer. Most
critically this growth is organic and fully funded. The outlook is underpinned by realistic
production forecasts, cost assumptions and focuses on maximising the performance of our
existing processing infrastructure to drive our costs down.
Westgold’s FY25 Mineral Resource Estimate of 16.3Moz and Ore Reserves of 3.5Moz
underwrites the 3YO. With our operations now being optimised on higher-grade mine
outputs, consistent operational delivery will lower our AISC, driving free cash flow and
delivering higher returns to our shareholders.
The 3YO is conservative by design. Additional growth can be delivered through mill
optimisation, mine productivity improvements, systematic exploration and resource
development, with our larger Beta Hunt and Bluebird-South Junction mines ripe for resource
expansion.
Westgold continues to evolve and mature. In articulating the first multi-year view of our
business, we can now provide our shareholders, employees and stakeholders with a clear
plan for the Company’s objectives and trajectory over the next three years.”
3YO underpinned by Westgold’s existing portfolio
Overview
Westgold (ASX/TSX: WGX) is an unhedged, well-funded Australian gold producer with an
extensive portfolio of operating and exploration assets in the Murchison and Southern
Goldfields of Western Australia (Figure 1).
The Company’s 3YO foundation is the 2025 Mineral Resource Estimate and Ore Reserves1. It
defines a high confidence, executable plan to grow gold production to 470Kozpa by FY28, at
a competitive all in sustaining cost of circa A$2,500/oz.
The 3YO outlines how increasing Group outputs, free cash flows and operating margins will
be delivered and is premised upon fully utilising our existing extensive processing
infrastructure, a transition to higher-grade Group mine outputs and expansions to key mining
and processing assets over the 3YO period.
Westgold Provides 3-Year Outlook
1 October 2025
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Figure 1: Murchison and Southern Goldfields Assets (Processing Hubs and Key Mines)
Westgold Provides 3-Year Outlook
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3YO – Gold production lifts, AISC falls
The 3YO articulates the first multi-year view of Westgold’s business and details how organic
growth is delivered. The underlying plan is conservative by design and frames near-term
capital allocation priorities, alongside indicative AISC out to FY28.
Figure 2 below illustrates the production and cost profile from FY25 (where the business
produced 326koz @ AISC of A$2,666/oz) to a projected FY28 outlook of 470koz @ AISC of
~A$2,500/oz, together with corresponding forecast capital investment.
Figure 2: Growing production, reducing costs – with forecast capital and exploration investment
Westgold’s 3YO demonstrates organic production growth to FY28 utilising its existing
portfolio of assets, to a run rate capable of being sustained well beyond the outlook.
Our AISC$/oz profile falls during the 3YO, to circa A$2,500/oz by:
▪
Fully utilising and expanding our existing ~6mtpa processing capacity - increasing
high grade mine outputs and reducing reliance on haulage and processing of lowergrade stockpiles to maintain mill throughputs.
▪
Open Pit mining – leveraging our substantial resource base and activating the
Murchison pit program; and
▪
Sustaining exploration and resource definition investment - focused on upgrading
resource confidence ahead of mining.
Westgold Provides 3-Year Outlook
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3YO – Key Assumptions
The 3YO objective is to deliver safe and profitable gold production, near-term value
generation and long-term sustainable shareholder returns. Optimising higher grade ore feed
and increasing throughput from our processing hubs is key, requiring an increase in growth
capital in FY27 to expand the Higginsville processing plant in the Southern Goldfields to
2.6Mtpa.
Key assumptions underpinning the 3YO include:
▪
Continued investment in environmental, health and safety systems and training.
▪
Continued investment in pragmatic ESG initiatives – such as hybrid energy systems for
Higginsville and in-pit tailings solutions across the Group.
▪
Continued investment in staff training and career development programmes.
▪
Full utilisation of Westgold’s existing four processing hubs (Fortum, Meekatharra, Cue
and Higginsville) – with buffer stockpiles established at each to mitigate weather
and/or mine output interruptions.
▪
Underground and open pit ore from:
o
Existing operational underground mines (Starlight, Bluebird-South Junction, Big
Bell, Fender, Great Fingall, Beta Hunt and Two Boys):
▪
with the development of the new Spargos underground in the Southern
Goldfields in FY27;
o
Existing open pits at Higginsville (Lake Cowan);
o
New open pit programs in the Murchison – scheduled to commence in FY27; and
o
Our existing ore purchase agreement.
▪
Diminishing requirements to process lower grade surface stockpiles.
▪
Mine productivity based on recent performance - with consideration for improved
infrastructure, but no significant productivity improvements included.
▪
Targeted investment in exploration and resource development of $150M (across the
3YO).
Importantly, there is no ore contribution from the Fletcher Zone at Beta Hunt in the 3YO.
The Fletcher zone has the potential to add significant scale to the Southern Goldfields and
requires further drilling to determine its scale and the optimum mine design.
The projected timing for key capital investment or project commencement in the 3YO is
outlined in the following, Figure 3.
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Figure 3: Timing of key milestones in the 3YO
Processing Hubs – Leveraging and expanding existing 6Mtpa processing capacity for
enhanced FCF
Outside of the Higginsville processing plant upgrade (due for completion in FY28),
debottlenecking and incremental capital investments have been planned for the Bluebird
and Tuckabianna processing hubs in the Murchison.
The resulting annualised processing capacities (in million tonnes per annum), excluding our
existing third-party toll-treating agreement assumed for the 3YO are shown in Figure 4
below.
Figure 4: Westgold mill processing capacities lift over 3YO (Mtpa)
Westgold Provides 3-Year Outlook
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The Murchison
Westgold owns and operates three processing hubs in the Murchison region of Western
Australia (Figure 5).
Figure 5: Westgold’s Murchison Assets
Westgold Provides 3-Year Outlook
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Key assumptions used in the 3YO for the Murchison assets are detailed below.
1.
Fortnum Hub (0.9Mtpa processing capacity)
o
3YO processing outlook – stable at 0.9Mtpa
o
3YO Key Ore Sources – Starlight underground mine and supplementary open pits
Fortnum Hub - The Fortnum mill is well-matched to the Starlight underground mine,
with increasing volumes of higher-grade ore supply from the Nightfall and Galaxy areas
of the Starlight underground (Figure 6) reducing consumption of lower-grade stockpile
feed from FY26. As such the Fortnum mill runs at steady state throughput across the
3YO, but with an increased head grade.
Figure 6: Starlight schematic long-section showing current life of mine plan
Starlight Underground (Life of Mine: 7 Years) - As demonstrated in Q4, FY25,
investment in the load and haul fleet and ventilation systems at Starlight is expected to
incrementally increase mined tonnage from FY26. This will reduce the proportion of
lower-grade stockpiles in mill feed, lifting the mill head grade. Newer mobile fleet will
further increase mining productivity, reduce costs and enable sustained higher-grade
mill feed.
Open Pits - In FY28, low grade stockpiles will be displaced by open pits proximate to
the Fortnum mill. These pit targets include the Nathans, Labouchere, and Horseshoe /
Cassidy / Pod pit cutbacks.
Westgold Provides 3-Year Outlook
1 October 2025
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2.
Meekatharra Hub (1.8Mtpa processing capacity)
o
3YO processing outlook – minor capital to expand throughput from 1.8 to 2Mtpa
in FY28
o
3YO Key Ore Sources - Bluebird-South Junction underground, Great Fingall
underground, Meekatharra open pits, Crown Prince (ore purchase agreement
with ASX: NMG)
Meekatharra hub – Incremental capital processing upgrades are planned within the
3YO to expand milling capacity to 2Mtpa in FY28. This will align processing capacity
with anticipated mining rates beyond the 3YO into FY29 and onwards.
Bluebird-South Junction Underground (Life of Mine: >10 years) - The key driver of
growth within the Murchison operations is the expansion of the Bluebird-South
Junction underground mine - with the majority of processed material in the 3YO
sourced from the South Junction zone (Figure 7).
The much larger stopes in South Junction are significantly more productive than the
smaller, albeit higher-grade Bluebird stopes; materially driving mining costs per tonne
down while maintaining a consistent grade profile. Westgold will invest significant
growth capital in FY26 as it expands into South Junction, with this capital transitioning
to sustaining beyond FY27. The outlook does include continued growth from South
Junction.
The adjacent Polar Star zone (within the Bluebird-South Junction mine) provides the
potential for a third mining front with extensional exploration and resource definition
programs currently underway.
Murchison Open Pits – Westgold will commence contract open pit mining throughout
the Murchison as part of the 3YO. This will incorporate open pit cutbacks (executed by
third party contractors) across the Cue and Meekatharra regions with flexibility to
process ore at either hub.
The open pit program will require modest capital and ensure sustained full utilisation
of the Meekatharra mill, mitigate mining risk by adding additional open pit feed
sources, and reduce lower-grade stockpile haulage of ore from Cue to supplement
Meekatharra throughputs.
Ore Purchase Agreement – The Crown Prince open pit commenced operation in
September 2025, with Westgold purchasing the ore under an ore purchase agreement
which continues into FY27.
This ore is currently being processed at the Meekatharra hub.
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Figure 7: Bluebird-South Junction FY26 LOM long-section
3.
Cue hub (1.4Mtpa processing capacity)
o
3YO processing outlook – stable throughput of 1.4Mtpa, lifting to 1.5Mtpa
o
3YO Key Ore Sources - Big Bell, Great Fingall, Fender
Cue hub – Incremental capital processing upgrades are planned within the 3YO to
expand milling capacity to 1.5Mtpa in FY28. This will align processing capacity with
anticipated mining rates beyond the 3YO into FY29 and onwards.
Big Bell Underground (Life of Mine ≈ 16 years) - The Big Bell underground mine
continues to provide the base feed for the Cue hub through mining of the Upper Cave
into FY28. The Big Bell Deeps project is initiated from FY28 onwards to allow for further
grade improvement in the hub, which reduces AISC on a per ounce basis.
Great Fingall Underground (Life of Mine ≈ 5 years) – Contract mining commenced at
Great Fingall in September 2025. Ramp up is underway and steady state will be
reached in FY28. This higher-grade ore will be predominantly processed at the
Meekatharra hub as Big Bell underground can meet the Cue hub ore feed
requirements.
Fender Underground – The 3YO forecasts that the Fender mine will close in FY26. The
orebody remains open at depth and upside exists if additional drilling is successful.
Westgold Provides 3-Year Outlook
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The Southern Goldfields
Westgold owns and operates one processing hub within the Southern Goldfields region of
Western Australia (Figure 8).
Figure 8: Westgold’s Southern Goldfields Assets
4.
Higginsville Hub (1.6Mtpa processing capacity)
o
3YO processing outlook – Higginsville expanded from 1.6 to 2.6Mtpa by FY28
o
3YO Key Ore Sources - Beta Hunt, Two Boys, Lake Cowan Pits and Spargos.
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Higginsville Hub - The Higginsville mill is set to increase processing capacity to
2.6Mtpa. Westgold awarded the Definitive Feasibility Study for the 2.6Mtpa upgrade in
Q1, FY26 – with the study to be completed in Q3, FY26. Commitment to the expansion
will see Group growth capital investment increase in FY27, before reducing again in
FY28.
Beta Hunt Underground (Life of Mine ≈6 years) - Beta Hunt production will expand to
>2Mtpa during FY26, maintaining its status as the cornerstone ore source for the
Southern Goldfields. This production increase will be realised from the existing mining
areas (A Zone and Western Flanks – Figure 9), with efficiencies largely driven by
infrastructure upgrades and mine design allowing materially lower mining cost per
tonne. Despite the increase in output, mining rates within the 3YO remain
conservative.
A small production increase is included from FY28 coinciding with the completion of
the Higginsville upgrade and consumption of stockpiles built in the years prior (during
which mining rates exceed milling rates).
Figure 9: Schematic Cross Section of Fletcher Corridor
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1 October 2025
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The 3YO does not include production from the emerging Fletcher Zone at Beta
Hunt.
A maiden Mineral Resource Estimate for Fletcher was announced on 23 June 2025.
Infill and extensional drilling to determine the potential scale of Fletcher has continued
in FY26, with minor capital budgeted to complete studies and extend access into the
full extent of this zone.
The potential scale of Fletcher is yet to be fully understood and as such it is excluded
from the 3YO at this time.
Two Boys & Spargos (Life of Mine ≈ 3 years) – the operational Two Boys underground
mine at Higginsville and proposed Spargos underground (40km from Higginsville) are
existing and planned opportunities to increase the grade of ore supplied to the
Higginsville hub. In the 3YO, Westgold assumes the higher grade Two Boys mine will
continue to supplement feed from Beta Hunt until the end of FY26, at similar rates to
that achieved in FY25.
The 3YO allows for preparatory work at Spargos in FY27, with first production
scheduled in FY28.
Resource Confidence
Key to the delivery of the 3YO is confidence in the mine plan.
Over 80% of Westgold ore mined throughout the 3YO is within the Proven and Probable
Reserve categories with an average of over 60% Proven and Probable in FY28 (Figure 10).
Business plans are aligned with increasing resource confidence over the latter half of the
3YO.
The 3YO assumes ~$50M investment each year in exploration and resource definition drilling
to improve resource confidence beyond the 3YO.
Inferred
9%
12%
31%
Reserve
91%
88%
69%
FY26
FY27
FY28
Figure 10: Resource Confidence across the 3YO
Westgold Provides 3-Year Outlook
1 October 2025
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Upside to the 3YO
The following projects are being actively advanced and not included in the 3YO.
There are multiple opportunities to outperform the 3YO with a non-exhaustive list of those
opportunities that are actively being advanced (but not included in the 3YO) summarised
below:
▪
Further expansion of Bluebird-South Junction Underground mine
The 3YO assumes a conservative ramp-up of Bluebird-South Junction production to
1- 1.2Mtpa by FY28. Key mine infrastructure is already in place and Westgold is
targeting this rate by the end of FY26, with continued improvement expected given the
scale of the orebody.
This provides potential to outperform the 3YO in FY27.
▪
Expansion of the Higginsville Mill beyond 2.6Mtpa
The Higginsville expansion, while predicated on an upgrade of the mill capacity to
2.6Mtpa, does investigate multiple options up to a capacity of 4Mtpa. The feasibility
study currently underway will further detail the 2.6Mtpa case which will build in
capability (e.g. larger crushing circuit and SAG mill) to further expand to 4Mtpa.
The 3YO only considers an expansion to 2.6Mtpa and therefore an early
commencement, or final capacity greater than 2.6Mtpa, both represent potential
upside to production and operating cost.
▪
Expansion of the Fortnum Mill to 1.5Mtpa
The Fortnum Expansion Project (FXP)2 - a study completed in FY25 contemplated a
1.5Mtpa expansion of the existing 0.9Mtpa Fortnum mill. This expansion is currently
excluded from the 3YO.
Resource drilling within the FXP open pit shell will continue to progress and the FXP
will be updated once drilling is completed.
▪
Operational improvements
The 3YO is based on current FY25 equipment productivity rates with only minor
productivity uplifts at operations based on infrastructure enhancements (ventilation,
power and water). Westgold has initiated a range of initiatives targeting improvements
in mining execution, extraction, underground development rates and load and haul
performance from FY26 onwards.
▪
Coarse gold at Beta Hunt
No contribution from coarse gold has been incorporated into the 3YO. Any coarse gold
discovery would represent further production upside.
▪
Extensions to the Murchison open pit program
The Murchison open pit program includes high confidence resources that may be
expanded with drilling success.
2
See announcement from 17 December 2024 Fortnum Expansion Study
Westgold Provides 3-Year Outlook
1 October 2025
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▪
Fletcher Zone upside - assumed mining rates and costs are conservative
The recent Fletcher Maiden Resource Estimate of 31Mt @ 2.3g/t for 2.3Moz (refer ASX
release 23 June 2025) represents a Mineral Resource defined from just 1km of the
known 2km strike extent of the ore body.
Further Stage 2 drilling planned for FY26 (Figure 11) and FY27 could extend the size of
this ore body, providing a compelling opportunity to increase planned mining rates at
Beta Hunt and justify further processing capacity upgrades.
Early opportunities to mine extensional areas of Fletcher may become available during
the 3YO, but these have not been included in the 3YO.
Figure 11: Plan view schematic of the Fletcher zone at Beta Hunt
▪
Larkin and Mason Zones at Beta Hunt
Further drilling planned in FY26 and FY27 could extend the size of both the Mason and
Larkin zones with Beta Hunt (Figure 11), providing additional in-mine opportunities to
increase planned mining rates at Beta Hunt, and further justify processing capacity
upgrades.
Westgold Provides 3-Year Outlook
1 October 2025
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▪
Exploration, resource conversion, ore purchase or toll treating opportunities
The 3YO envisages mining only resources within Westgold’s current asset package and
land holding. No allowances have been made for further exploration discovery, resource
conversion or production upside through new business development opportunities.
▪
Review of assets currently in care and maintenance
Westgold has three underground mines in the Murchison currently in care and
maintenance. The potential restart of the Paddy’s Flat, Comet, and South Emu-Triton
underground mines, either by Westgold or by third parties (via a divestment or JV) could
provide additional ore supply to Westgold’s existing Murchison processing hubs.
These assets are latent production opportunities and represent material upside to the
3YO.
Conclusion
Westgold’s three-year outlook is focused on growth and lowering our all in sustaining costs.
It outlines a high confidence, executable plan detailing how the business steps up from
326koz of production in FY25 to more than 470koz by FY28, at an AISC of ~$2,500 from FY27.
The 3YO provides a foundation and baseline for a sustainably larger gold producer. Most
critically - this growth is fully funded and organic. It focuses on maximising the performance
of our existing processing infrastructure - and is underpinned by realistic production
forecasts and cost assumptions.
Westgold continues to evolve and mature. In articulating the first multi-year view of our
expanded portfolio, we can now provide our shareholders, employees and stakeholders with
a clear plan for the Company’s trajectory over the next three years.
Westgold Update Webcast
Wayne Bramwell (Managing Director & CEO), Tommy Heng (Chief Financial Officer) and
Aaron Rankine (Chief Operating Officer) will present an update on the 3YO via webcast on
Wednesday, 1 October 2025 at 9:00AM AWST / 11:00AM AEST, followed by a Q&A session.
To listen to the Webcast live, please click on the link below and register your details, or cut
and paste the URL into your web browser:
WESTGOLD 3-YEAR OUTLOOK WEBINAR
https://register.gotowebinar.com/register/6926810455494630997
After registering, you will receive a confirmation email containing information about joining
the webinar. Please log on a few minutes before the scheduled commencement time to
ensure you are registered in time for the start of the call.
This announcement is authorised for release to the ASX by the Board.
Investor and media relations enquiries
Investors and Media
Annette Ellis
Media@westgold.com.au
+61 458 200 039
Westgold Provides 3-Year Outlook
1 October 2025
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Compliance Statements
Competent/Qualified Person Statements
Exploration Results and Mineral Resources Estimates
The information in this release that relates to Exploration results and Mineral Resource Estimates is
compiled by Westgold technical employees and contractors under the supervision of Mr. Jake Russell
B.Sc. (Hons), who is a member of the Australian Institute of Geoscientists and who has verified,
reviewed and approved such information. Mr Russell is a full-time employee of the Company and has
sufficient experience which is relevant to the styles of mineralisation and types of deposit under
consideration and to the activities which he is undertaking to qualify as a Competent Person as
defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves (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 43101”). Mr. Russell is an employee of the Company and, accordingly, is not independent for purposes
of NI 43-101. Mr Russell 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 Russell is eligible to participate in
short- and long-term incentive plans of the company.
The Mineral Resource Estimates contained herein have an effective date of 30 June 2025 and was
completed by Westgold technical employees and contractors under the supervision of Mr Jake
Russell. The key inputs and assumptions are provided in Appendix C to this release including Section
1 – Sampling Techniques and Data, Section 2 – Reporting of Exploration Results, Section 3 –
Estimation and Reporting of Mineral Resources and Section 4 – Estimation and Reporting of Ore
Reserves.
Ore Reserves
The information in this release that relates to Ore Reserve is based on information compiled by Mr.
Leigh Devlin B.Eng. FAusIMM, who has verified, reviewed and approved such information. Mr. Devlin
has sufficient experience which is relevant to the styles of mineralisation and types of deposit under
consideration and to the activities which they are undertaking to qualify as a Competent Person as
defined in the JORC Code and as a Qualified Person as defined in the CIM Guidelines and NI 43-101.
Mr. Devlin is an employee of the Company and, accordingly, is not independent for purposes of NI 43101. Mr. Devlin 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. Devlin is a full-time senior executive of the
Company and is eligible to and may participate in short-term and long-term incentive plans of the
Company as disclosed in its annual reports and disclosure documents.
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 release
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.
This release contains references to estimates of Mineral Resources and Ore Reserves.
Westgold Provides 3-Year Outlook
1 October 2025
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The estimation of Mineral Resources is inherently uncertain and involves subjective judgments about
many relevant factors. Mineral Resources that are not Ore Reserves do not have demonstrated
economic viability. The accuracy of any such estimates is a function of the quantity and quality of
available data, and of the
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