Announcement PDF WESTGOLD RESOURCES LIMITED (ASX/TSX: WGX) ANNUAL REPORT 2025 WESTGOLD RESOURCES LIMITED A LEADING AUSTRALIAN GOLD PRODUCER Westgold Resources Limited (ASX/TSX: WGX) is a leading, unhedged ASX200 gold producer with a growing portfolio of established mines and processing plants across the Murchison and Southern Goldfields, two of Western Australia’s most prolific gold-producing regions. WWW.WESTGOLD.COM.AU 1 Our Vision and Purpose 1 Our Core Values 2 Letter from the Chair 4 Financial Results 6 Our Annual Outputs 8 Corporate Activity 10 Our Operations 44 Directors’ Report 57 Remuneration Report (Audited) 72 Auditor’s Independence Declaration 73 Consolidated Statement of Profit or Loss and Other Comprehensive Income 74 Consolidated Statement of Financial Position 75 Consolidated Statement of Cash Flows 76 Consolidated Statement of Changes in Equity 77 Notes to the Consolidated Financial Statements 127 Consolidated Entity Disclosure Statement 128 Directors’ Declaration 129 Independent Auditor’s Report 135 Shareholder Information 137 Corporate Directory CONTENTS 1 ANNUAL REPORT 2025 OUR CORE VALUES Our values and behaviours guide how we work with each other, our communities, and stakeholders. They influence our actions and decisions, hold us accountable and ultimately determine our success. OUR VISION AND PURPOSE Westgold’s vision is to become the leading Australian gold company - sustaining safe, responsible and profitable production. We have a clear purpose to unearth enduring value – for our stakeholders, shareholders, people and the communities we operate in. 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 LETTER FROM THE CHAIR A TRULY TRANSFORMATIONAL YEAR A defining year – from gold junior to leading Australian producer Dear Shareholders FY25 has been a truly transformational year for Westgold. Beginning the period as a junior gold producer, we stepped up to the ranks of the ASX200, with a dual listing on the Toronto Stock Exchange (TSX) following the merger with Karora Resources in August 2024. It was a defining transaction. Today, Westgold is one of the country’s leading gold companies with an extensive portfolio of mining and processing operations - and a substantive, 3,200km2 landholding across two of Western Australia’s most prolific goldfields, the Murchison and the Southern Goldfields. In FY25 we delivered record production of 326,384 ounces of gold from this expanded portfolio, closing the year with our strongest balance sheet yet - with $364 million in cash, bullion and liquid investments to fund future growth and value creation. The sector too has had a momentous year, with the Australian gold price increasing by more than 40%. Importantly, Westgold remains unhedged – affording our shareholders full access to the prevailing record-high gold price. We are mindful that what goes up must come down, and our team is determined to drive cost out of our business and focus on operating efficient, higher margin operations that remain profitable at every stage of the price cycle, not just when prices are high. Successful business transformation is not accidental - it is led. I would like to congratulate our leadership and wider team for their enormous effort to combine two sets of operations with their respective cultures, systems and processes – into one integrated high-performing team and business, while delivering record results. In the Southern Goldfields, we invested substantial capital at Beta Hunt to de-constrain and upgrade essential infrastructure to position the operation to deliver > 2Mtpa of mine outputs in the year ahead. In the Murchison, we continue to drill and expand the exciting Bluebird- South Junction mine at Meekatharra. This is rapidly becoming the key value driver in our Northern business and shows the value that intensive drilling can create. In June 2025, we appointed a large internationally recognised mining contractor to operate our iconic Great Fingall mine. Great Fingall is a high-grade and comparatively simple operation and lends itself to an outsourced model, allowing us to redeploy our team and capital equipment to our larger operations, where they can create greater return on investment. Throughout the year, we demonstrated our commitment to building a long term, sustainable business - investing $43M in exploration and resource development programs across the portfolio. The flow of strong drill results from our largest and emerging mines continued during FY25 – demonstrating the latent value within our existing Mineral Resource base. 2 WESTGOLD RESOURCES LIMITED Notably, the 2.3Moz maiden Mineral Resource Estimate from the first stage of drilling at the Fletcher Zone at Beta Hunt underpins our belief in the value of this asset, and the prime rationale for the merger. Most importantly, our commitment to safety resulted in a 23% year-on-year reduction in TRIFR to 5.67 per million hours worked, with no material environmental incidents. This is a proud achievement and testament to our leadership and team consistently deciding to “choose safety” every day. That said – we must and will continue our focus on ensuring a physically and psychologically safe workplace for all of our people, while doing all we can to minimise our environmental impact. Looking forward to the year ahead, our team is focused on setting up Westgold’s now expanded asset base for sustainable and consistent high margin production delivered from bigger, more efficient mining operations that leverage existing processing infrastructure. In FY26 we will continue to invest in exploration to extend mine lives across the portfolio, and test our best emerging exploration targets to unlock their inherent value. I would like to thank our Managing Director and CEO, Wayne Bramwell and his excellent leadership team, our employees, contractors and business partners, and not least – our valued shareholders for your continued support and faith in the future of Westgold. Hon. Cheryl Edwardes AO Non-Executive Chair 3 ANNUAL REPORT 2025 4 WESTGOLD RESOURCES LIMITED YEAR END 30 JUNE 2025 FINANCIAL RESULTS 5 ANNUAL REPORT 2025 RECORD GOLD PRODUCTION 326,384oz (FY24: 227,691oz) RECORD REVENUE $1,360m (FY24: $716m) NET CASH FROM OPERATIONS $357m (FY24: $351m) NET PROFIT BEFORE TAX $112m (FY24: $137m) NET PROFIT AFTER TAX $35m1 (FY24: $95m) CLOSING CASH/ EQUIVALENTS $240m (FY24: $236m) PROFIT PER SHARE 3.85cps1 (FY24: 20.1cps) FULL YEAR DIVIDEND 3cps (FY24: 2.25cps) NET ASSETS $1,969m (FY24: $692m) Unless specifically noted, all dollar amounts disclosed in this report are Australian Dollars (A$ or AUD) 1 Lower than the prior year predominantly due to one-off transaction costs 6 WESTGOLD RESOURCES LIMITED YEAR END 30 JUNE 2025 OUR ANNUAL OUTPUTS 7 ANNUAL REPORT 2025 GOLD PRODUCED CASH COST (C1) ALL IN SUSTAINING COSTS MURCHISON OPERATIONS 197,068oz SOUTHERN GOLDFIELDS 129,316oz GROUP 326,384oz MURCHISON OPERATIONS $2,203/oz SOUTHERN GOLDFIELDS $2,368/oz GROUP $2,375/oz MURCHISON OPERATIONS $2,609/oz SOUTHERN GOLDFIELDS $2,752/oz GROUP $2,666/oz 8 WESTGOLD RESOURCES LIMITED YEAR ENDED 30 JUNE 2025 CORPORATE ACTIVITY WESTGOLD AND KARORA MERGER On 1 August, 2024 following receipt of approvals by the Ontario Superior Court of Justice in Canada, Karora shareholders, the Foreign Investment Review Board and the Takeovers Panel - Westgold merged with Canadian TSX-listed Karora Resources Inc. (Karora). The merger created an exclusively Western Australian focussed mid- tier gold company, with Westgold taking operational control and ownership of the Karora assets – including its 100% interest in the Beta Hunt Mine, its 100% interest in the Higginsville processing and gold mining operations, and its Lakewood processing facility. (Westgold subsequently divested the Lakewood mill on 1 April 2025. The merger propelled Westgold into the ranks of the ASX200, materially enhancing our capital markets profile - with increased scale, trading liquidity and quality attractive to investors across the Australian (ASX) and Canadian (TSX) stock exchanges. Funded through a combination of cash reserves and equity, Karora shareholders received 2.524 Westgold ordinary shares, C$0.68 in cash, and 0.30 of a share in Culico Metals Inc., a wholly owned subsidiary of Karora, for each Karora common share held at the closing of the transaction. Fair value of the share consideration was $1,243 million and cash consideration paid was $126 million. The total consideration for the transaction was $1,369 million. ORE PURCHASE AGREEMENT WITH NEW MURCHISON GOLD On 12 December, 2024 Westgold executed a gold ore purchase agreement (Agreement) with New Murchison Gold (ASX: NMG) in which we agreed to purchase between 30,000 and 50,000 tonnes of gold ore per month from NMG’s planned open pit operation at Crown Prince. On 8 September 2025, subsequent to the reporting period, NMG issued its first Collection Notice for 10kt of Crown Prince ore in accordance with the Agreement, triggering the Commencement Date. The introduction of ore from Crown Prince in FY26 will increase throughput at the Bluebird mill. Westgold is a related party (16%) shareholder of NMG. SYNDICATED FACILITY INCREASED TO $300M On 28 October, 2024 Westgold executed a commitment letter with ING Bank (Australia) Limited and Societe Generale to increase an existing $100M Syndicated Facility Agreement to $300M through the addition of a new $200M facility. The new $200M facility strengthened Westgold’s balance sheet, providing access to $300M of undrawn facilities for general corporate activities. Importantly, Westgold was not required to enter into mandatory gold hedging as part of the new facility. During Q2 we drew down $50 million from the corporate facilities to balance the working capital requirements for operations and growth of our expanded business. This left a balance of $250 million in undrawn capacity. Combined with cash, bullion and liquid investments of $364 million, Westgold ended the financial year with $614 million in available liquidity. SALE OF LAKEWOOD MILL On 1 April, 2025 we divested the Lakewood mill acquired in the merger with Karora Resources, to Black Cat Syndicate Limited (ASX: BC8) for a total consideration of $85M. The consideration comprised $70M in cash and $15M in BC8 scrip issued at $0.76 per share ($1.195 per share as at 16 September 2025). We received $25M in cash on 31 March 2025 and $20M on 30 June 2025, with the final cash payment of $25M due on 30 November 2025. Importantly, Westgold retains priority access to process up to 200ktpa of ore at Lakewood via a toll-treating agreement (for a period of two years). The divestment of Lakewood is consistent with our corporate strategy to focus on our larger, lower-cost mines and mills. Prioritising higher grade Beta Hunt ore through the larger, lower-cost 1.6 Mtpa Higginsville mill will serve to lower the operating costs of our Southern Goldfields Operations. 9 ANNUAL REPORT 2025 Perth 9 Office LEGEND �) Operating mines � Processing plants Western Australia ----, 9 Kalgoorlie r - - - - I ® I I 'Iii!® I L---- 10 WESTGOLD RESOURCES LIMITED OUR OPERATIONS REVIEW OF OPERATIONS RISING TO THE CHALLENGE FY25 was both a transformational year, and a challenging one as we integrated the Southern Goldfields operations into Westgold’s portfolio. Our newly-expanded team took the challenge in their stride, successfully managing the integration while remaining focussed on our core business - delivering safe and profitable ounces. Amidst the complexity of integrating two distinct teams, cultures and geographically dispersed operating hubs – we achieved our highest ever gold production of 326,384oz at an All-In-Sustaining Cost (AISC) of $2,666/oz, and our best safety performance to-date. This result was marginally lower than our revised production guidance (330,000 – 350,000oz). We invested $43M in exploration and resource definition in FY25, delivering significant growth in Westgold’s mineral inventory, net of ounces depleted by mining with our Mineral Resource increasing by 24% to 16.3 Moz (up from 13.2 Moz in FY24) and Ore Reserves lifting by 5% to 3.5 Moz (up from 3.3Moz in FY24). During the year, we brought two new mines into production: the early commencement of operations at Great Fingall in the Murchison region and the initiation of open pit mining at Lake Cowan in the Southern Goldfields. Pleasingly, these efforts also delivered strong returns for our shareholders. With a landholding spanning ~3,200km2 across two of Western Australia’s most prolific gold producing regions, the Murchison and the Southern Goldfields - we have an expansive pipeline of organic growth options and exploration targets to sustain our operations for the next decade and beyond. And, with four profitable mining hubs delivering strong cash flows and our strongest balance sheet yet, we have an unprecedented opportunity to invest in our future – to create enduring value for our shareholders, our people and our host communities. 11 ANNUAL REPORT 2025 REVIEW OF OPERATIONS (CONTINUED) OUR OPERATIONS 12 WESTGOLD RESOURCES LIMITED The completion of a new ventilation portal and the upgrade of primary fans during the period bolstered mine ventilation, supporting both current operations and future expansion. Looking ahead, planned ventilation upgrades in Q1 and Q3 FY26 will allow Starlight to sustain higher production rates at depth. The Fortnum processing plant also benefited from further investment during the year. The installation of a pebble crusher boosted mill throughput, while a full reline of both the Ball and SAG mills was carried out to maintain processing reliability and efficiency. MEEKATHARRA HUB 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. The Meekatharra processing hub incorporates the 1.8Mtpa Bluebird processing plant, the Bluebird- South Junction underground mine, a 420-person village, and associated mining infrastructure required to support mining operations. In FY25, the Bluebird plant processed ore from the Bluebird-South Junction and Fender underground mines, supplemented by inventories of lower grade open-pit and stockpiled surface ore. Bluebird-South Junction is a key growth project in the Meekatharra Hub. Increasing Bluebird-South Junction ore feed to the Bluebird mill, located just 600m from the mine, will reduce haulage and associated costs, and increase feed grade. This will increase both gold production and margins. In FY25 we continued to invest in this opportunity with a plan to ramp-up the mining rate at Bluebird-South Junction from 0.5Mtpa to >1Mtpa. The planned ramp-up during FY25 was slower than anticipated, with challenging conditions encountered in the footwall that required a new mine design to ensure production reliability and safety. Transitioning the mine design to a predominantly longitudinal method significantly reduces reliance on development in the ultramafic host rock, and development overall – while retaining the long-term production profile. While this adjustment delayed the proposed ramp-up in the short term, particularly in the first half of FY25, mining rates had increased by the end of the period and will continue to increase in FY26 as South Junction expands. In preparation for higher mining rates, a substantial primary ventilation upgrade was undertaken during the year, together with the establishment of a paste fill plant. The majority of this infrastructure has now been fully commissioned. CUE HUB The Cue Hub is located around the regional town of Cue. This package includes two of Australia’s most iconic mines – Big Bell and Great Fingall. The Cue Hub incorporates the 1.4Mtpa Tuckabianna processing plant, a 148-person village at Big Bell, a 266-person village at Cue and associated mining infrastructure to support mining operations. In FY25, the Tuckabianna plant processed ore from the Big Bell underground mine, with supplementary feed from the Great Fingall and Fender underground mines and surface stockpiles. MURCHISON OPERATIONS Our Murchison operations comprise three processing hubs (Fortnum, Meekatharra and Cue) and five underground mines (Starlight, Bluebird-South Junction, Great Fingall, Big Bell, Fender) in Western Australia’s Mid West region. In FY25 gold output from our Murchison operations was 197,068 ounces of gold, at an AISC of $2,609/oz – representing 60% of Group production. FORTNUM HUB Westgold’s Fortnum Hub is located approximately 140km north of Meekatharra and encompass the 0.9Mtpa Fortnum processing plant and the Fortnum, Horseshoe and Peak Hill mining areas. The Starlight underground mine is currently the predominant feed source (90% of all processed tonnes with the additional 10% of ore sourced from surface stockpiles) to the Fortnum processing hub. It was a stellar year for Starlight – with investment in mine development, key infrastructure and a new haulage fleet positioning the mine for future growth. By the end of the period, ore volumes had increased by 34% quarter-on- quarter, as the newly-developed access to multiple work areas and high-grades, especially in the Nightfall and Galaxy zones delivered improved output. 13 ANNUAL REPORT 2025 14 WESTGOLD RESOURCES LIMITED GREAT FINGALL UNDERGROUND MINE In FY25 development at Great Fingall progressed to plan, with a dual focus on decline development towards the deeper, higher-grade production zones, and installing key dewatering and ventilation infrastructure. Simultaneously with project development, alternate early mining studies informed the viability of commencing early mining of the Great Fingall Flats in the March quarter. This shallow opportunity fell outside the scope of the original feasibility study which focussed on mining the deeper, higher grade virgin stopes. The stockwork mineralisation in the selvedge of the old mine workings is expected to repeat at depth, and will be drilled along with numerous other targets in FY26. On 26 June 2025, following a competitive process, global mining contractor, Barminco Limited was awarded a three-year underground mining contract for Great Fingall, with mobilisation completed in Q1 FY26. The appointment leverages Barminco’s underground mining expertise and allowed the Great Fingall team and equipment to be redeployed to some of Westgold’s bigger operations. BIG BELL UNDERGROUND MINE In FY25, production at Big Bell focussed initially on mining the Sub-Level Cave, before an asset review in Q2 identified a low- cost opportunity to recommence transverse caving and draw from existing drawpoints in the upper levels of the cave. The combination of the Lower Cave and Upper Cave mining substantially increased ore availability and provided an opportunity to pause the Big Bell Deeps expansion and take advantage of the significant material within the Upper Cave area. Historical Great Fingall Mine office OUR OPERATIONS REVIEW OF OPERATIONS (CONTINUED) 15 ANNUAL REPORT 2025 Given the Upper Cave’s increasing importance to the medium-term plan, drilling was reintroduced in this area of the mine, providing the data required for consistent and elevated rates of profitable production into FY26. The results highlighted the significant opportunity that exists in the Upper Cave; which is independent from the Lower Cave, located higher in the mine, and critically, already developed and ready to mine. FENDER UNDERGROUND MINE During the year, the Fender underground mine maintained consistent ore production, delivering higher grade feed to supplement the Tuckabianna and Meekatharra processing facilities. Fender continues to deliver supplementary ore feed to Meekatharra and Tuckabianna, and further extensional drilling is forecast for FY26 to sustain production from this strategic, low-cost operation that provides flexibility across the region. REVIEW OF OPERATIONS (CONTINUED) OUR OPERATIONS 16 WESTGOLD RESOURCES LIMITED SOUTHERN GOLDFIELDS OPERATIONS HIGGINSVILLE HUB Westgold’s Higginsville Hub is located at Higginsville, Western Australia and includes a 1.6Mtpa processing plant and associated processing infrastructure. The mill processes ore from the large Beta Hunt underground mine at Kambalda 80km to the north, and the smaller Two Boys underground mine at Higginsville. Open pit mining at Higginsville has recently recommenced at Lake Cowan, with these pits providing a softer oxide ore source to the mill. Image caption to go here 17 ANNUAL REPORT 2025 BETA HUNT UNDERGROUND MINE Following the merger, our primary focus was to swiftly identify and address key risks and opportunities across the Southern Goldfields operations. Early activities included deploying additional safety and operational management to support the site teams; and expediting remedial maintenance of basic mine infrastructure - while developing a comprehensive infrastructure replacement and upgrade plan focussing on primary electrical, ventilation, and water distribution networks. Key enablers to higher mine productivity included investment in a clean mine water supply, upgrades to underground pumping, power, ventilation, and facilities for our workforce. Progressive application of these has resulted in notable improvements to mining rates since Westgold’s ownership at Beta Hunt. The mine water supply project was completed during the year. Ventilation upgrades experienced minor delays, with fan commissioning occurring in late July and early August - subsequent to the reporting period. The power supply upgrade project is now also complete, establishing reliable power with increased capacity to sustain future growth. Collectively, these critical investments position Beta Hunt to consistently deliver run rates exceeding 2Mtpa in the medium term. TWO BOYS UNDERGROUND MINE During the past year, the Two Boys underground mine sustained steady output with our team focussing on improving planning to extend the life of the operation. Early in the year, the team completed upgrades to the primary ventilation system to support ongoing development and extend the mine beyond its original closure date. Development continues to advance northward, establishing new drilling horizons and access to the Poseidon South zone of the nearby Trident Mine – an example of the incredible optionality our team is unearthing across Westgold’s considerable landholding. LAKE COWAN OPEN PIT Mining at the Lake Cowan open pits commenced in early Q4 FY25 with open pit contractor Mineral Mining Services Pty Ltd having mobilised in April. With the pre-strip completed, ore production is expected to peak in Q1 FY26 prior to the pit completion at the end of the quarter. Excess soft oxide Lake Cowan ore will be stockpiled and processed over the course of FY26. Beta Hunt Infrastructure Upgrade 18 WESTGOLD RESOURCES LIMITED OUR OPERATIONS REVIEW OF OPERATIONS (CONTINUED) 19 ANNUAL REPORT 2025 EXPLORATION At Westgold we maintain and operate our own fleet of drill rigs with 16 to 19 rigs operating across our portfolio at any given time. Operating our own fleet gives us the option and agility to respond more rapidly to opportunities in line with our strategic priorities, with substantive year-on-year investment in both resource definition and exploration drilling (FY25: $43M) underpinning our sustainable growth and value creation. RESOURCE DEFINITION DRILLING – A STRATEGIC PRIORITY Resource definition drilling is a core operational activity at all major Westgold mines. This drilling is used to update geological models, refine stope designs, and support ongoing mine planning. The results are regularly incorporated into resource and reserve estimates, which are critical to inform and sustain production, as well as for forecasting and capital investment decisions. MURCHISON OPERATIONS Fortnum Hub – Starlight Underground Mine Following two years of near- continuous drilling, in November 2024 Westgold increased the Mineral Resource Estimate (MRE) of the mineralised system at Starlight by 91%. This increase formed the basis for a Scoping Study on the Fortnum Expansion Project, envisaging an expanded,1.5Mtpa operation at Fortnum, over a ten year life. Meekatharra Hub – Bluebird- South Junction Underground Mine At Bluebird–South Junction, sustained drilling has resulted in a 240% increase in the Mineral Resource Estimate and a doubling of Ore Reserves in 18 months. The drilling has targeted both infill and extensional areas, enabling us to update mine plans and optimise stope design, and also supported investment decisions for mine infrastructure and processing capacity. Cue Hub - Great Fingall Underground Mine – Sovereign Zone With the initial production milestone reached at Great Fingall, our team stepped up drilling, with multiple rigs defining and infilling early production areas from the Golden Crown and Great Fingall virgin stopes, as well as advancing opportunities outside of the current mine plan in areas such as the Sovereign Reef. Results reinforced the high-grade nature of Golden Crown, and the significant exploration upside of the wider mine complex. A third drill rig is planned to be deployed into Great Fingall in Q1, FY26 to follow up the success of the FY25 campaign. OUR OPERATIONS 20 WESTGOLD RESOURCES LIMITED SOUTHERN GOLDFIELDS Higginsville Hub – Beta Hunt Underground Mine – Fletcher Zone The definition of a maiden Mineral Resource for the Fletcher Zone at Beta Hunt in under a year, demonstrates Westgold’s strategic resource definition drilling priority and agility. In 10 months, we designed and completed an aggressive drilling campaign that delivered a maiden Mineral Resource Estimate of 2.3 million ounces, notably from just half (~1 km) of the known Fletcher Zone strike length, and over double the mid-point of the original Stage 1 Exploration Target of 0.8 – 1.2Moz. This was an outstanding result that underpins our confidence in the quality and ongoing potential of the Beta Hunt asset, and confirms Fletcher as a major mineralised zone and future mining front within the Hunt Block. The drilling confirmed the structural analogy between Fletcher and the established Western Flanks and A Zone deposits. It provides additional optionality for mine planning and supports the long-term production outlook for Beta Hunt. Higginsville Hub – Two Boys Underground Mine The completion of the ML70 diamond drill drive at Two Boys early in the year was a key milestone, enabling both grade control and extensional drilling. Fourteen holes were drilled as part of Westgold’s first program, with results from three indicating further resource potential and the possibility of extending mine life. Throughout the year, performance at this small but consistent operation continued to improve, delivering increased tonnes and higher grades. The grade control drilling enabled more robust mine planning, and by the end of the year, production had risen by 23% in the final quarter. The updated mine plan now provides a clear 15-month outlook and supports continued growth. REVIEW OF OPERATIONS (CONTINUED) 21 ANNUAL REPORT 2025 REVIEW OF OPERATIONS (CONTINUED) OUR OPERATIONS 22 WESTGOLD RESOURCES LIMITED GREENFIELDS EXPLORATION With a footprint of more than 1,200km2 across the Murchison, and since this year, an additional 2,000km2 in the Southern Goldfields – Westgold has an expansive exploration portfolio presenting significant opportunities for new discoveries. Following the merger with Karora, our team undertook a comprehensive review to refine our target pipeline to incorporate the expanded exploration footprint. A number of greenfield activities which were already in train in the Murchison region progressed as planned during the year - with multiple targets tested and a clear process in place for follow- up and reprioritisation based on drilling outcomes and geological assessments. In the Southern Goldfields, greenfield targeting was refined and drill testing commenced. In addition, a large piece of work was completed at Beta Hunt, where modern 3D exploration focused geological modelling was undertaken to support identification and advancement of new targets. Heritage and access considerations are consistently incorporated into the planning process, ensuring that exploration activities proceed efficiently and in accordance with regulatory and community expectations. SUMMARY TABLE: FY25 GREENFIELDS EXPLORATION BY REGION AND PROJECT Region Project/Area Activities and Progression Murchison Nannine, Labouchere AC drilling (Sep 2024) with follow-up RC drilling (Dec 2024) and ongoing prioritisation and planning (Mar–Jun 2025) Mountain View, Champion RC drilling (Sep–Dec 2024) delivered encouraging results; further assessment ongoing. Peak Hill, Five Ways, Murphy Creek RC and AC drilling (Sep 2024–Jun 2025); completion of programs; results pending/follow-up planned. Reedy, Jubilee, Meekatharra North New programs commenced or planned (Jun 2025); results pending or in planning. Southern Goldfields Beta Hunt (Mason Target) 3D exploration model built (Dec 2024); Mason Target prioritised for drilling (Mar–Jun 2025) Higginsville (Erin, Bandido, Spargos, Vines– Erin, Barcelona) RC and diamond drilling (Dec 2024–Jun 2025) with mixed results. Some targets discontinued, others results pending or next steps in planning, 23 ANNUAL REPORT 2025 GEARING FOR GROWTH Westgold is an unhedged gold producer with four operating hubs across two of Western Australia’s most productive goldfields. Our corporate strategy is to leverage our portfolio and focus on our larger, lower-cost mines and mills to create sustai