September 2025 Quarterly Webcast Presentation
Q1FY26QuarterlyResults
ASX | TSX : WGX
westgold.com.au
Important Notices and Disclaimer
Investor Presentation
This investor presentation is dated 28 October 2025 and has been prepared by Westgold Resources Limited (ASX: WGX,
TSX:WGX) (Westgold) based on information available to it at the time of preparing this presentation. No representation or
warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions
and conclusions contained in this presentation.
To the maximum extent permitted by law, none of Westgold, its directors, employees or agents, advisers, nor any other person,
accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any
other person, for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it.
Not an Offer
This presentation is not an offer, invitation, solicitation or other recommendation with respect to the subscription for,
purchase or sale of any security, and neither this presentation nor anything in it shall form the basis of any contract or
commitment whatsoever.
This presentation has been prepared for publication in Australia and may not be released to US wire services or distributed in
the United States. This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the
United States or any other jurisdiction. Any securities described in this presentation have not been, and will not be, registered
under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions registered under
the US Securities Act or exempt from, or not subject to, the registration of the US Securities Act and applicable US state
securities laws.
Summary Information
By reviewing or retaining these materials, or attending or participating in this presentation, you acknowledge and represent
that you have read, understood and accepted the terms of this “Important Notices and Disclaimer”. This presentation contains
summary information about Westgold and its activities current only at the date of this presentation. This presentation is for
information purposes only. The information in the presentation is of a general nature only and does not purport to be
complete. This presentation should be read in conjunction with Westgold’s periodic and continuous disclosure
announcements lodged with the Australian Securities Exchange (ASX), which are available at www.asx.com.au and on
Westgold's website at www.westgold.com.au, and in Canada under Westgold's profile on SEDAR+ at www.sedarplus.ca.
Certain information in this presentation may have been obtained from research, surveys or studies conducted by third parties,
including industry or general publications. Neither Westgold nor its representatives have independently verified any such
information sourced from third parties or industry or general publications.
Not Investment Advice
This presentation does not constitute in any way an offer or invitation to subscribe for securities in Westgold pursuant to the
Corporations Act 2001 (Cth). This presentation does not constitute investment advice and has been prepared by Westgold
without taking into account the recipient’s investment objectives, financial circumstances or particular needs. Each recipient
must make his/her own independent assessment and investigation of Westgold and its business and assets when deciding if
an investment is appropriate and should not rely on any statement or the adequacy and accuracy of any information.
This presentation is in summary form and does not purpose to be exhaustive. Westgold makes no representation or warranty
(either expressed or implied) as to the accuracy, reliability or completeness of the information in this presentation. Westgold
and its respective directors, employees, agents and consultants shall have no liability (including liability to any person by
reason of negligence or negligent misstatement) for any statements, opinions, information or matters (express or implied)
arising out of, contained in or derived from, or for any omissions from the presentation, except liability under statute that
cannot be excluded.
Forward-looking Statements
This document contains “forward-looking information” and “forward-looking statements” which are based on the
assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends,
current conditions and expected developments, as well as other factors that management of Westgold believes to be relevant
and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect.
Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or
conditions, or include words such as ‘expects’, ‘anticipates’, ‘plans’, ‘believes’, ‘estimates’, ‘seeks’, ‘intends’, ‘targets’, ‘projects’,
‘forecasts’, or negative versions thereof and other similar expressions, or future or conditional verbs such as ‘may’, ‘will’,
‘should’, ‘would’ and ‘could’. Although management believes that the assumptions made by Westgold and the expectations
represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to
be accurate.
Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual
results, performance or achievements of Westgold to be materially different from any anticipated future results, performance
or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual
market price of gold, the actual results of current exploration, the actual results of future exploration, changes in project
parameters as plans continue to be evaluated, changes in laws, regulations and practices, the geopolitical, economic,
permitting and legal climate that Westgold operates in, as well as those factors disclosed in Westgold's publicly filed
documents. Westgold believes that the assumptions and expectations reflected in the forward-looking information are
reasonable. Readers should not place undue reliance on forward-looking information. Westgold does not undertake to update
any forward-looking information, except in accordance with applicable securities laws.
Historical Information
Information about the past performance of Westgold contained in this presentation is given for illustrative purposes only and
cannot be relied upon as an indicator of (and provides no guidance as to) future performance, including future share price
performance of Westgold. Any such historical information is not represented as being, and is not, indicative of Westgold’s view
on its future financial condition and/or performance, nor the future financial condition and/or performance of the merged
group.
2
Important Notices and Disclaimer
Ore Reserves and Mineral Resources
The information in this presentation that relates to the Ore Reserves and Mineral Resources of Westgold has been extracted
from the ASX announcement titled “2025 Mineral Resource Estimate and Ore Reserves " released to the ASX on 3 September
2025 and available at www.asx.com.au. Westgold confirms that it is not aware of any new information or data that materially
affects the information included in that announcement, and that all material assumptions and technical parameters
underpinning the estimates in that announcement continue to apply and have not materially changed. Westgold confirms that
the form and context in which the Competent Persons findings are presented have not been materially modified from that
announcement.
The information in this presentation that relates to Westgold’s 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 Westgold 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 Joint Ore
Reserves Committee’s 2012 Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC Code) and as a
Qualified Person as defined in the CIM Guidelines and National Instrument 43-101 - Standards of Disclosure for Mineral
Projects of the Canadian Securities Administrators (NI 43-101). Mr. Russell is a full-time employee as General Manager –
Technical Services of Westgold and, accordingly, is not independent for purposes of NI 43-101. Mr Russell consents to and
approves of the inclusion in this presentation 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 Westgold.
The information in this presentation that relates to Westgold’s Ore Reserve is based on information compiled by Mr. Leigh
Devlin B.Eng. FAusIMM and 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 full-time senior executive of Westgold and, accordingly, is not independent for purposes
of NI 43-101. Mr. Devlin consents to and approves of the inclusion in this presentation 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 Westgold and is eligible to and may
participate in short-term and long-term incentive plans of Westgold as disclosed in its annual reports and disclosure
documents.
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 presentation contains references to estimates of Mineral Resources and Ore Reserves. 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 assumptions made and judgments used in engineering and geological interpretation,
which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences
that may ultimately prove to be inaccurate. Mineral Resource estimates may require re-estimation based on, among other
things: (i) fluctuations in the price of gold; (ii) results of drilling; (iii) results of metallurgical testing, process and other studies;
(iv) changes to proposed mine plans; (v) the evaluation of mine plans subsequent to the date of any estimates; and (vi) the
possible failure to receive required permits, approvals and licenses.
Investment Risk
As noted above, an investment in shares in Westgold is subject to investment and other known and unknown risks, some of
which are beyond the control of Westgold. Westgold does not guarantee any particular rate of return or the performance of
Westgold, nor does it guarantee the repayment of capital from Westgold or any particular tax treatment. Prospective investors
should have regard to the risks outlined in this presentation when making their investment decision and should make their own
enquires and investigations regarding all information in this presentation, including but not limited to the assumptions,
uncertainties and contingencies which may affect future operations of Westgold and the impact that different future outcomes
may have on Westgold. These risks, together with other general risks applicable to all investments in listed securities not
specifically referred to, may affect the value of shares in Westgold in the future. There is no guarantee that the Westgold shares
will make a return on the capital invested, that dividends will be paid on the Westgold shares or that there will be an increase in
the value of the Westgold shares in the future. Accordingly, an investment in Westgold should be considered highly speculative
and potential investors should consult their professional advisers before deciding whether to subscribe for Westgold shares.
Effect of Rounding
A number of figures, amounts, percentages, estimates and calculations of value in this presentation are subject to the effect of
rounding. The actual calculation of these figures may differ from the figures set out in this presentation.
Disclaimer
Neither Westgold nor any of its advisers, affiliates, related bodies corporate, directors, officers, partners, employees or agents,
have authorised, permitted or caused the issue, submission, dispatch or provision of this presentation and, except to the
extent referred to in this presentation, none of them makes or purports to make any statement in this presentation and there is
no statement in this presentation which is based on any statement by any of them. To the maximum extent permitted by law,
Westgold and its advisers, affiliates, related bodies corporate, directors, officers, partners, employees or agents exclude and
disclaim all liability, for any expenses, losses, damages or costs incurred by you and the information in this presentation being
inaccurate or incomplete in any way for any reason, whether by negligence or otherwise. To the maximum extent permitted by
law, Westgold and its advisers, affiliates, related bodies corporate, directors, officers, partners, employees or agents make no
representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of information in this
presentation and the statements made in this Presentation are made only as at the date of this presentation (unless otherwise
indicated). The information in this presentation remains subject to change without notice.
To the maximum extent permitted by law, Westgold and its advisers, affiliates, related bodies corporate, directors, officers,
partners, employees or agents each expressly disclaims any and all liability, including, without limitation, any liability arising
out of fault or negligence for any loss arising from the use of or reliance on information contained in this presentation, including
representations or warranties or in relation to the accuracy or completeness of the information, statements, opinions,
forecasts, reports or other matters, express or implied, contained in, arising out of or derived from, or for omissions from, this
presentation including, without limitation, any financial information, any estimates or projections and any other financial
information derived therefrom.
3
Strong start to FY26 – guidance maintained
$180M
Underlying cash build1
$472M
Closing cash, bullion & liquids
83,937oz
Gold Production
$2,861/oz
AISC2
4
3 Year Outlook released
2025 Resource Estimate and
Ore Reserve released
3cps FY25 dividend declared –
FY26 Dividend Policy updated
5% Buyback announced for
FY26
Highlights for Q1 FY26
1. Before investments in growth ($60M) and exploration ($12M)
2. Excluding gold price linked OPA, AISC was $2,792/oz
Reduction in TRIFR by 11%
5
18.44
5.67 5.04
0
5
10
15
20
12
Month
rolling
Injury
Frequency
Rate
(injuries/million
hours
worked)
Q1
FY23
Q2
FY23
Q3
FY23
Q4
FY23
Q1
FY24
Q2
FY24
Q3
FY24
Q4
FY24
Q1
FY25
Q2
FY25
Q3
FY25
Q4
FY25
Q1
FY26
Two quarters to
stabilise the
Murchison
Six quarters of cash, bullion & liquids build Two quarters to
stabilise the
merged business
Momentum building post merger
Reset, stabilise, grow then repeat
12
(13)
50
Q2
FY25
55
25
Q3
FY25
112
Q4
FY25
Q1
FY26
Q1 FY26
Closing
Cash,
Bullion,
& Liquids
Balance
Q1
FY24
FY23
Opening
Cash,
Bullion &
Liquids
Balance
Q1
FY23
Q2
FY23
Q3
FY23
Q4
FY23
20
Q2
FY24
Q3
FY24
Q4
FY24
(7)
(153)
190
(31) 0
Q1
FY25
24
25
21 9
16
9 49
80
132
108 472
(160)
Cash, bullion & liquids build Merger Costs Debt facility utilisation Cash for Lakewood sale
6
Quarterly cash, bullion and liquid investment build ($M)
FY26 - guidance maintained
7
Q1 FY26
Production (oz)1 83,937
AISC (A$/oz)2 2,861
FY26 Guidance
345,000 – 385,000
2,600 – 2,900
Non-sustaining capital (A$M) 60 270
Exploration (A$M) 12 50
1. Westgold’s FY26 production guidance assumes ~15,000 – 30,000 ounces of production from purchased third party ore.
2. Included in Westgold’s AISC/oz guidance are indicative costs for third party purchased ore.
Production ramp up in H2
16.3Moz of Resource & 3.5Moz of Reserves
8
24% growth in Mineral Resource & 5% growth in Ore Reserve in 12 months
FY18
2.17
FY19
2.14
FY20
2.22
FY21
2.24
FY22
2.39
FY23
2.29
FY24 FY25
13.2
16.3
4.6
8.5
6.6
9.7
2.10
FY17
2.11
9.9 9.3 9.1 8.8
7.9 7.9 8.3
2.18
Resource Grade (g/t)
Southern Goldfields Resource (Moz)
Murchison Resource (Moz)
FY17 FY18 FY19 FY20 FY21 FY22 FY23
2.1
1.2
FY24
2.4
1.1
FY25
2.6
0.1
2.6
0.3
2.6
0.5
2.6
0.8
2.2
1.0
2.1
1.3
2.0
1.5
3.3
1.8
3.5
2.1
Murchison Ore Reserves (Moz)
Southern Goldfields Ore Reserves (Moz)
Cumulative Production (Moz)
3 years of consecutive Mineral Resource growth 2 years of consecutive Ore Reserve growth
3 Year Outlook - Pathway to 470koz with reducing AISC
9
197
235
281 306
129
130
139
164
2,666 2,750
2,456 2,499
FY25 FY26 Guidance
Midpoint
FY27 Outlook FY28 Outlook
326
365
420
470
Murchison (koz) Southern Goldfields (koz) AISC ($/oz)
A$199M
A$270M
A$307M
A$225M
A$43M A$50M A$50M A$50M
FY25 FY26 Guidance
Midpoint
FY27 Outlook FY28 Outlook
Non-Sustaining Capex Exploration & Resource Definition
A high confidence, executable baseline for Westgold
Production and AISC outlook Capital outlook
Upside NOT included in 3 Year Outlook
10
• Accelerated & further expansion of Bluebird-
South Junction Underground Mine
• Expansion of Higginsville Mill beyond 2.6Mtpa
• Expansion of Fortnum Mill to 1.5Mtpa
• Operational Improvements
• Extensions to Murchison open pit program
• Fletcher Zone
• Exploration, resource conversion, ore purchase
or toll treating opportunity
• Review of assets currently in care &
maintenance
Excluded upside Potential opportunity
Targeting 1.2Mtpa being achieved by FY27, 1 year ahead of 3YO
Plant design to incorporate expanding beyond 2.6Mtpa
Infill drilling being completed at Fortnum to solidify investment case
3YO modelled on FY25 productivity - benefit from investment in fleet and
infrastructure represents upside
• Larkin & Mason Zones
Drilling success could expand high confidence open pit program
Substantial drilling program in FY26 – early opportunities to mine
extensional areas of Fletcher may become available
Drilling in FY26/27 could provide additional in-mine opportunities to
increase Beta Hunt mining rates
Group Mineral Resource at 16.3Moz >> Group Ore Reserve at 3.5Moz
Restart of mines in care & maintenance by Westgold or third-parties
FY26 FY27 FY28
Operational Results
11
Results in-line with
plan
FY26 Production is H2 weighted
AISC increased in Q1 - primarily due to
gold price linked ore purchase
agreement (OPA) & planned
maintenance costs
AISC excluding OPA was $2,792/oz
AISC margin of $2,435/oz (achieved
gold price above the AISC)
2,422
2,703 2,829 2,688 2,861
3,723
4,066
4,630
5,174 5,296
Q2 FY25 Q3 FY25 Q4 FY25
219 227
237
Q1 FY25 Q1 FY26
187
240
Achieved gold price
(A$/oz)
AISC ($/oz)
AISC ($M)
52,889 46,461 42,906
54,811 53,140
24,480 34,425 37,201
33,211 30,797
Q2 FY25 Q3 FY25
80,886 80,107
Q1 FY25 Q4 FY25 Q1 FY26
77,369
88,022 83,937 Gold production (oz)
Southern Gold Fields
Murchison
12
Operations perform in line with expectation
Planned shutdowns & paste transition reduced quarterly production from Q4, FY25
Q2
FY25
Q3
FY25
Q4
FY25
1.12
1.00
1.26
Q1
FY26
1.23
2.3
2.5
2.3 2.2
Q2
FY25
Q3
FY25
Q4
FY25
Q1
FY26
Q2
FY25
Q3
FY25
Q4
FY25
1.34 1.30
1.41
Q1
FY26
1.36 2.1 2.1 2.1 2.1
Q2
FY25
Q3
FY25
Q4
FY25
Q1
FY26
Q2
FY25
Q3
FY25
Q4
FY25
80.9 80.1
88.0
Q1
FY26
83.9
Ore Mined (Mt) Mined Grade (g/t) Ore Processed (Mt) Milled Grade (g/t) Gold Produced (koz)
Lower ore mined
driven by reduced
level access & paste
establishment at
Bluebird-South
Junction
Consistent quarter
on quarter with
higher Bluebird-
South Junction
grades offset by
lower grades at
Starlight and Big Bell
Marginally lower mill
throughput quarter on
quarter due to planned
processing
maintenance and
additional toll
treatment in Q4 for the
Southern Goldfields.
Key opportunity in
future to increase
grade though Great
Fingall ore and
increasing mine to
stockpile ratio in
mill feed
Q1 FY26 production
impacted by
processing
shutdowns and
greater development
requirements & paste
fill commencement
at South Junction
13
The Murchison
54,811 53,140
3,727
Q4 FY25
Murchison
Gold
Produciton
Meekatharra
Hub
Cue Hub Q1 FY26
Murchison
Gold
Produciton
Fortnum
Hub
(2,662) (2,736)
Change in gold output by hub quarter on quarter (oz)
All hubs had planned shutdowns - reducing total
production at Fortnum and Cue
Meekatharra hub production increased - due to the
early delivery of oxide pit ore from NMG and higher
grades from Bluebird-South Junction underground
Total AISC of $163M (Q4 FY25: $138M) - higher due to
gold price linked OPA and planned processing
maintenance
Non-sustaining capex investment of $38M
Generated $74M in net mine cash flow
14
15
Bluebird-South Junction UG
Finalised South Junction mine design
Mine design updated & paste fill commissioned
Typical South Junction
level design
South Junction orebody
Bluebird paste plant
HG oxide lifts milled grade at Meekatharra
16
Crown Prince (high grade oxide pit) - 33km from Westgold
processing hub at Meekatharra
Pit operated by New Murchison Gold (ASX:NMG) – ore
being delivered to Meekatharra hub under ore purchase
agreement with Westgold
First ore delivered in September 2025
▪ 33kt of ore at 3.3g/t, with 24kt processed for 2,601oz
▪ $13M AISC impact
1. Refer to ASX announcement titled “Crown Prince Ore to Increase Production at Meekatharra” – 12 December 2024
Great Fingall – a“new”HG underground mine
Fingall Flats mining completed in Q1 FY26
Barminco commenced operations in September
2 historic and high-grade undergrounds in one
Development targeting ~0.5Mtpa at steady state
Decline pushes on to virgin stoping areas
▪ Great Fingall and Golden Crown historic workings being dewatered
▪ Drilling in-mine targets (Sovereign)
First HG ore from virgin stopes - Q2 FY26
17
The Southern Goldfields
Lower quarter on quarter production
Consistent mining rates and grades from Beta Hunt
New primary vent fans running and new rising main
installed – set up to deliver production ramp up in Q2
Total AISC of $77M (Q4 FY25: $99M) - due to the
combined impact of a 61kt stockpile build and the non-
cash adjustment to stockpile values (PPA)
Non-sustaining capex investment of $22M
Generated $59M in net mine cash flow
18
Clean water supply
▪ Formidable pit pumping & piping delivers reliable clean
water supply - completed
▪ Increase pumping capacity out of the mine from 20l/s to
50l/s – pump install commenced
Primary vent upgrades
▪ Added two new primary fans to almost double primary
vent capacity
UG trucks replaced
▪ Aged trucking fleet replaced
Beta Hunt – expansion to >2Mtpa
Infrastructure projects complete - Unleash the beast
19
Financial results
20
Strong cash generation from operations
21
Q2
FY25
Q3
FY25
Q4
FY25
Q1
FY26
86.9
78.4
71.5
94.9
4,066
4,630
5,174
5,296
Q2
FY25
Q3
FY25
Q4
FY25
Q1
FY26
2,703
2,829
2,688
2,861
Q2
FY25
Q3
FY25
Q4
FY25
Q1
FY26
45
87
171
133
Q2
FY25
Q3
FY25
Q4
FY25
Q1
FY26
152
232
362
472
Q2
FY25
Q3
FY25
Q4
FY25
Q1
FY26
Gold sold (koz) Realised gold price (g/t) AISC ($/oz) Net mine cash flow
($M)
Closing Cash, Bullion &
Investments ($M)
Q on Q variance
related to sales
timing
$96M in closing
bullion at end of Q4
sold in Q1 FY26
Realising full value
for the rising gold
price
Westgold has been
fully unhedged
since end of FY24
Q on Q increase
related to OPA and
lower production
Costs to further
reduce as growth
projects complete
Strong margins
generate strong
cash flows
Further room to
grow margins with
future cost
improvement
$108M built in Cash,
Bullion &
Investments Q on Q
$180M underlying cash build - before growth & exploration
Cash, Bullion, and Liquid Investments Movement (A$M)
* Investments exclude ~$15M received in Blackcat Syndicate scrip which remain under escrow until 31 March 2026
22
180
84
61
54
Opening
Cash,
Bullion
&
Investments
96
Opening
Bullion
28
Opening
Investments
Opening
Cash
Murchison
Operating
Cashflow
Southern
Goldfields
Operating
Cashflow
Sustaining
Capital
(12)
PP&E
(21)
Growth
Capital
364
240
359 357
(39)
Closing
Cash,
Bullion
&
Investments
Closing
Investments
Lease
Payments
Closing
Cash
Investment
in
NMG
Equity
Raise
(14)
(2)
(12)
Working
Capital
Closing
Operating
Cash
Exploration
(35)
Closing
Bullion
(12)
Stockpiles
472
Operating Non-Sustaining Capex
& Exploration
Working Capital
+$108M
Increasing shareholder returns
23
Dividends and Share Buy Backs
H1 FY24 H2 FY24 H1 FY25 H2 FY25
A$4.7M
(1cps)
A$5.6M
(1.25cps)
A$28.3M
(3cps)
Dividends declared under FY25
Dividend Policy
FY26 Dividend Policy
Increase the minimum
dividend per Westgold
Share from 1cps (FY25
policy) to 2cps (FY26 policy)
Maintain maximum
dividend at 30% free cash
flow
Increase the required
minimum net cash balance
from A$100M to A$150M
FY26 on-market
share buy-back1
Up to 5% share buy-back
Undertaken over 12 months
78% dividend payout ratio in FY25
1. The Share Buy-Back will be undertaken in compliance with Australian
and Canadian securities laws with all purchases made through the
facilities of the ASX.
What'sahead?
24
Non-core asset divestment
Westgold (ASX/TSX: WGX) - Value proposition
26
Unhedged, ASX200 Australian gold
producer
Four processing hubs in Western
Australia - Group milling capacity of
~6Mtpa
Grade and operational efficiency
improving – driving FCF and shareholder
returns
Organic growth – a pathway to 470koz @
A$2,499/oz in FY28
A$5.3Bn
Market Cap1
A$472M
Cash, bullion & liquids2
16.3Moz Au
Mineral Resource3
3.5Moz Au
Ore Reserve3
326koz Au
FY25 Production
A$2,666/oz
FY25 AISC
1. As at 6 October 2025; 2. As at 30 September 2025; 3. Refer to “Ore Reserves and Mineral Resources” section in slide 3 for the further information.
Allthat glitters isgold –Westgold.
www.westgold.com.au 27
Investor Relations & Media
Kasun Liyanaarachchi
Group Manager Investor Relations & Communications
Kasun.Liyanaarachchi@westgold.com.au
+61 458 564 483
Mineral Resource Statement: Operating Mines
Murchison Gold Operations (Rounded for reporting)
Measured Indicated Measured and Indicated Inferred Total
Project
Tonnes
('000s)
Grade
Ounces
Au ('000s)
Tonnes
('000s)
Grade
Ounces
Au ('000s)
Tonnes
('000s)
Grade
Ounces
Au ('000s)
Tonnes
('000s)
Grade
Ounces
Au ('000s)
Tonnes
('000s)
Grade
Ounces
Au ('000s)
Big Bell UG 5,010 2.51 405 8,216 3.10 819 13,226 2.88 1,224 7,414 2.90 691 20,640 2.89 1,915
Big Bell Cave 6,553 1.09 229 0 0 0 6,553 1.09 229 0 0 0 6,553 1.09 229
Fender UG 111 2.91 10 168 2.62 14 280 2.74 25 157 2.54 13 437 2.67 37
Great Fingall UG 0 0.00 0 2,202 4.25 301 2,202 4.25 301 955 2.96 91 3,157 3.86 392
Golden Crown UG 0 0.00 0 540 5.25 91 540 5.25 91 2,279 3.05 224 2,819 3.47 315
Bluebird Group UG 334 3.94 42 7,251 2.99 697 7,585 3.03 739 6,644 2.59 553 14,229 2.83 1,293
Starlight UG 3,898 3.04 381 2,702 2.65 230 6,600 2.88 611 2,625 3.02 255 9,225 2.92 866
Total 15,906 2.09 1,067 21,079 3.18 2,152 36,986 2.71 3,220 20,075 2.83 1,827 57,060 2.75 5,047
At 30 June 2025[1]
1. See Westgold ASX Announcement dated 3 September 2025 – Resources and Reserve Statement available at www.asx.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in that
announcement and that all material assumptions and technical parameters underpinning the Mineral Resource and Ore Reserve estimates in that announcement continue to apply and have not materially changed. Refer to “Ore Reserves and Mineral Resources”section
in slide 3 for the further information.
Southern Goldfields Gold Operations (Rounded for reporting)
Measured Indicated Measured and Indicated Inferred Total
Project
Tonnes
('000s)
Grade
Ounces
Au ('000s)
Tonnes
('000s)
Grade
Ounces
Au ('000s)
Tonnes
('000s)
Grade
Ounces
Au ('000s)
Tonnes
('000s)
Grade
Ounces
Au ('000s)
Tonnes
('000s)
Grade
Ounces
Au ('000s)
Two Boys 94 5.94 18 256 3.15 26 349 3.90 44 163 5.75 30 512 4.49 74
Lake Cowan 180 1.90 11 129 1.29 5 309 1.65 16 19 1.60 1 329 1.60 17
Beta Hunt 10,435 2.37 795 13,140 2.23 944 23,575 2.29 1,739 39,975 2.27 2,914 63,550 2.28 4,653
Total 10,709 2.
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