December 2025 Quarterly Webcast Presentation
Released
Released
Announcement PDF
Q2FY26QuarterlyResults
ASX | TSX : WGX
westgold.com.au
Important Notices and Disclaimer
Investor Presentation
This investor presentation is dated 21 January 2026 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
Record cash and production in Q2 FY26
$365M
Underlying cash build1
$654M
Closing cash, bullion & liquids
111,418oz
Gold Production
$2,945/oz
AISC ex. OPA
4
Highlights
1. Before one off items (debt repayments ($50M), stamp duty ($76M), dividends & buyback ($29M), and proceeds from asset sales $26M) and investments in growth ($48M) and exploration ($6M)
$182M
increase in cash,
bullion and liquids in Q2
$3,500/oz
AISC inc. OPA
Two quarters to stabilise the merged
business
Momentum building
Systematically optimising the portfolio
FY25 Opening
Cash, Bullion &
Liquids Balance
Q1
FY25
Q2
FY25
Q3
FY25
Q4
FY25
Q1
FY26
Q2
FY26
Q2 FY26 Closing
Cash, Bullion, &
Liquids Balance
263
654
(160)
49
80
132
108
182
+$290M
5
Quarterly cash, bullion and liquid investment build ($M)
$290M cash, bullion and liquid investment build in H1 FY26
3 Year Outlook - Pathway to 470koz with reducing AISC
6
197
235
281 306
129
130
139
164
2,666 2,750
2,456 2,499
FY25 FY26 Guidance
Midpoint
FY27 Outlook FY28 Outlook
326
365
420
470
Murchison (koz) Southern Goldfields (koz) AISC ($/oz)
A$199M
A$270M
A$307M
A$225M
A$43M A$50M A$50M A$50M
FY25 FY26 Guidance
Midpoint
FY27 Outlook FY28 Outlook
Non-Sustaining Capex Exploration & Resource Definition
A high confidence, executable baseline for Westgold
Production and AISC outlook Capital outlook
FY26 - guidance maintained
7
Q2 FY26
Production (oz) 111,418
AISC exc. OPA (A$/oz) 2,945
H1 FY26
195,355
2,871
Non-sustaining capital
(A$M)
48 108
Exploration (A$M) 6 18
FY26 Guidance
345,000 – 385,000
2,600 – 2,900
270
50
OPA Cost ($M) 128 141
83% of avg. gold
price (ie. 17% margin)
Operational Results
8
Record production - margins maintained
Production efficiency
improvements expected to
continue, though increased
planned maintenance expected in
Q3, and Q2 volume of third-party
ore purchase not assumed
AISC increased in Q2 - primarily due
to gold price linked OPA (Murchison)
and royalties
AISC excluding OPA was $2,945/oz
AISC margin of $2,856/oz (achieved
gold price above the AISC)
219 227 237
227 262
128
2,703 2,829 2,688 2,861
3,500
4,066
4,630
5,174 5,296
6,356
2,792
2,945
Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26
240
390
13
Achieved gold price
(A$/oz)
AISC inc. OPA ($/oz)
AISC ex. OPA ($M)
Gold production (oz)
9
46,461 42,906
54,811 53,140
80,934
34,425 37,201
33,211 30,797
30,484
Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26
80,886 80,107
88,022 83,937
111,418
Southern Gold Fields
Murchison
AISC ex. OPA ($/oz)
OPA Cost ($M)
Operational performance lifts in Q2
Murchison operations outperform and deliver record group outputs
Q3
FY25
Q4
FY25
Q1
FY26
Q2
FY26
1.00
1.26 1.23 1.19 2.5
2.3 2.2
2.4
Q3
FY25
Q4
FY25
Q1
FY26
Q2
FY26
Q3
FY25
Q4
FY25
Q1
FY26
Q2
FY26
1.30
1.41 1.36
1.53
2.1 2.1 2.1
2.4
Q3
FY25
Q4
FY25
Q1
FY26
Q2
FY26
Q3
FY25
Q4
FY25
Q1
FY26
Q2
FY26
80.1
88.0
83.9
111.4
Ore Mined (Mt) Mined Grade (g/t) Ore Processed (Mt) Milled Grade (g/t) Gold Produced (koz)
Completion of Lake
Cowan open pits
and scheduled
slower mining rates
at Fender
Strong production
from higher grade
Starlight stopes at
Fortnum. Elsewhere -
mined grades were
as planned.
~13% increase in ore
processed in Q2.
Meekatharra Hub a
stand-out, driven by
increase of softer
oxide ore in the blend.
Milled grade
increasing in line
with 3YO as higher-
grade ore sources
begin to replace low
grade stockpiles.
New production
record - Q2 up
33% due to
elective production
from the Murchison
10
The Murchison
53,140
80,934
6,353
17,363
4,078
Q1 FY26
Murchison
Gold
Produciton
Fortnum
Hub
Meekatharra
Hub
Cue Hub Q2 FY26
Murchison
Gold
Produciton
Change in gold output by hub quarter on quarter (oz)
All hubs outperformed quarter on quarter
Meekatharra hub production increased -
with the soft oxide pit ore from the OPA
enabling processing at an annualised rate of
over 2Mtpa (historical capacity 1.6-1.8Mtpa)
Total AISC of $280M (Q1 FY26: $163M) –
election to process increased volume of
higher cost OPA delivered increased cashflow
Non-sustaining capex investment of $37M
Generated $196M in net mine cash flow,
164% increase compared to Q1 FY26
11
12
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 milling rates at Meekatharra
13
Crown Prince (high grade oxide pit) - 33km from
Westgold processing infrastructure
Pit operated by New Murchison Gold (ASX:NMG) –
softer, higher-grade oxide ore being delivered to
Meekatharra hub under ore purchase agreement
with Westgold
Election to purchase substantially higher volume
of ore in Q2
181kt of ore processed (Q1: 33kt) at 4.0g/t, for
22,317oz
$128M AISC impact (Q1: $13M)
Despite higher unit cost - increased milling
throughput accelerated cash generation.
1. Refer to ASX announcement titled “Crown Prince Ore to Increase Production at Meekatharra” – 12 December 2024
Crown Prince
Bluebird-South
Junction
The Southern Goldfields
Q2 production steady at 30,484oz (Q1: 30,797oz)
Beta Hunt mining rate higher, grade slightly lower -
396kt at 2.2g/t for 27,603oz (Q1: 381kt at 2.3g/t for
27,642oz)
Key infrastructure upgrades completed in Q1
enabling increased underground development to
open additional mining fronts – target mining rate
remains 2Mtpa by end of FY26
Total AISC of $110M (Q1: $77M) - predominantly due
to gold price linked royalties, and increased
development positioning for a ramp up in production
in Q3.
Non-sustaining capex investment of $11M
Generated $69M in net mine cash flow (Q1: $59M) 14
Financial results
15
Strong cash generation from operations
16
Q3
FY25
Q4
FY25
Q1
FY26
78.4
71.5
94.9
Q2
FY26
115.2
4,630
5,174 5,296
6,356
Q3
FY25
Q4
FY25
Q1
FY26
Q2
FY26
2,829
2,688
2,861
3,500
Q3
FY25
Q4
FY25
Q1
FY26
Q2
FY26
87
171
133
265
Q3
FY25
Q4
FY25
Q1
FY26
Q2
FY26
232
362
472
654
Q3
FY25
Q4
FY25
Q1
FY26
Q2
FY26
Gold sold (koz) Realised gold price ($/oz) AISC inc. OPA ($/oz) Net mine cash flow
($M)
Closing Cash, Bullion &
Investments ($M)
Bullion sales up
~21% Q on Q on
higher production
$49M in closing
bullion inventory at
end of Q2 FY26
Realised gold price
increased to
$6,356/oz
Westgold
remains fully
unhedged
Q on Q increase
primarily due to OPA
strategy to drive cash
generation
3YO pathway to lift
grade and lower cost
structure portfolio-
wide
Strong margin
($2,856/oz) on higher
sales doubled Q2
net mine cash flow
Margins set to improve
in FY26 H2 with lower
costs including lower
OPA price phase
$182M built in
Cash, Bullion &
Investments Q on Q
Underlying build of
$365M
$365M underlying cash build1
Cash, Bullion, and Liquid Investments Movement (A$M)
1. Underlying cash build was $365M before one off items (stamp duty ($76M), debt repayments ($50M), dividends and share buy backs ($29M), and proceeds from asset sales totalled $26M), growth and exploration spend (invested $48M on non-
sustaining capital and $6M on exploration)
2. Proceeds from Asset Sales of $26M relating to the Lakewood Sale and Alicanto deposit received in the quarter.
3. Closing Q2, FY26 investments include 1.7B NMG shares - but exclude 19.8M shares in Blackcat Syndicate Limited (ASX: BC8 - under escrow until 31/03/2026) and 31.8M shares in Kali Metals Limited (ASX:KM1 - under escrow until 8/01/2026).
17
Sustaining
Capital
4
Stockpiles
32
Working
Capital
(14)
Lease
Payments
(35)
49
Closing
Cash
Debt
Repayment
(50)
26
Proceeds
from
Asset
Sales
2
Dividend
Paid
&
Share
buy
back
(29)
Stamp
Duty
Paid
249
Closing
Operating
Cash
Exploration
(6)
PP&E
(13)
Growth
Capital
357
649
521
654
Opening
Cash,
Bullion
&
Investments
(61)
Closing
Cash,
Bullion
&
Investments
Opening
Bullion
(54)
(13)
Opening
Investments
Opening
Cash
Closing
Investments
3
(76)
Murchison
Operating
Cashflow 84
88
Southern
Goldfields
Operating
Cashflow
Closing
Bullion
472
Operating Non-Sustaining Capex
& Exploration
Working Capital
+$182M
Increasing shareholder returns
18
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's ahead?
19
Non-core asset divestment continues
20
Comet and Reedy’s demerger
21
Demerger and concurrent IPO launched to spin out Westgold’s
non-core Reedy’s and Comet assets into Valiant Gold Limited, a
new standalone ASX-listed gold company.
Valiant to raise $65–$75 million via IPO, with a $20 million priority
offer available to eligible Westgold shareholders, establishing a
well-funded platform for development.
Westgold to retain a 44–48% cornerstone equity position,
maintaining exposure to exploration success and future
production growth.
Ore Purchase Agreement (OPA) to be executed, providing Valiant
with fast-track, low-capex access to cash flow via processing at
Westgold’s Cue and Meekatharra hubs.
1.2Moz Mineral Resource base across the Reedy’s and Comet
packages, with multiple near-term restart opportunities and
significant exploration upside.
Strategic portfolio simplification for Westgold, unlocking value from non-core projects
Westgold (ASX/TSX: WGX) - Value proposition
22
Unhedged, debt free, 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$6.3Bn
Market Cap1
A$654M
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 19 January 2026; 2. As at 31 December 2025; 3. Refer to “Ore Reserves and Mineral Resources” section in slide 3 for the further information.
Adebtfree,unhedgedAustraliangold
minerwithmomentum…
www.westgold.com.au 23
Investor Relations
Kasun Liyanaarachchi
Group Manager Investor Relations & Communications
Kasun.Liyanaarachchi@westgold.com.au
+61 458 564 483
Media
Annette Ellis
Manager Corporate Affairs
Annette.ellis@westgold.com.au
+61 458 200 039
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 2.39 824 13,525 2.24 975 24,234 2.31 1,800 40,158 2.28 2,944 64,391 2.29 4,744
Beta Hunt Nickel Operation (Rounded for reporting)
Measured Indicated Measured and Indicated Inferred Total
Project
Tonnes
('000s)
Ni (%) NiT ('000s)
Tonnes
('000s)
Ni (%) NiT ('000s)
Tonnes
('000s)
Ni (%) NiT ('000s)
Tonnes
('000s)
Ni (%) NiT ('000s)
Tonnes
('000s)
Ni (%) NiT ('000s)
Beta Hunt 0 0.0% 0 749 2.8% 21 749 2.8% 21 499 2.7% 13 1,248 2.8% 35
Total 0 0.0% 0 749 2.8% 21 749 2.8% 21 499 2.7% 13 1,248 2.8% 35
24
Mineral Resource Statement: Non-Operating Projects
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 I
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