March 2026 Quarterly Webcast Presentation
March 2026
Quarterly Webcast
ASX |TSX: WGX
westgold.com.au
Important Notices and Disclaimer
Investor Presentation
This investor presentation is dated 29 April 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.
Financial values are reported in A$ unless otherwise specified.
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. In events subsequent, Westgold divested the Mt Henry-Selene project, which had associated with it a Mineral
Resource of 24Mt at 1.2g/t gold for 0.9Moz contained gold and an Ore Reserve of 11.7Mt at 1.3g/t Au for 478,300oz – see ASX
announcement titled “Mt Henry-Selene Gold Project Divested for $64.6M" released to the ASX on 17 December 2025 and available at
www.asx.com.au. In events subsequent, Westgold spun out its Reedy and Comet projects, which had associated with it approximately
1.2Moz of JORC-compliant Mineral Resources - Refer to Valiant Gold Limited’s (ASX:VAL) Prospectus (specifically Section 2.3 and
Attachment A) dated 16 February 2026 for further information regarding the Mineral Resource estimates for the Reedy and Comet
Projects. 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
Q3 FY26 Results
$285M
Underlying cash build1
$856M
Closing Treasury Balance
93,145oz
Gold Production
$2,931/oz
AISC ex. OPA
4
Highlights
1. Treasury (cash, bullion and liquid investments) build before one off items (Share buy backs $3M), growth and exploration spend (invested $81M on non-sustaining capital and $13M on exploration), and one-off cash inflows (proceeds from
asset sales totalled $14M)
$202M
Q3 Treasury Build
$3,338/oz
AISC inc. OPA
Q3, FY26 - production and cash flow from operations
5
Westgold Mined Production Third Party Ore Purchase
79kozgold production 14kozgold production
$2,931/oz AISC $5,493/ozAISC
$326M net mine operating cash flow $22M net mine operating cash flow
Group Production
93koz at AISC of $3,338/oz
$348M net mine operating cash flow
Two quarters to stabilise the
Karora transaction
Momentum building - $492M treasury build YTD1
FY25 Opening
Cash, Bullion &
Liquids Balance
(160)
Q1
FY25
49
Q2
FY25
80
Q3
FY25
132
Q4
FY25
108
Q1
FY26
182
Q2
FY26
Q3 FY26 Closing
Cash, Bullion, &
Liquids Balance
263
856
Q3
FY26
202
+$492M
6
Quarterly Treasury Build ($M)
1. Treasury (cash, bullion and liquid investments)
Guidance on track, with cost at the top end
7
Q2 FY26
Production (oz) 111,418
AISC exc. OPA ($/oz) 2,902*
YTD FY26
288,500
2,809
Non-sustaining capital ($M) 52 198
Exploration ($M) 6 31
FY26 Guidance
345,000 – 385,000
2,600 – 2,900
270
50
OPA Cost ($M) 128 221
83% of avg. gold price (ie. 17%
margin) – processing costs
Q1 FY26
83,937
2,731*
65
12
13
Q3 FY26
93,145
2,931
80
81
13
* Q1 and Q2 FY26 AISC adjusted post Half-Year Financial Report for the period ended 31 December 2025
3 Year Outlook - Pathway to 470koz with reducing AISC
8
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
Operational Results
9
Expanding margins
Production ramp up expected in Q4
as Bluebird South Junction
approaches 1Mtpa and Beta Hunt
reaches 2Mtpa mining rates
AISC excluding OPA was $2,931/oz
inline with previous quarter
AISC inc. OPA reduced in Q3
AISC margin of $3,742/oz (achieved
gold price above the AISC) 227 237
222 258 231
128
80
2,688 2,801
3,466 3,338
4,630
5,174 5,296
6,356
7,080
2,731
2,931
Q3 FY25 Q4 FY25
13
Q1 FY26
2,902
Q2 FY26 Q3 FY26
235
386
311
Achieved gold price
($/oz)
AISC inc. OPA ($/oz)
AISC ex. OPA ($M)
Gold production (oz)
10
42,906
54,811 53,140
80,934
64,132
37,201
33,211 30,797
30,484
29,013
Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26
80,107
88,022 83,937
111,418
93,145
Southern Gold Fields
Murchison
AISC ex. OPA ($/oz)
OPA Cost ($M)
Performance normalises in Q3
Murchison operations outperform and deliver record group outputs
Q4
FY25
Q1
FY26
Q2
FY26
1.26 1.23 1.19
Q3
FY26
1.15 2.3 2.2
2.4
2.2
Q4
FY25
Q1
FY26
Q2
FY26
Q3
FY26
Q4
FY25
Q1
FY26
Q2
FY26
1.41 1.36
1.53
Q3
FY26
1.48
2.1 2.1
2.4
2.1
Q4
FY25
Q1
FY26
Q2
FY26
Q3
FY26
Q3
FY25
Q4
FY25
Q1
FY26
Q2
FY26
80.1
88.0
83.9
111.4
Q3
FY26
93.1
Ore Mined (Mt) Mined Grade (g/t) Ore Processed (Mt) Milled Grade (g/t) Gold Produced (koz)
Lower mined tonnes
from Beta Hunt and
completion of Lake
Cowan Open pits in
Q2 FY26
Lower grade from
Beta Hunt, Starlight
and Two Boys
Blending of soft oxide
continues to uplift
milling rates despite
increased planned
maintenance
Impacted by mined
grade and lower
grade OPA material
compared to Q2
Strong production
results continue
11
Hubperformance
Hub performance
Fortnum Hub
Fortnum Mill – 0.9Mtpa
Meekatharra Hub
Bluebird Mill - 1.8Mtpa
Cue Hub
Tuckabianna Mill – 1.4Mtpa
Starlight UG & Fortnum
stockpiles
Feed: Bluebird-South Junction UG,
Fender, Cue & Fortnum
stockpiles, NMG Ore
Purchase
Feed: Big Bell UG, Great Fingall, Cue
stockpiles
Feed:
18,149 15,487
21,840
16,175
2.6
2.3
3.1
2.4
Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26
Gold produced (oz) Milled grade (g/t)
19,640
23,367
40,730
31,394
1.7
2.0
2.2
Q4 FY25 Q1 FY26
2.6
Q2 FY26 Q3 FY26
17,022 14,286
18,364 16,563
1.8 1.8 1.9 1.8
Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26
12
Higginsville Hub1
Higginsville Mill – 1.6Mtpa
Beta Hunt, Two Boys, Lake
Cowan OP, LG stockpiles
Feed:
33,211 30,797 30,484 29,013
2.4 2.3 2.3 2.2
Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26
1. Performance includes Lakewood toll treatment
Financial results
13
Strong cash generation from operations
14
Q4
FY25
Q1
FY26
Q2
FY26
Q3
FY26
71.5
94.9
115.2
69.9
5,174 5,296
6,356
7,080
Q4
FY25
Q1
FY26
Q2
FY26
Q3
FY26
2,688 2,731
2,902 2,931
Q4
FY25
Q1
FY26
Q2
FY26
Q3
FY26
87
171
133
265 254
Q3
FY25
Q4
FY25
Q1
FY26
Q2
FY26
Q3
FY26
232
362
472
654
856
Q3
FY25
Q4
FY25
Q1
FY26
Q2
FY26
Q3
FY26
Gold sold (koz) Realised gold price ($/oz) AISC excl. OPA ($/oz) Net mine cash flow
($M)
Closing Cash, Bullion &
Investments ($M)
Timing of gold sales,
$225M in bullion
inventory
Realised gold price
increased to
$7,080/oz
Westgold
remains fully
unhedged
Consistent Q on Q
3YO pathway to lift
grade and lower cost
structure portfolio-
wide
Strong margin
($3,742/oz) delivers
strong revenue
Margins set to improve
in FY26 H2 with lower
costs including lower
OPA price phase
$202M built in
Cash, Bullion &
Investments Q on Q
$600M credit facility
lifts available
liquidity to $1.45B
$285M underlying cash build1
Treasury Movement ($M)
1. Treasury (cash, bullion and liquid investments) build was $285M before one off payments (Share buy backs $3M), growth and exploration spend (invested $81M on non-sustaining capital and $13M on exploration), and one-off cash inflows
(proceeds from asset sales totalled $14M)
2. Proceeds from Asset Sales of $14M relating the remainder of the $15M cash consideration for Mt Henry-Selene from Alicanto. $1M deposit was received in the prior quarter
3. Closing Q3, FY26 investments exclude investment in Valiant Gold
15
Opening
Cash,
Bullion
&
Investments
(49)
Opening
Bullion
(84)
Opening
Investments
Opening
Cash
113
Murchison
Operating
Cashflow
37 (11)
Sustaining
Capital
(13)
Stockpiles
(3)
Closing
Operating
Cash
Exploration
(13)
PP&E
(26)
Growth
Capital
(55)
654
521
Tax
Payment
479
856
Closing
Cash,
Bullion
&
Investments
Closing
Investments
3
(34)
152
Closing
Bullion
Lease
Payments
Southern
Goldfields
Operating
Cashflow
225
(15)
Closing
Cash
14
Working
Capital
Share
Buy
Back
Proceeds
from
Asset
Sales
2
(36)
468
Operating Non-Sustaining Capex
& Exploration
Working Capital
+$202M
Increasing shareholder returns
16
FY26 on-market share buy-back1
Up to 5% share buy-back approved
Undertaken over 12 months
$4.3M returned to shareholders
1. Westgold commenced executing the Buy-Back program on 31 Oct 2025 in compliance with Australian and
Canadian securities laws with all purchases made through the facilities of the ASX.
FY24 FY25 FY26
$10.3M
(2.25cps)
$28.3M
(3cps)
Dividends declared under the FY25 Dividend Policy
78% dividend payout ratio in FY25
TBD
What's ahead?
17
Investing in the drill bit
18
23 drills operating across the portfolio
Starlight
x3
Paddy’s Flat
x2
Bluebird-South Junction
x1
x3
Great Fingall
x2
Fender
x1
Big Bell South
x1
Beta Hunt
x8
Norcott (Greenfields)
x1
Cuddingwarra (MOPP)1
x1
17
4
2
UG Diamond Drills
Surface Diamond Drill
Surface RC Drill
Murchison Southern Goldfields
1. MOPP – Murchison Open Pit Program
Bigger Mines and Bigger Mills
Board approves Higginsville Expansion (HXP) to 2.6Mtpa
19
$145M Capex for HXP lifts
throughput to 2.6Mtpa
increasing ore processing
capacity in the Southern
Goldfields by ~62.5%.
Increases gold
production by ~60kozpa
and reduces processing
costs by 24% to $34/t.
Financially compelling:
• Pre-tax NPV of $1.4B
• Pre-tax IRR of 43%
• Pre-tax payback of
21 months
Southern Goldfields
production lifts
from Mid FY28.
Portfolio simplification has generated ~$140M to date
20
Chalice and Peak Hill processes well progressed
Meekatharra Hub
Fortnum Hub
Higginsville Hub
Westgold – the gold bull’s pick
21
Long life assets underpinned
by growing reserves
5% Reserve growth in FY25; 23 drills
spinning at the end of Q3 FY26
Increasing shareholder
returns
Dividend and buy-back program in FY26
Two operating regions in a
Tier 1 jurisdiction
4 processing hubs in Western Australia
Internal near-term growth
3 Year Outlook articulates conservative
baseline to 470koz gold production in
FY28
ASX100, unhedged gold producer
288,500oz produced in FY26 to date
Strong balance sheet
underpinned by exceptional
cash flow generation
$1.45B in available liquidity
at 31 March 2026
Adebtfree,unhedgedAustraliangold
minerwithmomentum…
www.westgold.com.au 22
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
23
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.
In events subsequent, Westgold divested the Mt Henry-Selene project, which had associated with it a Mineral Resource of 24Mt at 1.2g/t gold for
0.9Moz contained gold and an Ore Reserve of 11.7Mt at 1.3g/t Au for 478,300oz – see ASX announcement titled“Mt Henry-Selene Gold Project Divested for $64.6M" released to the ASX on 17 December 2025 and available at www.asx.com.au. In events subsequent, Westgold
spun out its Reedy and Comet projects, which had associated with it approximately 1.2Moz of JORC-compliant Mineral Resources - Refer to Valiant Gold Limited’s (ASX:VAL) Prospectus (specifically Section 2.3 and Attachment A) dated 16 February 2026 for further information
regarding the Mineral Resource estimates for the Reedy and Comet Projects.
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 Indica
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