Announcement PDF ACN 009 260 306 HALF-YEAR FINANCIAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2023 CONTENTS CORPORATE DIRECTORY........................................................................................................ 1 APPENDIX 4D - RESULTS FOR ANNOUNCEMENT TO THE ASX .................................................... 2 DIRECTORS’ REPORT ............................................................................................................. 3 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 31 DECEMBER 2023 .................................................................................................................. 11 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2023 ................... 12 CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF-YEAR ENDED 31 DECEMBER 2023 ........................................................................................................................................... 13 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2023 .................................................................................................................. 14 NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2023 ....... 15 DIRECTORS' DECLARATION .................................................................................................. 24 AUDITOR’S INDEPENDENCE DECLARATION .......................................................................... 25 INDEPENDENT REVIEW REPORT ........................................................................................... 26 WESTGOLD RESOURCES LIMITED HALF YEARLY FINANCIAL REPORT 31 DECEMBER 2023 CORPORATE DIRECTORY DIRECTORS Hon. Cheryl Edwardes AM (Non-Executive Chair) Wayne C Bramwell (Managing Director) Fiona J Van Maanen (Non-Executive Director) Gary R Davison (Non-Executive Director) Julius L Matthys (Non-Executive Director) David N Kelly (Non-Executive Director) COMPANY SECRETARY Susan Park SENIOR EXECUTIVES Su Hau Heng (Chief Financial Officer) Phillip Wilding (Chief Operating Officer) REGISTERED OFFICE Level 6, 200 St Georges Terrace Perth WA 6000 P: +61 8 9462 3400 E: reception@westgold.com.au W: www.westgold.com.au POSTAL ADDRESS PO Box 7068 Cloisters Square WA 6850 SECURITIES EXCHANGE Listed on the Australian Securities Exchange and the OTC Best Market ASX Code: WGX OTCQX Code: WGXRF SHARE REGISTRY Computershare Investors Services Pty Ltd Level 17, 221 St Georges Terrace Perth WA 6000 P: +61 8 9323 2000 F: +61 8 9323 2033 W: www.computershare.com DOMICILE AND COUNTRY OF INCORPORATION Australia WESTGOLD RESOURCES LIMITED HALF YEAR FINANCIAL REPORT 31 DECEMBER 2023 1 APPENDIX 4D - RESULTS FOR ANNOUNCEMENT TO THE ASX This Appendix 4D is to be read in conjunction with the 2023 Annual Financial Report, the 31 December 2023 Half-year Financial Report and Directors’ Report. DIVIDEND INFORMATION The Board is pleased with the increasing strength in the Group’s financial position and its ability to meet its financial commitments. As such and as per the dividend policy, the Board has decided to pay an interim unfranked dividend for the current period of 1.0 cent per share. The interim dividend to be paid on 12 April 2024 is approximately $4.7 million. Westgold Resources Limited shares will trade excluding entitlement to the dividend on 28 March 2024, with the record date being 2 April 2024. CONSOLIDATED RESULTS Consolidated Revenue from ordinary activities 1 Cost of sales Profit/(Loss)from ordinary activities after tax attributable to members Net profit attributable to members Cash inflow from operating activities Cash outflow used in investing activities Cash outflow used in financing activities Cash costs per ounce All-in sustaining costs per ounce Gold produced Consolidated Assets Liabilities Net Assets Cash and cash equivalents Financial assets at fair value through profit and loss Net tangible assets per share 2 1. 2. 31 December 2023 $363,098,988 ($291,032,565) 31 December 2022 $316,033,771 ($325,822,033) Movement Movement $ % $47,065,217 15% $34,789,468 (11%) $43,788,666 $43,788,666 $161,237,951 ($102,824,764) ($10,251,738) $1,767 $2,093 122,342 oz ($11,142,886) ($11,142,886) $52,599,973 ($83,824,119) ($7,895,972) $1,844 $2,071 128,228 oz $54,931,552 $54,931,552 $108,637,978 ($19,000,645) ($2,355,766) ($77) $22 (5,886) (493%) (493%) 207% 23% 30% (4%) 1% (5%) 31 December 2023 30 June 2023 Movement $ Movement % $929,708,295 $286,494,824 $643,213,471 $224,573,304 $813,251,836 $214,912,538 $598,339,298 $176,411,855 $116,456,459 $71,582,286 $44,874,172 $48,161,449 14% 33% 7% 27% $1.36 $8,157,712 $1.26 ($8,157,712) $0.10 (100%) 8% Revenue from ordinary activities relates to revenue from contracts with customers from continuing operations. Net tangible assets include right-of-use assets. ANALYSIS OF CONSOLIDATED RESULTS Revenue: Reflects the increase in the achieved gold price of $529/oz (18%) as Westgold became free of fixed forward contracts in August 2023, offset by a decrease in gold sales ounces as a result of the lower gold produced for the half-year ended 31 December 2023. Cost of sales: The decrease reflects the reset plan implemented by the Company to address its fixed cost base. This plan included closures and operational pauses at a few of the Company’s mines. All-in sustaining cost per ounce: The increase of $22/oz was mainly attributable to improvements in employee remuneration and benefits required to attract and retain talent as the labour market remains very competitive. Assets: the increase is a result of increased expenditure in property, plant and equipment mainly associated with updating the underground mining fleet. Cash and cash equivalents: The increase in cash and cash equivalents was predominantly driven by the higher achieved gold price and reduction in the fixed cost base associated with mine closures and operational pauses. WESTGOLD RESOURCES LIMITED HALF YEAR FINANCIAL REPORT 31 DECEMBER 2023 2 DIRECTORS’ REPORT The Directors submit their report together with the financial report of Westgold Resources Limited (Westgold or the Company) and of the Consolidated Entity, being the Company and its controlled entities (the Group), for the half year ended 31 December 2023. DIRECTORS The names of the Company's directors in office during the half-year and until the date of this report are set out below. Directors were in office for this entire period unless otherwise stated. Hon. Cheryl L Edwardes AM (Non-Executive Chair) Wayne C Bramwell (Managing Director) Fiona J Van Maanen (Non-Executive Director) Gary R Davison (Non-Executive Director) Julius L Matthys (Non-Executive Director) David N Kelly (Non-Executive Director) ENVIRONMENTAL, SOCIAL AND CORPORATE GOVERNANCE (ESG) Westgold aspires to be a safe, responsible and progressive mining company. Westgold supports the communities it works within both directly and indirectly and is an enabler of the economically sustainable outputs from mining in the region, providing employment and services to the towns and communities in which it operates. With respect to community, Westgold acknowledges we operate on the lands of first nation peoples and their descendants. The Company respects the lands and its heritage and strive to ensure it operates in a manner conducive with the spirit of land access agreements. Westgold’s approach to ESG is measured and systematic, designed to build internal capacity and continuously improve in all aspects of ESG. The Company understands that, as the custodians of shareholder assets and funds, its primary objective is to create sustainable shareholder wealth. This objective must be balanced with ensuring our social license to operate is maintained and the environment and the communities within which the Company operates are protected. Further details on the Company’s Environmental & Community Policy and Core Values are detailed on the Company’s website. Westgold’s key environmental, health and safety (EH&S) performance metrics demonstrate significant improvement over the half-year period due to the continued focus on enhancing our safety systems through leadership engagement, implementation of our FY24 EH&S strategy, and increased compliance with management plans. The table below shows the key measure over the period for total reportable injury frequency rate (TRIFR), with a significant improvement over this time. Group 31 December 2023 30 June 2023 TRIFR TRIFR 7.75 8.37 Total WESTGOLD RESOURCES LIMITED HALF YEAR FINANCIAL REPORT 31 DECEMBER 2023 3 COVID-19 Impacts and Response All Westgold sites and facilities had occurrences of COVID-19 across the half-year period with an outbreak in the second quarter of 2023 seeing a lift in absenteeism across operations due to illness, inhibiting productivity in some mines. However, due to the robust nature of internally developed COVID-19 systems and processes, the outbreak has not materially impacted the business. The Westgold Management Team continues to monitor the impact of COVID-19 in the community and the effectiveness of control measures. REVIEW OF OPERATIONS Westgold operates in the Murchison and Bryah regions of Western Australia. The Murchison business unit encompasses our Meekatharra and Cue operations and is viewed as one business unit with two processing plants. Westgold retains the operational flexibility to mine and process ore at either processing hub to maximise efficiencies. The Bryah business unit singularly encompasses the Fortnum operation and its processing hub. Group Operational Results  Consolidated total profit after income tax of $43,788,666 (2022: Loss $11,142,886);  Total consolidated revenue of $363,098,988 (2022: $316,033,771);  Total cost of sales of $291,032,565 (2022: $325,822,033);  Cash flows from operating activities of $161,237,951 (2022: $52,599,973);  Cash flows used in investing activities of $102,824,764 (2022: $83,824,119);  Cash flows used in financing activities of $10,251,738 (2022: $7,895,972). Financial outcomes reflect a profit of $43,788,666 supported by an increase in consolidated revenue to $363,098,988 in comparison to the prior period due to an increase in the achieved gold price of $2,963/oz. In addition, the decrease in the cost of sales to $291,032,565 compared to the previous period is reflective of the action taken by Westgold to address its fixed cost base including closures and operational pauses at several mines. Cash flows used in investing activities of $102,824,764 include investments in mine properties and development relating to the continued expansion and development of the existing operating mines as well as the commencement of three growth projects, being the Big Bell expansion, the Fender underground restart and the start of decline development at the iconic Great Fingall underground. Investments were also made in property, plant and equipment associated with the Clean Energy Transition (CET) Project, processing infrastructure upgrades including tailings storage facilities and camp infrastructure and associated facilities. Cash flows used in financing activities of $10,251,738 include payment of equipment loans associated with underground mining equipment. The increase in inventories of $6,390,917 represents mainly the increase of the gold metal on hand as at the period end. WESTGOLD RESOURCES LIMITED HALF YEAR FINANCIAL REPORT 31 DECEMBER 2023 4 REVIEW OF OPERATIONS (CONTINUED) Dividends The Company updated its dividend policy post the release of its audited FY23 Annual Financial Reports. This update determined, wherever possible, to pay a dividend based on the group’s free cash flow generated during the period. The Group's free cash flow is defined as net cash flows from operating and investing activities before debt/equity and dividends. The Board assesses the group free cash flow and outlook for the business to return cash to shareholders and targeting a level of around 30% of the group’s free cash flow. The Board is pleased with the improving financial position of the Group and its ability to meet its commitments and under the dividend policy has decided to pay an interim unfranked dividend for the current period of 1.0 cent per share. The interim dividend to be paid on 12 April 2024 is approximately $4.7 million. Westgold Resources Limited shares will trade excluding entitlement to the dividend on 28 March 2024, with the record date being 2 April 2024. The Dividend Reinvestment Plan (DRP) was suspended on 22 February 2024 with participants in the DRP now to receive cash distributions only for any dividends paid by Westgold. Westgold reminds its shareholders to review and, if necessary, update their bank account details with the Registry. Preamble Westgold Resources Limited (ASX: WGX, OTCQX: WGXRF) is an innovative and growth oriented Western Australian gold miner. Producing circa 250koz per year with more than 1,300km2 of highly prospective tenure, Westgold is the dominant gold miner in the Murchison and Bryah regions of Western Australia. Westgold is an owner-operator of its underground mines and this internal capability provides greater cost control and operating flexibility across the Company’s assets. It operates on a ‘hub and spoke’ model with the Murchison mines being able to deliver ore to either of the Bluebird and Tuckabianna processing hubs. The Bryah mines deliver ore to the Fortnum processing hub. Westgold, led by a proven team, has demonstrated consistency in cash flow generation and operational delivery. The Company maintains a strong balance sheet, with $238M in cash and bullion as at 31 December 2023 and a $100M undrawn revolving credit facility. During the half-year, the Group produced 122,342oz and remains on track to deliver its FY24 guidance of 245,000oz to 265,000oz. Corporate On 9 January 2024, the Company’s shares commenced trading on the OTCQX platform with the ticker OTCQX: WGXRF. The OTCQX Best Market is the highest tier of the OTC Markets Group’s platforms, on which 12,000 US and global securities trade. There was no change to issued capital as part of the quotation on the OTCQX market and Westgold’s primary listing remains the Australian Securities Exchange (“ASX”) listing. The Company did not issue any shares during the period and at the end of the reporting period the Company had 473,622,730 fully paid ordinary shares on issue. The Company announced on 22 November 2023 the establishment of a new A$100 million Revolving Corporate Facility (RCF) under a secured Syndicated Facility Agreement (SFA) executed with ING Bank (Australia) Limited and Societe Generale. The RCF may be utilised for general corporate purposes and has a three-year term. Importantly, Westgold is not required to enter into mandatory gold hedging as part of the facility conditions. This allows the Company to retain full discretion over hedging decisions. WESTGOLD RESOURCES LIMITED HALF YEAR FINANCIAL REPORT 31 DECEMBER 2023 5 The Group became free of fixed forward contracts, delivering the remaining 10,000 ounces hedged at $2,459/oz in July 2023. At the beginning of FY24, the Company had in place 30,000oz of zero cost collars comprising put options at $2,700/oz and call options at $3,340/oz for deliveries of 2,500oz per month from July 2023 to June 2024, subject to the put and call being struck. None of the put and call were struck during the half year ended 31 December 2023, with 15,000 ounces of zero cost collars remaining. Consolidated Operational Results The Group reported a steady increase in revenue compared to the previous corresponding period with a 22% increase in the achieved gold price despite a decrease in gold produced. Unit Half-year ended 31 December 2023 Half-year ended 31 December 2022 Ore Processed t 1,753,155 1,837,504 Head Grade g/t 2.4 2.4 Recovery % 89 90 Gold Produced oz 122,342 128,228 Gold Sold oz 122,081 129,389 Achieved Gold Price A$/oz 2,963 2,434 Cash Cost (produced oz)* A$/oz 1,767 1,844 All-in Sustaining Costs** A$/oz 2,093 2,071 All-in Costs*** A$/oz 2,650 2,465 Group * Cash Cost: represents the cost for mining, processing and administration after accounting for movements in inventory (predominantly ore stockpiles) and royalties. It includes net proceeds from by-product credits but excludes capital costs for exploration, mine development and plant and equipment. ** All-in Sustaining Cost (AISC): is made up of the cash cost plus sustaining capital expense and general corporate and administration expenses. *** All-in Cost (AIC): is the total project expenditure including AISC, growth capital and discovery expenditure. Note that Cash Costs, AISC and AIC are non-IFRS measures and have not been audited. These are widely used “industry standard” terms that certain investors use to evaluate company performance. Operating Segments Revenue increased over the previous corresponding period due to higher gold prices being achieved together with a decrease in ‘Cash Costs of Sales’ from the previous corresponding period due to the closures and operational pauses at a few of the Company’s mines. Depreciation and amortisation charges increased over the previous corresponding period and reflects the higher capitalisation with the Big Bell mine expansion in the Murchison and the Starlight mine increase decline development in the Bryah as it transitions through difficult legacy workings. Revenue Operation Cash Costs of Sales Amortisation/Depreciation 2023 2022 2023 2022 2023 2022 $M $M $M $M $M $M Murchison 285.3 245.2 161.1 198.3 65.3 63.1 Bryah 77.8 70.8 47.1 51.1 17.6 13.2 Other - - 1.6 2.7 0.4 0.5 Total 363.1 316.0 209.8 252.1 83.3 76.8 WESTGOLD RESOURCES LIMITED HALF YEAR FINANCIAL REPORT 31 DECEMBER 2023 6 REVIEW OF OPERATIONS (CONTINUED) Capital Investment Activities After resetting the business in FY23, Westgold announced the commencement of three growth projects during the half. These include the Big Bell deeps expansion, with the commencement of the decline, associated infrastructure and studies, the restart of Fender underground and the start of decline development at the iconic Great Fingall underground mine. Big Bell and Great Fingall are both long-life operations underpinning the Murchison Operations for many years. Given the investment in aforementioned growth projects, cash flows used in investing activities totalled $102,824,764, higher than the previous period of $83,824,119. Across each major operating unit, investment compared to the previous year is summarised below by the categories Mine Properties & Development (MP&D), Exploration & Evaluation (E&E) and Plant & Equipment (P&E). P&E expenditure includes $4,546,906 attributable to maintaining the mining fleet within the mining services division. Operation MP&D E&E P&E 2023 $M 2022 $M 2023 $M 2022 $M 2023 $M 2022 $M Murchison 68.9 46.5 10.0 9.5 8.2 11.2 Bryah 10.6 10.7 1.2 0.7 7.0 6.5 Other - - - - 8.8 0.7 Total 79.5 57.2 11.2 10.2 24.0 18.4 Annual Ore Reserve and Mineral Resource Updates Westgold released its annual update of Ore Reserves and Mineral Resources on 11 September 2023. The Total Mineral Resource as of 30 June 2023 was 107 million tonnes at 2.39g/t containing 8.3 million ounces. The Ore Reserve as of 30 June 2023 was 23 million tonnes at 2.68g/t containing 2.0 million ounces. Bryah Bryah comprises the Fortnum operations and encompasses the historic mining centres of Starlight, Labouchere, Fortnum, Horseshoe and Peak Hill. The Fortnum processing hub encompasses a CIP plant, with a throughput capacity of between 0.8 and 1 million tonnes per annum and a 200-person Village and airstrip and other services to support this FIFO site. Ore production for the half-year was predominantly from the Starlight underground mine, supplemented by feed from existing large low-grade stockpiles. Gold production in the period was 26,890oz and lower than the previous corresponding period of 28,619oz, following a reset period that commenced in January 2023. Underground exploration continues to successfully extend the Starlight lode system with three drills operating for the majority of the half. WESTGOLD RESOURCES LIMITED HALF YEAR FINANCIAL REPORT 31 DECEMBER 2023 7 Westgold’s Bryah Operations WESTGOLD RESOURCES LIMITED HALF YEAR FINANCIAL REPORT 31 DECEMBER 2023 8 REVIEW OF OPERATIONS (CONTINUED) Murchison Murchison comprises the combined Meekatharra and Cue operations and is viewed as one business unit which contains two processing plants. With multiple mines within the region, Westgold has the operational flexibility to process ore at either processing hub. Gold production decreased to 95,452oz from the previous corresponding period of 99,609oz. Westgold’s Murchison Operations WESTGOLD RESOURCES LIMITED HALF YEAR FINANCIAL REPORT 31 DECEMBER 2023 9 Meekatharra Meekatharra encompasses the northernmost operating centre within the broader Murchison operations. Its processing hub is a 1.6-1.8 million tonnes per annum CIP plant referred to as the Bluebird Mill. A 420-person village and other associated surface infrastructure service this operating hub. Two underground mines provided the majority of the ore to the Bluebird processing hub. The Paddy’s Flat underground mine (10km north of the plant) which recently entered an exploration phase previously supplied approximately 250,000 tonnes per annum. The Bluebird underground mine has a planned rate of 500,000 tonnes per annum with likely further expansion to come post drilling of South Junction. Fender, located in Cue, commenced during the half-year and will build to a 300,000 tonnes per annum rate. Regional stockpiles and excess ore from Cue supply the remaining mill feed. Cue Cue encompasses the southernmost operating centre within the broader Murchison Operations. Its processing hub is a 1.2-1.4 million tonne per annum CIP plant referred to as the Tuckabianna Plant. The Company operates two villages in the Cue region, one at the regional town of Cue (266-person capacity) and the other at Big Bell (160-person capacity) Cue is dominated by the sub-level caving operations at the Big Bell underground mine (60km west of the plant), which is now operating at a 1.2-1.3 million tonnes per annum rate. The remaining mill feed is sourced from the regional stockpiles in the area. End of Directors’ Report AUDITOR'S INDEPENDENCE The auditor’s independence declaration is included on page 25 of this report. Signed in accordance with a resolution of the directors. Hon. Cheryl L Edwardes AM Non-Executive Chair 28 February 2024 WESTGOLD RESOURCES LIMITED HALF YEAR FINANCIAL REPORT 31 DECEMBER 2023 10 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 31 DECEMBER 2023 31 December 2023 31 December 2022 3 363,098,988 (291,032,565) 72,066,423 316,033,771 (325,822,033) (9,788,262) 4 8 4,891,553 (2,075,872) (10,579,468) 1,796,385 3,968,887 (3,242,436) (8,204,304) - (424,974) 64,302,636 (15,894,704) (20,513,970) 43,788,666 4,751,818 (11,142,886) - - 43,788,666 (11,142,886) 43,788,666 43,788,666 (11,142,886) (11,142,886) Earnings/(loss) per share attributable to the ordinary equity holders of the parent (cents per share) Basic earnings/(loss) per share Continuing operations 9.25 (2.35) Diluted earnings/(loss) per share Continuing operations 9.12 (2.35) Notes Continuing operations Revenue Cost of sales Gross profit/(loss) Other income Gain on disposal of property, plant and equipment Finance costs Administration expenses Net gain/(loss) on fair value changes of financial assets Profit/(loss) before income tax from continuing operations Income tax (expense)/benefit Net profit/(loss) for the year Other comprehensive profit for the year, net of tax Total comprehensive profit/(loss) for the year Total comprehensive profit/(loss) attributable to: members of the parent entity WESTGOLD RESOURCES LIMITED HALF YEAR FINANCIAL REPORT 31 DECEMBER 2023 5 11 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2023 Notes CURRENT ASSETS Cash and cash equivalents Trade and other receivables Inventories Prepayments Other financial assets Total current assets NON-CURRENT ASSETS Financial assets at fair value through profit and loss Property, plant and equipment Mine properties and development Exploration and evaluation expenditure Right-of-use assets Total non-current assets TOTAL ASSETS CURRENT LIABILITIES Trade and other payables Provisions Interest-bearing loans and borrowings Total current liabilities NON-CURRENT LIABILITIES Provisions Interest-bearing loans and borrowings Deferred tax liabilities Total non-current liabilities TOTAL LIABILITIES NET ASSETS EQUITY Issued capital Retained earnings /(Accumulated losses) Share-based payments reserve Other reserves TOTAL EQUITY WESTGOLD RESOURCES LIMITED HALF YEAR FINANCIAL REPORT 31 DECEMBER 2023 6 7 8 9 10 11 12 12 13 31 December 2023 30 June 2023 224,573,304 9,431,303 89,130,390 6,694,416 1,649,443 331,478,856 176,411,855 6,854,911 82,739,473 6,449,836 4,149,443 276,605,518 182,987,693 276,637,442 134,643,662 3,960,642 598,229,439 929,708,295 8,157,712 140,903,171 258,787,650 123,487,370 5,310,415 536,646,318 813,251,836 117,221,967 16,945,265 16,579,140 150,746,372 79,227,398 11,809,258 15,942,787 106,979,443 66,174,610 18,749,267 50,824,575 135,748,452 286,494,824 643,213,471 66,274,692 11,548,031 30,110,372 107,933,095 214,912,538 598,339,298 462,797,244 (19,287,103) 18,209,699 181,493,631 643,213,471 462,997,480 (63,075,769) 16,923,956 181,493,631 598,339,298 12 CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF-YEAR ENDED 31 DECEMBER 2023 31 December 2023 31 December 2022 OPERATING ACTIVITIES Receipts from customers Interest received Receipts from other income Payments to suppliers and employees Interest paid Net cash flows from operating activities 363,098,988 3,879,352 294,453 (205,195,881) (838,961) 161,237,951 316,032,671 1,461,719 373,506 (264,357,775) (910,148) 52,599,973 INVESTING ACTIVITIES Payments for property, plant and equipment Payments for mine properties and development Payments for exploration and evaluation Proceeds from sale of financial assets Payments for performance bond facility Proceeds from performance bond facility Proceeds from sale of property, plant and equipment Net cash flows used in investing activities (24,017,852) (79,466,977) (11,156,292) 8,632,232 2,500,000 684,125 (102,824,764) (18,434,865) (57,202,635) (10,275,819) (2,500,000) 280,590 4,308,610 (83,824,119) Payment of equipment loans Payment for lease liabilities Net cash flows used in financing activities (8,697,789) (1,553,949) (10,251,738) (4,517,902) (3,378,070) (7,895,972) Net increase /(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the financial year Cash and cash equivalents at the end of the half-year 48,161,449 (39,120,118) 176,411,855 182,701,502 224,573,304 143,581,384 FINANCING ACTIVITIES WESTGOLD RESOURCES LIMITED HALF YEAR FINANCIAL REPORT 31 DECEMBER 2023 13 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2023 Issued capital (note 13) Accumulated losses Share-based payments reserve 462,997,480 (63,075,769) - Equity reserve Total Equity 16,923,956 181,493,631 598,339,298 43,788,666 - - 43,788,666 - - - - - - 43,788,666 - - 43,788,666 - - 1,285,743 - 1,285,743 - - - - - (200,236) - - - (200,236) - - - - - 462,797,244 (19,287,103) 18,209,699 181,493,631 643,213,471 463,468,148 (73,079,253) 15,884,931 181,493,631 587,767,457 Loss for the half-year Other comprehensive income, net of tax Total comprehensive profit /(loss) for the half-year net of tax Transactions with owners in their capacity as owners - (11,142,886) - - (11,142,886) - - - - - - (11,142,886) - - (11,142,886) Share-based payments - - 215,471 - 215,471 (235,335) 463,232,813 (84,222,139) 16,100,402 181,493,631 (235,335) 576,604,707 2023 At 1 July 2023 Profit for the half-year Other comprehensive income, net of tax Total comprehensive profit /(loss) for the half-year net of tax Transactions with owners in their capacity as owners Share-based payments Issue of share capital Share issue costs, net of tax Dividends paid At 31 December 2023 2022 At 1 July 2022 Issue of share capital Share issue costs, net of tax Dividends paid At 31 December 2022 WESTGOLD RESOURCES LIMITED HALF YEAR FINANCIAL REPORT 31 DECEMBER 2023 14 NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2023 1. CORPORATE INFORMATION The financial report of Westgold Resources Limited for the half-year ended 31 December 2023 was authorised for issue in accordance with a resolution of the directors on 28 February 2024. Westgold is a for-profit company incorporated in Australia and limited by shares, which are publicly traded on the Australian Securities Exchange (ASX) and on the OTCQX Best Market (OTCQX). The nature of the operations and principal activities of the Group are described in the Directors’ Report. The address of the registered office is Level 6, 200 St Georges Terrace, Perth, WA 6000. 2. SUMMARY OF ACCOUNTING POLICIES (a) Basis of preparation of the half-year financial report This general purpose condensed consolidated financial report for the half-year ended 31 December 2023 has been prepared in accordance with AASB 134 Interim Financial Reporting and the Corporations Act 2001. The half-year financial report does not include all notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the Group as the full financial repor