September 2026 Quarterly Webcast Presentation
Released
Released
Announcement PDF
September 2026
Quarterly Webcast
ASX |TSX: WGX
westgold.com.au
Important Notices and Disclaimer
Investor Presentation
This investor presentation is dated 21 October 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 purport 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.
Pro-forma financial information
Investors should be aware that this presentation contains pro-forma financial information and certain other financial information and
measures that are “non IFRS financial information” under Regulatory Guide 230: ‘Disclosing non IFRS financial information’ published
by ASIC and are not recognised under Australian Accounting Standards (AAS) and International Financial Reporting Standards (IFRS).
The non IFRS financial information financial measures do not have a standardised meaning prescribed by the applicable AAS or IFRS,
and therefore, may not be comparable to similarly titled measures presented by other entities, nor should they be construed as an
alternative to other financial measures determined in accordance with the applicable AAS or IFRS. Although Westgold believes the
non-IFRS financial information and financial measures provide useful information to users in measuring the financial performance and
condition of Westgold, investors are cautioned not to place undue reliance on any non-IFRS financial information or financial measures
included in this presentation.
This presentation contains pro forma financial information of Westgold. The pro forma financial information provided in this
presentation is for illustrative purposes only and is not represented as being indicative of Westgold’s (or anyone else's) views on
Westgold’s future financial position and/or performance.
2
3
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 “2026 Mineral Resource Estimate and Ore Reserves" released to the ASX on 20 August 2026
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 presentation 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 presentation 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
enquiries 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.
Strong start to FY27
4
SAFETY No Lost Time Injuries | LTIFR reduced to 1.17 (Q4 FY26: 1.58)
98.4koz
Gold production
AISC $2,912/oz1
$251M
Underlying Treasury build2
Mine operating cash flow of $292M
$1,040M
Cash, bullion & liquid investments
Up $101M in the quarter; debt free and
unhedged
4.1Moz
Ore Reserves
Up 41%3, including 1.1Moz maiden Fletcher
Ore Reserve
Delivering
• On track for FY27 guidance of 385–
425koz at $2,980–$3,380/oz4
• Ore mined up 7%; HG ore stockpiles up
51% to 696kt
• Beta Hunt achieved a record 2Mtpa
annualised mining rate in September;
Interim ventilation solution installed and
commissioned.5
• 402koz of gold produced over the last
four consecutive quarters
Generating cash
• AISC margin of $3,117/oz
• $1,640M available liquidity, including
undrawn $600M facility
Growing
• Updated 3YO: fully funded pathway
towards ~500kozpa by FY294
• Cue and Meekatharra mill expansions
progressing
• 25 drill rigs in operation across the
portfolio
Rewarding shareholders
• Total Capital Return in FY26 totalled
$122M comprising $95M in dividends
(10cps fully franked) and $27M in share
buy-backs
• During Q1 FY27 $22M of buy-backs were
undertaken6.
• New policy: minimum 3cps annual
return, including 2cps dividend
1. AISC reported exclusive of ore purchase agreement (OPA) costs and OPA production.
2. Underlying treasury build is before share buy-backs ($20M), non-sustaining capital ($111M), exploration ($24M) and proceeds from asset sales ($5M).
3. After depletion and adjusting for asset sales. Refer to ASX announcement“2026 Mineral Resource Estimate and Ore Reserves”dated 20 August 2026.
4. Refer to the Company’s ASX announcement titled “FY27 Guidance and Three-Year Outlook”dated 9 September 2026.
5. Refer to the Company’s ASX announcement titled “Beta Hunt infrastructure investment enables 2Mtpa run rate” dated 21 October 2026.
6. $22M of Westgold shares purchased in Q1 FY27, of which $20M was paid in the quarter and the balance settled in early October 2026.
Q1 results firmly in line with guidance
5
Production (oz)
AISC ($/oz)
Non-sustaining capital ($M)
Exploration ($M)
FY27 Guidance1
385,000 – 425,000
2,980 – 3,380
450 – 480
50 – 75
1. Refer to the Company’s ASX announcement titled “FY27 Guidance and Three-Year Outlook”dated 9 September 2026 for further information.
Q4 FY26
98,854
2,802
142
11
Q1 FY27
98,393
2,912
111
24
FY26
387,354
2,841
340
42
Westgold 4-5-6: fully funded growth
6
4
Operating processing hubs
5.7Mtpa installed capacity, increasing to >7Mtpa by
FY29 through the Cue (FY27) and Meekatharra (FY28)
expansions
5
~500kozpa by FY29
Fully funded 3YO: 460–510koz at an AISC of $2,640–
$3,000/oz1,3
6
>600kozpa pathway
Fletcher Zone at Beta Hunt could add ~140kozpa –
upside not included in the 3YO2
Three-Year Outlook1
Production
AISC3
FY26 Actual
387koz
$2,841/oz
FY27 Guidance
385–425koz
$2,980–$3,380/oz
FY28 Outlook
425–470koz
$3,000–$3,400/oz
FY29 Outlook
460–510koz
$2,640–$3,000/oz
1. Refer to the Company’s ASX announcement titled “FY27 Guidance and Three-Year Outlook” dated 9 September 2026. Westgold confirms that all material assumptions underpinning the production target continue to apply and have not materially changed.
There is a low level of geological confidence associated with inferred mineral resources and there is no certainty that further exploration work will result in the determination of indicated mineral resources or that the production target itself will be realised. The
stated production target is based on the entity’s current expectations of future results or events and should not be solely relied upon by investors when making investment decisions. Further evaluation work and appropriate studies are required to establish
sufficient confidence that this target will be met.
2. This is an aspirational statement and not a warranty as Westgold does not yet have reasonable grounds to conclude that the statement can be achieved. Based on current internal conceptual studies.
3. Third-party ounces and costs are excluded from $/oz calculations.
• Record production
• Group Ore Reserves up 41% to
4.1Moz
• Great Fingall commercial
production
• Cue expansion (CXP)
• Meekatharra expansion (MXP)
• Non-sustaining capital declining
• Processing capacity >7Mtpa
• Lower AISC on higher grade and
throughput
Operational results
7
Mining performance improves
Murchison operations maintain output; Beta Hunt delivers consecutive records
Q2
FY26
Q3
FY26
Q4
FY26
Q1
FY27
1.19 1.15
1.33
1.42 2.4
2.2
2.1
2.2
Q2
FY26
Q3
FY26
Q4
FY26
Q1
FY27
Q2
FY26
Q3
FY26
Q4
FY26
Q1
FY27
1.53 1.48 1.47 1.46 2.4
2.1
2.3 2.3
Q2
FY26
Q3
FY26
Q4
FY26
Q1
FY27
Q2
FY26
Q3
FY26
Q4
FY26
Q1
FY27
111.4
93.1
98.9 98.4
Ore Mined (Mt) Mined Grade (g/t) Ore Processed (Mt) Milled Grade (g/t) Gold Produced (koz)
Ore mined up 7%
driven by Great
Fingall, Starlight,
MOPP and Beta
Hunt
Mined grade
increased to 2.2g/t,
supported by higher
Bluebird grades.
Throughput broadly
steady at 1.46Mt
despite higher quarter
on quarter planned
downtime
Consistent quarter
on quarter
Strong production
results continue
402koz of gold
produced over the
last four consecutive
quarters
8
Stronger mining builds resilience
MINED
1,421kt
at 2.2g/t, up 7% (Q4 FY26: 1,334kt at 2.1g/t)
STOCKPILED
696kt
Total HG ore stockpiles, up 51%1 (Q4 FY26:
460kt) - ~6 weeks of mill feed2
310kt of mill ROM and crushed stock, up 69%
PROCESSED
1,461kt
in line with Q4 FY26 (1,468kt) despite more
planned downtime3
Stockpiles provide production resilience
Wet weather resistant
Weather induced haul road closures in the Murchison did not
interrupt mill feed
Planned maintenance
Higher scheduled downtime at all processing hubs absorbed
Mine interruptions
Buffer between mine and mill smooths short-term mine
variability
Growing ore inventories support higher production and lower unit costs as Cue and Meekatharra expand
1. Stockpile figures at quarter end. Mill ROM and crushed stockpiles are those located at the processing hubs; mine ROM stockpiles are at the mines.
2. Based on total Group ore stockpiles at 30 September 2026 and installed processing capacity of 5.7Mtpa.
3. Includes 168kt of ore processed under the New Murchison Gold OPA. Westgold purchased 160kt of ore under the OPA in Q1 FY27 - the purchased ore is excluded from Westgold’s reported ore mined. Refer to Table 1
and Table 2 of the September 2026 Quarterly Report.
9
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 UG, Cue stockpiles,
NMG Ore Purchase,
Meekatharra open pits
Feed: Big Bell UG, Great Fingall, Cue
stockpiles
Feed:
21,840
16,175 18,135 17,060
3.1
2.4
2.7
2.5
Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27
Gold produced (oz) Milled grade (g/t)
40,730
31,394
37,743 35,873
2.2
2.5 2.5
2.6
Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27
18,364 16,563 18,218 18,958
1.9 1.8 1.9 2.0
Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27
10
Higginsville Hub1
Higginsville Mill – 1.6Mtpa
Beta Hunt, Two Boys, Lake
Cowan OP, LG stockpiles
Feed:
30,484 29,013
24,758 26,502
2.3
2.1 2.0 2.1
Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27
1. Performance includes Lakewood toll treatment
Bluebird mine set up for consistent high output
11
Multiple mining fronts underpin higher mining rates in Q2
500m
Beta Hunt: 2.0Mtpa mining rate
Beta Hunt mining rate (Mtpa)
Westgold ownership →
Prior ownership Westgold ownership Record month * Annualised
2.0Mtpa
Record month in September 20261,2
Up from ≈1.4Mtpa under prior ownership
$33.3M
Infrastructure investment over two years3
Ventilation, dewatering, water supply and power
Q2 FY27
Sustained 2Mtpa mining rate targeted
Interim ventilation commissioned ahead of schedule
Next: Fletcher drilling continues; integrated Southern Goldfields expansion studies due Q3 FY27
1. Refer to the Company’s ASX announcement titled “Beta Hunt infrastructure investment enables 2Mtpa run rate” dated 21 October 2026.
2. Annualised mining rate.
3. Infrastructure investment over the two years since acquisition (August 2024) 12
FY21 FY22 FY23 FY24 FY25 Q1 FY26* Q2 FY26* Q3 FY26* Q4 FY26* Jul-26* Aug-26* Sep-26*
0.8
1.0
1.2
1.4
1.5 1.5
1.6
1.4
1.6
1.4
1.7
2.0
Financial results
13
Strong cash generation whilst funding growth
14
Q2
FY26
Q3
FY26
Q4
FY26
115.2
69.9
110.3
Q1
FY27
99.9 6,356
7,080
6,391 6,029
Q2
FY26
Q3
FY26
Q4
FY26
Q1
FY27
2,902 2,931
2,802
2,912
Q2
FY26
Q3
FY26
Q4
FY26
Q1
FY27
265
254
159 157
Q2
FY26
Q3
FY26
Q4
FY26
Q1
FY27
654
856
939
1,040
Q2
FY26
Q3
FY26
Q4
FY26
Q1
FY27
Gold sold (koz) Realised gold price ($/oz) AISC ($/oz) Net mine cash flow
($M)
Closing Cash, Bullion &
Investments ($M)
Sold 99.9koz,
generating $602M in
gold sales revenue.
Westgold
remains fully
unhedged and
exposed to spot gold
prices.
AISC up Q on Q due to
higher open pit waste
movement, planned
maintenance, annual
labour increases and
additional Lakewood
toll milling.
$3,117/oz AISC margin
supported $157M net
mine cash inflow, after
$111M non-sustaining
capital and $24M
exploration/resource
development spend.
$101M built in
Treasury Q on Q
Debt free, with
$1.6B liquidity,
including an
undrawn $600M
credit facility.
$251M underlying Treasury build1
Treasury Movement ($M)
1. Treasury (cash, bullion and liquid investments) build was $251M before share buy-backs $20M, growth and exploration spend (invested $111M on non-sustaining capital and $24M on exploration), and one-off cash inflows (proceeds from asset
divestments totalled $5M)
2. Westgold purchased $22M of its shares during the quarter under its buy-back program, of which $20M in cash payments were made in the period with the balance being settled in early October.
3. Sinclair Gold's Tranche 1 contingent consideration payment
4. Closing Q1, FY27 investments exclude investments in Valiant Gold
15
Opening
Cash,
Bullion
&
Investments
(112)
Opening
Bullion
(160)
Opening
Investments
Opening
Cash
209
Murchison
Operating
Cashflow
57 (23)
Sustaining
Capital
(49)
(20)
Closing
Operating
Cash
Tax
Payment
(41)
Exploration
(24)
PP&E
939
667
(47)
730
1,040
Closing
Cash,
Bullion
&
Investments
Closing
Investments
4
Growth
Capital
212
Closing
Bullion
(64)
Southern
Goldfields
Operating
Cashflow
98
Working
Capital
Closing
Cash
5
60
Share
Buy
Back
2
Proceeds
from
Asset
Sales
3
Stockpiles
745
Operating Non-Sustaining Capex
& Exploration
Working Capital
+$101M
FCF driving increased shareholder returns
16
$95M
$27M
FY24 FY25 FY26
$22M2
FY272
$10M
$28M
$122M
+175%
+329%
Share Buy-Back
Dividends declared
FY26 dividend of 10.0cps is 400% above the minimum annual
dividend commitment of 2.0cps in FY26
Total payment of $95M
representing 16% of FY26 free cash flow of $602M
$122M in total Shareholder Capital Returns for FY261
10.0cps Fully Franked Dividend
1. Refer to the Company’s ASX announcement titled “Westgold delivers $122M in FY26 Shareholder Capital Returns”
dated 28 August 2026 for further information.
2. Westgold purchased $22M of its shares during the quarter under its buy-back program, of which $20M in cash
payments were made in the period with the balance being settled in early October.
3. Annual dividend typically determined in August after the end of the financial year.
$50M on-market share buy-back for FY27
approved by Board
$22.3M already completed - at average of $5.46/share
Extension between 11 Sep 2026 – 10 Sep 2027
On-market ASX purchases, at Board discretion
TBD3
2cps minimum
dividend
Returned >6x
minimum
dividend
Exploration
17
Building Reserve ounces $27/oz1
Investing in the drill bit
Bluebird
x1
x3
Great Fingall
x2
Big Bell
x2 x3
Beta Hunt
x7
Albury Heath
x2
18
5
2
UG Diamond Drills
Surface Diamond Drill
Surface RC Drill
Southern Goldfields
18
Murchison
Starlight
x3 x1
Higginsville
x1
1. In FY26, Westgold added 1.5Moz of gross Ore Reserves at $27/oz
Westgold value
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Westgold – the investment case
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WHY INVEST IN WESTGOLD
A leading Australian gold producer
387koz FY26 production
Q1 FY27: 98.4koz – on track for FY27 guidance of 385–425koz1
All Australian – Tier 1 jurisdiction
4 hubs in Western Australia
5.7Mtpa processing capacity, increasing to >7Mtpa by FY291
Westgold 4-5-6 – fully funded
~500koz per annum by FY29
3YO: 460–510koz in FY291 with Fletcher a pathway to
>600kozpa2
Long-life assets, growing Ore Reserves
4.1Moz Ore Reserves
Up 41%3, including 1.1Moz maiden Fletcher Ore Reserve
Strong balance sheet, exceptional cash flow
$1,040M cash, bullion & investments
Debt free and unhedged; $1,640M availabl
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