Annual Report
Released
Released
Announcement PDF
WESTGOLD RESOURCES LIMITED
ANNUAL REPORT
2026
ABOUT THIS REPORT
Reporting Boundary and Period
This Annual Report applies to Westgold Resources Limited (ACN 009 260 306)
(Westgold or “the Company”) and its subsidiaries (refer to page 91).
Unless otherwise stated, metrics describing health, safety, environment,
people and community related performance in this report are presented
for the Group’s subsidiaries with the exclusion of Valiant Gold Limited as
outlined in the Reporting Boundaries section of our Sustainability Databook
2026. For clarity, references throughout this report to “Westgold”, “Westgold
Resources”, “WGX”, “the Company”, “the Group”, “we”, “us”, and “our” refer
to Westgold and its subsidiaries.
All disclosures in this Annual Report relate to the financial year ended 30 June
2026 (FY26), unless otherwise stated. In this report, “the year”, “this year”,
“2026” and “FY26” all refer to the financial year.
All financial figures are presented in Australian Dollars (AUD) unless
otherwise stated.
Reporting Frameworks
This Annual Report has been prepared in accordance with the Global
Reporting Initiative (GRI) Standards 2021, including the GRI Mining Sector
Standard. This report also incorporates selected disclosures from the
Sustainability Accounting Standards Board (SASB) Metals and Mining
Standard. The GRI Content and SASB Index are included in Westgold’s
FY26 Sustainability Databook, which contains supplementary sustainability
performance data.
This report should be read alongside the FY26 Sustainability Databook and
Westgold’s continuous disclosure announcements lodged with the Australian
Securities Exchange (ASX) and Toronto Stock Exchange (TSX), including the
Australian Accounting Standards Board (AASB S2) Climate-related Disclosure
(Climate Report) in the FY26 Financial Report on page 195.
Report Assurance
This Annual Report has been reviewed by management and the Board. The
Financial Report has been independently audited, while the Climate Report,
including the Scope 1 and Scope 2 greenhouse gas emissions data disclosed
elsewhere in this Annual Report, has been subject to external limited
assurance. Unless otherwise stated, other sustainability disclosures have
not been externally assured. Regulatory emissions reporting is undertaken
in line with the National Pollutant Inventory (NPI) and National Greenhouse
and Energy Reporting Act 2007 (NGER Act) requirements.
Restatements
Where data from previous reporting periods has been restated due to
improved data quality or methodology, changes are clearly identified in
the footnotes.
Contact
For more information about Westgold and to access referenced items
including policies, the FY26 Sustainability Databook and other FY26
disclosures, please visit our website at www.westgold.com.au. For questions
about this report, please contact investor.relations@westgold.com.au.
WESTGOLD RESOURCES LIMITED
Cover image: Underground at Beta Hunt Mine
Acknowledgement of Country
We acknowledge the Traditional
Custodians of the lands where we
operate, including the Nharnuwangga
Wajarri and Ngarlawangga people
(Fortnum hub), the Yugunga-Nya,
Ngoonooru Wadjarri and Minangu
people (Cue and Meekatharra hubs),
and Ngadju and Marlinyu Ghoorlie
people (Higginsville hub) and the
Whadjuk Noongar people (Perth and
Maddington facilities).
We recognise their continuing
connection to Country and pay our
respects to Elders past and present.
2 About Westgold
3 Our Vision and Purpose
3 Our Core Values
4 Our Value Chain
4 Our Strategy
6 Letter from the Chair
8 FY26 Financial Results
10 FY26 Annual Outputs
12 Corporate Activity
14 Review of Operations
30 Exploration
36 Mineral Resources & Ore Reserves
42 Our Approach to Sustainability
86 Directors’ Report
124 Auditor’s Independence Declaration
125 Consolidated Statement of Profit or Loss and Other
Comprehensive Income
126 Consolidated Statement of Financial Position
127 Consolidated Statement of Cash Flows
128 Consolidated Statement of Changes in Equity
129 Notes to the Consolidated Financial Statements
187 Consolidated Entity Disclosure Statement
188 Directors’ Declaration
189 Independent Auditor’s Report
195 Climate Report
221 Shareholder Information
223 Glossary
225 Corporate Directory
CONTENTS
1
ANNUAL REPORT 2026
2 WESTGOLD RESOURCES LIMITED
Westgold is a leading, and
growing, ASX100 Australian gold
company. In FY26 our team of
3,049 employees and contractors
delivered record production of
387,354 ounces of gold.
Our operations comprise four core processing hubs, with
combined processing capacity of ~6Mtpa, and a footprint
spanning some 2,500km2
across the Murchison and
Southern Goldfields, two of Western Australia’s most prolific
gold-producing regions. Our ongoing investment in resource
definition and exploration drilling across this expansive
portfolio, has seen our mineral inventory grow year-on-year
for the past three years.
Today, Westgold’s Ore Reserves of more than 4 million
ounces of gold equates to ~10 years of production –
a horizon we are committed to extending further.
We have a clear opportunity to realise the potential of this
endowment, leveraging assets we already own to grow our
gold production and the value we create. How we plan to
do this is articulated in our 3-Year Outlook.
This multi-year strategy sets out our disciplined approach
to investing in our existing mines and mills, to deliver the
greatest returns for our shareholders, with the lowest
execution risk.
Importantly, with a healthy balance sheet and our portfolio
of profitable producing mines driving exceptional cash
flows, we have the financial flexibility to self-fund organic
growth opportunities.
OVERVIEW
ABOUT WESTGOLD
“
As we grow, we are committed
to operating safely, responsibly
and profitably – for the benefit
of all our stakeholders today –
and for many years to come.
CHOOSE SAFETY
⟩ Think safety and
act safely
⟩ Look out for
each other
⟩ Protect our
environment
OUR CORE VALUES
Our values and behaviours guide how we work with each other, our
communities, and stakeholders. They influence our actions and
decisions, hold us accountable and ultimately determine our success.
OUR VISION AND PURPOSE
Westgold’s vision is to become the leading Australian gold company –
sustaining safe, responsible and profitable production.
We have a clear purpose to unearth enduring value – for our stakeholders,
shareholders, people and the communities we operate in.
SHOW RESPECT
⟩ Appreciate everyone
for who they are and
what they contribute
⟩ Enable everyone
to do a great job
⟩ Grow strong teams
and communities
DELIVER VALUE
⟩ Plan to succeed
as a team
⟩ Execute with
excellence
⟩ Rise to the
challenge and keep
on improving
3
ANNUAL REPORT 2026
OUR VALUE CHAIN
At Westgold, we create value by discovering, developing, mining and processing gold deposits hosted
across our extensive landholding in Western Australia, to produce unrefined gold doré bars which we sell
to a domestic refinery.
Our core business is enabled through the endeavour of our team – leveraging our asset portfolio and
financial resources, and our relationships with our host communities, Traditional Custodians and our
supplier network.
We protect and enhance our core business – with a focus on safety, environmental stewardship,
governance and risk management.
Through these core and support functions, we generate returns for our shareholders, provide employment
and career opportunities for our people, and support local businesses and suppliers.
We also support community initiatives through local partnerships and investment, to deliver lasting
benefits beyond the life of our operations. We create economic activity and jobs in regional communities -
and the royalties and various taxes we pay contribute to the local, State and national economies and help
fund public services for all Australians.
OUR STRATEGY
In October 2025 we outlined our first Three-Year Outlook (3YO), providing a clear multi-year pathway
to grow production, increase cash generation and create long-term shareholder value. During FY26 we
delivered strong progress against this strategy and, subsequent to year end, updated the 3YO to reflect
operational progress, portfolio optimisation and expanded growth opportunities across our Murchison
and Southern Goldfields operations.
Our updated 3YO presents a fully funded organic growth plan to increase Group gold production from
385–425koz in FY27 to 460–510koz in FY29 while improving mill utilisation and reducing AISC.
ABOUT WESTGOLD
(CONTINUED)
OVERVIEW
4 WESTGOLD RESOURCES LIMITED
VALUE
PROTECT
REPORT 2026
OVERVIEW
LETTER FROM THE CHAIR
A year of solid performance to plan –
and disciplined investment in growth
Dear Shareholders
FY26 was a year defined by sound
strategy – and the discipline to
execute it. For the first time in
Westgold’s history we set out a
clear, credible, multi-year operating
strategy. We told our shareholders
and the market what we would do,
and through focused execution, did
what we said we would.
We grew annual gold production
by almost 20% compared to FY25
(326,384oz), exceeding the top end of
our guidance with a record 387,354
ounces at an all-in sustaining cost of
$2,841 per ounce, within our guided
cost range.
We also grew in profile, promoted
from the ASX 200 to the ASX 100.
Consistent quarter-on-quarter
production and cash generation lifted
our treasury by $575 million to $939
million in cash, bullion and liquid
investments at year end. We enter
the new year debt free and 100%
unhedged, offering our shareholders
full exposure to strong gold prices.
This balance sheet strength is the
foundation of a clear and considered
strategy to self-fund growth from
the organic opportunities within our
portfolio – leveraging assets and
processing infrastructure we already
own to unlock value.
We are investing shareholders’
capital prudently and selectively
today – putting infrastructure in place
ahead of new mining fronts across the
Murchison and Southern Goldfields,
and optimising milling capacity in
time for higher mining rates to come.
Across the Murchison, we invested
in core infrastructure as enablers
of growth – including the paste
plant and ventilation that allowed
South Junction to ramp up as a
second mining front at Meekatharra,
taking Bluebird-South Junction to a
record 1Mtpa exit rate at year end.
We recommenced high-grade reef
mining at the iconic Great Fingall
and brought our open pit program
forward three months to add ore-feed
flexibility.
Both Meekatharra and Fortnum
delivered record annual production
under Westgold ownership – with
ore stockpiles in front of every mill
providing blending optionality, and
supporting consistent, reliable gold
production.
In the Southern Goldfields, Beta
Hunt continues to advance as capital
investment in key mine infrastructure
starts to deliver higher productivity
and mine outputs.
With mine outputs pushing through
1.7Mtpa run rates our Board had
approved expanding the Higginsville
plant from 1.6Mtpa to 2.6Mtpa.
However, subsequent to year end,
on the back of our team’s continued
exploration success at Beta Hunt – we
are reframing this study to engineer a
capital-efficient investment that will
support processing of up to 4Mtpa,
in a single phase upgrade or a new
plant site.
In the two years since Westgold
acquired Beta Hunt, we have
rapidly and materially expanded
its mineral inventory – from 2.6Moz
to 5.4Moz, and at the time of this
report, had announced a 1.1Moz
maiden Ore Reserve for the Fletcher
Zone – reinforcing its potential as an
emerging third mining front within this
historic mine.
We have only just begun to show our
shareholders the scale of Beta Hunt’s
mineral endowment, with ongoing
drilling in the Fletcher and Mason
Zones likely to underpin another
significant lift in mine outputs.
6 WESTGOLD RESOURCES LIMITED
We enter FY27
debt free and 100%
unhedged.
“
We enter FY27 with a portfolio of
long-life mines with growing mine
production and ore stockpiles in front
of every mill. This is a major milestone
for Westgold and sees the business
transitioning capital allocation into
mill expansions from FY27 onwards.
This is consistent with our focus on a
simplified portfolio producing higher
returns to our shareholders – having
spun off our Reedy and Comet assets
into the newly-listed Valiant Gold
(ASX: VAL) during the year, while
retaining a material shareholding, and
divesting non-core assets including
Mt Henry–Selene, Peak Hill and
Chalice. This refocus brought forward
more than $200 million in value while
preserving shareholders’ exposure to
the future upside of non-producing
assets not included in our planning
horizon.
While investing $383 million in our
future growth and exploration, we
also delivered value in the present
– continuing our on-market share
buyback and, subsequent to year
end, rewarding shareholders with
a record final dividend of 10 cents
per share for FY26.
Through this period of growth and
change, the safety and wellbeing of
our people remained our priority. We
set a higher incident-reporting bar,
which as we transition, is reflected
in the short term as a weaker safety
result – this is a timing issue not a
relaxation in our commitment to
safety and the new year will show
improvement in this business
critical area.
You will note we have combined our
annual report and Climate report
this year. Sustainability is central
to our strategic planning and daily
operations, and our combined
reporting reflects that.
During the year we continued to
strengthen our sustainability and
risk management foundations.
We refreshed our materiality
assessment, developed our three-
year environmental, social and
governance (ESG) Strategic Plan –
‘More than Gold’ – and published our
inaugural AASB S2 climate-related
financial disclosures.
In short, FY26 was a year of solid
performance against a sound plan,
and of disciplined investment in
growth – rewarding shareholders
today while building materially greater
value for the years ahead.
I thank all our stakeholders for the
support that made this record year
possible – and, in particular, our
employees and contractors, whose
energy and commitment through
rapid change drives Westgold
towards our vision of building the
leading Australian gold company.
We are excited to continue this
journey with you.
Finally, I would also like to
acknowledge and thank Mr Gary
Davison and Mr Julius Matthys,
who retired from the Board on 30
June 2026 – for their dedicated
service, wise counsel and significant
contribution to Westgold’s growth
and success over many years.
Hon. Cheryl Edwardes AO
Non-Executive Chair
7
ANNUAL REPORT 2026
YEAR END 30 JUNE 2026
FY26 FINANCIAL
RESULTS
8 WESTGOLD RESOURCES LIMITED
RECORD GOLD
PRODUCTION
387,354oz
(FY25: 326,384oz)
RECORD
REVENUE
$2,441m
(FY25: $1,360m)
NET CASH FROM
OPERATIONS
$964m
(FY25: $357m)
NET PROFIT
BEFORE TAX
$643m
(FY25: $112m)
NET PROFIT
AFTER TAX
$443m
(FY25: $35m)
FREE
CASH FLOW
$602m
(FY25: $5m)
FULL YEAR
DIVIDEND
10cps
(FY25: 3cps)
PROFIT
PER SHARE
46.98cps
(FY25: 3.85cps)
CLOSING TREASURY
(Cash, bullion and
liquid investments)
$939m1
(FY25: $364m)
NET
ASSETS
$2,443m
(FY25: $1,969m)
Unless specifically noted, all dollar amounts disclosed in this report are Australian Dollars (A$ or AUD)
1 Excludes Cash held by Valiant Gold Limited (ASX: VAL) at 30 June 2026
9
ANNUAL REPORT 2026
YEAR END 30 JUNE 2026
FY26 ANNUAL OUTPUTS
10 WESTGOLD RESOURCES LIMITED
GOLD
PRODUCED
ALL IN
SUSTAINING
COSTS
MURCHISON OPERATIONS
272,302oz
SOUTHERN GOLDFIELDS
115,052oz
GROUP
387,354oz
MURCHISON OPERATIONS
$2,629/oz
SOUTHERN GOLDFIELDS
$3,241/oz
GROUP
$2,841/oz
11
ANNUAL REPORT 2026
YEAR ENDED 30 JUNE 2026
CORPORATE ACTIVITY
ON-MARKET SHARE BUY-BACK
In FY26, our Board approved an
on-market Share Buy-Back program
of up to 5% of Westgold shares. The
introduction of the program reflected
our confidence in the outlook for
the business and formed part of
our broader approach to capital
management. Approximately $27
million was invested in on-market
share buy-backs during FY26.
Subsequent to the end of the
reporting period, on 28 August 2026,
we announced a new Shareholder
Capital Return Policy to continue
supporting shareholder returns,
including a $50 million on-market
Share Buy-Back program for FY27.
PORTFOLIO OPTIMISATION
AND NON-CORE ASSET
DIVESTMENTS
FY26 marked significant progress in
our portfolio optimisation strategy.
As part of this work, we completed a
series of transactions to divest and
bring forward value from non-core,
non-operating assets that did not
feature in our forward production
plans.
These transactions unlocked
approximately $200 million
in shareholder value while
retaining meaningful exposure
to future exploration and
development success through
strategic shareholdings, deferred
consideration arrangements and
production royalties.
VALIANT GOLD (ASX: VAL)
SPIN-OUT
A key part of this program was the
spin out of the Reedy and Comet
projects into a new standalone
company into Valiant Gold Limited
(ASX: VAL) in March this year.
Valiant’s IPO, which included
a $20 million priority offer for
eligible Westgold shareholders,
was significantly oversubscribed,
raising $75 million before costs.
We retained a substantial
shareholding (44%) in Valiant,
maintaining exposure to future
exploration, development and
production success while enabling
a focused and well-funded team
to advance assets that sat outside
our forward production plans at the
time.
DIVESTMENT OF NON-CORE
ASSETS
We also completed the sale of
three non-core gold projects during
the year. At Mt Henry-Selene, we
realised value of approximately $110
million at completion through cash,
a 19.9% shareholding in Alicanto
Minerals (since rebranded to Sinclair
Gold Limited ASX:SGC) and up to
$30 million in milestone-based
deferred consideration.
At the time of writing, the receipt of
the first $5 million deferred payment
for the completion of 20,000m of
drilling at the Mt Henry Project was
expected in mid September 2026.
At Peak Hill, we received
consideration valued at $54.4
million through cash and a 19.9%
shareholding in Great Boulder
Resources (ASX: KBR) and retained
a 1.0% Net Smelter Return royalty
over future production. At Chalice,
we received upfront consideration
of $12.6 million through cash and
a 19.9% shareholding in Corazon
Mining (ASX: CZN), together with
a further $11 million in deferred
milestone payments.
Together, these transactions
simplified our portfolio and
sharpened our focus on the larger-
scale mining and processing hubs
that underpin our growth strategy.
They also placed these projects
with owners able to dedicate
capital, management attention and
technical resources to advancing
their next phase of growth.
12 WESTGOLD RESOURCES LIMITED
BALANCE SHEET FLEXIBILITY
In March 2026, we established a new
$600 million unsecured syndicated
revolving debt facility, replacing our
previous financing arrangements
(the Facility). The Facility comprises
three tranches maturing between
2029 and 2031 and is supported by
a syndicate of five Australian and
international lenders.
Entering FY27, the Facility remained
undrawn. Together with our treasury
position, it provides $1.5 billion in
available financial capacity and
supports our ability to continue self-
funding our organic growth strategy.
The Facility was negotiated at a
time of considerable financial
strength and in a supportive gold
price environment. It is unsecured
and does not require mandatory
hedging, amortisation payments or
cash sweep arrangements, giving us
greater flexibility in how we allocate
capital and manage the business.
WESTGOLD VILLAGE – A
STRATEGIC ACQUISITION
During Q4 we completed the
acquisition of the 327-room
Bluebush Accommodation Village in
Kambalda for $22M, since rebranded
Westgold Village. The investment
consolidates our Kambalda
workforce, simplifies ground
logistics, reduces reliance on third-
party providers and secures long-
term accommodation capacity for
our expanding Southern Goldfields
operations.
13
ANNUAL REPORT 2026
14 WESTGOLD RESOURCES LIMITED
OUR OPERATIONS
REVIEW OF
OPERATIONS
FY26 was a defining
year for Westgold, with
record production, strong
operational performance
and significant progress
across our growth
pipeline.
We produced a record 387,354
ounces of gold during the year,
exceeding the upper end of our
production guidance range and
delivering costs within guided
expectations.
This outcome reflects the
benefits of a larger production
base, improved operating
consistency and sustained
investment in our assets.
The year marked our first full financial
year operating as an integrated
business following the acquisition
of Karora Resources, with both
the Murchison and Southern
Goldfields operations making strong
contributions. Across the portfolio,
we focused on increasing mine
productivity, advancing development
activities and improving operational
flexibility through targeted
investment in fleet, infrastructure
and processing capacity.
FY26 also saw us refine our asset
portfolio and sharpen our strategic
focus. Through our Three-Year
Outlook (3YO) first released in
October 2025 and subsequently
updated following year end, we
articulated a clear operating
strategy centred on optimising the
performance of our core operating
hubs while investing in the projects
and infrastructure required to
support future growth. This included
advancing key growth initiatives
across the Murchison and Southern
Goldfields, while divesting non-
core and non-operating assets
that did not feature in our forward
production plans.
At the operation level, we continued
to strengthen the foundations for
long-term growth. Mine development
rates increased, key infrastructure
projects progressed and exploration
success supported the extension
of mine lives and future production
opportunities. We also advanced a
number of strategic growth initiatives
designed to increase mining flexibility,
unlock future ore sources and
support higher production rates
across the portfolio.
Our development and growth
programs remained a key focus
during FY26. We invested $383
million across growth, development
and exploration activities, including
projects designed to expand
mining fronts, increase processing
capacity and enhance operational
resilience. These investments
position the business to deliver
sustainable growth while maintaining
flexibility and optionality across our
operating centres.
The strength of our operations,
combined with a favourable gold
price environment, translated into
record financial performance, strong
cash generation and a significantly
strengthened balance sheet. The
business generated operating cash
flow of $964 million during the year,
providing the capacity to fund growth
initiatives, optimise the portfolio
and return capital to shareholders
while finishing FY26 debt free and
fully unhedged.
As we enter FY27, our focus remains
on safely delivering consistent
operational performance, progressing
key growth projects and continuing
to optimise our core operating
hubs. With a strengthened asset
portfolio, a clear operating strategy
and a pipeline of high-quality
growth opportunities, we are well
positioned to achieve our growth
plans, delivering 500,000ozpa by
FY29 while maintaining increasing
shareholder returns.
15
ANNUAL REPORT 2026
QUEENSLAND
PORT HEDLAND
MARBLE BAR
WESTERN
AUSTRALIA
PERTH OFFICE
KALGOORLIE
ESPERANCE
MEEKATHARRA
PORT HEDLAND
MARBLE BAR
NEWMAN
ALBANY
MURCHISON
SOUTHERN GOLDFIELDS
Current UG Mine
Gold Processing Plant
LEGEND
REVIEW OF OPERATIONS
(CONTINUED)
OUR OPERATIONS
16 WESTGOLD RESOURCES LIMITED
OUR OPERATIONS
Westgold operates a diverse portfolio of gold
operations in Western Australia - a global Tier-
1 mining jurisdiction known for its geological
endowment, stable regulatory framework and
world-class mining infrastructure.
OVERVIEW
Westgold’s operations span some 2,500km²
across the Murchison and Southern Goldfields
– two of Australia's most prolific gold-producing
regions.
Our operations are centred around four
processing hubs with combined processing
capacity of ~ 6Mtpa, and underpinned by
long-life mines. With 4.1 million ounces of Ore
Reserves, a substantial growth pipeline and a
strong balance sheet, we are well positioned
to achieve the organic growth opportunity
outlined in our multi-year outlook.
OUR OPERATIONS
REVIEW OF OPERATIONS
(CONTINUED)
17
ANNUAL REPORT 2026
FY26 PERFORMANCE
Fortnum capped off a stellar year, producing a record 72koz of gold – its best
annual result under Westgold ownership. The result was driven by consistently
strong grades from the Starlight underground mine, particularly from the
Nightfall lodes, with milled grade lifting to 2.6g/t for the year and recovery
averaging 95%.
Starlight delivered 876kt at 2.8g/t for 77,639oz of contained gold, with mining
rates improving through the year as investment in the load and haul fleet
and ventilation systems flowed through to higher productivity. Quarterly
performance reflected stope sequencing rather than any change in the
underlying orebody, with an exceptional Q2 followed by a return to normalised
grades in Q3 and a strong finish in Q4.
MURCHISON OPERATIONS
Our Murchison operations in Western Australia comprise three processing hubs
(Fortnum, Meekatharra and Cue) with a combined installed capacity of ~4.1Mtpa,
five underground mines (Starlight, Bluebird–South Junction, Big Bell, Great Fingall
and Fender), a newly established open pit program, and ore purchased from a
third party under an ore purchase agreement.
In FY26 our Murchison operations
delivered 272,302oz of gold at an
AISC of $2,629/oz, representing 70%
of Group production and generating
$846M in mine operating cashflow
and $577M in net mine cashflow.
It was a year of step-change for the
region. Bluebird–South Junction
reached a 1Mtpa annualised mining
rate in June, ventilation upgrades
at Big Bell unlocked latent mining
capacity from the sub-level cave;
Great Fingall progressed from mining
lower-grade near-surface material, to
virgin stopes in the Great Fingall reef
and the Golden Crown orebody; and
the Murchison Open Pit Programme
commenced a full quarter ahead
of schedule. Both the Meekatharra
and Fortnum hubs delivered record
annual gold production under
Westgold ownership.
We also simplified the portfolio.
The Reedy’s and Comet assets were
demerged into ASX-listed Valiant
Gold in March 2026, and the Peak Hill
Gold Project was divested to Great
Boulder Resources in Q4, completing
our non-core divestment program in
the region while retaining exposure
through strategic equity holdings.
FORTNUM HUB
The Fortnum Hub is located
approximately 140km north of
Meekatharra and encompasses
the 0.9Mtpa Fortnum processing
plant and the Fortnum and
Horseshoe mining areas. The
Starlight underground mine
remains the predominant feed
source, supplemented by
surface stockpiles.
FORTNUM
MEEKATHARRA
MT MAGNET
CUE
WESTERN
AUSTRALIA
Current UG Mine
Gold Processing Plant
Westgold Tenements
LEGEND
STARLIGHT
BLUEBIRDSOUTH JUNCTION
MEEKATHARRA
FORTNUM
CUE
FENDER
GREAT FINGALL
BIG BELL
REVIEW OF OPERATIONS
(CONTINUED)
OUR OPERATIONS
18 WESTGOLD RESOURCES LIMITED
During the June quarter we completed the West Ramp project, allowing
underground ore to be hauled directly to the processing ROM. This eliminates
third-party rehandle and haulage of underground material, delivering cost
savings from Q1 FY27.
FORTNUM HUB – FY26 PROCESSING PHYSICALS
Source
Ore milled
(kt)
Head grade
(g/t)
Gold produced
(oz)
Starlight 798 2.7 69,296
Open pit & low grade 96 0.8 2,341
TOTAL
FORTNUM HUB
894 2.6 71,637
Recovery averaged 95% for the year.
The Murchison’s
Growth Engine
Bluebird South Junction
continues to build scale
and processing flexibility.
19
ANNUAL REPORT 2026
MEEKATHARRA HUB
The Meekatharra operations are
located around the regional town of
Meekatharra and include the historic
gold mining centres of Meekatharra
North, Paddy’s Flat, Yaloginda and
Nannine. The hub incorporates
the 1.8Mtpa Bluebird processing
plant, the Bluebird–South Junction
underground mine, a +500-person
village and associated mining
infrastructure.
Bluebird–South Junction is the key
growth driver of the Murchison. The
larger stopes in the South Junction
zone are materially more productive
than the smaller, higher-grade
Bluebird stopes, driving mining costs
per tonne down while maintaining
a consistent grade profile. The
adjacent Polar Star zone provides the
potential for a third mining front, with
extensional and resource definition
drilling underway.
FY26 PERFORMANCE
The Meekatharra hub produced
a record 133koz of gold in FY26,
processing 1,878kt at 2.4g/t. The
result was underpinned by the
continued ramp-up of Bluebird–
South Junction, the progressive
displacement of lower-grade
stockpile feed, and the introduction
of softer, higher-grade oxide ore
purchased from the Crown Prince
open pit through an ore purchase
agreement.
Bluebird–South Junction delivered
730kt at 2.7g/t for 62,332oz of
contained gold, with mined tonnes
increasing in every quarter of the year.
Two key milestones were achieved
early in the year – commissioning of
the paste fill plant and completion
of the first paste pour ahead of
schedule, and the finalisation of an
updated hybrid level access design
that allows the productivity benefits
of transverse mining while managing
the ground conditions that had
previously constrained the ramp-up.
Development rates responded strongly, with jumbos consistently achieving over
280 development metres per month, and in June the mine achieved a milestone
annualised mining rate of over 1Mtpa, mining 84kt of ore.
Ore purchased from New Murchison Gold under the ore purchase agreement
provided valuable mill feed flexibility during the year, with 529kt at 3.4g/t
processed for 55,862oz of gold production. The softer oxide material allowed
the Meekatharra plant to run at rates well above historical averages – exceeding
a 2Mtpa run rate at times – unlocking capacity to process additional third-party
ore alon
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