Westgold Resources Limited Annual Report 2020

12 Westgold Resources Limited Annual Report 2020 Our Operations The Fortnum Gold Operations (FGO) are located in the proterozoic age Bryah Basin stratigraphy approximately 150 km northwest of Meekatharra. FGO is the Group’s northernmost mining hub of its Murchison Projects. FGO encapsulates the historic mining centres of Labouchere, Fortnum, Horseshoe and Peak Hill where aggregated gold production of approximately 2 million ounces has occurred. The core of the FGO is a 0.9 million tonne-per-annum carbon-in-leach (CIL) plant, a 175-person village and all the typical plant and infrastructure required to operate a remote FIFO site. FGO mining output is currently dominated by the Starlight underground mine which produces at a rate of approximately 600,000 tonnes per annum. This ore is blended with low grade stocks sitting free on surface to make up a blended plant feedstock. A procession of open pit mines sit ready to replace the low grade feedstock with the site having a visible mine life expectation in excess of 6 years. For the FY 2020 year FGO sold 61,208 oz at a cash cost (C1) of A$1,077/oz and an AISC of A$1,308/oz and generated an overall segment profit of $33 million. FGO has been a solid low cost performer for Westgold with expected annual output of 60-75,000oz per annum over the longer term. FGO has a number of exploration targets in addition to its current ore resource and reserves which should underwrite sustainable gold production at the operations. These include: 1. Extensions to the Starlight underground mine where a structural geology study undertaken by industry- leading structural geology experts are defining the keys controls driving Starlight mineralisation and a number of new targets with it. 2. Resource development work in the Fortnum Mining Centre to support the return of open pit mining in the area in subsequent years. This will include final definition works on extensions to the major past producers of Yarlarweelor, Nathan’s and Labouchere, as well as pre-grade control works on the new Regent and Messiah deposits. 3. Conceptual exploration at Peak Hill with a view to proving an alternative ore sources that can be trucked to either the Fortnum or Bluebird (MGO) processing plants. 640,000 mE 680,000 mE 7,200,000 mN 7,180,000 mN 620,000 mE 7,160,000 mN 12 0 6 kilometres HORSESHOE MINING AREA FORTNUM MINING AREA PEAK HILL MINING AREA Starlight Mine Horseshoe - Cassidy Mine Peak Hill Mine Yarlarweelor Mine Great Northern Highway 32km Fortnum Processing Plant - 0.9Mtpa Fortnum Gold Operations