Westgold Resources Limited Annual Report 2020

4 Westgold Resources Limited Annual Report 2020 Chairman’s Letter Dedicated explorer and developer of gold Peter Cook Chairman Dear Shareholders, It is with pleasure that I present you the Westgold Resources Limited (Westgold or the Group) Annual Report for the year ended 30 June 2020. It has been a pleasing year as it is whenever Westgold can create wealth for our shareholders. For the 12 months ended 30 June 2020 the share price has risen a modest 13% which at the time of writing this report has increased to 34%. Share price appreciation, I believe is the key performance indicator of the Board and management whom as custodians of the Company’s funds and assets, the shareholders entrust to build wealth. I am also immensely proud of our physical achievements in regards to establishing Westgold as a long-term sustainable gold producer in the Central Murchison and doing so in a manner that has no material adverse impact on the regions, environment and communities in which we operate. Westgold’s market capitalisation increased by 22% to $878 million over the year and has now joined the All Australian ASX200. Commensurate with this elevation and in line with the expectations of our investors and stakeholders we have re-organised our Board to now be comprised of predominantly independent and non- executive directors with an aggregate skill-set aligned with our specialist industry. Westgold’s commitment to our workforce and communities is significant. We are pleased to issue our inaugural sustainability report on ESG (Environmental, Social and Governance) matters which measures our footprint and impacts on the regions in which we operate. During the year Westgold has continued to focus on its core Central Murchison gold assets where it is in the business of exploring, developing and mining of gold. The Group is unique in the Australian gold sector in being the owner operator of all our underground and open pit mines through our internally owned mining service division. This makes Westgold a vertically integrated company with an extensive mining fleet and a direct payroll of over 900 people. With this scale comes great responsibility knowing that directly and indirectly we have an estimated employment multiplier of 7-8x, seeing Westgold contributing to the livelihoods of over 6,000 people. The realities of the scale of our operations and size of our workforce was bought into clear focus with the COVID-19 pandemic potentially threatening our staff, contractors and operations. Proactive management and rigidly complying with health advice to lessen the risk of spread ensured Westgold could maintain operations during early 2020. To date we have been successful and we will continue to do our best with a balanced level of control to ensure we protect and manage the assets, health and wealth of our shareholders, our employees and all stakeholders involved in our business. COVID-19 crystallised the Board to further focus on our fiscal strength and increasing resilience to potential economic shocks triggered by the crisis. To build resilience the Group continued to divest its non-core assets and topped up its cash reserves to ensure Westgold could continue to advance its business objectives during a period of economic uncertainty, without eroding our shareholders wealth.