LETTER FROM THE CHAIR A TRULY TRANSFORMATIONAL YEAR A defining year – from gold junior to leading Australian producer Dear Shareholders FY25 has been a truly transformational year for Westgold. Beginning the period as a junior gold producer, we stepped up to the ranks of the ASX200, with a dual listing on the Toronto Stock Exchange (TSX) following the merger with Karora Resources in August 2024. It was a defining transaction. Today, Westgold is one of the country’s leading gold companies with an extensive portfolio of mining and processing operations - and a substantive, 3,200km2 landholding across two of Western Australia’s most prolific goldfields, the Murchison and the Southern Goldfields. In FY25 we delivered record production of 326,384 ounces of gold from this expanded portfolio, closing the year with our strongest balance sheet yet - with $364 million in cash, bullion and liquid investments to fund future growth and value creation. The sector too has had a momentous year, with the Australian gold price increasing by more than 40%. Importantly, Westgold remains unhedged – affording our shareholders full access to the prevailing record-high gold price. We are mindful that what goes up must come down, and our team is determined to drive cost out of our business and focus on operating efficient, higher margin operations that remain profitable at every stage of the price cycle, not just when prices are high. Successful business transformation is not accidental - it is led. I would like to congratulate our leadership and wider team for their enormous effort to combine two sets of operations with their respective cultures, systems and processes – into one integrated high-performing team and business, while delivering record results. In the Southern Goldfields, we invested substantial capital at Beta Hunt to de-constrain and upgrade essential infrastructure to position the operation to deliver > 2Mtpa of mine outputs in the year ahead. In the Murchison, we continue to drill and expand the exciting BluebirdSouth Junction mine at Meekatharra. This is rapidly becoming the key value driver in our Northern business and shows the value that intensive drilling can create. In June 2025, we appointed a large internationally recognised mining contractor to operate our iconic Great Fingall mine. Great Fingall is a high-grade and comparatively simple operation and lends itself to an outsourced model, allowing us to redeploy our team and capital equipment to our larger operations, where they can create greater return on investment. Throughout the year, we demonstrated our commitment to building a long term, sustainable business - investing $43M in exploration and resource development programs across the portfolio. The flow of strong drill results from our largest and emerging mines continued during FY25 – demonstrating the latent value within our existing Mineral Resource base. 2 WESTGOLD RESOURCES LIMITED
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