CORPORATE OVERVIEW Westgold is a leading, unhedged ASX200 gold producer with a large and strategic landholding across two of Western Australia’s most prolific gold regions–the Murchison and the Southern Goldfields. Since listing on the ASX in December 2016, the Company has gained a TSX listing, consolidated over 3,200 km² of land holdings and now operates multiple underground mines and four processing hubs across these regions. FY25 was a transformational year for Westgold. Following the merger with Karora Resources, the Company expanded its operational footprint to include the Southern Goldfields, integrating Beta Hunt and Higginsville into its portfolio. Westgold produced a record 326,384 ounces of gold across its operations at an All-In Sustaining Cost (AISC) of A$2,666/oz. The Company closed the year with $364 million in cash, bullion and liquid investments, reflecting a $132 million increase in the final quarter of the year and demonstrating its growing free cash flow capability. CORPORATE STRUCTURE As part of the Karora Resources acquisition (refer to Note 35) the following subsidiaries became part of the Westgold Group: Name of Subsidiary Beneficial Ownership Karora Resources Inc. 100% Karora (Beta Hunt) Pty Ltd. 100% Karora (Higginsville) Pty Ltd. 100% Karora (Lakewood) Pty Ltd. 100% Avoca Resources Pty Ltd. 100% Corona Minerals Pty Ltd. 100% Hill 51 Pty Ltd. 100% Karora Australia Pty Ltd. 100% Karora Resources Pty Ltd. 100% Polar Metals Pty Ltd. 100% Red Hill Gold USA Corp. 100% VMS Ventures Inc. (Dissolved 20 December 2024) 100% 25657171 Ontario Inc. (Dissolved 19 December 2024) 100% OPERATING AND FINANCIAL REVIEW OPERATING RESULTS The Group’s full year gold production was 326,384 ounces (FY24: 227,237 ounces). Overall, the results reflect a year in which Westgold integrated two regions post transaction, enabling it to benefit from its new found scale of production and cash flow generation. These actions over the year are reflected in the following key measures: – Consolidated revenue increased by 90% to $1,360 million (2024: $716 million); – Consolidated total cost of sales increased by 101% to $1,126 million (2024: $559 million); – Adjusted EBIT1 decreased by 28% to $172 million (2024: $134 million); – Adjusted EBITDA1 increased by 83% to $498 million (2024: $271 million); – Profit before income tax decreased by 18% to $112 million (2024: $137 million); and – Profit after income tax decreased by 63% to $35 million (2024: $95 million). – As at 30 June 2025, the Group had $95.5 million worth of Bullion on hand (19,040oz at a spot price of $5,019/oz) which was realised post year end. 1. Adjusted EBIT and EBITDA, removes the impact of the Lakewood Disposal, Stamp duty and Acquisition costs. 47 ANNUAL REPORT 2025
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