REVIEW OF OPERATIONS In FY25, Westgold delivered 326,384 ounces of gold from its Murchison and Southern Goldfields operations, while continuing to define, explore and develop the next suite of mineral assets across its extensive landholding. Murchison Operations The Murchison Operations comprise the Tuckabianna, Bluebird and Fortnum processing hubs. Key events and highlights in the Murchison for FY25 include: – Q4 FY25 demonstrated the ability to ramp up throughput from the Bluebird-South Junction underground mine as access to the South-Junction stopes was developed. A decision to mine Bluebird-South Junction by longitudinal open stoping in April 2025 now positions the mine to deliver steady-state run rates of 1 – 1.2Mtpa by the end of FY26. – Mining began in the lower-grade Fingall Flats area of the Great Fingall mine, with development progressing toward high-grade virgin stopes. First stoping in these higher grade zones is expected in Q1 FY26, marking the restart of an iconic and long-life, high-grade asset. – At Big Bell, the Upper Cave delivered increasing tonnages, representing ~60% of mine output in Q4 FY25. This allowed Westgold to continue to review the optimum solution and defer the capital-intensive Big Bell Deeps development while maintaining production from the existing cave and infrastructure. – Our Starlight underground mine continued to outperform, with access to high-grade Galaxy lodes and improved fleet productivity seeing mine outputs lift. In FY25, Westgold’s Murchison business delivered 197,068 ounces of gold at a C1 Cash Cost of $2,203/oz and an AISC of $2,609/oz. Revenue from the Murchison Operations increased to $818 million (2024: $716 million), with segment profit rising to $206 million (2024: $156 million). Southern Goldfields The Southern Goldfields was acquired by Westgold on 1 August 2024 through the completion of the merger with Karora, so reported production and costs represent only 11 months of ownership under Westgold. Operations are centred on the Beta Hunt and Two Boys underground mines, supported by the Higginsville and Lakewood processing hubs. During the period, on 31 March 2025 the Lakewood hub (at Kalgoorlie) was sold to the Black Cat Syndicate (ASX: BC8). Key events and highlights in the Southern Goldfields for FY25 include: – Significant investment made in mine infrastructure at the Beta Hunt underground mine, including upgrades to water supply, ventilation, and power. These improvements support a ramp-up toward a 2Mtpa mining rate and enhanced productivity in FY26. – The declaration of a maiden Mineral Resource Estimate of 2.3Moz at the Fletcher Zone within Beta Hunt. This validates the long-term growth potential of the asset and positions it as a third major mining front within this extensive mineralised system. – A scoping study was completed to expand the Higginsville processing plant from 1.6Mtpa to 2.6Mtpa, with potential for further growth to 4Mtpa. This initiative warrants further study (currently underway) and supports future throughput increases and cost optimisation. In FY25, Westgold’s Southern Goldfields business delivered 129,316 ounces at a C1 Cash Cost of $2,368 per ounce and an all-in sustaining cost (AISC) of $2,752 per ounce. The increase in the gold output and gold price, resulted in an overall increase in revenue to $542 million. 49 ANNUAL REPORT 2025
RkJQdWJsaXNoZXIy MjE2NDg3