55 ANNUAL REPORT 2025 Dear Shareholder, On behalf of the Board of Directors of Westgold, I am pleased to provide you with the FY25 Remuneration Report. The Board was pleased with the strong support (>95% approval) from shareholders at the Annual General Meeting held in November 2024 for the FY24 Remuneration Report, which included our intentions for FY25. The Board, through its independent Remuneration and Nomination Committee, conducts an annual assessment of the remuneration arrangements for the Company’s Key Management Personnel (KMP) and Non-Executive Directors (NEDs). The aim is to establish remuneration structures that are competitive, equitable, transparent, non-discriminatory, and aligned with the interests of shareholders. KMP remuneration includes both fixed and variable components, with a significant emphasis on the variable, at-risk elements of Short-Term Incentives (STIs) and Long-Term Incentives (LTIs). Within these, greater weight is placed on LTIs. A substantial portion of at-risk remuneration is delivered through performance rights, which are subject to appropriate performance hurdles, vesting periods, clawback provisions, and the Board’s discretion. FY25 KMP REMUNERATION In FY25, the fixed salary component of KMP’s total fixed remuneration (TFR) was increased to ensure the Company’s remuneration packages remain competitive with market rates for experienced executives in the mining industry. The FY25 Short-term Incentive (STI) and Long-term Incentive (LTI) components of KMP remuneration remained unchanged from FY24, aligning with the Company’s short-term priorities and long-term strategic objectives, and reflecting the roles and responsibilities of each KMP. The potential STI, as a percentage of TFR, was 100% for the Managing Director (MD) and 60% for both the Chief Operating Officer (COO) and Chief Financial Officer (CFO). The potential LTI was 150% of TFR for the MD and 80% for both the COO and CFO. FY25 PERFORMANCE AND REMUNERATION OUTCOMES FY25 marked a year of solid business outcomes, with a record of 326,384oz of gold produced at an AISC of $2,666/oz that was marginally outside of FY25 guidance of 330,000-350,000oz at AISC of $2,400 - $2,600/oz.1 At 30 June 2025, the Company held $364M in closing cash, bullion, and liquid investments. The Company’s strong operational performance in FY25 was delivered safely, with the total recordable injury frequency rate reducing year on year to 5.67.1 FY25 performance had a positive impact on outcomes for awards measured at 30 June 2025, with 80% vesting of FY25 STI and 84% vesting of FY22 LTI. FY25 STI – 80 - 92.5% RESULT The Company’s FY25 STI were measured as at 30 June 2025, following a one-year performance period, achieving 80 - 92.5% vesting. See section 6.2 on page 64 for detailed results against the FY25 STI key performance indicators. We are proud of the Company’s FY25 safety and environmental performance. The total recordable injury frequency rate (TRIFR) result of 5.67 has reduced by more than 17% year on year for the past two years. This is a considerable achievement, given that over 2,227 employees and contractors contributed to these safety statistics during FY25. 100% vesting of this KPI was achieved (20% weighting). There were no serious environmental management issues in FY25. 100% vesting of this KPI was achieved (5% weighting). The Company’s FY25 gold production of 326,384oz was below budget and Group guidance. There was nil vesting of this KPI (25% weighting). The Company’s FY25 All-in Costs (AIC) were >5% below the budgeted costs, which was a good outcome in the context of continued cost escalation and inflationary pressures. 100% vesting of this KPI was achieved (25% weighting). FY22 LTI PERFORMANCE RIGHTS – 84% RESULT The Company’s FY22 LTI Performance Rights were measured as at 30 June 2025, following a three-year performance period commencing 1 July 2022. Overall achievement was 84%, as further detailed in section 6.3 on page 65. Relative total shareholder return (RTSR) of 33.9% was at the 57th percentile of the relevant Peer Group. This resulted in 64% vesting of the RTSR KPIs (30% weighting). Absolute total shareholder return (ATSR) was 109%. This resulted in 100% vesting of the ATSR KPIs (30% weighting). Absolute earnings per share (EPS) was 152%. This resulted in 100% vesting of the EPS KPIs (30% weighting). The Company’s ore reserves grew by 5%. This resulted in 50% vesting of the ATSR KPIs (10% weighting). 1 See ASX Announcement titled “June 2025 Quarterly Report” dated 23 July 2025 LETTER FROM REMUNERATION AND NOMINATION COMMITTEE CHAIR
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