FINANCIAL REPORT 56 WESTGOLD RESOURCES LIMITED LETTER FROM REMUNERATION AND NOMINATION COMMITTEE CHAIR FY26 KMP REMUNERATION An independent remuneration consultant was engaged to provide benchmarking data and insights on remuneration structures, levels, and trends in the Australian mining sector. For FY26, TFR increases for KMP aligns with our policy to remain competitive in attracting and retaining experienced mining executives. Additionally, the increases reflect the Company’s transition to a mid-tier gold producer and inclusion in the ASX 200 index following the Karora Resources Inc. merger in August 2024. The STI and LTI opportunities, as well as the KPIs, remain unchanged from FY25, with adjustments made to KPI weightings to align with current business objectives. As announced by the Company on 2 April 2025, in addition to the MD’s TFR, STI and LTI, the MD’s FY26 remuneration will include a one-off grant of 1,500,000 Performance Rights. These Performance Rights will be divided into three equal tranches, subject to performance measures and continued employment. The performance periods for the Rights tranches are 1 July 2025 to 30 June 2026, 1 July 2026 to 30 June 2027, and 1 July 2027 to 30 June 2028. These rights remain subject to shareholder approval at the FY25 AGM. This award forms part of a broader plan being introduced for executive members of the Company’s workforce who are considered critical to achieving the Company’s strategic objectives over the coming years. The Board is confident that the FY26 remuneration structure is challenging, but appropriate to incentivise, reward and retain our high-performing team at Westgold, including the executive KMP. It is geared towards achieving our purpose and strategic growth objectives whilst maintaining our safety focus. NON-EXECUTIVE DIRECTOR REMUNERATION NEDs receive fixed fees (plus superannuation), with no extra payments for serving on Board committees. These fees are set at levels we consider necessary and appropriate to attract and retain directors with the calibre, skills, and experience required, while also reflecting the growing responsibilities and workload of the role. NED fees remained the same in FY24 and FY25, apart from mandatory increases in superannuation contributions. For FY26, an increase in NED fees is proposed, informed by benchmarking data from an independent remuneration consultant, as well as considerations of inflation and the growing demands and responsibilities of the role. The total NED fees, including superannuation, remain within the current shareholder-approved limit of $1,250,000, which was last increased in 2024. There are no plans to raise this limit in the foreseeable future. The Non-Executive Chair conducts an annual review of the performance and contribution of each NED, as well as the effectiveness of the Board as a whole. On behalf of the Board, your continued support as a shareholder is greatly appreciated. Yours sincerely, Fiona Van Maanen Remuneration and Nomination Committee Chair
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