Westgold to Spin-Out Non-Core Assets to Valiant

ASX Announcement

Westgold Resources Limited

ABN 60 009 260 306

ASX | TSX: WGX

T: +61 8 9462 3400

E: [email protected]

W: westgold.com.au

Level 13, 200 St Georges Terrace Perth WA 6000 PO Box 7068, Cloisters Square WA 6850

15 December 2025 Westgold to Spin-Out Non-Core Assets to Valiant Ore purchase agreement to provide fast track opportunity to cash flow Highlights

• Westgold non-core assets to be spun out via a demerger and concurrent IPO in Q3, FY26 to Valiant Gold Limited (Valiant) - a new standalone ASX-listed gold company.
• Valiant to acquire the Reedy and Comet Projects – an exploration and development package including four small historic underground mines with recent production history and a combined Mineral Resources of 15.6 Mt @ 2.4 g/t Au for 1.2 Moz.
• Demerger and IPO unlocks value from assets not included in Westgold’s 3 year outlook - via a dedicated, well-funded exploration and development team focused on generating early cashflow via an Ore Purchase Agreement to be entered into with Westgold.
• Valiant Board and Management team established - Derek La Ferla appointed as Non - Executive Chairman, Brendan Tritton as Managing Director and Anthony Chamberlain as a Non-Executive Director. Westgold’s Chief Growth Officer, Simon Rigby, to join the Valiant Board as a Non-Executive Director and as Westgold’s nominee.
• Valiant to be well funded - as part of the concurrent IPO, Valiant intends to raise $ 65 -$75 million (before costs) , with eligible Westgold shareholders entitled to participate in a $20 million priority offer.
• Westgold to retain upside to exploration and production success - through a substantial equity holding in Valiant.

Wayne Bramwell, Managing Director and CEO of Westgold commented: “Westgold is focused on expansion of our larger, core operating assets.

By establishing Valiant, we create an independent , well -funded gold company that can bring forward value from smaller assets such as the Comet and South Emu-Triton underground mines and unlock the exploration potential across the Reedy and Comet packages.

Valiant will have a fast-track to cashflow with an Ore Purchase Agreement (OPA) to be entered into with Westgold. This collaborative, capital efficient model is proven, as demonstrated by Westgold’s investment and OPA with New Murchison Gold (ASX: NMG) . This model saw NMG transition from explorer to producer, with gold production from NMG’s Crown Prince deposit now delivering high grade oxide ore to Westgold’s Meekatharra processing hub.

Valiant can replicate this success . With several small underground mines in care and maintenance, a range of open pit opportunities, and exploration upside, the Valiant team has multiple near-term restart and growth options to deliver near term cashflow.”

Westgold to Spin-Out Non-Core Assets to Valiant

15 December 2025

Overview

Perth, Western Australia, 15 December 2025: Westgold Resources Limited (ASX | TSX: WGX) (Westgold or the Company), is pleased to confirm that, subject to approval from the Australian Securities Exchange (ASX), it is proceeding with the demerger and an initial public offering of its non-core Reedy ’s and Comet assets (Demerger Assets) in the Murchison region of Western Australia to Valiant Gold Limited (Valiant).

Westgold proposes to demerge, by way of an asset transfer, the Demerger Assets to Valiant (Demerger). This Demerger simplifies our Murchison business, allowing Westgold to focus on its larger and higher-grade core operations across the Murchison and Southern Goldfields regions. Concurrently with the Demerger, Valiant intends, subject to ASX approval, to undertake an initial public offering (IPO) of fully paid ordinary shares in Valiant (Valiant Shares), under a prospectus, to raise between $65 million (Minimum Subscription) and $75 million (Maximum Subscription) (before costs) at an issue price of $0.25 per Valiant Share, and to apply for admission to the official list of the ASX.

Following completion of the Demerger and IPO, Westgold will retain approximately 48% shareholding at the Minimum Subscription, and approximately 44% shareholding at the Maximum Subscription in Valiant.

In connection with the Demerger, Westgold and Valiant intend to enter into an OPA on market terms for processing ore from the Demerger Assets at the Cue and/or Meekatharra processing hubs. This access will provide a fast tracked and low capex pathway to near term gold production and cash flow to Valiant , whilst providing Westgold with additional ore not currently scheduled in Westgold’s 3-year outlook.

Figure 1: Westgold’s processing hubs within close proximity to the Demerger Assets

Westgold to Spin-Out Non-Core Assets to Valiant

15 December 2025

Rationale for the Demerger

The Reedy’s and Comet gold projects are 100% owned , brownfield gold assets located in the Murchison region of Western Australia. The package hosts a combined Mineral Resources of 15.6 Mt @ 2.4 g/t Au for 1.2 Moz with clearly identified exploration upside and near-term production potential under the OPA to be entered into between Westgold and Valiant.

Figure 2: Demerger Assets proximity to Westgold's processing hubs

Reedy’s and Comet have historically produced ~820koz @ 3.8g/t Au and ~257koz @ 2.77g/t Au respectively, with two underground mines placed on care and maintenance by Westgold in Q1 FY23 when the gold price was ~A$2,400/oz.

Currently the Demerger Assets do not contribute any production in Westgold’s Three-Year Outlook (3YO). With the creation of Valiant, the opportunity exists to bring forward value from these assets into the 3YO by establishing a n independent, well -funded team dedicated to recommencing mining, drilling and resource expansion.

Westgold to Spin-Out Non-Core Assets to Valiant

15 December 2025

Westgold will demerge the se assets into Valiant, creating a focused team to advance these assets and enabling Valiant to raise capital and undertake an ASX listing. The Demerger enables Valiant to leverage Westgold’s proximate processing infrastructure to accelerate the restart of mining from the Demerger Assets.

Upon successful admission to ASX, Valiant will use the funds raised from its IPO to advance growth and development activities a cross the Demerger Assets including infill and extensional drilling, studies and mine restart activities.

The Westgold Board considers that demerging these non-core assets is a capital efficient model consistent with our corporate strategy. This model can deliver superior value for shareholders in both Westgold and Valiant, with Westgold shareholders being provided the opportunity to participate in Valiant through a priority offer allocation in the IPO.

The Demerger and IPO of the Demerger Assets is consistent with and aligned to the Company’s corporate strategy to streamline Westgold’s portfolio and focus on the expansion of our core operating assets.

Commenting on the Demerger Managing Director and CEO, Wayne Bramwell said: “Westgold’s approach to capital allocation is to focus on our larger and higher-grade operating assets. We see value in Comet and Reedy’s, but as they are not assets of scale, they are unlikely to be redeveloped by our team in the next three years.

Demerging these assets is a capital efficient model for Westgold.

In the hands of the Valiant team these assets have a real opportunity for fast-track development and with an ore purchase agreement (OPA), a line of sight on cash flow. A dedicated, well-funded exploration and development team is the key, with Valiant’s success potentially delivering early revenue to Valiant’s shareholders and additional gold production into Westgold’s 3YO.”

Demerger

The Demerger will only proceed if certain conditions are satisfied, including (without limitation), Valiant obtaining an ASX conditional admission letter and Valiant receiving valid applications for the Minimum Subscription under the IPO.

The Demerger is expected to be completed by late March 2026.

Westgold is supporting Valiant’s growth by offering an unsecured, interest-free loan of up to $3 million (Facility) to enable commencement of early work on the Demerger Assets. Valiant will repay the Facility following completion of the IPO.

This Facility will give Valiant the flexibility to progress quickly on key projects, setting the stage for future development and success.

Westgold to Spin-Out Non-Core Assets to Valiant

15 December 2025

Valiant IPO

Valiant intends to seek admission to the official list of the ASX and, for this purpose, will undertake an IPO to raise between $65 million and $75 million (before costs), at an issue price of $0.25 per Valiant Share. The offers under the IPO (IPO Offer) will comprise:

• a Priority Offer to existing eligible Westgold shareholders - to raise approximately $20 million (before costs) (Priority Offer).; and
• an institutional and broker firm offer - to raise between $45 million and $55 million (before costs) (Other Offer).

Valiant intends to use the IPO funds to advance the Demerger Assets, including drilling, studies, mine restart work and to repay the Facility . Further details in relation to the IPO Offer will be provided in the Prospectus to be lodged by Valiant in due course.

Argonaut Securities Pty Limited has been appointed Lead Manager to the IPO. Thomson Geer has been appointed as Australian legal advisor in respect of the Demerger and IPO.

Following completion of the Demerger and IPO, Westgold will retain approximately 4 8% shareholding in Valiant at the Minimum Subscription, or approximately 44% shareholding in Valiant at the Maximum Subscription.

Proposed Valiant Capital Structure

Minimum

Subscription ($65 million) Maximum Subscription ($75 million) Current Valiant Shares on Issue 100 100 Valiant Shares Issued to Westgold in Consideration for the Demerger Assets 240,000,000 240,000,000

Valiant Shares Issued under the Other Offer 180,000,000 220,000,000 Valiant Shares Issued under the Priority Offer 80,000,000 80,000,000 Valiant Shares on Issue upon ASX Listing 500,000,100 540,000,100 Valiant Options 2,000,000 2,000,000 Valiant Cash Position (excl. Costs) $65m $75m Valiant Market Capitalisation $125m $135m Valiant Enterprise Value $60m $60m Implied EV/Resource ($/Resource oz) $43/oz $43/oz Note: Valiant options to be issued to Valiant's advisers in connection with the IPO. Additional Valiant options and performance rights may also be issued to Valiant directors, employees, consultants and advisers. Further details of the options and performance rights to be issued by Valiant will be disclosed in the prospectus to be prepared by Valiant and to be lodged with the Australian Securities and Investments Commission in connection with the IPO. Westgold to Spin-Out Non-Core Assets to Valiant 15 December 2025

Valiant Board and Management

Valiant has secured a n experienced team with extensive experience in mineral exploration, project development, mining , legal and financing in the resources industry. The team includes two non-executive directors with suitable technical expertise.

The Valiant board and senior management includes: Mr Derek La Ferla – Independent Non-Executive Chairman Derek is a very experienced corporate lawyer and company director.

In addition to Valiant, Derek is chair of Chalice Mining Limited ( ASX: CHN), Icon Engineering Pty Ltd, Training and Alliance Group Pty Ltd and Foodbank WA. He is a consultant with Ivanhoe Atlantic Inc. and the former chair of Sandfire Resources Limited and Poseidon Nickel Limited. Derek is also a part time partner of Lavan, one of the largest law firms in Perth.

Mr Brendan Tritton – Managing Director

Brendan is an accomplished mining executive and engineer with extensive experience spanning technical operations, corporate strategy and leadership within the Australian resources sector. A graduate of the Western Australian School of Mines (WASM), Brendan combines deep technical foundations with strong commercial and organisational insight, enabling him to drive performance and innovation across complex mining environments.

Brendan has held senior operational and leadership roles across multiple resource projects including Mincor Resources NL’s Kambalda operations. He has been recognised for his pragmatic and forward -thinking approach to mine development, team performance and stakeholder engagement. His career reflects a balance of on- the-ground mining expertise and strategic capability, positioning him to effectively bridge technical execution and corporate value creation.

Mr Simon Rigby – Non-Executive Director

Simon is a Geologist (BSc (Hons), MAIG) with more than 30 years of experience in mineral exploration, business development and executive leadership within both major and junior companies. He has worked in precious and base metals and strategic minerals thr oughout Australasia, Africa, Europe and the Americas.

Simon is the Chief Growth Officer of Westgold and will be appointed as Westgold's nominee on the Valiant Board.

Dr Anthony Chamberlain – Non-Executive Director

Tony holds a PhD in metallurgy from Curtin University and is an experienced mining executive with over 30 years’ experience in the resources sector. Tony brings a wealth of knowledge in project development from resource optimisation, engineering, approvals, co nstruction and operational management.

Westgold to Spin-Out Non-Core Assets to Valiant

15 December 2025

Tony has held senior operational and management roles during his 12 years at WMC Resources and BHP. Additionally, he has served in senior and executive positions at several ASX -listed junior resource companies, including Vimy Resources, BCI Minerals, Clean TeQ, Stonehenge Metals, and Crossland Strategic Metals.

Ms Joan Dabon – Company Secretary

Joan is a Chartered Secretary with over nine years’ experience in company secretarial and corporate advisory services, supporting ASX and NSX listed companies across a wide range of sectors including mining & oil and gas, manufacturing, automotive, technol ogy, renewable energy, logistics, and distribution. She was the Executive Director – Governance (West Coast) at Source Governance, where she led the governance delivery and strategic board support for a diverse client base.

Joan holds a Juris Doctor degree and is an Associate Member of the Governance Institute of Australia.

Commenting on Valiant Chairman, Derek La Ferla said: "Valiant is poised to unlock significant value from our portfolio of historically productive gold assets and has a clear pathway to cashflow and growth. Supported by Westgold as our cornerstone shareholder and with access to their established processing infrastructure, Valiant is committed to building a resilient and sustainable gold business.

Our experienced leadership team brings the operational and corporate expertise and strategic vision necessary to drive Valiant forward, delivering returns for our shareholders and contributing to the future of gold mining in Australia."

Indicative Timetable

Event Indicative Date

Lodgement of Valiant IPO Prospectus Mid-February 2026 Priority Offer Record Date Late February 2026 Opening Date of IPO Offer March 2026 Closing Date of IPO Offer March 2026 Allotment of Valiant shares under IPO Offer Late March 2026 Note: The dates shown in the table above are indicative only and may vary subject to the Corporations Act 2001 (Cth), ASX Listing Rules and other applicable laws.

Westgold to Spin-Out Non-Core Assets to Valiant

15 December 2025

This announcement is authorised for release to the ASX by the Board.

Investor and media relations enquiries Investor Relations Kasun Liyanaarachchi Group Manager Investor Relations & Communications [email protected]

+61 458 564 483

Media

Annette Ellis

Manager Communications & Corporate Affairs

[email protected]

+61 458 200 039

About Westgold

Westgold Resources Limited (ASX | TSX: WGX) is a leading, unhedged ASX200 gold producer with a growing portfolio of established mines and processing plants across the Murchison and Southern Goldfields, two of Western Australia’s most prolific gold-producing regions.

Westgold’s vision is to become the leading Australian gold company - sustaining safe, responsible and profitable production. We have a clear purpose to unearth enduring value – for our stakeholders, shareholders, people and the communities we operate in.

About the Reedy’s Gold Project

Located between Cue and Meekatharra, the Reedy ’s Gold Project is a long -standing gold producer with a rich history dating back to 1901. Over 820 ,000oz of gold have been produced from 18 open pits and four underground mines, developed along three key minerali sed shears. Recent exploration and mining, particularly from 2016 to 2022, have highlighted the project’s ongoing potential, with 1.78 Mt at 2.55g/t for 146,000oz of gold produced during this period. Reedy’s extensive strike length and multiple minerali sed corridors underscore its exploration upside. The project’s scale and stage make it an excellent fit for an agile junior gold miner where a dedicated management team can focus on advancing both near -mine and regional targets.

Under the stewardship of a new entity, Reedy’s is poised to benefit from renewed investment and operational focus.

With a strong production history, robust geological fundamentals, and significant room for resource growth, Reedy’s offers an attractive platform for a growth-oriented company seeking to build value through targeted exploration and efficient development.

Westgold to Spin-Out Non-Core Assets to Valiant

15 December 2025

Figure 3: Reedy's Project highlighting a subset of existing open pits

Westgold to Spin-Out Non-Core Assets to Valiant

15 December 2025

Figure 4: 5km line of lode with little deep drilling between Jack Ryan and South Emu pits About the Comet Gold Project The Comet Gold Project, situated 19km east-southeast of Cue in Western Australia’s Murchison region, is a proven gold producer with a legacy spanning over a century. Having delivered approximately 257,000oz of gold from multiple open pits and underground operations, Comet’s history is marked by phases of successful mining and ongoing exploration.

In recent years, Comet has demonstrated renewed potential through targeted drilling and modern mining methods, particularly during the 2017 –2022 underground campaign, which yielded 1.41Mt at 3.17g/t for 144,000oz of gold. Metallurgical test work has confirmed strong gold recoveries, and the project’s geology remains highly prospective, with several underexplored zones offering clear upside for further resource growth.

Comet’s scale represents an ideal opportunity for a nimble, dedicated management team to unlock value. As part of a newly independent company, Comet will benefit from focused attention and tailored strategies, positioning it to reali se its exploration potential and deliver meaningful returns. With established infrastructure nearby and a track record of production, Comet is set to become a valuable growth asset for a company with the flexibility and dedicated resources to maximise its upside.

Westgold to Spin-Out Non-Core Assets to Valiant

15 December 2025

Figure 5: Comet Project highlighting a subset of existing shallow open pits

Westgold to Spin-Out Non-Core Assets to Valiant

15 December 2025

Figure 6: 4km line of lode with little deep drilling

Table 1 – Valiant Mineral Resource Estimate

Measured Indicated Inferred Total

Tonnes (‘000s) Grade Ounces (‘000s) Tonnes (‘000s) Grade Ounces (‘000s) Tonnes (‘000s) Grade Ounces (‘000s) Tonnes (‘000s) Grade Ounces (‘000s) Comet

Group 236 3.07 23 2,141 2.39 165 1,698 2.39 130 4,075 2.43 319

Reedy's

Group 65 3.37 7 3,322 2.53 271 8,134 2.34 612 11,520 2.40 890

Total 301 3.13 30 5,462 2.48 435 9,832 2.35 742 15,595 2.41 1,209

Not an Offer

This announcement is not a prospectus, product disclosure statement or other disclosure document under the Corporations Act 2001 (Cth), or other offering document under Australian law or any other law. This announcement, and the information contained in it, is provided for information purposes only and is not an offer or solicitation or an invitation or recommendation to subscribe for, acquire or buy securities of Valiant, or any other financial products or securities in any place or jurisdiction, and has not been lodged with the Australian Securities and Investment Commission (ASIC).

This announcement does not constitute investment advice and has been prepared by Westgold without taking into account the recipient's investment objectives, financial circumstances or particular needs. Each recipient must make his/her own independent assessment and investigation of Valiant and its business and assets. This announcement is in summary form and does not purpose to be exhaustive. This announcement should be read in conjunction with Westgold's periodic disclosure announcements, which are available to download at https://westgold.com.au/ along with the prospectus to be lodged by Valiant in connection with the IPO.

Westgold to Spin-Out Non-Core Assets to Valiant

15 December 2025

Investment Risk

An investment in Valiant shares is subject to investment and other known and unknown risks, some of which are beyond the control of Valiant. Those risks and uncertainties include factors and risks specific to Valiant such as (without limitation) the status of exploration and mining tenements and applications and the risks associated with the non- grant or expiry of those tenements and applications, liquidity risk, risks associated with the exploration or developmental stage of projects, funding risks, operat ional risks, changes to government fiscal, monetary and regulatory policies, the impact of actions of governments, the potential difficulties in enforcing agreements and protecting assets, alterations to resource estimates and the imprecise nature of resource and reserve statements, any circumstances adversely affecting areas in which Valiant operates, fluctuations in the production, volume and price of commodities, any imposition of significant obligations under environmental regulations, fluctuations in exchange rates, the fluctuating industry and commodity cycles, the impact of inflation on operating and development costs, taxation, regulatory issues and changes in law and accounting policies, the adverse impact of wars, terrorism, political, economic or natural disasters, the impact of changes to interest rates, loss of key personnel and delays in obtaining or inability to obtain any necessary government and regulatory approvals, insurance and occupational health and safety. Further information regarding the risks associated with an investment in Valiant shares will be disclosed in the notice of meeting and short -form prospectus to be lodged by Westgold in connection with the Demerger and the prospectus to be lodged by Valiant in connection with the IPO. Investors are encouraged to read the prospectus in full before deciding whether to subscribe for Valiant shares. Valiant does not guarantee any particular rate of return or the performance of Valiant , nor does it guarantee the repayment of capital from Vali ant or any particular tax treatment.

Background to the Mineral Resource Estimate

Geological interpretation of individual deposits is carried out using a systematic approach to ensure that the resultant Mineral Resource Estimates are both sufficiently constrained, and representative of the expected sub-surface conditions. In all aspects of Mineral Resource Estimation, the factual and interpreted geology is used to guide the development of the interpretation. Geological matrixes were established to assist with interpretation and construction of the estimation domains.

A significant portion of the data used in Mineral Resource Estimations has been gathered from diamond core. Multiple sizes have been used. This core is geologically logged and subsequently halved for sampling. Grade control holes may be whole-cored to streamline the core handling process if required. Face sampling data is also utilised, where each development face / round is chip sampled. The sampling intervals are domained by geological constraints (e.g. rock type, veining and alteration / sulphidation etc.).

All geology input is logged and validated by the relevant area geologists, incorporated into this is assessment of sample recovery. No defined relationship exists between sample recovery and grade. Nor has sample bias due to preferential loss or gain of fine or coarse material been noted at any deposit. Faces are nominally chipped horizontally across the face from left to right , or vertically from top to bottom, sub-set via geological features as appropriate. Diamond drilling is half -core niche sampled (or whole-cored if appropriate), sub-set via geological features as appropriate.

Samples undergo fine pulverisation of the entire sample by an LM5 type mill to achieve a 75µ product prior to splitting. QA/QC is currently ensured during the sub -sampling stages process via the use of the systems of an independent NATA / ISO accredited la boratory contractor. The sample size is considered appropriate for the grain size of the material being sampled. The un- sampled half of diamond core is retained for check sampling if required.

Westgold to Spin-Out Non-Core Assets to Valiant

15 December 2025

Sampling is analysed for gold by fire assay where a 40g – 50g sample undergoes fire assay lead collection followed by flame atomic adsorption spectrometry. Quality control is ensured via the use of standards, blanks and duplicates. The laboratory includes a minimum of 1 project standard with every 22 samples analysed. No significant QA/QC issues have arisen in recent drilling results.

After validating the drillhole data to be used in the estimation, interpretation of the orebody is undertaken to create the intervals which form the basis of the three-dimensional orebody wireframe. Wireframing is then carried out using a combination of automated modelling algorithms and manual triangulation to create an accurate three-dimensional representation of the sub-surface mineralised body.

Drillhole intersections within the mineralised body are then used to flag the appropriate sections of the drillhole database tables for compositing purposes. Drillholes are subsequently composited to allow for grade estimation. In all aspects of resource estimation, the factual and interpreted geology was used to guide the development of the interpretation.

Once the sample data has been composited, a statistical analysis is undertaken to assist with determining estimation search parameters, top-cuts etc. Analysis of individual domains is undertaken to assist with determining appropriate search parameters. Whi ch are then incorporated with observed geological and geometrical features to determine the most appropriate search parameters.

An empty block model is then created for the area of interest. This model contains attributes set at background values for the various elements of interest as well as density, and various estimation parameters that are subsequently used to assist in resource categorisation. The block sizes used in the model will vary depending on orebody geometry, minimum mining units, estimation parameters and levels of informing data available.

Grade estimation is then undertaken. Ordinary Kriging estimation method is considered as standard, although Categorical Indicator Kriging is used in some instances. Estimation results are validated against primary input data, previous estimates and mining output.

The Mineral Resource is then depleted for mining voids and subsequently classified in line with JORC guidelines utilising a combination of various estimation derived parameters and geological / mining knowledge.

Data spacing is variable dependent upon the individual lode under consideration.

This approach considers all relevant factors and reflects the Competent Person’s view of the deposit. The cut off grades used for the reporting of the Mineral Resources Estimates is selected based upon the style of mineralisation, depth from surface of the mineralisation and the most probable extraction technique and associated costs.

Likely mining approaches have been considered at the domaining, estimation and classification steps. However, no mining dilution or ore loss has been modelled in the resource model or applied to the reported Mineral Resource Estimate. Nor has metallurgical recovery been applied to the reported Mineral Resource Estimate.

These factors are applied during the Ore Reserve generation process.

Westgold to Spin-Out Non-Core Assets to Valiant

15 December 2025

Competent/Qualified Person Statements

The information in this release that relates to Exploration results and Mineral Resource Estimates is compiled by Westgold technical employees and contractors under the supervision of Mr. Jake Russell B.Sc. (Hons), who is a member of the Australian Institute of Geoscientists and who has verified, reviewed and approved such information. Mr Russell is a full-time employee of the Company and has sufficient experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activities which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”) and as a Qualified Person as defined in the CIM Guidelines and National Instrument 43- 101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Mr. Russell is an employee of the Company and, accordingly, is not independent for purposes of NI 43 -101. Mr Russell consents to and approves the inclusion in this release of the matters based on his information in the form and context in which it appears. Mr Russell is eligible to participate in short - and long-term incentive plans of the company.

The updated MRE has an effective date of 30 June 2025 and was completed by Westgold technical employees and contractors under the supervision of Mr Jake Russell. The key inputs and assumptions are provided in Appendix C to this release including Section 1 – Sampling Techniques and Data, Section 2

• Reporting of Exploration Results, Section 3 – Estimation and Reporting of Mineral Resources and Section 4 – Estimation and Reporting of Ore Reserves.

General

Mineral Resources, Ore Reserve Estimates and Exploration Targets and Results are calculated in accordance with the JORC Code. The other technical and scientific information in this release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43 -101 and has been reviewed on behalf of the company by Qualified Persons, as set forth above.

This release contains references to estimates of Mineral Resources and Ore Reserves.

The estimation of Mineral Resources is inherently uncertain and involves subjective judgments about many relevant factors. Mineral Resources that are not Ore Reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. Mineral Resource estimates may require re-estimation based on, among other things: (i) fluctuations in the price of gold; (ii) results of drilling; (iii) results of metallurgical testing, process and other studies; (iv) changes to proposed mine plans; (v) the evaluation of mine plans subsequent to the date of any estimates; and (vi) the possible failure to receive required permits, approvals and licenses.

Westgold to Spin-Out Non-Core Assets to Valiant

15 December 2025

Forward Looking Statements

These materials prepared by Westgold Resources Limited include forward looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “believe”, “forecast”, “predict”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.

Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental c onditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation. Forward looking statements are based on the Company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company’s business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company’s control.

Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. In addition, the Company’s actual results could differ materially from those anticipated in these forward looking statements as a result of the factors outlined in the “Risk Factors” section of the Company’s continuous disclosure filings available on SEDAR+ or the ASX, including, in the Company’s current annual report, half year report or most recent management d iscussion and analysis.

Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock ex change listing rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward -looking statements or to advise of any change in events, conditions or circumstances.

Westgold to Spin-Out Non-Core Assets to Valiant

15 December 2025

Appendix B – JORC 2012 Table 1– Gold Division Section 1: Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.)

Criteria JORC Code Explanation Commentary

Sampling techniques

Drilling techniques

Drill sample recovery

• Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.
• Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.
• Aspects of the determination of mineralisation that are Material to the Public Report.
• In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanati on may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.
• Drill type (e.g. core, reverse circulation, open -hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).
• Method of recording and assessing core and chip sample recoveries and results assessed.
• Measures taken to maximise sample recovery and ensure representative nature of the samples.
• Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.
• Diamond Drilling A significant portion of the data used in resource calculations has been gathered from diamond core. Multiple sizes have been used historically. This core is geologically logged and subsequently halved for sampling. Grade control holes may be whole-cored to streamline the core handling process if required.
• Face Sampling At each of the major past and current underground producers, each development face / round is horizontally chip sampled. The sampling intervals are domained by geological constraints (e.g. rock type, veining and alteration / sulphidation etc.). The majority of exposures within the orebody are sampled.
• Sludge Drilling Sludge drilling is performed with an underground production drill rig. It is an open hole drilling method using water as the flushing medium, with a 64mm (nominal) hole diameter. Sample intervals are ostensibly the length of the drill steel. Holes are drilled at sufficient angles to allow flushing of the hole with water following each interval to prevent contamination. Sludge drilling is not used to inform resource models.
• RC Drilling Drill cuttings are extracted from the RC return via cyclone. The underflow from each interval is transferred via bucket to a four-tiered riffle splitter, delivering approximately three kilograms of the recovered material into calico bags for analysis. The residual material is retained on the ground near the hole. Composite samples are obtained from the residue material for initial analysis, with the split samples remaining with the individual residual piles until required for re-split analysis or eventual disposal.
• RAB / Aircore Drilling Combined scoops from bucket dumps from cyclone for composite. Split samples taken from individual bucket dumps via scoop. RAB holes are not included in the resource estimate.
• Blast Hole Drilling Cuttings sampled via splitter tray per individual drill rod. Blast holes not included in the resource estimate.

All geology input is logged and validated by the relevant area geologists, incorporated into this is assessment of sample recovery. No defined relationship exists between sample recovery and

Westgold to Spin-Out Non-Core Assets to Valiant

15 December 2025

Criteria JORC Code Explanation Commentary grade. Nor has sample bias due to preferential loss or gain of fine or coarse material been noted. Logging

• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.
• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.
• The total length and percentage of the relevant intersections logged
• Westgold surface drill -holes are all orientated and have been logged in detail for geology, veining, alteration, mineralisation and orientated structure. Westgold underground drillholes are logged in detail for geology, veining, alteration, mineralisation and structure. Core has been logged in enough detail to allow for t he relevant mineral resource estimation techniques to be employed.
• Surface core is photographed both wet and dry and underground core is photographed wet.

All photos are stored on the Company’s servers, with the photographs from each hole contained within separate folders.

• Development faces are mapped geologically.
• RC, RAB and Aircore chips are geologically logged.
• Sludge drilling is logged for lithology, mineralisation and vein percentage.
• Logging is both qualitative and quantitative in nature.
• All holes are logged completely, all faces are mapped completely.

Sub-sampling techniques and sample preparation

• If core, whether cut or sawn and whether quarter, half or all core taken.
• If non- core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.
• For all sample types, the nature, quality and appropriateness of the sample preparation technique.
• Quality control procedures adopted for all sub -sampling stages to maximise representivity of samples.
• Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.
• Whether sample sizes are appropriate to the grain size of the material being sampled.
• Blast holes -Sampled via splitter tray per individual drill rods.
• RAB / AC chips - Combined scoops from bucket dumps from cyclone for composite. Split samples taken from individual bucket dumps via scoop.
• RC - Three tier riffle splitter (approximately 5kg sample). Samples generally dry.
• Face Chips - Nominally chipped horizontally across the face from left to right, sub -set via geological features as appropriate.
• Diamond Drilling - Half-core niche samples, sub-set via geological features as appropriate. Grade control holes may be whole-cored to streamline the core handling process if required.
• Chips / core chips undergo total preparation.
• Samples undergo fine pulverisation of the entire sample by an LM5 type mill to achieve a 75µ product prior to splitting.
• QA/QC is currently ensured during the sub -sampling stages process via the use of the systems of an independent NATA / ISO accredited laboratory contractor. A significant portion of the historical informing data has been processed by in-house laboratories.
• The sample size is considered appropriate for the grain size of the material being sampled.
• The un-sampled half of diamond core is retained for check sampling if required. For RC chips regular field duplicates are collected and analysed for significant variance to primary results. Quality of assay data and laboratory tests
• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.
• For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.
• Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.
• Recent sampling was analysed by fire assay as outlined below;
• A 40g – 50g sample undergoes fire assay lead collection followed by flame atomic adsorption spectrometry.
• The laboratory includes a minimum of one project standard with every 22 samples analysed.
• Quality control is ensured via the use of standards, blanks and duplicates.
• No significant QA/QC issues have arisen in recent drilling results.
• Historical drilling has used a combination of Fire Assay, Aqua Regia and PAL analysis.
• These assay methodologies are appropriate for the resources in question.

Westgold to Spin-Out Non-Core Assets to Valiant

15 December 2025

Criteria JORC Code Explanation Commentary

Verification of sampling and assaying

• The verification of significant intersections by either independent or alternative company personnel.
• The use of twinned holes.
• Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.
• Discuss any adjustment to assay data.
• No independent or alternative verifications are available.
• Virtual twinned holes have been drilled in several instances across all sites with no significant issues highlighted. Drillhole data is also routinely confirmed by development assay data in the operating environment.
• Primary data is collected utilising LogChief. The information is imported into a SQL database server and verified.
• All data used in the calculation of resources and reserves are compiled in databases (underground and open pit) which are overseen and validated by senior geologists.
• No adjustments have been made to any assay data.

Location of data points • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

• Specification of the grid system used.
• Quality and adequacy of topographic control.
• All data is spatially oriented by survey controls via direct pickups by the survey department. Drillholes are all surveyed downhole, deeper holes with a Gyro tool if required, the majority with single / multishot cameras.
• All drilling and resource estimation is preferentially undertaken in local mine grid at the various sites.
• Topographic control is generated from a combination of remote sensing methods and ground-based surveys. This methodology is adequate for the resources in question.

Data spacing and distribution • Data spacing for reporting of Exploration Results.

• Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.
• Whether sample compositing has been applied.
• Data spacing is variable dependent upon the individual orebody under consideration. A lengthy history of mining has shown that this approach is appropriate for the Mineral Resource Estimation process and to allow for classification of the resources as they stand.
• Compositing is carried out based upon the modal sample length of each individual domain.

Orientation of data in relation to geological structure

• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.
• If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.
• Drilling intersections are nominally designed to be normal to the orebody as far as underground infrastructure constraints / topography allows.
• Development sampling is nominally undertaken normal to the various orebodies.
• Where drilling angles are sub optimal the number of samples per drill hole used in the estimation has been limited to reduce any potential bias.
• It is not considered that drilling orientation has introduced an appreciable sampling bias. Sample security • The measures taken to ensure sample security. • For samples assayed at on -site laboratory facilities, samples are delivered to the facility by Company staff. Upon delivery the responsibility for sample security and storage falls to the independent third-party operators of these facilities.
• For samples assayed off-site, samples are delivered to a third-party transport service, who in turn relay them to the independent laboratory contractor. Samples are stored securely until they leave site.

Audits or reviews • The results of any audits or reviews of sampling techniques and data • Site generated Mineral Resources and Ore R eserves and the parent geological data is routinely reviewed by the Westgold Corporate technical team.

Westgold to Spin-Out Non-Core Assets to Valiant

15 December 2025

SECTION 2: REPORTING OF EXPLORATION RESULTS (Criteria listed in the preceding section also apply to this section.)

Criteria JORC Code Explanation Commentary

Mineral tenement and land tenure status

• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environment al settings.
• The security of the tenure held at the time of reporting alon