September 2025 Quarterly Report
28 October 2025
ASX Release $180M underlying cash build in Q1 FY26 Perth, Western Australia, 28 October 2025 Westgold Westgold is an unhedged Australian
Resources Limited (ASX | TSX: WGX - Westgold or the ASX200 gold producer, committed to
Company) is pleased to report results for the period unearthing enduring value for all its
ending 30 September 2025 (Q1 FY26).
stakeholders.
Q1 HIGHLIGHTS
Westgold’s vision is to become Australia’s leading gold company, OPERATIONS sustaining safe, responsible and
Safety Performance Total Recordable Injury Frequency Rate profitable production. (TRIFR) of 5.04 / million hours – an improvement of 11%
Our current business encompasses Group production of 83,937oz Au @ AISC of $2,861/oz - in line with FY26 guidance mines and processing plants across the Murchison and Southern
3 YEAR OUTLOOK
Goldfields, two of Western Australia’s most prolific gold-producing regions. High confidence organic growth plan that sees costs fall
FY26 guidance: 345-385koz @ AISC of $2,600-$2,900/oz FY27 outlook: ~420koz @ AISC of $2,456/oz FY28 outlook: ~470koz @ AISC of ~$2,499/oz
RESERVES & RESOURCES Group Mineral Resource Estimate increased 24% to 16.3Moz Ore Reserves up 5% to 3.5Moz - driven by additions at Beta Hunt, Bluebird–South Junction and Starlight Update reflects strong exploration success - and supports a 10-
year Reserve life
TREASURY
Gold sales of 94,913oz at an average price of A$5,296/oz - generating revenue of A$503M
Underlying cash build of $180M - before investments in growth ($60M) and exploration ($12M)
$472M in closing cash, bullion, and liquid investments @ 30 Financial values are reported in A$ unless September 2025 - a $108M increase Q on Q otherwise specified
This announcement is authorised for Westgold remains 100% unhedged release to the ASX by the Board.
CORPORATE Investor Relations
3cps final dividend declared for FY25 - and 5% on-market share Kasun Liyanaarachchi buyback program launched for FY26 Group Manager IR & Communications [email protected] +61 458 564 483 Non-core divestments underway – including Peak Hill, Mt Henry- Selene and Chalice gold opportunities
Westgold Resources Limited westgold.com.au Level 13, 200 St Georges Terrace ASX: WGX | TSX: WGX T: +61 8 9462 3400 Perth WA 6000 / PO Box 7068 ABN 60 009 260 306 E: [email protected] Cloisters Square WA 6850
Westgold Managing Director and CEO Wayne Bramwell commented:
“Westgold’s underlying cash build in Q1, FY26 of $180M before growth and exploration spend, culminated in a closing balance of $472M in cash, bullion, and liquid investments. This was an increase of $108M quarter on quarter.
Operationally, we maintained our focus on safety and efficiency, achieving an 11% improvement in our TRIFR and delivering group gold production of 83,937 ounces at an AISC of $2,861 per ounce. This was a solid start to FY26, and we remain on track to FY26 guidance of 345,000 to 385,000 ounces at an AISC of $2,600 to $2,900 per ounce.
The 2025 Reserves and Resources statement released during the quarter demonstrated the success of continued investment in growth projects and exploration, with our Mineral Resource Estimate increasing by 24% to 16.3Moz and Ore Reserves up 5% to 3.5Moz. This growth now underpin a 10-year Ore Reserve life and highlights the latent mineral potential that drilling can unlock from within our portfolio.
In Q1 the Company released its first three-year outlook (3YO) to the market. The 3YO is a high confidence plan building from a FY26 production guidance mid-point of 365,000 ounces, growing organically to approximately 470,000 ounces of production by FY28. Importantly, the 3YO is conservative by design, sees our cost profile fall and excludes multiple tangible opportunities currently being advanced to bring value forward in the outlook.
Westgold’s value proposition is to focus on organic growth to increase shareholder returns. This objective is now underpinned by growing treasury strength, increasing Ore Reserves, four processing hubs and a pragmatic approach to capital allocation that creates value. The declaration of a 3 cent per share final dividend for FY25 shows our commitment to shareholder returns with an upgrade to our dividend policy for FY26 and the launch of a 5% on-market share buyback defining our approach.
Our team is focussed on optimising our larger producing assets in FY26 to maximise free cash flow. With improving operational performance and a clear pathway defined by the 3YO, the business can now plan to sustain safe, responsible, and profitable production into the future.”
Executive Summary
Cash Position as of 30 September 2025
Westgold closed Q1, FY26 with cash, bullion and liquid investments of $472M – representing a build of $108M in total cash, bullion and liquid investments.
Underlying cash build was $180M before growth and exploration spend (invested $60M on non-sustaining capital and $12M on exploration, refer Figure 1).
This result was driven by consistent Group gold production and an increase in realised gold price to $5,296/oz.
erating Wor ing a ital on ustaining a e loration
Figure 1: Cash, Bullion, and Liquid Investments Movement (A$M) – Q1 FY26
Notes
- Westgold remains unhedged and fully exposed to the spot gold price.
- $2.3M in additional New Murchison Gold (ASX: NMG) shares purchased during Q1, FY26.
- $28M FY25 dividend payment to shareholders (3cps) declared during Q1, FY26 – payment made post quarter end and will be reflected in the Q2 FY26 cashflows.
- $75M stamp duty invoice for the Karora transaction was received during Q1, FY26 - with payment due in Q2 FY26.
- Closing Q1, FY26 investments include 1.7B NMG shares - but exclude 19.8M shares received in Blackcat Syndicate Limited (ASX: BC8 - under escrow until 31/3/26).
Group Production Highlights – Q1, FY26
Westgold is pleased to report Q1, FY26 Group gold production of 83,937oz (Q4 FY25: 88,022oz). The Murchison produced 53,140oz (Q4 FY25: 54,811oz) and the Southern Goldfields produced 30,797oz (Q4 FY25: 33,211oz).
Q1, FY26 production was marginally lower than Q4, FY25 as expected due to scheduled process plant shutdowns across the group. This is consistent with the e ectations set out in Westgold’s FY Guidance, which shows group production output weighted towards the second half of FY26.
All-In Sustaining Cost (AISC) for Q1, FY26 was $240M (Q4 FY25: $237M), and on a per ounce basis was $2,861/oz (Q4 FY25: $2,688/oz). The higher quarter-on-quarter costs were primarily due to the early commencement of third-party ore delivery (from the gold price linked Ore Purchase Agreement (OPA) with New Murchison Gold), planned maintenance costs and lower Group production. Excluding gold production from ore purchased under the OPA, Group AISC was $2,792/oz.
Westgold maintains its production and cost guidance for FY26 of 345 – 385koz at $2,600 – $2,900/oz.
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Figure 2: Westgold Quarterly Production (oz), Achieved Gold Price and AISC ($/oz)
The Company sold 94,913oz of gold for the quarter achieving a record price of $5,296/oz, generating $503M in revenue. With Westgold hedge free, operations generated $205M of mine operating cashflows with the achieved gold price $2,435/oz over AISC.
Total non-sustaining capital expenditure during Q1 FY26 of $60M (Q4 FY25: $39M) includes $39M of investment in growth projects (Bluebird-South Junction and Great Fingall development) and $21M in plant and equipment (processing facilities, ventilation, water, power and paste infrastructure across the Group).
Investment in exploration and resource development of $12M (Q4 FY25: $9M) for the quarter continued focusing on Bluebird-South Junction and Starlight in the Murchison, and the Fletcher Zone at Beta Hunt in the Southern Goldfields. Westgold remains on track to achieve the FY26 exploration guidance of $50M.
The net mine cash inflow for Q1 FY26 was $133M (refer Table 1 under Group Performance Metrics).
FY26 guidance and 3 year outlook
Westgold issued its FY26 guidance in August 2025, signalling an uplift over the prior year in group mine and milling out uts. The om any’s outloo is su orted by ongoing investments in ey processing and mining assets and more consistent operational performance, positioning Westgold for continued value creation.
For FY26, Westgold forecasts gold production in the range of 345,000oz to 385,000oz at an AISC of $2,600 to $2,900 per ounce, reflecting a substantial production improvement over FY25. The om any’s guidance also includes indicative AISC for purchased ore. Planned non-sustaining capital expenditure totals $270M, predominantly directed toward major growth projects and infrastructure upgrades. The exploration and resource definition budget is set at A$50M, representing a balanced investment in exploration, targeting significant drilling activity across core regions.
Building on the FY26 guidance, Westgold released a detailed three-year outlook (3YO) on 1 October 2025 that presents a high-confidence, e ecutable lan to increase the Grou ’s annual gold roduction to a ro imately 470,000oz per annum by FY28, while reducing AISC to around $2,500/oz from FY27 onwards. This organic growth plan is predicated u on Westgold’s existing portfolio of operating assets, 2025 Ore Reserves (56Mt at 1.93g/t for 3.5Moz of gold), and the four processing hubs with a combined current processing capacity of approximately 6Mtpa.
Importantly, the 3YO excludes tangible opportunities that, if realised represent substantial upside to the plan. These opportunities are being actively advanced to bring value forward into the 3YO.
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urchison outhern Gold elds A o
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Figure 3: Growing production, reducing costs – with forecast capital and exploration investment
For more information, refer to “Westgold Provides 3-Year Outlook” lodged on the ASX on 1 October 2025.
Group Performance Metrics
Westgold’s quarterly physical and financial outputs for Q1 FY26 are summarised below.
Table 1: Westgold Q1 FY26 Performance
| Southern | ||||
|---|---|---|---|---|
| Physical Summary | Units | Murchison | Group | |
| Goldfields | ||||
| ROM - Ore Mined | t | 687,951 | 537,380 | 1,225,331 |
| Grade Mined | g/t | 2.3 | 2.1 | 2.2 |
| Ore Processed | t | 906,5001 | 448,692 | 1,355,192 |
| Head Grade | g/t | 2.01 | 2.3 | 2.1 |
| Recovery | % | 911 | 94 | 92 |
| Gold Produced | oz | 53,1401 | 30,797 | 83,937 |
| Gold Sold | oz | 59,947 | 34,966 | 94,913 |
| Achieved Gold Price | A$/oz | 5,296 | 5,296 | 5,296 |
| Southern | ||||
| Cost Summary | Units | Murchison | Group | |
| Goldfields | ||||
| Mining | A ’ | 981 | 58 | 156 |
| Processing | A ’ | 411 | 17 | 58 |
| Admin | A ’ | 8 | 9 | 17 |
| Stockpile Movements | A ’ | (1) | (22)2 | (23) |
| Royalties | A ’ | 7 | 13 | 20 |
| Sustaining Capital | A ’ | 10 | 2 | 12 |
| All-in Sustaining Costs | A$M | 163 | 77 | 240 |
| All-in Sustaining Costs | A$/oz | 3,061 | 2,516 | 2,861 |
| All-in Sustaining Costs – Excluding OPA | ’ | 150 | 77 | 227 |
| All-in Sustaining Costs – Excluding OPA | A$/oz | 2,960 | 2,516 | 2,792 |
| Notional Cashflow Summary | Southern | |||
| Units | Murchison | Group | ||
| Goldfields | ||||
| Notional Revenue (produced oz) | A ’ | 282 | 163 | 445 |
| All-in Sustaining Costs | A ’ | 163 | 77 | 240 |
| Mine Operating Cashflow | ’ | 119 | 86 | 205 |
| Growth Capital | A ’ | (30) | (9) | (39) |
| Plant and Equipment | A ’ | (8) | (13) | (21) |
| Exploration Spend | A ’ | (7) | (5) | (12) |
| Net Mine Cashflow | A$’ | 74 | 59 | 133 |
| Net Mine Cashflow | A$/oz | 1,392 | 1,915 | 1,583 |
1 Includes 24kt of ore purchased at 3.5g/t for 2,601oz
2. Southern Goldfields stockpile movement is predominantly due to the combined impact of a 61kt stockpile build and the non-cash adjustment to stockpile values following the finalisation of the purchase price allocation for the Karora transaction.
Q4 FY25 Group Performance Overview
Westgold mined a total of 1,225kt at 2.2g/t Au (Q4 FY25: 1,264kt at 2.3g/t Au) slightly down quarter on quarter as expected, driven by level access and paste establishment at Bluebird South Junction mine at Meekatharra.
Westgold processed 1,355 kt (Q4 FY25: 1,408kt) of ore in total at an average grade of 2.1g/t Au (Q4 FY25: 2.1g/t Au), producing 83,937oz of gold (Q4 FY25: 88,022oz). Group AISC in Q1 FY26 was $240M, marginally higher than the previous quarter (Q4 FY25: $237M).
MURCHISON
The Murchison hubs produced 53,140oz of gold (Q4 FY25: 54,811oz). Quarterly production declined slightly as anticipated due to planned processing maintenance shutdowns at the three processing hubs and lower grades mined at Fortnum.
The quarter-on-quarter reduction in ore mined was driven primarily by schedule constraints at Bluebird-South Junction as the mine transitioned to paste fill. Encouragingly, the first paste pour was completed in Q1 ahead of target, placing the Meekatharra Hub in a strong position to lift production as forecast over the year. The lower quarter-on-quarter mining rate from Bluebird-South Junction was partly offset by the early delivery of ore under the OPA with New Murchison Gold which contributed 2,601oz.
Total AISC of $163M (Q4 FY25: $138M) was higher than the prior quarter, mainly due to the commencement of the gold price linked OPA and planned maintenance across the three processing hubs.
AISC per ounce of $3,061/oz (Q4 FY25: $2,503/oz) increased due to the higher total AISC and lower quarterly production. Excluding the OPA, the Murchison AISC per ounce was $2,960/oz.
Total Non-Sustaining Capital Expenditure of $38M, includes Growth Capital ($30M) and Plant and Equipment ($8M) across the Murchison. Growth Capital mainly related to the continuation of Great Fingall development and expansions to the Bluebird-South Junction underground mine.
SOUTHERN GOLDFIELDS
The Southern Goldfields hub produced 30,797oz of gold in Q1 FY26 (Q4 FY25: 33,211oz). Higginsville throughput was in line with expectations. Production was lower quarter on quarter due to the timing of an additional tolling parcel in Q4 FY25 at Lakewood. Beta Hunt mining output was in line with expectations and steady quarter on quarter. Beta Hunt mining rates are expected to lift from late Q2, FY26 onwards as new ventilation and pumping infrastructure removes constraints in the mine.
The total AISC in the Southern Operations decreased quarter on quarter (Q1 FY26 AISC: $77M vs Q4 FY25 AISC: $99M). On a per ounce basis, AISC was lower at $2,516/oz in Q1 FY26 (Q4 FY25: $2,992/oz). This is predominantly due to the combined impact of a 61kt stockpile build and the non-cash adjustment to stockpile values of the Southern Goldfields following the finalisation of the purchase price allocation for the Karora transaction.
Total Non-Sustaining Capital Expenditure of $22M, includes Growth Capital ($9M) and Plant and Equipment ($13M) across the Southern Goldfields Operations mainly relating to water management, primary ventilation and underground infrastructure at the Beta Hunt mine.
Table 2: Q1 FY26 Group Mining Physicals
| Ore Mined | Mined Grade | Contained ounces | |
|---|---|---|---|
| (‘000 t) | (g/t) | (Oz) | |
| Murchison | 688 | 2.3 | 50,837 |
| Bluebird | 144 | 3.2 | 14,615 |
| Fender | 58 | 2.3 | 4,214 |
| Big Bell | 269 | 1.7 | 14,975 |
| Great Fingall | 15 | 1.3 | 597 |
| Starlight | 202 | 2.5 | 16,436 |
| Southern Goldfields | 537 | 2.1 | 36,956 |
| Beta Hunt | 381 | 2.3 | 27,642 |
| Two Boys | 37 | 3.3 | 3,868 |
| Lake Cowan OP | 119 | 1.4 | 5,446 |
| GROUP TOTAL | 1,225 | 2.2 | 87,793 |
Table 3: Q1 FY26 Group Processing Physicals
| Ore Milled | Head Grade | Recovery | Gold Production | |
|---|---|---|---|---|
| (‘000 t) | (g/t) | (%) | (Oz) | |
| Murchison | 906 | 2.0 | 91 | 53,140 |
| Bluebird | 151 | 3.1 | 94 | 14,296 |
| Fender | 28 | 1.7 | 88 | 1,325 |
| Ore Purchase | 24 | 3.5 | 97 | 2,601 |
| Open Pit & Low Grade | 189 | 0.9 | 91 | 5,145 |
| Meekatharra Hub | 392 | 2.0 | 93 | 23,367 |
| Big Bell | 217 | 1.4 | 85 | 10,494 |
| Fender | 41 | 2.3 | 85 | 2,516 |
| Great Fingall | 33 | 1.4 | 86 | 1,271 |
| Open Pit & Low Grade | 0.2 | 0.9 | 86 | 5 |
| Cue Hub | 291 | 1.8 | 85 | 14,286 |
| Starlight | 197 | 2.5 | 94 | 14,853 |
| Open Pit & Low Grade | 26 | 0.8 | 94 | 634 |
| Fortnum Hub | 223 | 2.3 | 94 | 15,487 |
| Southern Goldfields | 449 | 2.3 | 94 | 30,797 |
| Beta Hunt | 365 | 2.3 | 94 | 25,269 |
| Two Boys | 32 | 3.6 | 92 | 3,344 |
| Lake Cowan | 45 | 1.4 | 93 | 1,836 |
| Open Pit & Low Grade | 7 | 1.6 | 92 | 348 |
| GROUP TOTAL | 1,355 | 2.1 | 92 | 83,937 |
Operations
Safety
Safety performance improved across key indicator areas, with the Total Recordable Injury Frequency Rate (TRIFR) reducing to 5.04 by the end of September. This marks a sustained, 11% improvement from the prior quarter and reflects the effectiveness of targeted safety initiatives and operational discipline.
Our continued success in enhancing safety performance is achieved by prioritising leading indicators and implementing proactive strategies to prevent incidents and injuries among our workforce.
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FY FY FY FY FY FY FY FY FY FY FY FY
ecordable n uries onth T F onth T F
Figure 4: The TRIFR decreased in Q1 FY26
The Murchison
Figure 5: W s ’s Murchison Assets
- Fortnum Hub
In Q1 Fortnum processed 223kt at 2.3g/t with 94% recovery for 15,487oz (Q4 FY25: 231kt at 2.6g/t with 93% recovery for 18,149oz).
Fortnum continues to perform well, though production and grade was down quarter on quarter, following a record quarter in Q4 FY25.
- Meekatharra Hub
In Q1 the Meekatharra Hub processed 392kt at 2.0g/t with 93% recovery for 23,367oz (Q4 FY25: 377kt at 1.7g/t with 94% recovery for 19,640oz).
Meekatharra production continues to improve on the back of higher grades from the Bluebird-South Junction underground mine and the introduction of softer oxide feed from the Crown Prince open pit. Westgold purchased 33kt of ore at 3.3g/t containing 3,231oz of gold as part of the OPA, and processed 24kt at 3.5g/t during the quarter for 2,601oz.
Bluebird-South Junction mined production amounted to 144kt at 3.2 g/t for 14,615oz (Q4 FY25: 170kt at 2.6 g/t for 14,027oz).
Two key milestones were achieved at Bluebird-South Junction with the paste fill plant commissioning, and first paste pour was completed ahead of schedule, and level access design changes to the South Junction area were finalised. The introduction of paste fill to the mine is a critical step for the larger more productive South Junction stopes, allowing full orebody extraction. The updated mine design is a hybrid approach which allows the productivity benefits of transverse mining whilst mitigating the ground control issues that have previously delayed the project ramp up during FY25.
Mining volumes decreased as planned compared to the previous quarter due to a reduction in available work areas as additional accesses were established and paste fill was incorporated into the schedule. However, the impact of lower volumes was balanced by higher ore grades.
- Cue Hub
In Q1 the Cue Hub processed 291kt at 1.8g/t with 85% recovery for 14,286oz (Q4 FY25: 333kt at 1.8g/t with 88% recovery for 17,022oz). Production at Cue was lower quarter on quarter primarily due to planned processing plant maintenance, and slightly lower metallurgical recoveries.
The variation in recovery was primarily the result of increased production from a particular section of the Big Bell upper cave, which has unique metallurgical characteristics. This is anticipated to be a temporary occurrence and not indicative of the long-term recovery performance expected from the upper cave as a whole.
Big Bell and Fender mined a combined 327kt at 1.8g/t for 19,189oz (Q4 FY25: 369kt at 1.9g/t for 21,967oz).
Mining at Big Bell was relatively steady quarter on quarter, with the slightly lower grades and volumes being schedule driven. The rehabilitation of the upper cave continues and will drive improved mining volumes from Q2 as the number of available mining areas approach steady state. With the Fender strike length shortening at depth and forecast production reducing, the operation has been consolidated into Big Bell in order to efficiently manage costs and equipment utilisation.
Great Fingall delivered 15kt at 1.3g/t for 597oz (Q4 FY25:32kt at 1.4g/t for 1,498oz), from the Great Fingall Flats target, completing this opportunistic early low grade mining campaign. Barminco Limited (Barminco) mobilised to Great Fingall during the Quarter, successfully commencing the full-service mining contract on 1 September.
First stoping in the main Great Fingall orebody will commence in late Q2 FY26 adding high grade feed to the Cue Hub.
The Southern Goldfields
Figure 6: W s ’s Southern Goldfields Assets