June 2025 Quarterly Report
23 July 2025
ASX Release $132M Treasury Build in Q4 FY25
Perth, Western Australia, 23 July 2025 Westgold Resources Westgold is a leading, unhedged Limited (ASX | TSX: WGX - Westgold or the Company) is ASX200 gold producer, committed to pleased to report results for the period ending 30 June 2025 unearthing enduring value for all its stakeholders. (Q4 FY25).
HIGHLIGHTS
Westgold’s vision is to become the Australian gold company of choice,
OPERATIONS
sustaining safe, responsible and profitable production. Safety Performance Total Recordable Injury Frequency Rate (TRIFR) of 5.67 / million hours – an improvement of ~10% Our current business encompasses
Record Group quarterly gold production of 88,022oz Au @ AISC mines and processing plants across
of $2,688/oz
the Murchison and Southern Goldfields, two of Western Australia’s Record Group full year gold production of 326,384oz @ AISC of $2,666/oz - marginally outside FY25 guidance of 330-350,000oz most prolific gold-producing regions.
@ AISC of A$2,400 - 2,600/oz
Mine productivity and milling output lifts across the Group
Mining commenced in Great Fingall Flats
RESERVES & RESOURCES Maiden Mineral Resource for Fletcher Zone at Beta Hunt of 2.3Moz – from 1km of 2km strike
EXPLORATION
$9M invested during the quarter - refer to the June 2025 Quarterly Exploration Results for details
FINANCE
Gold sales of 71,500oz at an average price of A$5,174/oz - generating revenue of A$370M
$364M in closing cash, bullion, and liquid investments @ 30 June 2025 - a record $132M increase Q on Q
Financial values are reported in A$ unless
CORPORATE
otherwise specified
Ivan Mullany joins the board as Non-Executive Director This announcement is authorised for Barminco awarded a 3-year contract for the Great Fingall mine – release to the ASX by the Board.
mining in virgin high group stopes to commence Q1, FY26
Investor Relations Westgold remains 100% unhedged
Kasun Liyanaarachchi Group Manager IR & Communications [email protected] FY26 Guidance will be released to the market in August - with 3- +61 458 564 483 year outlook in September, post Resource/Reserve Update
Westgold Resources Limited westgold.com.au Level 6, 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 Q4, FY25 results of 88koz of production and $132M in treasury build were Group records. These results propelled the Group to a full year production record of 326,384oz (at AISC of $2,666oz) and closing cash, bullion and liquid investments of $364M - demonstrating the growing free cash flow capability of our business. Investment in resource drilling, mine infrastructure and fleet replacement lifted the business during Q4, FY25, with mine productivity and milling throughputs across all our operations improving quarter on quarter. Trucking availability at Beta Hunt and development delays at Bluebird-South Junction impacted delivery of the full year target but, Group production of 34koz in June shows what this portfolio can deliver when our mines perform. Mine output at our larger assets continue to improve. At Bluebird-South Junction, Westgold fired the first large South Junction stopes and now has a mine design that, though slower to implement in the short term, establishes higher outputs and future proofs this multi-decade asset. At Beta Hunt, substantial progress was made on mine infrastructure projects that will enable higher productivity whilst at Big Bell, the Upper Cave continues to deliver increasing tonnages.
Our smaller mines continue to play a key supporting role, with our Starlight mine outperforming yet again. The Two Boys mine at Higginsville, a small underground mine which at the start of the year had little future, needed just a single diamond drill to start to define mine life extensions, lift mine grade and its outputs.
Alongside stellar drilling results detailed in our June 2025 Quarterly Exploration results, another milestone for Westgold this quarter was the announcement of a maiden Mineral Resource Estimate of 2.3Moz from the Fletcher Zone at Beta Hunt. This result, achieved from just 1km of the known 2km strike, validates our view of the potential upside in Beta Hunt and signals the beginning of a multi-decade growth journey for the Fletcher Zone.
FY25 was transformational for Westgold. The business has growing scale and with our capital investments lifting productivity, in FY26 we now have a portfolio we can leverage for enhanced cashflows.”
Photo 1: Hole 25BLDD001 (Polar Star lodes, Bluebird – South Junction mine)
Executive Summary
Cash Position as of 30 June 2025
Westgold closed Q4, FY25 with cash, bullion and liquid investments of $364M – representing a build of $132M in total cash, bullion and liquid investments (after investing $39M on capital and $9M on exploration, refer Figure 1).
This result was driven by record Group gold production, an increase in realised gold price to $5,174/oz and the second payment of $20M from the recently announced divestment of the non-core Lakewood Mill1.
(10)
(27)
(12)
(9)
(7)
(22)
(10) 220
Operating Capital Expenditure Working Capital
Figure 1: Cash, Bullion, and Liquid Investments Movement (A$M) – Q4 FY25
Notes
- Westgold remains unhedged and fully exposed to the spot gold price.
Second cash payment of $20M relating to the Lakewood Sale received in the quarter. Remaining cash payment of $25M is due to be received in November 2025.
- Closing investments include 1.6B shares held in New Murchison Gold (ASX: NMG) but exclude 19.8M shares received in Blackcat Syndicate Limited scrip during the quarter (as the BC8 scrip has a 12-month escrow period.)
1 Refer to ASX release titled “Black Cat Acquires Lakewood Mill for $85M”- 25 February 2025
Group Production Highlights
In FY25, Westgold produced a Group record annual production of 326,384oz at an AISC of $2,666/oz. The result was marginally outside FY25 Production Guidance of 330-350koz and All-In Sustaining Cost Guidance of $2,400 - $2,600/oz2.
In Q4 FY25, Westgold also achieved a Group record quarterly production of 88,022oz (Q3 FY25: 80,107oz).
The increase in production came from the Murchison hubs with 54,811oz were produced (Q3 FY25: 42,906oz), with this lift attributed to the access to higher grade stopes at Bluebird-South Junction and the Galaxy lodes at Starlight. The Southern Goldfields produced 33,211oz (Q3 FY25: 37,201oz), with the quarter-on-quarter reduction attributable to intermittent issues associated with the load and haul fleet at Beta Hunt.
These issues saw ~4koz of production delayed with the expectation these ounces will be mined in FY26.
While mining rates at Bluebird-South Junction improved quarter on quarter, access to South Junction was further delayed until a full mine redesign was completed in April 2025, increasing the reliance on low grade processing to maintain consistent mill feed to the Meekatharra hub. In combination with the load and haul fleet issues at Beta Hunt, these factors contributed to the minor deviance from the Company’s FY25 guidance range.
All-In Sustaining Cost (AISC) for Q4, FY25 was $237M (Q3 FY25: $227M), and on a per ounce basis was $2,688/oz (Q3 FY25: $2,829/oz), as a result of increased mining activity and gold production in Q4 across the group.
Gold production (oz) 88,022
| 77,369 80,886 80,107 52,795 24,480 34,425 37,201 52,889 46,461 42,906 | 33,211 |
| 54,811 |
Southern Gold Fields Murchison
Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25
5,174
4,630
Achieved gold price ($/oz) 4,066 3,723 3,493 2,829 2,703 2,688 2,422 2,041 AISC ($/oz)
AISC ($M)
Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25
Figure 2: Westgold Quarterly Production (oz), Achieved Gold Price and AISC ($/oz)
2 Refer to ASX release titled “FY25 Guidance Updated” - 3 February 2025 3,148 3,149
3,000 2,796 2,791 110 2,754 2,643 2,800 2,619 2,622 2,561 2,542 2,490 100 2,600 2,370 2,633 2,342 2,355 2,309 2,400 2,209 88 90 2,198 2,200 2,230 1,983 80 80 76 2,000 75 75 70 71 69 1,800 70 67 1,842
-200 45 -400 42 43 38 38 -600 35 35 -800 -1,000 0 -1,200 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 23 23 23 24 24 24 24 24 24 24 24 24 24 24 24 25 25 25 25 25 25
AISC (A$M) AISC/oz (A$/oz)
Figure 3: Westgold Monthly AISC
The Company sold 71,500oz of gold for the quarter achieving a record price of $5,174/oz, generating $370M in revenue. With Westgold hedge free, operations generated $219M of mine operating cashflows with the achieved gold price $2,486/oz over AISC.
Total capital expenditure during Q4 FY25 of $39M (Q3 FY25: $46M) includes $27M of investment in growth projects (Bluebird-South Junction and the Great Fingall development) and $12M in plant and equipment (processing facilities, ventilation, water and paste infrastructure across the respective sites).
In FY25, Westgold invested $199M in capital expenditure, in-line with its Capital Guidance of $200M.
Investment in exploration and resource development of $9M (Q3 FY25: $11M) for the quarter continued focusing on Bluebird-South Junction and Starlight in the Murchison, and the Fletcher Zone and Western Flanks at Beta Hunt in the Southern Goldfields. In FY25, Westgold invested $43M in exploration, marginally lower than Westgold’s FY25 exploration guidance of $50M.
The net mine cash inflow for Q4 FY25 was $171M (refer Table 1 under Group Performance Metrics).
Westgold will provide its FY26 Guidance in August FY26, and a 3-year outlook during September FY26.
Environmental, Social and Governance (ESG)
People
In Q4 FY25, total headcount reduced 4% to 2,227 employees, contractors and labour hire while the employee initiated turnover rate continued to decline.
Safety and Sustainability
Safety
Westgold delivered a strong safety and sustainability performance in Q4 FY25, reinforcing its commitment to responsible operations and continuous improvement.
Safety performance improved across all key indicators, with the Total Recordable Injury Frequency Rate (TRIFR) reducing to 5.67 by the end of June. This marks a significant improvement from the prior quarter and reflects the effectiveness of targeted safety initiatives and operational discipline. The Lost Time Injury Frequency Rate (LTIFR) fell to 0.39, and the Serious Potential Incident Frequency Rate (SPIFR) improved to 8.21, continuing the downward trend across the business.
A comprehensive review of Westgold’s emergency systems and processes, with site-level verification of findings has been performed, to ensure a standardised, emergency and crisis management system is maintained throughout Westgold. Westgold also advanced its occupational health and hygiene program, with a comprehensive review of current processes.
This program includes review of site Health and Hygiene Management Plans and Hygiene Risk Assessments across all Westgold sites and development of a standardised database to support compliance, data integrity, and reporting automation.
12 20 18.44
14.36 9 15
| 8.82 0.98 | |
|---|---|
| 0.97 |
6 9.03 10 8.37 7.37
| 6.85 0.62 | |
|---|---|
| 0.63 |
6.85 6.27
5.67
3 5
0.86 1.00 0.98 0.60 0.64 0.78 0.39 0.00 0 0 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25
Recordable Injuries* 12 Month LTIFR 12 Month TRIFR
Figure 4: The TRIFR decreased in Q4 FY25
Training
Westgold achieved a major milestone with the new Maddington Supply and Training Centre becoming fully operational.
The centre now delivers training programs including Forklift, Working at Heights, Confined Space Entry, and First Aid, supporting statutory compliance and building internal capability.
Environment/Sustainability
Environmental performance remained strong.
No significant environmental incidents were recorded during the quarter, with investment in long term mine infrastructure including:
- Commissioning of the Tuckabianna West Tailings Storage Facility;
- Construction compliance for the Higginsville TSF raise; and
Environmental approvals for a new LNG power station at Great Fingall and a new TSF at Fortnum.
Westgold completed its AASB S2 gap assessment and commenced implementation of the roadmap for FY26. This initiative aims to ensure the Company’s 2025 Sustainability Report is aligned with Global Reporting Initiative standards and also provides a databook to support auditability.
Photo 2: Westgold’s Maddington Supply and Training Centre
Group Performance Metrics
Westgold’s quarterly physical and financial outputs for Q4 FY25 are summarised below.
Table 1: Westgold Q4 FY25 Performance
| Southern | ||||
|---|---|---|---|---|
| Physical Summary | Units | Murchison | Group | |
| Goldfields | ||||
| ROM - Ore Mined | t | 767,751 | 496,305 | 1,264,056 |
| Grade Mined | g/t | 2.3 | 2.3 | 2.3 |
| Ore Processed | t | 940,810 | 467,310 | 1,408,120 |
| Head Grade | g/t | 2.0 | 2.4 | 2.1 |
| Recovery | % | 91 | 93 | 92 |
| Gold Produced | oz | 54,811 | 33,211 | 88,022 |
| Gold Sold | oz | 42,879 | 28,621 | 71,500 |
| Achieved Gold Price | A$/oz | 5,174 | 5,174 | 5,174 |
| Cost Summary | ||||
| Mining | A$’M | 84 | 68 | 152 |
| Processing | A$’M | 34 | 20 | 54 |
| Admin | A$’M | 7 | 4 | 11 |
| Stockpile Movements | A$’M | (6) | (1) | (7) |
| Royalties | A$’M | 7 | 5 | 12 |
| Cash Cost (produced oz) | A$’M | 126 | 96 | 222 |
| Corporate Costs | A$’M | 3 | 1 | 4 |
| Sustaining Capital | A$’M | 9 | 2 | 11 |
| All-in Sustaining Costs | A$’M | 138 | 99 | 237 |
| All-in Sustaining Costs | A$/oz | 2,503 | 2,992 | 2,688 |
| Notional Cashflow Summary | Southern | |||
| Units | Murchison | Group | ||
| Goldfields | ||||
| Notional Revenue (produced oz) | A$’M | 284 | 172 | 456 |
| All-in Sustaining Costs | A$’M | 138 | 99 | 237 |
| Mine Operating Cashflow | A$’M | 146 | 73 | 219 |
| Growth Capital | A$’M | (25) | (2) | (27) |
| Plant and Equipment | A$’M | (6) | (6) | (12) |
| Exploration Spend | A$’M | (3) | (6) | (9) |
| Net Mine Cashflow | A$’M | 112 | 59 | 171 |
| Net Mine Cashflow | A$/oz | 2,045 | 1,759 | 1,937 |
Q4 FY25 Group Performance Overview
Westgold mined a total of 1,264kt (Q3 FY25: 997kt), with all operating mines reporting higher mining rates than achieved in Q3, FY25.
Westgold processed 1,408 kt (Q3 FY25: 1,297 kt) of ore in total at an average grade of 2.1g/t Au (Q3 FY25: 2.1g/t Au), producing 88,022oz of gold (Q3 FY25: 80,107oz). Group AISC in Q4 FY25 was $237M (Q3 FY25: $227M).
MURCHISON
The Murchison operations produced 54,811oz of gold (Q3 FY25: 42,906oz). Quarterly production grew due to the mining of several large Bluebird-South Junction stopes at the end of the quarter and improved access to high-grade ore from the Galaxy lodes at Starlight.
Total AISC of $138M (Q3 FY25: $136M) was slightly higher than the prior quarter, mainly due to increased ore mined during the period with higher production at South Junction which was partially been offset by stockpile build up at the end of quarter.
AISC per ounce of $2,503/oz (Q3 FY25: $3,160/oz) was lower mainly as a result of increased ounces produced in the quarter.
Total Capital Expenditure of $31M, includes Growth Capital ($25M) and Plant and Equipment ($6M) across the Murchison operations. Growth Capital related to the Great Fingall development and expansions to the Bluebird-South Junction and Starlight mines. Plant and Equipment includes investment mainly related to processing facilities, Bluebird-South Junction primary ventilation fans ($2M), Bluebird paste and water infrastructure ($3M), and processing tank refurbishment ($1M) during the quarter.
SOUTHERN GOLDFIELDS
The Southern Goldfields produced 33,211oz of gold in Q4 FY25 (Q3 FY25: 37,201oz). The decreased output quarter on quarter was due to truck reliability issues in the aging haulage fleet at Beta Hunt. Reduced truck availability impacted spatial compliance reducing capacity to produce from planned higher grade areas deeper in the mine.
The reduced mined grade affected Westgold’s plan to offset the lower quarter on quarter milling capacity in the Southern Goldfields following the divestment of Lakewood in Q3 FY25.
The total AISC in the Southern Operations increased quarter on quarter (Q4 FY25 AISC: $99M vs Q3 FY25 AISC: $91M). On a per ounce basis, AISC was higher at $2,992/oz in Q4 FY25 (Q3 FY25: $2,446/oz), with the increase being driven primarily by the increased mining of lower grade ore at Beta Hunt.
Total Capital Expenditure of $8M, includes Growth Capital ($2M) and Plant and Equipment ($6M) across the Southern Goldfields Operations mainly relating to water, ventilation and underground infrastructure at Beta Hunt mine.
Table 2: Q4 FY25 Group Mining Physicals
| Ore Mined | Mined Grade | Contained ounces | |
|---|---|---|---|
| (‘000 t) | (g/t) | (Oz) | |
| Murchison | 768 | 2.27 | 55,949 |
| Bluebird | 170 | 2.57 | 14,027 |
| Fender | 90 | 1.92 | 5,551 |
| Big Bell | 279 | 1.83 | 16,416 |
| Great Fingall | 32 | 1.44 | 1,498 |
| Starlight | 197 | 2.92 | 18,457 |
| Southern Goldfields | 496 | 2.27 | 36,325 |
| Beta Hunt | 383 | 2.32 | 28,533 |
| Two Boys | 56 | 2.92 | 5,210 |
| Lake Cowan OP | 57 | 1.39 | 2,582 |
| GROUP | 1,264 | 2.27 | 92,274 |
Table 3: Q4 FY25 Group Processing Physicals
| Ore Milled | Head Grade | Recovery | Gold Production | |
|---|---|---|---|---|
| (‘000 t) | (g/t) | (%) | (Oz) | |
| Murchison | 941 | 1.98 | 91 | 54,811 |
| Bluebird | 159 | 2.54 | 95 | 12,426 |
| Fender | 47 | 1.95 | 91 | 2,686 |
| Open Pit & Low Grade3 | 171 | 0.91 | 91 | 4,528 |
| Bluebird Hub | 377 | 1.73 | 94 | 19,640 |
| Big Bell | 268 | 1.83 | 88 | 13,801 |
| Fender | 33 | 2.32 | 88 | 2,134 |
| Great Fingall | 9 | 1.36 | 90 | 353 |
| Open Pit & Low Grade | 23 | 1.15 | 86 | 734 |
| Tuckabianna Hub | 333 | 1.81 | 88 | 17,022 |
| Starlight | 191 | 3.04 | 93 | 17,273 |
| Open Pit & Low Grade | 40 | 0.73 | 92 | 876 |
| Fortnum Hub | 231 | 2.64 | 93 | 18,149 |
| Southern Goldfields | 467 | 2.37 | 93 | 33,211 |
| Beta Hunt | 356 | 2.48 | 94 | 26,597 |
| Two Boys | 52 | 3.02 | 91 | 4,633 |
| Lake Cowan | 24 | 1.40 | 92 | 1,014 |
| Open Pit & Low Grade | 35 | 0.94 | 92 | 967 |
| GROUP TOTAL | 1,408 | 2.11 | 92 | 88,022 |
3 Includes low grade ore mined at Big Bell and stockpiles from Starlight, trucked to Bluebird
Operations and Project Summary
Murchison
Figure 5: Westgold’s Murchison Assets
Bluebird-South Junction Underground Mine (Meekatharra)
Bluebird-South Junction mined 170kt at 2.57 g/t for 14,027oz (Q3 FY25: 109kt at 2.71 g/t for 9,483oz), with higher ore production quarter on quarter offset by slightly lower grades.
During the quarter, Westgold gained access across two levels of the South Junction mine, which delivered increased production from the mine during the quarter. Following assessment of footwall ground conditions, Westgold commenced a process of transitioning its mine design from transverse to predominantly longitudinal open stoping.
By placing development predominately within the more competent orebody and minimising work in the ultramafic host rock, this mine design supports sustainable operations over its multi-decade mine life.
With the installation of the paste plant mostly complete, Westgold is expecting to commence paste filling at Bluebird-South Junction late Q1 FY26, enabling near 100% ore body extraction from underground.
This transition in mine design and the commencement of paste fill will initially result in lower mining rates for the first half of FY26 whilst the mine remains development constrained and limited by number of parallel mining areas. A steady ramp up is expected to follow as the requisite independent mining fronts are established to sustain a 1-1.2Mtpa mining rate from Bluebird-South Junction by the end of FY26.
In conjunction with the expansion in mining rates, project works remain on track for underground HV electrical upgrades, primary ventilation upgrades and paste fill infrastructure. The completion of these projects will ensure sustained production growth from South Junction.
Bluebird Mill (Meekatharra)
Q4 FY25 gold production at the Bluebird Mill was steady with increased throughput on lower grade. The mill processed 377kt at 1.73g/t (Q3 FY25: 240kt at 2.00g/t) with 94% recovery (Q3 FY25: 92%) for 19,640oz (Q3 FY25: 14,136oz).
Increased production from Bluebird-South Junction, haulage of low-grade stockpile feed (predominantly from Fortnum), and Big Bell and Fender material surplus to Tuckabianna requirements drove the quarter on quarter throughput increase at the Bluebird Mill.
- Fender Underground Mine (Cue)
The marginal improvement in ore production at Fender quarter on quarter was offset by a known reduction in mined grade in the current mining area, with the mine delivering 90kt at 1.92g/t for 5,551oz (Q3 FY25: 79kt at 2.37g/t for 6,048oz). Fender is expected to continue to deliver consistently with an improved head grade in Q1 FY26.
- Big Bell Underground Mine (Cue)
Big Bell mined 279kt at 1.83g/t for 16,416oz (Q3 FY25: 246kt at 1.80g/t for 14,251oz).
Production from Big Bell increased quarter on quarter as the expansion of the Upper Cave continued to increase output. Upper Cave production in Q4 FY25 represented ~60% of total Big Bell mine output, with the remainder coming from the Lower Cave and adjacent stopes. Westgold expects the proportion of Upper Cave ore in total Big Bell production to continue to increase over FY26.