ASX and Media Announcement Westgold Resources Limited
ASX and Media Announcement
Westgold Resources Limited
ABN 60 009 260 306
ASX | TSX: WGX
T: +61 8 9462 3400
W: westgold.com.au
Level 6, 200 St Georges Terrace
Perth WA 6000
PO Box 7068, Cloisters Square WA 6850
1 October 2025
Westgold Provides 3-Year Outlook
High confidence plan to deliver 470Koz pa of high margin production from FY28
Perth, Western Australia, 1 October 2025: Westgold Resources Limited (ASX | TSX: WGX –
Westgold or the Company) is pleased to present its 3-Year Outlook (3YO) – a high
confidence plan that increases annual Group gold production from 326koz (delivered in
FY25), lifts production and lowers all in sustaining cost (AISC) from FY27 and delivers 470Koz
from FY28.
The 3YO is conservative by design and excludes several material organic growth opportunities
such as the Fletcher Zone at Beta Hunt. It is underpinned by our current portfolio of operating
assets and predicated upon:
▪ 2025 Ore Reserves1 (56 Mt at 1.93 g/t Au for 3.5Moz of gold);
▪ Our four processing hubs (~6Mtpa processing capacity); and
▪ Increasing mine outputs and mill feed grades (to further enhance operating margins).
Highlights
The 3YO is a high confidence, executable 3-year plan underwritten by 2025 Ore
Reserves1
▪ More than 80% of material to be mined in the 3YO is from current Ore Reserves
3YO sees Group AISC fall and gold production lift to 470koz per annum from FY28
▪ From four existing processing hubs - fed from existing mining assets and ore
purchase agreement
3YO underpinned by full utilisation of existing processing hubs
▪ With higher volumes, and higher grade ore supply further enhancing Group
operating margins
3YO is fully funded
▪ Balance sheet and forecast cash flow fully funds 3YO growth capital and
exploration expenditure
1 Refer to the Company’s Announcement on 3 September 2025 – ‘2025 Mineral Resource Estimate and Ore Reserves’ available
on the ASX or SEDAR+
Westgold Provides 3-Year Outlook
1 October 2025
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▪ Growth capital peaks in FY27 with proposed Higginsville hub expansion to
2.6Mtpa
On a hub-by-hub basis:
▪ Meekatharra Hub (1.8Mtpa) – processing capacity fully utilised with higher-
grade material from Bluebird-South Junction and Great Fingall underground
mines, supplemented by Murchison open pit program
o Bluebird-South Junction underground expansion continues in FY26 –
reaching 1.2Mtpa in FY28
o Great Fingall first high-grade stope ore delivered in FY26 – ramping up
to 0.6Mtpa in FY28
o Open Pits commencing in FY27 - providing buffer stockpiles and softer
ore to optimise plant throughputs
▪ Higginsville Hub (1.6Mtpa) – processing capacity fully utilised with higher-
grade material from Beta Hunt and Two Boys underground mines
o Beta Hunt infrastructure upgrades support 2Mtpa run rate by H2,
FY26 – notably from current mining fronts only (excludes Fletcher Zone)
o 2.6Mtpa Higginsville Expansion Study - due for completion in H2, FY26;
with construction planned to commence in FY27
▪ Cue Hub (1.4Mtpa) and Fortnum Hub (0.9Mtpa) processing capacity fully
utilised – with mines and mills well matched and optimised
3YO upside (opportunities being actively developed but not included in the 3YO):
▪ Fletcher Zone (Beta Hunt) - Fletcher zone is emerging, with resource definition
drilling underway to determine scale and optimum mine design
▪ Further expansion of Higginsville hub to 4Mtpa - the Higginsville expansion
study, while predicated on an upgrade of the mill capacity to 2.6Mtpa, does
investigate multiple options up to 4Mtpa
▪ Polar Star lodes (Bluebird-South Junction) - resource definition continues to
determine scale of the third mining front
▪ Improving mine productivity – key to lifting Group mine outputs and lowering
Group all in sustaining costs.
Cautionary Statements
There is a low level of geological confidence associated with inferred mineral resources and
there is no certainty that further exploration work will result in the determination of indication
mineral resources or that the production target itself will be realised.
The stated production target is based on the entity’s current expectations of future results or
events and should not be solely relied upon by investors when making investment decisions.
Further evaluation work and appropriate studies are required to establish sufficient
confidence that this target will be met.
Westgold Provides 3-Year Outlook
1 October 2025
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Westgold Managing Director and CEO Wayne Bramwell commented:
“Westgold’s three-year outlook (3YO) articulates a high confidence, executable plan that
sees the business step up from 326koz of production in FY25 to more than 470koz by FY28.
It provides a baseline for a larger, more profitable and sustainable gold producer. Most
critically this growth is organic and fully funded. The outlook is underpinned by realistic
production forecasts, cost assumptions and focuses on maximising the performance of our
existing processing infrastructure to drive our costs down.
Westgold’s FY25 Mineral Resource Estimate of 16.3Moz and Ore Reserves of 3.5Moz
underwrites the 3YO. With our operations now being optimised on higher-grade mine
outputs, consistent operational delivery will lower our AISC, driving free cash flow and
delivering higher returns to our shareholders.
The 3YO is conservative by design. Additional growth can be delivered through mill
optimisation, mine productivity improvements, systematic exploration and resource
development, with our larger Beta Hunt and Bluebird-South Junction mines ripe for resource
expansion.
Westgold continues to evolve and mature. In articulating the first multi-year view of our
business, we can now provide our shareholders, employees and stakeholders with a clear
plan for the Company’s objectives and trajectory over the next three years.”
3YO underpinned by Westgold’s existing portfolio
Overview
Westgold (ASX/TSX: WGX) is an unhedged, well-funded Australian gold producer with an
extensive portfolio of operating and exploration assets in the Murchison and Southern
Goldfields of Western Australia (Figure 1).
The Company’s 3YO foundation is the 2025 Mineral Resource Estimate and Ore Reserves1. It
defines a high confidence, executable plan to grow gold production to 470Kozpa by FY28, at
a competitive all in sustaining cost of circa A$2,500/oz.
The 3YO outlines how increasing Group outputs, free cash flows and operating margins will
be delivered and is premised upon fully utilising our existing extensive processing
infrastructure, a transition to higher-grade Group mine outputs and expansions to key mining
and processing assets over the 3YO period.
Westgold Provides 3-Year Outlook
1 October 2025
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Figure 1: Murchison and Southern Goldfields Assets (Processing Hubs and Key Mines)
Westgold Provides 3-Year Outlook
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3YO – Gold production lifts, AISC falls
The 3YO articulates the first multi-year view of Westgold’s business and details how organic
growth is delivered. The underlying plan is conservative by design and frames near-term
capital allocation priorities, alongside indicative AISC out to FY28.
Figure 2 below illustrates the production and cost profile from FY25 (where the business
produced 326koz @ AISC of A$2,666/oz) to a projected FY28 outlook of 470koz @ AISC of
~A$2,500/oz, together with corresponding forecast capital investment.
Figure 2: Growing production, reducing costs – with forecast capital and exploration investment
Westgold’s 3YO demonstrates organic production growth to FY28 utilising its existing
portfolio of assets, to a run rate capable of being sustained well beyond the outlook.
Our AISC$/oz profile falls during the 3YO, to circa A$2,500/oz by:
▪ Fully utilising and expanding our existing ~6mtpa processing capacity - increasing
high grade mine outputs and reducing reliance on haulage and processing of lower-
grade stockpiles to maintain mill throughputs.
▪ Open Pit mining – leveraging our substantial resource base and activating the
Murchison pit program; and
▪ Sustaining exploration and resource definition investment - focused on upgrading
resource confidence ahead of mining.
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1 October 2025
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3YO – Key Assumptions
The 3YO objective is to deliver safe and profitable gold production, near-term value
generation and long-term sustainable shareholder returns. Optimising higher grade ore feed
and increasing throughput from our processing hubs is key, requiring an increase in growth
capital in FY27 to expand the Higginsville processing plant in the Southern Goldfields to
2.6Mtpa.
Key assumptions underpinning the 3YO include:
▪ Continued investment in environmental, health and safety systems and training.
▪ Continued investment in pragmatic ESG initiatives – such as hybrid energy systems for
Higginsville and in-pit tailings solutions across the Group.
▪ Continued investment in staff training and career development programmes.
▪ Full utilisation of Westgold’s existing four processing hubs (Fortum, Meekatharra, Cue
and Higginsville) – with buffer stockpiles established at each to mitigate weather
and/or mine output interruptions.
▪ Underground and open pit ore from:
o Existing operational underground mines (Starlight, Bluebird-South Junction, Big
Bell, Fender, Great Fingall, Beta Hunt and Two Boys):
▪ with the development of the new Spargos underground in the Southern
Goldfields in FY27;
o Existing open pits at Higginsville (Lake Cowan);
o New open pit programs in the Murchison – scheduled to commence in FY27; and
o Our existing ore purchase agreement.
▪ Diminishing requirements to process lower grade surface stockpiles.
▪ Mine productivity based on recent performance - with consideration for improved
infrastructure, but no significant productivity improvements included.
▪ Targeted investment in exploration and resource development of $150M (across the
3YO).
Importantly, there is no ore contribution from the Fletcher Zone at Beta Hunt in the 3YO.
The Fletcher zone has the potential to add significant scale to the Southern Goldfields and
requires further drilling to determine its scale and the optimum mine design.
The projected timing for key capital investment or project commencement in the 3YO is
outlined in the following, Figure 3.
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1 October 2025
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Figure 3: Timing of key milestones in the 3YO
Processing Hubs – Leveraging and expanding existing 6Mtpa processing capacity for
enhanced FCF
Outside of the Higginsville processing plant upgrade (due for completion in FY28),
debottlenecking and incremental capital investments have been planned for the Bluebird
and Tuckabianna processing hubs in the Murchison.
The resulting annualised processing capacities (in million tonnes per annum), excluding our
existing third-party toll-treating agreement assumed for the 3YO are shown in Figure 4
below.
Figure 4: Westgold mill processing capacities lift over 3YO (Mtpa)
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1 October 2025
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The Murchison
Westgold owns and operates three processing hubs in the Murchison region of Western
Australia (Figure 5).
Figure 5: Westgold’s Murchison Assets