ASX Announcement Westgold Resources Limited
ASX Announcement
Westgold Resources Limited
ABN 60 009 260 306
ASX | TSX: WGX
T: +61 8 9462 3400
W: westgold.com.au
Level 13, 200 St Georges Terrace
Perth WA 6000
PO Box 7068, Cloisters Square WA 6850
9 September 2026
FY27 Guidance and Three-Year Outlook
Fully funded pathway to ~500koz production base
Perth, Western Australia, 9 September 2026: Westgold Resources Limited (ASX | TSX: WGX –
Westgold or the Company) is pleased to provide its FY27 Guidance and updated Three-Year
Outlook (3YO or Outlook or Updated 3YO).
Westgold’s updated Three-Year Outlook presents a fully funded organic growth plan to increase
Group gold production from 385–425koz in FY27 to 460–510koz in FY29. The plan is
underpinned by increased Murchison ore availability, expansion of the Cue and Meekatharra
processing hubs and investment in Westgold’s largest mines. This investment is expected to lift
production, improve mill utilisation and reduce AISC to A$2,640–A$3,000/oz by FY29 on an FY27
real-cost basis.
The 3YO represents a deliverable base case while preserving material upside from opportunities
not yet included in the Outlook. The Fletcher Zone at Beta Hunt is the largest organic growth
opportunity within Westgold’s portfolio and is not included in this 3YO. Once developed, and
supported by a larger Southern Goldfields processing hub, current internal conceptual studies
indicate Fletcher could add approximately 140kozpa to Group production and position
Westgold to deliver more than 600,000ozpa1 (see Figure 1).
Figure 1: Westgold’s 3 Year Outlook
1 This is an aspirational statement and not a warranty as Westgold does not yet have reasonable grounds to conclude that the
statement can be achieved.
FY27 Guidance and Three-Year Outlook
9 September 2026
2
Highlights
FY27 Guidance
Production guidance of 385-425koz – at an All-In Sustaining Cost (AISC) of
$2,980-$3,380/oz2.
Growth capital of $450M-$480M3 – investing in accelerated underground
development across Westgold's largest underground mines, open pits and
brownfield plant expansions at Cue and Meekatharra.
Exploration and resource definition drilling investment of $50M-$75M3 –
focused on continued Resource conversion to Reserve and Resource extension
across the Murchison and Southern Goldfields.
Three-Year Outlook (3YO)
FY29 production increasing to 460-510koz - underpinned by optimisation and
expansion of Westgold's largest mines and Murchison processing hubs.
FY29 AISC reducing to $2,640-$3,000/oz - driven by increasing Murchison ore
optionality and mill throughput
Group processing capacity to increase to >7Mtpa by FY29 - through sequenced
brownfield expansion of the Cue (FY27), then Meekatharra (FY28) hubs.
> $150M invested into exploration and Resource definition across the 3YO.
Upside opportunities to bring value forward into the 3YO include:
o the Polar Star lode at Bluebird-South Junction underground mine
o Big Bell South and Paddy's Flat North open pits in the Murchison; and
o early Fletcher Zone works at Beta Hunt in the Southern Goldfields.
Cautionary Statements
The Production Target and associated forecast financial information contained in this
announcement are based on Westgold's current mine plans and comprise approximately 86%
Ore Reserves, 2% Measured and Indicated Resource, 7% Inferred and 5% Third Party in FY27.
81% Ore Reserves, 8% Inferred and 11% Third Party in FY28. 74% Ore Reserves, 18% Inferred
and 8% Third Party in FY29.
2 Third party ounces and costs are excluded from $/oz calculations
3 This reflects the current intentions of the Company and is subject to operational priorities, market conditions and Board
approval. Accordingly, this planned investment may be subject to change.
FY27 Guidance and Three-Year Outlook
9 September 2026
3
The Company considers that it has a reasonable basis for the Production Target and forecast
financial information. The Production Target is predominantly supported by Ore Reserves
throughout the outlook period. However, Mineral Resources included within the Production
Target do not have the same level of confidence as Ore Reserves and there is no certainty that
further work will result in their conversion to Ore Reserves or that the Production Target itself
will be realised.
Where the Production Target includes Inferred Mineral Resources, there is a lower level of
geological confidence associated with those tonnes and there is no certainty that further
exploration work will result in the determination of Indicated Mineral Resources or that the
Production Target will be achieved.
The Ore Reserve and Mineral Resource estimates underpinning the Production Target are
those reported in Westgold's 2026 Mineral Resource and Ore Reserve Statement. The
Company confirms that all material assumptions and technical parameters underpinning
those estimates continue to apply and have not materially changed.
Westgold Managing Director and CEO Wayne Bramwell commented:
"Westgold’s updated 3YO is a high confidence, executable organic growth plan lifting Group
production towards 500,000 oz in FY29. This plan is fully funded with Group All-In Sustaining
costs forecast to fall as the benefits of higher-grade ore availability and expansion of key
Murchison mines and processing capacity to >7Mtpa are realised, delivering enhanced
Group cashflow.
The capital program reflects a deliberate decision to prioritise Murchison investment and
utilise Westgold's strong balance sheet, improving reserve confidence and growing mining
inventories to invest ahead of production. FY27 represents the peak investment year in the
3YO, with elevated non-sustaining capital directed to accelerated underground
development, strategic ore inventories and the brownfield expansions of the Cue and
Meekatharra processing hubs.
Scale is not our primary driver. As these projects are delivered, annual non-sustaining capital
is expected to decline through FY28 and FY29, with the benefits of these investments
realised through higher production, improved mill utilisation, lower unit costs and stronger
Group free cash flow.
The Beta Hunt mine is the key growth driver in the Southern Goldfields and beyond the 3YO,
the Fletcher Zone within Beta Hunt provides a potential pathway to lift Group production
beyond 600,000 ounces per annum. Drilling continues to increase Fletcher’s scale, while
development studies will assess the optimum extraction method to maximise its value.
Importantly, Westgold’s growth is organic and not coming at the expense of shareholder
returns. Our business is now more resilient and has the capacity to internally fund growth
while continuing to support our Shareholder Capital Returns Policy4, dividends and ongoing
capital returns.”
4 Refer to the Company's ASX announcement titled "Westgold delivers $122M in FY26 Shareholder Capital Returns" dated 28
August 2026 for further information regarding the Company Shareholder Capital Returns policy.
FY27 Guidance and Three-Year Outlook
9 September 2026
4
Figure 2: Murchison and Southern Goldfields (Processing Hubs)
3YO underpinned by Westgold’s streamlined portfolio
Guidance and 3YO Overview
Westgold (ASX/TSX: WGX) is an unhedged, well-funded Australian gold producer with an
extensive portfolio of operating assets in the Murchison and Southern Goldfields of Western
Australia (Figure 2).
Westgold forecasts FY27 gold production of 385-425koz at an AISC of $2,980-$3,380/oz.
The production profile is underpinned by Westgold's four operating processing hubs with
5.8Mtpa of installed processing capacity. Growth over the outlook period is expected to be
delivered through increasing utilisation of existing capital infrastructure, higher mine
outputs, planned processing expansions and reduced processing of lower-grade stockpile
material.
Organic growth will be underpinned by $450M-$480M of capital investment and $50M-$75M
of exploration and resource definition expenditure in FY273.
The Company’s 3YO foundation is the 2026 Mineral Resource Estimate and Ore Reserves5. It
defines a high confidence, executable plan to grow gold production from 385-425koz in FY27
to 460-510kozpa by FY29, at a competitive all in sustaining cost of $2,640 – $3,000/oz
(Table 1).
5 Refer to the Company's ASX announcement titled "2026 Mineral Resource Estimate and Ore Reserves" dated 20 August 2026
for further information.
FY27 Guidance and Three-Year Outlook
9 September 2026
5
The 3YO outlines how increasing Group outputs, free cash flows and operating margins will
be delivered and is premised upon fully utilising our existing extensive processing
infrastructure, increased mine outputs at specific operations and expansions to key
processing assets over the 3YO period.
Table 1: Westgold’s 3YO
Metric Guidance Outlook
FY27 FY28 FY29
Gold Production (koz) 385 - 425 425-470 460-510
AISC ($/oz) 2,980 - 3,380 3,000-3,400 2,640-3,000
Non-Sustaining Capex ($M) 450 – 480 430-460 390-410
Exploration & Resource Definition ($M) 50 - 75 50-75 50-75
Key assumptions and strategic updates to the FY26 3YO
FY26 was a defining year in the execution of Westgold’s original Three-Year Outlook6 (FY26
3YO). The corporate strategy to focus on our largest assets delivered and Westgold achieved
record gold production, exceeded annual production guidance, materially increased Ore
Reserves, improved Mineral Resource quality and strengthened confidence in long-term
mine plans across the portfolio.
These outcomes, together with record operating cash flow and improved geological
understanding, have given Westgold the confidence to accelerate development, prioritise
the highest-value growth opportunities and refine its long-term growth strategy. The updated
FY27 3YO builds on those achievements with the key strategic changes from FY26 3YO
outlined below.
Accelerating Murchison growth
The most significant change in this 3YO is the increased focus on growth across the
Murchison.
The FY26 3YO identified the Murchison Open Pit Program, Bluebird-South Junction
expansion, Great Fingall ramp-up and processing optimisation as key drivers of future
Murchison production growth. Westgold has since advanced each initiative while
continuing to grow Ore Reserves and improve mine plan confidence.
Ore inventories are expected to grow across the Murchison over the updated 3YO
period. In response, Westgold has progressed engineering and development plans for
both the Cue Expansion Project (CXP)7 and Meekatharra Expansion Project (MXP)8,
both of which are now included in the FY27 3YO.
6 Refer to ASX announcement titled “Westgold Provides 3-Year Outlook” dated 1 October 2025.
7 Refer to the Company's ASX announcement titled "Cue Hub Expansion to 1.7Mtpa in FY28" dated 5 August 2026.
8 Refer to the Company's ASX announcement titled "2.9Mtpa Meekatharra Expansion Plan" dated 25 August 2026.
FY27 Guidance and Three-Year Outlook
9 September 2026
6
Together, these projects increase Murchison processing capacity by approximately
1.4Mtpa, lifting total Murchison capacity to approximately 5.5Mtpa over the 3YO, and
provide the most direct pathway to higher production, improved mill utilisation and
lower unit costs. Capital allocation has therefore been prioritised towards the
Murchison and accelerated over the 3YO period to support the associated mining and
milling expansion.
Fletcher growth drives a revised Southern Goldfields strategy
The updated 3YO also reflects a reassessment of the preferred growth pathway for the
Southern Goldfields.
The FY26 3YO contemplated a staged expansion of the Higginsville processing hub
from 1.6Mtpa to 2.6Mtpa through the Higginsville Expansion Project (HXP)9. Since
then, ongoing drilling at Fletcher has resulted in the declaration of a maiden Ore
Reserve of 13.5Mt at 2.6g/t Au for 1.1Moz and an updated Mineral Resource of 40.1Mt
at 2.3g/t Au for 3.0Moz10, materially increasing the scale of the opportunity and
changing the preferred long-term development pathway.
As a result, Westgold has deferred inclusion of the HXP in the current 3YO while it
evaluates a larger long-term growth solution centred on Fletcher.
Current studies assess a potential 4Mtpa processing hub, alternative haulage
solutions and the optimal development strategy for the broader Southern Goldfields.
As these options remain under evaluation, Fletcher and its associated capital
requirements have been excluded from the 3YO and are presented as upside to the
Outlook.
Murchison Open Pit Program delivering ahead of schedule
The Murchison Open Pit Program was one of the key strategic initiatives identified in
the FY26 3YO. Supported by strong operating cash flow, growing Ore Reserves and
improved mine plan confidence, Westgold commenced the program approximately
three months ahead of schedule during Q4 FY2611.
The program is more than an additional ore source. It establishes strategic ore
inventories ahead of the Meekatharra and Cue processing hubs, reducing reliance on
stockpile haulage, improving operating flexibility and supporting more consistent
production.
These inventories also strengthen the economic rationale for MXP and CXP and
provide the foundation for increased Murchison throughput over the 3YO.
Improved Resource quality increases confidence in the Outlook
During FY26, Westgold increased Group Ore Reserves by 41% to 4.1Moz5, after
adjusting for asset sales. Improved Measured and Indicated Resource confidence,
accelerated underground development and sustained investment in exploration and
resource definition have expanded mining inventories, reduced geological uncertainty
and improved confidence in future production outcomes.
9 Refer to the Company's ASX announcement titled "Board Approves Higginsville Expansion Plan" dated 10 March 2026.
10 Refer to the Company's ASX announcement titled "1.1Moz Maiden Fletcher Ore Reserve" dated 18 August 2026.
11 Refer to the Company's ASX announcement titled " June 2026 Quarterly Results" dated 22 July 2026.
FY27 Guidance and Three-Year Outlook
9 September 2026
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This provides a stronger foundation for the updated 3YO and as such the updated 3YO
is more than a revised production forecast. It reflects the successful delivery of the
FY26 plan and leverages a stronger asset base, higher-quality Ore Reserves and
improved mine plan confidence across the portfolio.
Additional key assumptions
Cost and production forecasts are based on current operating metrics across the
business. Capital cost assumptions are derived from completed studies unless
otherwise stated. Mining productivity assumptions are applied consistently across the
mine plans, providing a conservative baseline with the potential for operational
outperformance.
The result is a fully funded, executable 3YO designed to deliver higher production, lower
unit costs and a stronger platform for long-term organic growth and free cashflow.
Gold Production across the 3YO
Westgold forecasts gold production of 385-425koz in FY27, increasing to 425-470koz in
FY28 and 460-510koz in FY29.
Production growth is driven by Westgold’s streamlined operating portfolio and expanded
processing infrastructure, with higher outputs expected from increased mill utilisation, ore
availability and continued development of key Murchison mining fronts.
The 3YO assumes ongoing optimisation of Westgold’s four processing hubs, with installed
capacity increasing from approximately 5.8Mtpa in FY27 to 7.2Mtpa by FY29 through the CXP
and MXP (see Figure 3).
Figure 3: Hub Milling Capacity assumed in the 3YO
1.6 1.6 1.6
1.4 1.7 1.7
1.8
2.4
2.9
0.9
0.9
0.9
0.1
FY27
0.1
FY28
0.1
FY29
5.8
6.7
7.2
Fortnum Hub
Meekatharra Hub
Cue Hub
Higginsville Debottlenecking/SG Toll Treatment
Higginsville Hub
FY27 Guidance and Three-Year Outlook
9 September 2026
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The key growth projects and their delivery timings are depicted below in Figure 4.
Figure 4: Key growth project milestones (Fletcher excluded from 3YO)
Murchison
Fortnum Hub
Fortnum is expected to deliver steady mine and mill performance across the Outlook,
supported by a balanced underground mine plan (see Figure 5) and processing profile.
Open pit mining at Fortnum is planned across FY28 and FY29 as part of the Murchison
Open Pit Program and development of the long-term tailings storage facility. The
activity generates mill feed inventory while enabling critical infrastructure
development, reducing execution risk and preserving long-term production continuity.
Westgold has assumed no third-party ore is processed at Fortnum in the 3YO.