ASX Announcement Westgold Resources Limited
ASX Announcement
Westgold Resources Limited
ABN 60 009 260 306
ASX | TSX: WGX
westgold.com.au
T: +61 8 9462 3400
Level 13, 200 St Georges Terrace
Perth WA 6000
PO Box 7068, Cloisters Square WA 6850
18 August 2026
1.1Moz Maiden Fletcher Ore Reserve
30% increase in Fletcher Total Resource with a 426% increase in the
Indicated Resource classification
Westgold Resources Limited (ASX | TSX: WGX – Westgold or the Company) is pleased to
announce a m aiden Ore Reserve and an updated Mineral Resource for the Fletcher deposit.
Fletcher is an emerging mining opportunity and is one of three major mineralised systems within
Westgold’s Beta Hunt mining complex at Kambalda, Western Australia.
Highlights
Maiden Fletcher Ore Reserve of 13.5Mt at 2.6g/t Au for 1.1Moz establishes a
substantial new mineable inventory at Beta Hunt - supported by completed mine
planning, commercial evaluation and a Pre-Feasibility Study.
Fletcher’s Mineral Resource has increased by approximately 30% to 40.1Mt at
2.3g/t Au for 3.0Moz - including a 426% increase in Indicated Mineral Resource ounces
to 1.55Moz at 2.7g/t Au.
Approximately 74% of the updated Indicated Mineral Resource ounces have
converted into the maiden Ore Reserve for Fletcher - materially enhancing the
confidence and potential scale for Fletcher to become a third mining front at Beta
Hunt.
Total Beta Hunt Ore Reserve now stands at 21.7Mt at 2.34g/t Au for 1.6Moz and
Mineral Resource at 74.6Mt at 2.25g/t Au for 5.4Moz - representing 201% increase in
Ore Reserve and 104% increase in Mineral Resource since acquisition in August 20241.
Increasing scale of Fletcher now underpins assessment of a 4Mtpa processing
case - with the Definitive Feasibility Study now being advanced ahead of the 2.6Mtpa
Higginsville expansion.
Upcoming catalysts include:
completion of the 4Mtpa processing expansion study,
an underground mass-haulage study for Fletcher, and
continued drilling of Fletcher’s open northern extension - with the Mason target
providing additional longer-term growth potential to the south.
1 Refer to ASX announcement titled “2024 Mineral Resource Estimate and Ore Reserves” - 16 September 2024 for more information
Westgold Declares Maiden Ore Reserve for Fletcher
2
Westgold Managing Director and CEO Wayne Bramwell commented:
“Westgold’s corporate strategy remains clearly focused on expanding and optimising our largest
mining and processing assets to maximise free cash flow. Drilling at Beta Hunt continues to
unlock material value for shareholders, with the emerging Fletcher Zone now contributing more
than 1Moz of Ore Reserve and 3Moz of Mineral Resource growth.
Beta Hunt is the key growth driver in our Southern Goldfields business, with our c apital
investment focussed on lifting mine productivity . W estgold is currently mining from two
established mining fronts with mine output scheduled to increase from 1.7Mtpa to 2Mtpa during
FY27. This planned uplift excludes any contribution from the emerging Fletcher and Mason
orebodies.
The increasing scale of Fletcher, and the growing confidence in its mineable inventory, now
support a detailed evaluation of a 4Mtpa processing solution. Drilling will continue at Fletcher
and commence at Mason, with Westgold advancing related stud ies, alongside key
debottlenecking activities at Higginsville to support a larger processing facility.”
Figure 1 – Southern Goldfields Operations
Westgold Declares Maiden Ore Reserve for Fletcher
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Resource Growth into Ore Reserve
Fletcher has become one of the most significant value drivers within Westgold's Southern
Goldfields business.
Beta Hunt was the cornerstone asset in the 2024 transaction, containing 0.5Moz of Ore Reserve
and 2. 6Moz of Mineral Resource 2. Since then, Westgold has completed more than 85km of
drilling across the Fletcher zone, substantially improving geological confidence and increasing
the scale of the broader Beta Hunt mining complex.
Much of this drilling was completed from within an active underground mining environment,
where existing infrastructure often constrained optimal resource definition drill positioning.
Despite these challenges, drilling has consistently expanded and upgrad ed the Fletcher
inventory, culminating in the declaration of a maiden Fletcher Mineral Resource of 2.3Moz in June
20253, which has now increased by 30% to 3.0Moz and supported the declaration of a maiden
Ore Reserve of 1.1Moz (refer Table 1 and Figure 2).
Importantly, the drilling has demonstrated Fletcher to be a large mineralised system with
many geological similarities to the nearby Western Flanks orebody.
The substantial increase in Indicated Resources and successful conversion to Ore Reserve
materially strengthens confidence in Fletcher's ability to become a long -life contributor to the
future growth of the Beta Hunt operation.
Classification
June 2025 Fletcher MRE3 June 2026 Fletcher MRE
Tonnes Grade
(g/t Au) Ounces Tonnes
Grade
(g/t Au) Ounces
Measured 0 0 0 0 0 0
Indicated 3,708,000 2.5 295,000 18,029,000 2.7 1,553,000
Inferred 27,266,000 2.3 2,030,000 22,117,000 2.1 1,472,000
Total 30,974,000 2.3 2,325,000 40,146,000 2.3 3,025,000
Table 1 – Fletcher MRE comparison: June 2025 and June 2026 (reported above 1.2g/t Au).
2 Refer to ASX announcement titled “2024 Mineral Resource Estimate and Ore Reserves” - 16 September 2024 for more
information.
3 Refer to the ASX announcement titled "Fletcher Zone Maiden Mineral Resource of 2.3Moz" - 23 June 2025 for further information.
Westgold Declares Maiden Ore Reserve for Fletcher
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Figure 2 - Substantial growth and improvement in Fletcher MRE quality between 2025 and 20264
Mine planning and commercial evaluation have been completed by Westgold and resulted in the
maiden Fletcher Ore Reserve (refer Table 2 and Figure 3).
Classification Tonnes Grade
(g/t Au) Ounces
Proven 0 0 0
Probable 13,474,000 2.6 1,145,000
Total 13,474,000 2.6 1,145,000
Table 2 – Fletcher Maiden Ore Reserve June 2026
4 Refer to the ASX announcement titled "Fletcher Zone Maiden Mineral Resource of 2.3Moz" - 23 June 2025 for further information
regarding the maiden Mineral Resource for the Fletcher Zone.
2,325,000
1,258,000
-558,000
3,025,000
2025 MRE 2026 Indicated 2026 Inferred 2026 MRE
Ounces
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
Westgold Declares Maiden Ore Reserve for Fletcher
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Figure 3 – Beta Hunt Long section inclusive of Fletcher mine plan
Background to the Ore Reserve Estimation
The Fletcher Ore Reserve estimation is based on the Fletcher Pre-Feasibility study completed by
Westgold Resources to assess the economic viability of the Fletcher orebody.
Economic Assumptions
The Pre-Feasibility Study used cost assumptions based on current Beta Hunt rates, given
Fletcher’s proximity and expected operating conditions. Westgold’s experience operating six
underground mines in Western Australia also provides confidence in the economic assumptions
underpinning the Fletcher study.
These cost profiles were used to determine the Fletcher cut-off grades and define the economic
blocks within the mine plan. The cut-off grades are shown in Table 3 below.
Parameter Value Comments
Full Costed COG 2.1g/t Incorporates initial and sustaining capital
Mine Operating COG 1.4g/t Assumes development complete
Development COG 1.0g/t Non-mining costs, assuming material hauled to surface
Table 3 – Economic Assumptions
Westgold Declares Maiden Ore Reserve for Fletcher
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Input Modifying Factors
The Fletcher Ore Reserve was estimated using Deswik Shape Optimiser (DSO). These were run
against gradient strings reflective of the potential location for ore drives. The settings used as
part of the DSO run were as follows in Table 4:
Parameter Units Value
Optimisation Field Input gc_au
Stope Orientation Direction YZ
Pillar Between Stopes M 0
Stope Length M 20
Minimum Mining Width M 5
Default Dip Degree 90
Wall Dilution M 0.5
Local Wall Angles Degree 75, 130, 20
Strike Angles Degree -30, 30, 20
Side Length Ratio M 2.25, 2.25
Table 4 – Input Modifying Factors
The DSO parameters were selected to reflect a practical longhole stoping framework for the
Fletcher orebody and to ensure the optimised shapes were aligned with the expected mining
geometry. The optimisation was undertaken using the gold grade field and constrained by
selected stope orientation, minimum mining width, w all dilution and local wall- angle
assumptions. These inputs provide a consistent basis for converting the Mineral Resource model
into mineable stope shapes while recognising the geometry, dip and continuity of the mineralised
zones.
The resulting DSO shapes were then reviewed and adjusted through the mine planning process
to remove impractical shapes, rationalise stope continuity and ensure the final design reflected
operationally achievable development access, extraction sequencing and geotechnical
constraints. This process provides the link between the resource model, the optimisation
outputs and the final modifying factors applied in the Ore Reserve estimate.
Output Modifying Factors
The output modifying factors, or production factors, are shown in Table 5 below. These are used
throughout the mine planning and scheduling process as part of the study and are used as inputs
into the production rates and cost drivers.
Westgold Declares Maiden Ore Reserve for Fletcher
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Parameter Units Value
Stope Dilution % 12
Stope Recovery % 90
Tonnes per Drill Metre (102mm) TPD 10
Tonnes per Drill Metre (89mm) TPD 7
Loose fill density T/m³ 1.7
Cement density - 1.3
Tails density - 1.8
Paste solids content % 68
Stope Dilution Grade g/t 0
Free bogging % 30
Remote bogging % 70
Table 5 – Modifying factors used for Fletcher Ore Reserve
The production modifying factors were applied to the optimised stope inventory to derive the
practicable mineable tonnes, grade and contained ounces used in the Fletcher Ore Reserve
estimate. These factors reflect expected mining performance for longhole open stoping at Beta
Hunt, including dilution, recovery, production drilling productivity, bogging assumptions and
backfill design inputs. Together, they provide the operational bridge between the DSO-generated
shapes and the final scheduled mining inventory.
The dilution and recovery assumptions were incorporated into the reserve model prior to
scheduling, ensuring that the tonnes and grade reported in the Ore Reserve reflect expected
mine call factors rather than theoretical in- situ volumes. Similarly, the drill metre productivity
and fill density assumptions were used to inform production rates, backfill requirements and
sequencing constraints within the mine plan. These parameters are consistent with observed
underground performance and provide a reasonable basis for estimating the physical and cost
drivers of the Fletcher mining schedule.
Mining Assumptions
The Fletcher Ore Reserve has been evaluated using ore haulage to Westgold’s Higginsville
processing hub. Processing cost assumptions are based on current Higginsville operating cost
profiles, with capital and infrastructure assumptions incorporated where t hey are specifically
required to support Fletcher development.
Potential future processing cost benefits from a larger Higginsville plant, gas and solar
conversion or other infrastructure optimisation have not been included in the Ore Reserve
economic assessment and therefore represent potential upside rather than base -case
assumptions.
Westgold Declares Maiden Ore Reserve for Fletcher
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Fletcher has been modelled to be a complete load-haul-dump (LHD) operation.
Multiple declines will be installed from the surface (one ventilation and one haulage) separate
from the Beta Hunt mine. LHD operations will exist within Fletcher with a mixture of longitudinal
and transverse production areas. Ventilation throughout Fletcher will be linked via the surface
decline developed as part of the haulage route, additional ventilation will be linked throughout
the Beta Hunt primary system.
Next Steps
4Mtpa Expansion Study
The material increase in the Fletcher Ore Reserve and Mineral Resource has changed the
scale and sequencing of Westgold’s Higginsville expansion pathway.
When Westgold approved the Higginsville Expansion Plan in March 20265, the 2.6Mtpa flowsheet
was deliberately engineered to support a potential future expansion to 4Mtpa, ensuring milling
capacity would not constrain growth from Beta Hunt and Fletcher. The increased Fletcher scale
now provides a stronger Ore Reserve and Mineral Resource base from which to assess that larger
4Mtpa case in detail.
As a result, Westgold has accelerated definitive design work on a 4Mtpa expansion case and is
reviewing the optimal timing and scope of the previously approved 2.6Mtpa stage. This does not
reflect a reduction in confidence in Higginsville, rather, it reflects a higher-confidence production
base at Beta Hunt and Fletcher, and an opportunity to simplify the expansion pathway by
assessing whether a direct 4Mtpa development provides a better long -term outcome than a
staged 1.6Mtpa to 2.6Mtpa to 4Mtpa sequence.
While this approach may extend the period that Higginsville operates at its current 1.6Mtpa
capacity, Westgold does not expect this to materially impact the Group production outlook.
The planned uplift in Higginsville milling capacity assumed in the 3 -Year Outlook released in
October 2025 , is expected to be achieved from additional milling capacity committed in, or
planned for the Murchison, where mining performance has exceeded expectations and
stockpiles are building faster than the Southern Goldfields.
The accelerated growth of ore stockpiles in the Murchison in combination with Westgold’s
treasury strength, now provides the imperative and resources to prioritise capital to expand the
Murchison processing capacities first.
Doing so brings value forward by monetising those stockpiles more rapid ly than planned and
reflects the flexibility Westgold has to sequence capital across the broader portfolio.
5 Refer to the ASX announcement titled "Board Approves Higginsville Expansion Plan" - 10 March 2026 for further information.