ASX | TSX: WGX T: +61 8 9462 3400
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
3 September 2025
WESTGOLD 2025 MINERAL RESOURCE ESTIMATE AND ORE
RESERVES
With current milling capacity of 5.7 Mtpa, Westgold has an estimated
Reserve life of approximately 10 years
Perth, Western Australia, 3 September 2025: Westgold Resources Limited (ASX | TSX: WGX,
Westgold or the Company) is pleased to provide its updated Mineral Resource Estimate and
Ore Reserve Statement calculated as at 30 June 2025.
Group Gold Mineral Resource Estimate and
Ore Reserves At 30 June 2025
Total Measured and Indicated Resources 137 Mt at 2.09 g/t Au for 9.2 Moz of gold
Total Inferred Resources 94 Mt at 2.33 g/t Au for 7.1 Moz of gold
Total Ore Reserves 56 Mt at 1.93 g/t Au for 3.5 Moz of gold
Highlights
24% increase in Mineral Resource from FY2 4 – growing to 9.2 Moz Measured and
Indicated and 7.1Moz Inferred Resources post mining depletion.
5% increase in Ore Reserves – lifting to 3.5 Moz post mining depletion.
Ore Reserves Increase at Major Murchison mines : Bluebird – South Junctions Ore
Reserve up 90% to 528 koz and Starlight up 94% to 250 koz post mining depletion.
Reserve life continues to grow - with a total milling capacity of 5.7 Mtpa, Westgold has
an estimated Reserve life of approximately 10 years
Nineteen drill rigs operating - on surface and underground across the 3,200km2 portfolio
$50M to be invested in exploration and resource development in FY26.
2025 Mineral Resource Estimate and Ore Reserves
3 September 2025
2
Westgold Managing Director and CEO Wayne Bramwell commented:
“In FY25 Westgold invested $43M in resource development and exploration across our portfolio.
This investment delivered significant growth in Group Mineral Resources, most notably with the
maiden Fletcher Mineral Resource1, and a material uplift in Group Ore Reserves.
Importantly, our Mineral Resource and Ore Reserve growth has been created whilst concurrently
investing in critical mine infrastructure across our Murchison and Southern Goldfields mines.
This investment has now established a sustainable platform for long te rm cashflow generation
over a 10-year Group Ore Reserve life.
Westgold will continue to drill and invest in organic growth through exploration, resource
definition and Mineral R esource conversion across our portfolio. We unlocked value for our
shareholders and stakeholders in FY25 and are confident in our team’s ability to create
additional value from two of Western Australia’s most productive goldfields.”
2025 Mineral Resource Estimate
As of 30 June 202 5, the total gold Measured and Indicated Mineral Resource Estimate for the
Westgold business was 137 Mt at 2.09 g/t Au for 9.2 Moz and the Inferred Mineral Resource
estimate was 94 Mt at 2.33 g/t Au for 7.1 Moz of gold.
This represents 2 4% growth in the Company’s gold Mineral Resource base year on year
underpinned by a focused campaign of exploration and resource definition drilling over FY2 5,
where Westgold invested $43M on top of the $25M invested in FY24.
Figure 1 – Westgold annual Mineral Resource progression.2
The entire 3.1 Moz increase in Westgold’s reportable Mineral Resource Estimate has been driven
by resource development activities in both Westgold’s current mines and across its broader
asset package.
1 Refer to ASX release titled “Fletcher Zone Maiden Mineral Resource of 2.3Moz” – 23 June 2025
2 FY17 – FY23 Resources completed under JORC Code only
9,857 9,345 9,118 8,799 7,947 7,940 8,250
5,006 5,968
3,504
3,700
3,129
3,239
1,521
3,349
FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
13,160
16,257
Southern Goldfields - Inferred (Koz)
Southern Goldfields - Measured & Indicated (Koz)
Murchison Resources (previously reported) (Koz)
Murchison - Inferred (Koz)
Murchison - Measured & Indicated (Koz)
2025 Mineral Resource Estimate and Ore Reserves
3 September 2025
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This significant growth highlights the latent potential of Westgold’s Western Australian land
holdings.
The Murchison Operations incorporate the Bluebird, Tuckabianna and Fortnum processing hubs
and associated mines, while the Southern Goldfields Operations consists of the Higginsville
processing plant and the Beta Hunt and Two Boys mines.
Tables 1, 2 and 3 below depict the FY2 5 Mineral Resource Estimates for the Murchison and
Southern Goldfields Operations.
2025 Mineral Resource Estimate and Ore Reserves
3 September 2025
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Table 1 – Gold Mineral Resource Estimates at 30 June 2025 for Westgold Operating Mines.
Murchison Gold Operations
Mineral Resource Statement - Rounded for Reporting
30/06/2025
Measured Indicated Measured and Indicated Inferred
Operating Mine Tonnes
('000s) Grade Ounces Au
('000s)
Tonnes
('000s) Grade Ounces Au
('000s)
Tonnes
('000s) Grade Ounces Au
('000s)
Tonnes
('000s) Grade Ounces Au
('000s)
Big Bell UG 5,010 2.51 405 8,216 3.10 819 13,226 2.88 1,224 7,414 2.90 691
Big Bell Cave 6,553 1.09 229 0 0 0 6,553 1.09 229 0 0 0
Fender UG 111 2.91 10 168 2.62 14 280 2.74 25 157 2.54 13
Great Fingall UG 0 0.00 0 2,202 4.25 301 2,202 4.25 301 955 2.96 91
Golden Crown UG 0 0.00 0 540 5.25 91 540 5.25 91 2,279 3.05 224
Bluebird Group UG 334 3.94 42 7,251 2.99 697 7,585 3.03 739 6,644 2.59 553
Starlight UG 3,898 3.04 381 2,702 2.65 230 6,600 2.88 611 2,625 3.02 255
Total 15,906 2.09 1,067 21,079 3.18 2,152 36,986 2.71 3,220 20,075 2.83 1,827
Southern Goldfields Gold Operations
Mineral Resource Statement - Rounded for Reporting
30/06/2025
Measured Indicated Measured and Indicated Inferred
Operating Mine Tonnes ('000s) Grade Ounces Au
('000s) Tonnes ('000s) Grade Ounces Au
('000s)
Tonnes
('000s) Grade Ounces Au
('000s)
Tonnes
('000s) Grade Ounces Au
('000s)
Two Boys 94 5.94 18 256 3.15 26 349 3.90 44 163 5.75 30
Lake Cowan 180 1.90 11 129 1.29 5 309 1.65 16 19 1.60 1
Beta Hunt 10,435 2.37 795 13,140 2.23 944 23,575 2.29 1,739 39,975 2.27 2,914
Total 10,709 2.39 824 13,525 2.24 975 24,234 2.31 1,800 40,158 2.28 2,944
2025 Mineral Resource Estimate and Ore Reserves
3 September 2025
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Table 2 – Gold Mineral Resource Estimates at 30 June 2025 for Westgold Non-Operating Projects.
Murchison Gold Operations
Mineral Resource Statement - Rounded for Reporting
30/06/2025
Measured Indicated Measured and Indicated Inferred
Project Tonnes ('000s) Grade Ounces Au
('000s)
Tonnes
('000s) Grade Ounces Au
('000s)
Tonnes
('000s) Grade Ounces Au
('000s)
Tonnes
('000s) Grade Ounces Au
('000s)
Big Bell District 38 2.82 3 771 2.61 65 809 2.62 68 1,843 2.94 174
Cuddingwarra 85 1.66 5 1,600 1.63 84 1,685 1.63 88 597 1.50 29
Day Dawn District 58 1.73 3 1,054 1.99 68 1,112 1.98 71 1,036 1.82 60
Tuckabianna 267 3.54 30 3,448 2.78 308 3,715 2.84 339 2,899 2.63 245
Tuckabianna Stockpiles 83 2.76 7 3,648 0.71 83 3,731 0.75 90 0 0.00 0
Meekatharra North 0 0.00 0 97 1.98 6 97 1.98 6 75 2.11 5
Nannine 68 2.55 6 859 2.06 57 927 2.09 62 340 2.26 25
Paddy's Flat 376 3.67 44 10,641 1.65 564 11,017 1.72 608 2,574 1.93 160
Reedy's 430 3.77 52 3,225 2.58 267 3,656 2.72 319 9,191 2.54 750
Yaloginda District 53 2.62 4 4,237 1.48 202 4,290 1.50 206 5,808 1.38 257
Bluebird Stockpiles 132 3.13 13 0 0.00 0 132 3.13 13 0 0.00 0
Fortnum District 1,707 2.56 141 4,062 1.89 246 5,769 2.09 387 1,172 1.44 54
Horseshoe 0 0.00 0 1,266 2.09 85 1,266 2.09 85 183 1.43 8
Peak Hill 0 0.00 0 7,547 1.55 376 7,547 1.55 376 1,838 1.78 105
FGO Stockpiles 559 1.01 18 481 0.69 11 1,039 0.86 29 16 0.54 0
Total 3,857 2.64 328 42,937 1.75 2,421 46,794 1.83 2,749 27,572 2.11 1,873
2025 Mineral Resource Estimate and Ore Reserves
3 September 2025
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Southern Goldfields Gold Operations
Mineral Resource Statement - Rounded for Reporting
30/06/2025
Measured Indicated Measured and Indicated Inferred
Project Tonnes
('000s) Grade Ounces Au
('000s)
Tonnes
('000s) Grade Ounces Au
('000s)
Tonnes
('000s) Grade Ounces Au
('000s)
Tonnes
('000s) Grade Ounces Au
('000s)
HGO Central 931 2.94 88 2,442 2.74 215 3,373 2.80 303 1,519 2.91 142
HGO Greater 414 3.16 42 2,871 2.78 257 3,286 2.83 299 2,128 2.29 157
Mt Henry 11,042 1.19 424 10,172 1.16 378 21,214 1.18 802 2,565 1.28 106
HGO Stockpiles 1,162 0.77 29 276 0.74 7 1,439 0.77 36 0 0.00 0
BHO Stockpiles 9 1.88 1 0 0.00 0 9 1.88 1 0 0.00 0
Total 13,559 1.34 583 15,761 1.69 856 29,320 1.53 1,440 6,212 2.03 405
Table 3 – Nickel Mineral Resource Estimates at 30 June 2025 for Beta Hunt.
Beta Hunt Nickel Operations
Mineral Resource Statement - Rounded for Reporting
30/06/2025
Measured Indicated Measured and Indicated Inferred
Project Tonnes
('000s) Ni (%) NiT ('000s) Tonnes
('000s) Ni (%) NiT ('000s) Tonnes
('000s) Ni (%) NiT ('000s) Tonnes
('000s) Ni (%) NiT ('000s)
Beta Hunt 0 0.0 0 749 2.8 21 749 2.8 21 499 2.7 13
Total 0 0.0% 0 749 2.8% 21 749 2.8% 21 499 2.7% 13
See Figure 2, Figure 3 and Figure 4 for location details. Additional detailed information relating to generation of the Mineral Resource Estimates is
attached in Appendix B & C Table 1 – JORC 2012 Reporting Criteria.
2025 Mineral Resource Estimate and Ore Reserves
3 September 2025
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Figure 2 - Murchison Project Areas (Bluebird & Tuckabianna Processing Hubs).
2025 Mineral Resource Estimate and Ore Reserves
3 September 2025
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Figure 3 - Murchison Project Areas (Fortnum Processing Hub)