Board Approves Higginsville Expansion Plan

ASX Announcement

10 March 2026

Board Approves Higginsville Expansion Plan

Expansion from 1.6Mtpa to 2.6Mtpa to boost production and margin

Perth, Western Australia, 10 March 2026: Westgold Resources Limited (ASX | TSX: WGX – Westgold or the Company) is pleased to announce that its Board has approved the Final Investment Decision (FID) to expand the Higginsville Processing Hub from 1.6Mtpa to nominally 2.6Mtpa (the HXP).

The decision follows completion of a Definitive Feasibility Study (DFS) with a capital and operating estimate accuracy of –5% to +15%, which confirms the technical and financial veracity of the HXP. This expansion is consistent with Westgold’s 3-Year Outlook and marks a major step forward in the Company’s strategy to enhance cashflow by increasing production and reducing operating costs.

HIGHLIGHTS

Westgold Board approves FID on HXP:

• Committing $145M to expand the Higginsville Processing Hub to 2.6Mtpa - increasing ore processing capacity in the Southern Goldfields by ~62.5%.

HXP will increase Westgold’s Southern Goldfields gold production by ~60kozpa - and reduce processing costs by 24% to $34/t.

The DFS is financially compelling:

• Pre-tax NPV of $1.4B at gold price of $4,905/oz¹ - $2.7B at spot of $7,305/oz²
• Pre-tax IRR of 43% at a $4,905/oz gold price - increasing to 140% at spot
• Pre-tax payback of 21 months at a $4,905/oz gold price - reducing to 12 months at spot.

2.6Mtpa expansion flowsheet includes a new primary crusher, 5.8MW semi-autogenous (SAG) mill, pebble crusher, and additional leaching/adsorption tanks – all engineered to support future expansion to 4.0Mtpa.

A high-confidence project:

• Based on ~83% Measured and Indicated Mineral Resource
• Excludes conversion of exploration success in the region
• DFS does not consider potential debottlenecking of existing 1.6Mtpa plant.

Southern Goldfields production lifts from Mid FY28.

1 UBS November 2025 Commodity Consensus Forecast 2 Gold price on 28 February 2026

Westgold Resources Limited T: +61 8 9462 3400 Level13, 200 St Georges Terrace ABN 60 009 260 306 E: [email protected] Perth WA 6000 ASX | TSX: WGX W: westgold.com.au PO Box 7068, Cloisters Square WA 6850

Westgold Managing Director and CEO Wayne Bramwell commented:

“The Higginsville Expansion Plan (HXP) is the next step to drive down unit costs and increase Group free cash flow from the Southern Goldfields. By expanding the Higginsville mill capacity to a nominal 2.6Mtpa we are creating a more productive, lower-cost processing hub to match the growing outputs from our Beta Hunt mine. This will see us deliver higher Group gold production at a lower cost, in line with our 3-Year Outlook.

The Definitive Feasibility Study (DFS) highlights the strength of the business case. It is underpinned by increasing annual gold production and a step-change reduction in processing unit costs – all within a short payback period.

Strategically, the HXP has been designed with future growth in mind. While nameplate capacity of the enhanced flowsheet stands at 2.6Mtpa, many of the upgrades within the flowsheet such as the ore conveying systems, jaw crusher and SAG mill apron feeder are designed to support further expansion to 4Mtpa. This ensures milling capacity is not an impediment to future mine expansions at prospects such as the Fletcher and Mason Zones at Beta Hunt.

With the study complete and FID approved, our focus now shifts to securing long-lead items, progressing EPC tendering and maintaining operational continuity throughout the build. The timing of the HXP aligns strategically with the anticipated growth in mining rates from the Southern Goldfields, ensuring that expanded processing capacity is ready to accommodate increased ore delivery from Beta Hunt.”

Figure 1 – Existing 1.6Mtpa Higginsville Processing Plant

Higginsville Expansion Plan (HXP)

Table 1 - Key Financial and Operational Metrics

Key Metrics	Units
Expansion Capital	$	145M
Project NPV ($4,905/oz gold price) (7.3%)	$	1.4B
Project Payback ($4,905/oz gold price)	Months	21
IRR ($4,905/oz gold price)	%	43
Plant Capacity	Mtpa	2.6
Average Annual Production Higginsville Hub	Koz	160
Construction Period/Expanded Production from		Mid FY28
Southern Goldfields Gold Mineral Resource3		100Mt @ 2.05g/t for 6.6Moz
Southern Goldfields Gold Ore Reserve3		20Mt @ 1.68g/t for 1.1Moz

Board approval follows completion of the DFS, which confirmed the technical robustness and economic strength of the expansion of the Higginsville Hub to nominally 2.6Mtpa from its current 1.6Mtpa. The project delivers on Westgold’s strategy of investing in its largest, highest quality processing assets to reduce operating costs, increase gold output, and maximise free cash generation.

The final capital cost for the processing plant upgrade, as determined by the DFS, is $145M. This figure incorporates DFS-level engineering, early works, cost escalation since previous estimates, and the strategic decision to invest early to future-proof major equipment that can support further expansion to 4Mtpa.

It also includes $16.5M in Owner’s Costs covering project management, commissioning, and other project-execution requirements. The result is in line with the Company’s 3-Year Outlook, announced in October 2025, which anticipated an investment of approximately $130M for the processing plant upgrade exclusive of Owner’s Costs.

The approved HXP flowsheet includes:

• Re-designed material handling systems to support up to 4.0Mtpa throughput.
• New primary jaw crusher and upgraded crushing infrastructure.
• New 5.8MW SAG mill operating in closed circuit with a pebble crusher.
• Expanded leach circuit, including additional leach and adsorption tanks.
• New tails thickener, upgraded sampling, reagent and utility systems.
• Enhanced gravity circuit.

3 Mineral Resources and Ore Reserves are extracted from the ASX announcement titled “2025 Mineral Resource Estimate and Ore Reserves” on 3 September 2025. In events subsequent, Westgold divested the Mt Henry-Selene project, which had associated with it a Mineral Resource of 24Mt at 1.2g/t gold for 0.9Moz contained gold and an Ore Reserve of 11.7Mt at 1.3g/t Au for 478,300oz – see ASX announcement titled “Mt Henry-Selene Gold Project Divested for $64.6M" released to the ASX on 17 December 2025

Figure 2 – HXP layout drafted over a plan view of the existing Higginsville mill

The DFS confirms that the 2.6Mtpa expansion materially enhances Westgold’s Southern Goldfields business through:

• Increased annual production (+60koz pa uplift expected at steady state - to 160koz pa);
• Operating cost reduction, with DFS modelling reducing processing unit costs to ~$34/t (from ~$45/t currently); and
• Economies of scale supporting stronger margins and enhanced cash generation.

Financial Outcomes

The $145M capital investment reflects a Class-2 DFS estimate and includes processing equipment and Owner’s Costs to expand the plant to 2.6Mtpa and future-proof major components for a potential 4.0Mtpa throughput.

The DFS confirms a substantial uplift in project value and operating margin, driven by increased gold production and lower unit operating costs. The decision to execute the HXP delivers an estimated $1.4B in NPV (7.3%) at the project gold price of $4,905/oz, with cashflow modelling showing an increased net cashflow from the Southern Goldfields to an average of approximately $365M pa after the initial 21month payback period.

The project’s exposure to gold price leverage provides meaningful upside, with IRR (140%) and NPV (7.3%) ($2.7B) both increasing materially at current spot gold price scenarios ($7,305/oz).

Figure 3 - HXP Cashflow (Gold Price - $4,905/oz)

Significant operating cost efficiencies are achieved through economies of scale and circuit upgrades. Processing unit costs are projected to fall from approximately $45/t to $34/t, enhancing operating margins and strengthening the profitability of Higginsville as a regional processing hub.

These findings align with the 2025 Scoping Study, which indicated material cost reductions, a midpoint IRR of 37%, and a 2.1-year payback period at a $3,200/oz gold price based on the earlier $92M midpoint capital estimate. While the capital profile has increased following DFS engineering, the underlying financial drivers − higher throughput, improved recoveries and enhanced efficiency − remain consistent and demonstrate strong project economics.

The financial case for HXP is further reinforced by Westgold’s Southern Goldfields Ore Reserves and Mineral Resources, ensuring that the expanded processing capacity will be fully utilised and the project’s returns accrue over a sustained period. The HXP is based on ~83% Measured and Indicated Mineral Resource − highlighting the high-confidence plan determined by the DFS.

The HXP assumes a 2Mtpa mining rate from the long-life Beta Hunt operation will supply the Higginsville facility for the 10-year study period, with the remaining milling capacity filled predominantly by a ~600ktpa mining rate from the Fletcher zone from FY29. Ensuring the front-end engineering of the HXP has been considered for a higher throughput enables the potential for further expansion of the Fletcher and Beta Hunt orebodies.

The DFS is conservative in that it does not consider potential debottlenecking of the current plant, nor the conversion of exploration success throughout the region.

Expansion Capital Costs

The key undertaking of the DFS was to progress the capital cost estimate of the HXP from the order of magnitude 2025 Scoping Study to a detailed Class 2 estimate, materially improving definition, accuracy and scope.

The engineering, procurement & construction (EPC) capital uplifted to Class 2 estimate maturity, totals $128.3M, inclusive of contingency. While just outside the margin of error of the 2025 Scoping Study ($60M - $124M), the total is in line with the capital allocation in Westgold’s 3 Year Outlook ($130M).

In addition, the DFS has defined and costed the Owner’s Cost package − covering project management, project‑execution requirements. These costs total $16.5M at a P90 confidence level and were not commissioning support, permitting, technical services, accommodation, logistics and other

previously included in estimates.

Together, the EPC capital and Owner’s Costs equate to a combined total capital requirement of approximately $145M, representing the investment needed to deliver the 2.6Mtpa processing plant project governance framework and provides a high‑confidence view of capital commitments required expansion. This consolidated figure reflects a robust estimating process aligned with Westgold’s

to execute the expansion.

Table 2 – HXP Capital cost estimates

Expansion Capital Cost
Crushing & Stockpiling	$M	23.8
Grinding & Gravity	$M	29.7
Leaching & Recovery	$M	12.4
Other Infrastructure	$M	21.4
Indirect costs	$M	41.0
EPC Capital	$M	128.3
Owner’s Costs	$M	16.5
Total Capex	$M	144.8

Operating Cost

The HXP is expected to materially improve unit operating efficiency as the processing plant scales from 1.6Mtpa to 2.6Mtpa. The operating cost estimate has been developed using established Westgold cost centres and aligns with a Class 2 estimate level of accuracy.

The updated operating cost for the expanded Higginsville plant is $34/t milled, reflecting the benefits of higher throughput, modernised processing infrastructure, and improved labour and maintenance productivity. This updated cost structure represents a material (24%) reduction from historical processing unit costs, contributing to stronger operating margins for the Southern Goldfields.

The operating cost estimate covers all major processing cost categories; including labour, consumables, utilities, maintenance, and general plant expenses − ensuring the project is well positioned from an operational efficiency and cost competitiveness standpoint.

Table 3 - HXP Operating cost estimates

Processing Plant Operating Costs	1.6 Mtpa Existing		2.6Mtpa Expansion
Plant total unit cost		$45/t		$34/t

Project Timeline

The HXP follows a clearly defined execution pathway structured around key technical and financial decision gates to ensure disciplined delivery and strong governance.

Long-lead item procurement is currently the priority for the project. The EPC tendering process is scheduled through the latter half of FY26, followed by staged construction activities commencing from Q1 FY27 and continuing throughout FY27. Westgold expects expanded plant handover and operational readiness by mid FY28.

Due to the modularity of new HXP equipment, disruption to production is only anticipated during short tie-in periods. As a result, construction activities are not expected to materially impact production at Higginsville in FY27 or FY28.

Table 4 – Project Timeline

Key Milestones	Target Timing
FID – Board Approval	Q3 FY26
Long-lead Item Procurement	Q3 FY26
EPC Contract Award	Q4 FY26
Construction Readiness	Q1 FY27
Practical Completion & Handover	Mid FY28

Looking Forward The HXP is consistent with Westgold’s broader strategic objective of expanding its larger and more productive mines and mills to reduce operating costs and generate stronger free cash flow.

With the detailed study now complete, the focus in the near-term shifts firmly to project execution readiness. The key milestones are procurement of long-lead items, and award of the EPC contract − both critical steps in meeting the construction schedule and enabling the project to transition efficiently into full development.

Looking beyond the immediate execution pathway, Westgold continues to advance drilling in the Fletcher Zone — an orebody at Beta Hunt where, within just one year of acquiring the Southern Goldfields operations, the Company has defined a 2.3-million-ounce maiden Mineral Resource. The ultimate scale and optimal mining approach for Fletcher remain key questions, and this work must be completed before any decision can be made regarding further expansion.

Importantly, the HXP has been intentionally engineered with the potential to expand to 4Mtpa, enabling Westgold to rapidly capitalise on growth opportunities should Fletcher ultimately support sustained, higher ore delivery rates.

As these technical and geological inputs mature, Westgold expects to refine the long-term portfolio plan and ensure that Higginsville remains a core, scalable, low-cost processing hub for the Southern Goldfields.

The Company looks forward to updating shareholders as the project advances through these critical next steps.

Westgold’s Southern Goldfields Assets – An Overview

Westgold’s Southern Goldfields assets include the large Beta Hunt underground mine at Kambalda, the smaller Two Boys underground mine and 1.6Mtpa processing plant and associated processing infrastructure at Higginsville. The Higginsville plant is located approximately 80 km south of the Beta Hunt Mine (Figure 4).

The Higginsville processing plant is a conventional carbon-in-leach (CIL) facility built by GR Engineering Services and commissioned in 2008. The original plant design capacity was 1.0 Mtpa, with subsequent upgrades and modifications taking the capacity to 1.6 Mtpa.

Higginsville is currently fed by the Beta Hunt and Two Boys underground mines. Open pit mining has recently concluded at Lake Cowan, with these pits having provided a softer oxide ore source for Higginsville.

Figure 4 - Westgold’s Southern Operations asset map

This announcement is authorised for release to the ASX by the Board.

Investor and media relations enquiries

Investor Relations Media Kasun Liyanaarachchi Annette Ellis Group Manager Investor Relations & Communications Manager Communications & Corporate Affairs [email protected] [email protected] +61 458 564 483 +61 458 200 039

Competent/Qualified Person Statements

Mineral Resource Estimates

The information in this report that relates to Mineral Resource Estimates is compiled by Westgold technical employees and contractors under the supervision of Mr. Jake Russell B.Sc. (Hons), who is a member of the Australian Institute of Geoscientists. Mr Russell is a full-time employee of the company and has sufficient experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activities which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (the JORC Code (2012)) and as a Qualified Person as defined in the CIM Guidelines and National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101). Mr. Russell is an employee of the Company and, accordingly, is not independent for purposes of NI 43-101. Mr Russell consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. Mr Russell is eligible to participate in short- and longterm incentive plans of the company.

Ore Reserves

The information in this report that relates to Ore Reserve is based on information compiled by Mr. Leigh Devlin B.Eng. FAusIMM. Mr. Devlin has sufficient experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activities which they are undertaking to qualify as a Competent Person as defined in JORC Code (2012) and as a Qualified Person as defined in the CIM Guidelines and NI 43-101. Mr. Devlin is an employee of the Company and, accordingly, is not independent for purposes of NI 43-101. Mr. Devlin consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. Mr. Devlin is a full-time senior executive of the Company and is eligible to and may participate in short-term and long-term incentive plans of the Company as disclosed in its annual reports and disclosure documents.

General

Mineral Resources, Ore Reserve Estimates and Exploration Targets and Results are calculated in accordance with the JORC Code. Investors outside Australia should note that while Ore Reserve and Mineral Resource estimates of the Company in this announcement comply with the JORC Code (such JORC Code-compliant Ore Reserves and Mineral Resources being "Ore Reserves" and "Mineral Resources" respectively), they may not comply with the relevant guidelines in other countries. The JORC Code is an acceptable foreign code under NI 43-101. Information contained in this announcement describing mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of US securities laws, including Item 1300 of Regulation S-K. All technical and scientific information in this release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and has been reviewed on behalf of the Company by Qualified Persons, as set forth above.

This release contains references to estimates of Mineral Resources and Ore Reserves. The estimation of Mineral Resources is inherently uncertain and involves subjective judgments about many relevant factors. Mineral Resources that are not Ore Reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. Mineral Resource estimates may require re-estimation based on, among other things:

(i) fluctuations in the price of gold; (ii) results of drilling; (iii) results of metallurgical testing, process and other studies; (iv) changes to proposed mine plans; (v) the evaluation of mine plans subsequent to the date of any estimates; and (vi) the possible failure to receive required permits, approvals and licenses.

Technical Report

The NI 43-101 compliant technical report for the Company’s Higginsville operations is titled ‘NI 43-101 Technical Report, Higginsville Gold Operations, Eastern Goldfields, Western Australia’ and is dated 31 October 2024 with an effective date of 30 June 2024. A copy of this technical report is available under the Company's profile on SEDAR+ (www.sedarplus.ca) and on the Company's website (https://www.westgold.com.au/). A new 43-101 compliant technical report for Higginsville, supporting the information contained in this press release, will be filed on SEDAR+ by the company within 45 days. Reference should be made to the full text of such technical report for the assumptions, qualifications and limitations relating thereto.

Forward looking statements

These materials prepared by Westgold Resources Limited include forward looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “believe”, “forecast”, “predict”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.

Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.

Forward looking statements are based on the Company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company’s business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company’s control.

Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. In addition, the Company’s actual results could differ materially from those anticipated in these forward looking statements as a result of the factors outlined in the “Risk Factors” section of the Company’s continuous disclosure filings available on SEDAR+ or the ASX, including, in the Company’s current annual report, half year report or most recent management discussion and analysis.

Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances.

Reasonable Basis for Forward-Looking Statements

This ASX release has been prepared in compliance with the JORC Code (2012) and the ASX Listing Rules. All material assumptions on which the HXP production target and projected financial information are based have been included in this release.

Appendix – JORC 2012 Table 1– Gold Division SECTION 1: SAMPLING TECHNIQUES AND DATA

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code Explanation	Commentary
Sampling techniques Drilling techniques Drill sample recovery	• Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as downhole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information. • Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.). • Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	• Diamond Drilling A significant portion of the data used in resource calculations has been gathered from diamond core. Multiple sizes have been used historically. This core is geologically logged and subsequently halved for sampling. Grade control holes may be whole-cored to streamline the core handling process if required. • Face Sampling At each of the major past and current underground producers, each development face / round is horizontally chip sampled. The sampling intervals are domained by geological constraints (e.g. rock type, veining and alteration / sulphidation etc.). The majority of exposures within the orebody are sampled. • Sludge Drilling Sludge drilling is performed with an underground production drill rig. It is an open hole drilling method using water as the flushing medium, with a 64mm (nominal) hole diameter. Sample intervals are ostensibly the length of the drill steel. Holes are drilled at sufficient angles to allow flushing of the hole with water following each interval to prevent contamination. Sludge drilling is not used to inform resource models. • RC Drilling Drill cuttings are extracted from the RC return via cyclone. The underflow from each interval is transferred via bucket to a four-tiered riffle splitter, delivering approximately three kilograms of the recovered material into calico bags for analysis. The residual material is retained on the ground near the hole. Composite samples are obtained from the residue material for initial analysis, with the split samples remaining with the individual residual piles until required for re-split analysis or eventual disposal. • RAB / Aircore Drilling Combined scoops from bucket dumps from cyclone for composite. Split samples taken from individual bucket dumps via scoop. RAB holes are not included in the resource estimate. • Blast Hole Drilling Cuttings sampled via splitter tray per individual drill rod. Blast holes not included in the resource estimate. All geology input is logged and validated by the relevant area geologists, incorporated into this is assessment of sample recovery. No defined relationship exists between sample recovery and grade. Nor has sample bias due to preferential loss or gain of fine or coarse material been noted.

Board Approves Higginsville Expansion Plan 10 March 2026