September 2025 Quarterly Report
Westgold Resources Limited
ASX: WGX | TSX: WGX
ABN 60 009 260 306
westgold.com.au
T: +61 8 9462 3400
Level 13, 200 St Georges Terrace
Perth WA 6000 / PO Box 7068
Cloisters Square WA 6850
September 2025 Quarterly Report
28 October 2025
ASX Release
Westgold is an unhedged Australian
ASX200 gold producer, committed to
unearthing enduring value for all its
stakeholders.
Westgold’s vision is to become
Australia’s leading gold company,
sustaining safe, responsible and
profitable production.
Our current business encompasses
mines and processing plants across
the Murchison and Southern
Goldfields, two of Western Australia’s
most prolific gold-producing regions.
Financial values are reported in A$ unless
otherwise specified
This announcement is authorised for
release to the ASX by the Board.
Investor Relations
Kasun Liyanaarachchi
Group Manager IR & Communications
+61 458 564 483
$180M underlying cash build in Q1 FY26
Perth, Western Australia, 28 October 2025 Westgold
Resources Limited (ASX | TSX: WGX - Westgold or the
Company) is pleased to report results for the period
ending 30 September 2025 (Q1 FY26).
Q1 HIGHLIGHTS
OPERATIONS
Safety Performance Total Recordable Injury Frequency Rate
(TRIFR) of 5.04 / million hours – an improvement of 11%
Group production of 8 3,937oz Au @ AISC of $ 2,861/oz - in line
with FY26 guidance
3 YEAR OUTLOOK
High confidence organic growth plan that sees costs fall
FY26 guidance: 345-385koz @ AISC of $2,600-$2,900/oz
FY27 outlook: ~420koz @ AISC of $2,456/oz
FY28 outlook: ~470koz @ AISC of ~$2,499/oz
RESERVES & RESOURCES
Group Mineral Resource Estimate increased 24% to 16.3Moz
Ore Reserves up 5% to 3.5Moz - driven by additions at Beta Hunt,
Bluebird–South Junction and Starlight
Update reflects strong exploration success - and supports a 10-
year Reserve life
TREASURY
Gold sales of 94,913oz at an average price of A$5, 296/oz -
generating revenue of A$503M
Underlying cash build of $ 180M - before investments in growth
($60M) and exploration ($12M)
$472M in c losing cash, bullion, and liquid investments @ 30
September 2025 - a $108M increase Q on Q
Westgold remains 100% unhedged
CORPORATE
3cps final dividend declared for FY25 - and 5% on -market share
buyback program launched for FY26
Non-core divestments underway – including Peak Hill, Mt Henry -
Selene and Chalice gold opportunities
September 2025 Quarterly Report 2
Westgold Managing Director and CEO Wayne Bramwell commented:
“Westgold’s underlying cash build in Q1, FY26 of $180M before growth and exploration spend, culminated in a
closing balance of $472M in cash, bullion, and liquid investments . This was an increase of $108M quarter on
quarter.
Operationally, we maintained our focus on safety and efficiency, achieving an 11% improvement in our TRIFR
and delivering group gold production of 83,937 ounces at an AISC of $2,861 per ounce. This was a solid start to
FY26, and we remain on track to FY26 guidance of 345,000 to 385,000 ounces at an AISC of $2,600 to $2,900
per ounce.
The 2025 Reserves and Resources statement released during the quarter demonstrated the success of
continued investment in growth projects and exploration, with our Mineral Resource Estimate increasing by
24% to 16.3Moz and Ore Reserves up 5% to 3.5 Moz. This growth now underpin a 10-year Ore Reserve life and
highlights the latent mineral potential that drilling can unlock from within our portfolio.
In Q1 the Company released its first three-year outlook (3YO) to the market. The 3YO is a high confidence plan
building from a FY26 production guidance mid-point of 365,000 ounces, growing organically to approximately
470,000 ounces of production by FY28. Importantly, the 3YO is conservative by design , sees our cost profile
fall and excludes multiple tangible opportunities currently being advanced to bring value forward in the outlook.
Westgold’s value proposition is to focus on organic growth to increase shareholder returns. This objective is
now underpinned by growing treasury strength, increasing Ore Reserves, four processing hubs and a pragmatic
approach to capital allocation that creates value. The declaration of a 3 cent per share final dividend for FY25
shows our commitment to shareholder returns with an upgrade to our dividend policy for FY26 and the launch
of a 5% on-market share buyback defining our approach.
Our team is focussed on optimising our larger producing assets in FY26 to maximise free cash flow. With
improving operational performance and a clear pathway defined by the 3YO, the business can now plan to
sustain safe, responsible, and profitable production into the future.”
September 2025 Quarterly Report 3
Executive Summary
Cash Position as of 30 September 2025
Westgold closed Q1, FY26 with cash, bullion and liquid investments of $472M – representing a build of $108M
in total cash, bullion and liquid investments.
Underlying cash build was $180M before growth and exploration spend (invested $60M on non-sustaining
capital and $12M on exploration, refer Figure 1).
This result was driven by consistent Group gold production and an increase in realised gold price to $5,296/oz.
Figure 1: Cash, Bullion, and Liquid Investments Movement (A$M) – Q1 FY26
Notes
▪ Westgold remains unhedged and fully exposed to the spot gold price.
▪ $2.3M in additional New Murchison Gold (ASX: NMG) shares purchased during Q1, FY26.
▪ $28M FY25 dividend payment to shareholders (3cps) declared during Q1, FY26 – payment made post
quarter end and will be reflected in the Q2 FY26 cashflows.
▪ $75M stamp duty invoice for the Karora transaction was received during Q1, FY26 - with payment due in
Q2 FY26.
▪ Closing Q1, FY26 investments include 1.7B NMG shares - but exclude 19.8M shares received in Blackcat
Syndicate Limited (ASX: BC8 - under escrow until 31/3/26).
erating on ustaining a e
loration
Wor ing a ital
September 2025 Quarterly Report 4
Group Production Highlights – Q1, FY26
Westgold is pleased to report Q1, FY26 Group gold production of 83,937oz (Q4 FY25: 88,022oz). The Murchison
produced 53,140oz (Q4 FY25: 54,811oz) and the Southern Goldfields produced 30,797oz (Q4 FY25: 33,211oz).
Q1, FY26 production was marginally lower than Q4, FY25 as expected due to scheduled process plant
shutdowns across the group . This is consistent with the e ectations set out in Westgold’s FY Guidance,
which shows group production output weighted towards the second half of FY26.
All-In Sustaining Cost ( AISC) for Q1, FY26 was $240M (Q4 FY25: $ 237M), and on a per ounce basis was
$2,861/oz (Q4 FY25: $2,688/oz). The higher quarter -on-quarter costs were primarily due to the early
commencement of third-party ore delivery (from the gold price linked Ore Purchase Agreement (OPA) with New
Murchison Gold), planned maintenance costs and lower Group production. Excluding gold production from
ore purchased under the OPA, Group AISC was $2,792/oz.
Westgold maintains its production and cost guidance for FY26 of 345 – 385koz at $2,600 – $2,900/oz.
Figure 2: Westgold Quarterly Production (oz), Achieved Gold Price and AISC ($/oz)
The Company sold 94,913oz of gold for the quarter achieving a record price of $5,296/oz, generating $503M in
revenue. With Westgold hedge free , operations generated $205M of mine operating cashflow s with the
achieved gold price $2,435/oz over AISC.
Total non-sustaining capital expenditure during Q1 FY26 of $60M (Q4 FY25: $39M) includes $39M of investment
in growth projects (Bluebird-South Junction and Great Fingall development) and $21M in plant and equipment
(processing facilities, ventilation, water, power and paste infrastructure across the Group).
Investment in exploration and resource development of $12M (Q4 FY25: $9M) for the quarter continued
focusing on Bluebird-South Junction and Starlight in the Murchison, and the Fletcher Zone at Beta Hunt in the
Southern Goldfields. Westgold remains on track to achieve the FY26 exploration guidance of $50M.
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September 2025 Quarterly Report 5
The net mine cash inflow for Q1 FY26 was $133M (refer Table 1 under Group Performance Metrics).
FY26 guidance and 3 year outlook
Westgold issued its FY26 guidance in August 2025 , signalling an uplift over the prior year in group mine and
milling out uts. The om any’s outloo is su orted by ongoing investments in ey processing and mining
assets and more consistent operational performance, positioning Westgold for continued value creation.
For FY26, Westgold forecasts gold production in the range of 345,000 oz to 385,000oz at an AISC of $2,600 to
$2,900 per ounce, reflecting a substantial production improvement over FY25. The om any’s guidance also
includes indicative AISC for purchased ore . Planned non -sustaining capital expenditure totals $27 0M,
predominantly directed toward major growth projects and infrastructure upgrades . The exploration and
resource definition budget is set at A$50 M, representing a balanced investment in exploration, targeting
significant drilling activity across core regions.
Building on the FY26 guidance, Westgold released a detailed three-year outlook (3YO) on 1 October 2025 that
presents a high-confidence, e ecutable lan to increase the Grou ’s annual gold roduction to a ro imately
470,000oz per annum by FY28, while reducing AISC to around $2,500 /oz from FY27 onwards. This organic
growth plan is predicated u on Westgold’s existing portfolio of operating assets, 2025 Ore Reserves (56 Mt at
1.93g/t for 3.5 Moz of gold), and the four processing hubs with a combined current processing capacity of
approximately 6Mtpa.
Importantly, the 3YO excludes tangible opportunities that, if realised represent substantial upside to the
plan. These opportunities are being actively advanced to bring value forward into the 3YO.
Figure 3: Growing production, reducing costs – with forecast capital and exploration investment
For more information, refer to “Westgold Provides 3-Year Outlook” lodged on the ASX on 1 October 2025.
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September 2025 Quarterly Report 6
Group Performance Metrics
Westgold’s quarterly physical and financial outputs for Q1 FY26 are summarised below.
Table 1: Westgold Q1 FY26 Performance
Physical Summary Units Murchison Southern
Goldfields Group
ROM - Ore Mined t 687,951 537,380 1,225,331
Grade Mined g/t 2.3 2.1 2.2
Ore Processed t 906,5001 448,692 1,355,192
Head Grade g/t 2.01 2.3 2.1
Recovery % 911 94 92
Gold Produced oz 53,1401 30,797 83,937
Gold Sold oz 59,947 34,966 94,913
Achieved Gold Price A$/oz 5,296 5,296 5,296
Cost Summary Units Murchison Southern
Goldfields Group
Mining A ’ 981 58 156
Processing A ’ 411 17 58
Admin A ’ 8 9 17
Stockpile Movements A ’ (1) (22)2 (23)
Royalties A ’ 7 13 20
Sustaining Capital A ’ 10 2 12
All-in Sustaining Costs A$M 163 77 240
All-in Sustaining Costs A$/oz 3,061 2,516 2,861
All-in Sustaining Costs – Excluding OPA ’ 150 77 227
All-in Sustaining Costs – Excluding OPA A$/oz 2,960 2,516 2,792
Notional Cashflow Summary Units Murchison Southern
Goldfields Group
Notional Revenue (produced oz) A ’ 282 163 445
All-in Sustaining Costs A ’ 163 77 240
Mine Operating Cashflow ’ 119 86 205
Growth Capital A ’ (30) (9) (39)
Plant and Equipment A ’ (8) (13) (21)
Exploration Spend A ’ (7) (5) (12)
Net Mine Cashflow A$’ 74 59 133
Net Mine Cashflow A$/oz 1,392 1,915 1,583
1 Includes 24kt of ore purchased at 3.5g/t for 2,601oz
2. Southern Goldfields stockpile movement is predominantly due to the combined impact of a 61kt stockpile build and the non-cash adjustment to
stockpile values following the finalisation of the purchase price allocation for the Karora transaction.
September 2025 Quarterly Report 7
Q4 FY25 Group Performance Overview
Westgold mined a total of 1,225kt at 2.2g/t Au (Q4 FY25: 1,264kt at 2.3g/t Au) slightly down quarter on quarter
as expected, driven by level access and paste establishment at Bluebird South Junction mine at Meekatharra.
Westgold processed 1,355 kt (Q4 FY25: 1,408kt) of ore in total at an average grade of 2.1g/t Au (Q4 FY25: 2.1g/t
Au), producing 83,937oz of gold ( Q4 FY25: 88,022oz). Group AISC in Q1 FY26 was $240M, marginally higher
than the previous quarter (Q4 FY25: $237M).
MURCHISON
The Murchison hubs produced 53,140oz of gold (Q4 FY25: 54,811oz). Quarterly production declined slightly as
anticipated due to planned processing maintenance shutdowns at the three processing hubs and lower grades
mined at Fortnum.
The quarter-on-quarter reduction in ore mined was driven primarily by schedule constraints at Bluebird-South
Junction as the mine transitioned to paste fill. Encouragingly, the first paste pour was completed in Q1 ahead
of target, placing the Meekatharra Hub in a strong position to lift production as forecast over the year. The lower
quarter-on-quarter mining rate from Bluebird-South Junction was partly offset by the early delivery of ore under
the OPA with New Murchison Gold which contributed 2,601oz.
Total AISC of $163M (Q4 FY25: $138M) was higher than the prior quarter, mainly due to the commencement of
the gold price linked OPA and planned maintenance across the three processing hubs.
AISC per ounce of $3,061/oz (Q4 FY25: $2,503/oz) increased due to the higher total AISC and lower quarterly
production. Excluding the OPA, the Murchison AISC per ounce was $2,960/oz.
Total Non-Sustaining Capital Expenditure of $38M, includes Growth Capital ($30M) and Plant and Equipment
($8M) across the Murchison. Growth Capital mainly related to the continuation of Great Fingall development
and expansions to the Bluebird-South Junction underground mine.
SOUTHERN GOLDFIELDS
The Southern Goldfields hub produced 30,797oz of gold in Q1 FY26 (Q4 FY25: 33,211oz). Higginsville
throughput was in line with expectations . Production was lower quarter on quarter due to the timing of an
additional tolling parcel in Q4 FY25 at Lakewood. Beta Hunt mining output was in line with expectations and
steady quarter on quarter. Beta Hunt mining rates are expected to lift from late Q2, FY26 onwards as new
ventilation and pumping infrastructure removes constraints in the mine.
The total AISC in the Southern Operations decreased quarter on quarter (Q1 FY26 AISC: $77M vs Q4 FY25 AISC:
$99M). On a per ounce basis, AISC was lower at $2,516/oz in Q1 FY26 (Q4 FY25: $2,992/oz). This is
predominantly due to the combined impact of a 61kt stockpile build and the non-cash adjustment to stockpile
values of the Southern Goldfields following the finalisation of the purchase price allocation for the Karora
transaction.
Total Non-Sustaining Capital Expenditure of $22M, includes Growth Capital ($9M) and Plant and Equipment
($13M) across the Southern Goldfields Operations mainly relating to water management, primary ventilation
and underground infrastructure at the Beta Hunt mine.
September 2025 Quarterly Report 8
Table 2: Q1 FY26 Group Mining Physicals
Ore Mined
(‘000 t)
Mined Grade
(g/t)
Contained ounces
(Oz)
Murchison 688 2.3 50,837
Bluebird 144 3.2 14,615
Fender 58 2.3 4,214
Big Bell 269 1.7 14,975
Great Fingall 15 1.3 597
Starlight 202 2.5 16,436
Southern Goldfields 537 2.1 36,956
Beta Hunt 381 2.3 27,642
Two Boys 37 3.3 3,868
Lake Cowan OP 119 1.4 5,446
GROUP TOTAL 1,225 2.2 87,793
Table 3: Q1 FY26 Group Processing Physicals
Ore Milled
(‘000 t)
Head Grade
(g/t)
Recovery
(%)
Gold Production
(Oz)
Murchison 906 2.0 91 53,140
Bluebird 151 3.1 94 14,296
Fender 28 1.7 88 1,325
Ore Purchase 24 3.5 97 2,601
Open Pit & Low Grade 189 0.9 91 5,145
Meekatharra Hub 392 2.0 93 23,367
Big Bell 217 1.4 85 10,494
Fender 41 2.3 85 2,516
Great Fingall 33 1.4 86 1,271
Open Pit & Low Grade 0.2 0.9 86 5
Cue Hub 291 1.8 85 14,286
Starlight 197 2.5 94 14,853
Open Pit & Low Grade 26 0.8 94 634
Fortnum Hub 223 2.3 94 15,487
Southern Goldfields 449 2.3 94 30,797
Beta Hunt 365 2.3 94 25,269
Two Boys 32 3.6 92 3,344
Lake Cowan 45 1.4 93 1,836
Open Pit & Low Grade 7 1.6 92 348
GROUP TOTAL 1,355 2.1 92 83,937