WGX.TO · 2025-04-30 12:00:00

March 2025 Quarterly Report

Financials

Westgold Resources Limited

ASX: WGX | TSX: WGX

ABN 60 009 260 306

westgold.com.au

T: +61 8 9462 3400

E: [email protected]

Level 6, 200 St Georges Terrace

Perth WA 6000 / PO Box 7068

Cloisters Square WA 6850

March 2025 Quarterly Report

30 April 2025

ASX Release

Westgold is an agile ASX200

Australian gold company with six

operating underground mines and

combined processing capacity of

~6Mtpa across two of Western

Australia’s most prolific gold 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

[email protected]

+61 458 564 483

Media

Annette Ellis

Manager Communications & Corporate Affairs

[email protected]

+61 458 200 039

Record quarterly operational cash build

Perth, Western Australia, 30 April 202 5 Westgold Resources

Limited (ASX | TSX: WGX - Westgold or the Company) is

pleased to report results for the period ending 31 March 2025

(Q3 FY25).

HIGHLIGHTS

OPERATIONS

Safety Performance Total Recordable Injury Frequency Rate

(TRIFR) of 6.27 / million hours – an improvement of ~13.5%

Gold production in Q3 FY25 of 80,107oz Au @ AISC of $2,829/oz,

consistent with the Q2 FY25 production of 80,886oz Au @ $2,703/oz

Gold sales of 78, 398oz at an average price of A$4, 630/oz,

generating revenue of A$363M

DRILLING

Exciting drilling results returned at Fletcher, Bluebird -South

Junction and Nightfall - continue to demonstrate the quality of

these assets

CORPORATE

Divestment of non-core Lakewood mill for $85M completed -

comprising $70M in cash and $15M in Black Cat Syndicate

(ASX:BC8) scrip

FINANCE

Closing cash, bullion, and liquid investments @ 31 March 2025

of $232M, an $80M increase Q on Q, comprising:

■ Cash build of $107M from operations - before investing $74M

in growth and exploration

■ Additional $22M from corporate activities - comprising $25M

in proceeds from Lakewood divestment offset by a $3M

investment in ASX: NMG equity

■ $11M increase in bullion – with a $13M increase in liquid

investments

Westgold remains 100% unhedged – offering full exposure to

escalating gold price

Westgold remains on track to deliver FY25 production and cost

guidance

March 2025 Quarterly Report 2

Westgold Managing Director and CEO Wayne Bramwell commented:

“Westgold continues to reconfigure the larger portfolio to be more productive and to boost free cash flows

into FY26. It has taken two quarters in FY25 to stabilise the larger business and in Q3 we delivered a record

$80M build in cash, bullion and liquid investments.

Strong treasury management is key to delivering our growth strategy. Being unhedged and with our growing

cash balance and $250M in our undrawn corporate facility, Westgold has available liquidity of ~$480M – a

solid foundation from which to execute our growth plans.

As expected, production and cost results in Q3 FY25 were in line with in Q2 FY25 results. These will improve

in Q4 FY25 w ith mining outputs improve at the Bluebird South -Junction mine and the infrastructure

upgrades at the Beta Hunt mine due to complete mid-2025.

Production from the Southern Goldfields continues to increase due to improved head grade and recovery

rates achieved for the quarter. Beta Hunt mine infrastructure upgrades continu e with key projects

expected to be complete during Q4, FY25.

In the Murchison, the slower than planned ramp up of Bluebird-South Junction required higher tonnages of

low-grade stocks to be hauled to and processed at Meekatharra. This escalated the Murchison costs this

quarter and with mining expected to commence in South Junction during Q4, FY25 costs should reduce.

With a view to lowering our costs in the Southern Goldfields, Westgold divested the non-core and high-cost

Lakewood Mill near Kalgoorlie for $70M in cash and $15M in scrip . The sale simplifies our Southern

Goldfields business and from April sees all Beta Hunt ore being processed at the larger, lower cost

Higginsville processing plant. Optimisation of this plant is the next step , with a scoping study evaluating

the expansion of the 1.6Mtpa Higginsville to 2.6Mtpa showcasing the value modest capital investment

could deliver.

Drilling creates long term value in the portfolio and Westgold continues to invest in drilling. Results at the

Nightfall Lode at Fortnum, Bluebird-South Junction and the Fletcher Zone at Beta Hunt, continue to show

the quality of the mineral endowment we control and I encourage you to peruse our quarterly exploration

report released today for more details.

After two quarters of integration, Q3 FY25 has delivered record quarter on quarter cash build for Westgold.

Westgold is well funded and continues to focus on lifting our mine outputs and optimising our largest mines

and mills for greater free cash flow and expanded margins into FY26.”

March 2025 Quarterly Report 3

Executive Summary

Cash Position as at 31 March 2025

Westgold closed the quarter with cash, bullion and liquid investments of $232M (see Figure 1) – an increase of

$80M from the prior quarter – with the Company having built $ 107M in cash before investing cash of $63M in

growth and $11M in exploration during the period.

This result was driven by an increase in realised gold price of $4,630/oz, consistent group gold production and

operational cash costs, and the divestment of the non-core Lakewood Mill contributing an additional $25M.

Figure 1: Cash, Bullion, and Liquid Investments Movement (A$M) – Q3 FY25

Notes

■ Westgold remains unhedged and fully exposed to the spot gold price.

■ Initial payments of $25M relating to the Lakewood Sale received in the quarter. Remaining payments are

expected to be received in June 2025 ($20M) and November 2025 ($25M).

■ Additional $3M of New Murchison Gold (ASX: NMG) shares purchased in the quarter.

■ Closing investments exclude $15M received in Blackcat Syndicate scrip during the quarter – as this scrip

consideration has a 12-month escrow period.

March 2025 Quarterly Report 4

Group Production Highlights – Q3 FY25

Westgold achieved consistent quarterly gold production in Q3 FY25, producing 80,107 ounces and generating

$87M in net mine cashflow.

This included 42,906 ounces from the Murchison (Q2 FY25: 46,461oz) and 37,201 ounces from the Southern

Goldfields (Q2 FY25 : 34,425oz). Lower production in the Murchison quarter on quarter was predominantly

offset by increased production from the Southern Goldfields. Reduced production from the Murchison was

driven by lower Fortnum production, whilst the increase in the Southern Goldfields is attributed to improved

grade at the Beta Hunt UG at Kambalda.

All-In Sustaining Cost ( AISC) for the quarter was $227M (Q2 FY25: $ 219M), and on a per ounce basis was

$2,829/oz (Q2 FY25: $2,703/oz). As illustrated in Figure 3 the monthly total AISC since post-acquisition of the

Southern Goldfields assets (on 1 August 2024) has been relatively consistent, with the increase at the end of

the quarter mainly relating to increased s ustaining c apital expenditure , increased stockpile consumption

(predominantly at the Bluebird mill at Meekatharra) and additional haulage costs to transport ore from Fortnum

to maintain consistent throughput at the Bluebird mill.

Capital growth projects continued to advanc e across the Group in line with the current strategy to ramp up

production in the back end of FY25.

Figure 2: Westgold Quarterly Production (oz), Achieved Gold Price and AISC ($/oz)

2,492

2,041 2,422 2,703 2,8293,137 3,493 3,723 4,066

4,630

Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25

130

108

187

219 227

Achieved gold price ($/oz)

AISC ($/oz)

AISC ($M)

52,100 52,795

52,889 46,461 42,906

24,480 34,425 37,201

Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25

77,369 80,886 80,107 Gold production (oz)

Southern Gold Fields

Murchison

March 2025 Quarterly Report 5

Figure 3: Westgold Monthly AISC

The Company sold 78,398oz of gold for the quarter achieving a record price of $4,630/oz, generating $363M in

revenue. With Westgold free of any fixed forward sales contracts, the Company continues to offer shareholders

full exposure to record spot gold prices. Westgold’s operations generated $144M of mine operating cashflows

with the achieved gold price $1,801/oz over AISC.

Capital expenditure during Q3 FY25 of $46M (Q2 FY25: $56M) includes $31M of investment in growth projects

(Bluebird-South Junction and the Great Fingall development) and $15M in upgrading power, ventilation and

paste infrastructure across the respective sites.

Investment in exploration and resource development of $11 M (Q2 FY25: $9M) for the quarter continued

focusing on Bluebird-South Junction and Starlight in the Murchison, and the Fletcher Zone and Western Flanks

at Beta Hunt in the Southern Goldfields.

The net mine cash inflow for Q3 FY25 was $87M (refer Table 2 under Group Performance Metrics).

FY25 Guidance Maintained

Westgold’s production in Q3 FY25 was in line with its expectations and the Company maintains its current

production and cost guidance for FY25. Westgold envisages a substantial increase to gold production in Q4

FY25, predicated on the ramp up of Beta Hunt and Bluebird-South Junction.

The infrastructure projects at Beta Hunt, that to -date have limit ed the mine’s ability to consistently deliver

mining rates of ~2Mtpa, are expected to be completed during Q4 FY25.

As demonstrated by the increased ore production at Bluebird-South Junction quarter on quarter, progress has

been made in the ramp up of Bluebird-South Junction. Despite this, development into South Junction remains

behind schedule. Whilst mining rates in Q4 FY25 are expected to be substantially greater than in Q3 FY25,

where previously Westgold envisaged mining rates reaching 1.2Mtpa by the end of Q4 FY25, the Company now

expects these rates to be reached in early FY26.

-800

-600

-400

-200

60 0

70 1,800

100

2,200

110

2,400

120

2,000

-1,200

2,800

-1,000

3,000

2,600

2,309

Oct

2,209

Nov

2,230

Dec

2,619

Jan

2,490

Feb

2,342 2,370

Apr

1,842

May

1,983

Jun

2,643

Jul

2,198

Aug

2,542

Sep

2,561

Oct

2,796

Nov

2,791

Dec

3,148

Feb

2,754

Mar

3838

2,622

Mar

45 42

Jan

AISC (A$M) AISC/oz(A$/oz)

March 2025 Quarterly Report 6

Table 1: Westgold FY25 Guidance

Current

FY25 Guidance

Q3 FY25

Actual

YTD FY25

Actual

Production (oz) 330,000 – 350,000 80,107 238,362

AISC (A$/oz) 2,400 – 2,600 2,829 2,659

Growth Capital (A$M) 200 46 160

Exploration (A$M) 50 11 34

Environmental, Social and Governance (ESG)

People

In Q3 FY25, total headcount saw a modest increase to 2,326 employees, while the overall turnover rate

continued to decline. This period also marked the rollout of Workday, a transformational HR IT system designed

to enhance workforce management and engagement . Additionally, Westgold initiated a Psychosocial Risk

Assessment in partnership with a third party and successfully launched Strong Minds Strong Mines, a program

focused on mental health, at the Southern Goldfields Operations.

Safety and Sustainability

Safety

Westgold maintained a strong focus on safety throughout the quarter, delivering improvements across key

performance indicators. The Total Recordable Injury Frequency Rate (TRIFR) reduced to 6.27 injuries per million

hours worked, representing a 13.5% improvement quarter on quarter.

No Lost Time Injuries were recorded during the period, resulting in a 20.4% decrease in the Lost Time Injury

Frequency Rate (LTIFR), reducing the LTIFR to 0.78. The Serious Potential Incident Frequency Rate (SPIFR) for

the quarter was recorded at 8.62, a 13.6% improvement on to 9.981 in the prior quarter.

1 The previously reported figure of 6.09 in the December 2024 Quarterly report reflected only Northern operations. When adjusted to include the full

operational footprint—incorporating Southern operations—the prior quarter’s comparable SPIFR was 9.98.

March 2025 Quarterly Report 7

* No recordable injuries in Q3 FY25

Figure 4: The TRIFR decreased in Q3 FY25

Training

Westgold achieved key milestones in workforce development and training during the quarter. Construction of

the new Maddington Training Centre progressed as planned, with the site hosting its first Forklift Training

Course. The Training Centre is now regularly utilised for high- risk training including Working at Heights,

Confined Space Entry, First Aid, and Forklift operations. These programs build internal Westgold capability and

support compliance with statutory training requirements.

Environment

Environmental outcomes for the quarter included:

 commissioning the Tuckabianna West Tailings Storage Facility (TSF) at Tuckabianna;

 completion of construction compliance for the Higginsville TSF raise

 approval of environmental permits for a new LNG power station at Great Fingall

 approval of environmental permits for a new TSF at Fortnum; and

 the completion of a gap analysis against the AASB S2 sustainability reporting standard.

No Significant Environmental Incidents were recorded during the quarter . These results reflect sound

operational control and Westgold’s commitment to meeting environmental obligations.

0.86 0.60 0.00 0.64 0.98 0.97 0.63 0.62 1.00 0.98 0.78

18.44

8.37 8.82

7.75 7.30 6.85 7.37 6.85 6.27

12Total Recordable Injury count

12 Month rolling Injury Frequency Rate

(injuries/million hours worked)

Q1 FY23

14.36

Q2 FY23

9.03

Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25

Recordable Injuries* 12 Month LTIFR 12 Month TRIFR

March 2025 Quarterly Report 8

Group Performance Metrics

Westgold’s quarterly physical and financial outputs for Q3 FY25 are summarised below.

Table 2: Westgold Q3 FY25 Performance

Physical Summary Units Murchison Southern

Goldfields Group

ROM - UG Ore Mined t 582,184 414,457 996,641

UG Grade Mined g/t 2.3 2.8 2.5

Ore Processed t 751,207 545,449 1,296,656

Head Grade g/t 2.0 2.3 2.1

Recovery % 90 93 91

Gold Produced oz 42,906 37,201 80,107

Gold Sold oz 43,824 35,574 78,398

Achieved Gold Price A$/oz 4,630 4,630 4,630

Cost Summary

Mining A$’M 72 48 120

Processing A$’M 33 24 57

Admin A$’M 7 4 11

Stockpile Movements A$’M 4 1 5

Royalties A$’M 6 10 16

Cash Cost (produced oz) A$’M 122 87 209

Corporate Costs A$’M 3 1 4

Sustaining Capital A$’M 11 3 14

All-in Sustaining Costs A$’M 136 91 227

All-in Sustaining Costs A$/oz 3,160 2,446 2,829

Notional Cashflow Summary Units Murchison Southern

Goldfields Group

Notional Revenue (produced oz) A$’M 199 172 371

All-in Sustaining Costs A$’M 136 91 227

Mine Operating Cashflow A$’M 63 81 144

Growth Capital A$’M (28) (3) (31)

Plant and Equipment A$’M (9) (6) (15)

Exploration Spend A$’M (5) (6) (11)

Net Mine Cashflow A$’M 21 66 87

Net Mine Cashflow A$/oz 508 1,758 1,094

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