June 2025 Quarterly Report
Westgold Resources Limited
ASX: WGX | TSX: WGX
ABN 60 009 260 306
westgold.com.au
T: +61 8 9462 3400
Level 6, 200 St Georges Terrace
Perth WA 6000 / PO Box 7068
Cloisters Square WA 6850
June 2025 Quarterly Report
23 July 2025
ASX Release
Westgold is a leading , unhedged
ASX200 gold producer, committed to
unearthing enduring value for all its
stakeholders.
Westgold’s vision is to become the
Australian gold company of choice,
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
$132M Treasury Build in Q4 FY25
Perth, Western Australia, 23 July 202 5 Westgold Resources
Limited (ASX | TSX: WGX - Westgold or the Company) is
pleased to report results for the period ending 3 0 June 2025
(Q4 FY25).
HIGHLIGHTS
OPERATIONS
Safety Performance Total Recordable Injury Frequency Rate
(TRIFR) of 5.67 / million hours – an improvement of ~10%
Record Group quarterly gold production of 88,022oz Au @ AISC
of $2,688/oz
Record Group full year gold production of 326,384oz @ AISC of
$2,666/oz - marginally outside FY25 guidance of 330 -350,000oz
@ AISC of A$2,400 - 2,600/oz
Mine productivity and milling output lifts across the Group
Mining commenced in Great Fingall Flats
RESERVES & RESOURCES
Maiden Mineral Resource for Fletcher Zone at Beta Hunt of
2.3Moz – from 1km of 2km strike
EXPLORATION
$9M invested during the quarter - refer to the June 2025 Quarterly
Exploration Results for details
FINANCE
Gold sales of 71,500oz at an average price of A$5,174/oz -
generating revenue of A$370M
$364M in c losing cash, bullion, and liquid investments @ 30
June 2025 - a record $132M increase Q on Q
CORPORATE
Ivan Mullany joins the board as Non-Executive Director
Barminco awarded a 3-year contract for the Great Fingall mine –
mining in virgin high group stopes to commence Q1, FY26
Westgold remains 100% unhedged
FY26 Guidance will be released to the market in August - with 3-
year outlook in September, post Resource/Reserve Update
June 2025 Quarterly Report 2
Westgold Managing Director and CEO Wayne Bramwell commented:
“Westgold’s Q4, FY25 results of 88 koz of production and $132M in treasury build were Group records. These
results propelled the Group to a full year production record of 326,384oz (at AISC of $2,666oz) and closing cash,
bullion and liquid investments of $364M - demonstrating the growing free cash flow capability of our business.
Investment in resource drilling, mine infrastructure and fleet replacement lifted the business during Q4, FY25,
with mine productivity and milling throughputs across all our operations improving quarter on quarter. Trucking
availability at Beta Hunt and development delays at Bluebird-South Junction impacted delivery of the full year
target but, Group production of 34koz in June shows what this portfolio can deliver when our mines perform.
Mine output at our larger assets continue to improve. At Bluebird-South Junction, Westgold fired the first large
South Junction stopes and now has a mine design that, though slower to implement in the short term ,
establishes higher outputs and future proofs this multi -decade asset. At Beta Hunt, substantial progress was
made on mine infrastructure projects that will enable highe r productivity whilst at Big Bell, the Upper Cave
continues to deliver increasing tonnages.
Our smaller mines continue to play a key supporting role, with our Starlight mine outperforming yet again. The
Two Boys mine at Higginsville, a small underground mine which at the start of the year had little future, needed
just a single diamond drill to start to define mine life extensions, lift mine grade and its outputs.
Alongside stellar drilling results detailed in our June 2025 Quarterly Exploration results , another milestone for
Westgold this quarter was the announcement of a maiden Mineral Resource Estimate of 2.3Moz from the
Fletcher Zone at Beta Hunt. This result, achieved from just 1km of the known 2km strike, validates our view of
the potential upside in Beta Hunt and signals the beginning of a multi -decade growth journey for the Fletcher
Zone.
FY25 was transformational for Westgold . The business has growing scale and with our capital investments
lifting productivity, in FY26 we now have a portfolio we can leverage for enhanced cashflows.”
Photo 1: Hole 25BLDD001 (Polar Star lodes, Bluebird – South Junction mine)
June 2025 Quarterly Report 3
Executive Summary
Cash Position as of 30 June 2025
Westgold closed Q4, FY25 with cash, bullion and liquid investments of $364M – representing a build of $132M
in total cash, bullion and liquid investments (after investing $ 39M on capital and $9M on exploration, refer
Figure 1).
This result was driven by record Group gold production, an increase in realised gold price to $5,174/oz and the
second payment of $20M from the recently announced divestment of the non-core Lakewood Mill1.
Figure 1: Cash, Bullion, and Liquid Investments Movement (A$M) – Q4 FY25
Notes
Westgold remains unhedged and fully exposed to the spot gold price.
Second cash payment of $2 0M relating to the Lakewood Sale received in the quarter. Remaining cash
payment of $25M is due to be received in November 2025.
Closing investments include 1.6B shares held in New Murchison Gold (ASX: NMG) but exclude 19.8M
shares received in Blackcat Syndicate Limited scrip during the quarter (as the BC8 scrip has a 12-month
escrow period.)
1 Refer to ASX release titled “Black Cat Acquires Lakewood Mill for $85M”- 25 February 2025
89
49
20
96
28
Opening
Cash, Bullion &
Investments
28
Opening Bullion
25
Opening Investments
Opening Cash
Murchison
Operating Cash Flow
Southern Goldfields
Operating Cashflow
Sustaining Capital
(22)
Stockpiles
(7)
232
179
220
240
Exploration
Closing
Cash, Bullion &
Investments
Closing Investments
(9)
Closing Cash
Staged proceeds
from Lakewood sale
PP&E
Closing Operating Cash
(10)
(12)
Lease Payments
(10)
Growth Capital
Closing Bullion
Working Capital
(27)
364
Operating Capital Expenditure Working Capital
June 2025 Quarterly Report 4
Group Production Highlights
In FY25, Westgold produced a Group record annual production of 326, 384oz at an AISC of $ 2,666/oz. The
result was marginally outside FY25 Production Guidance of 330-350koz and All-In Sustaining Cost Guidance of
$2,400 - $2,600/oz2.
In Q4 FY25, Westgold also achieved a Group record quarterly production of 88,022oz (Q3 FY25: 80,107oz).
The increase in production came from the Murchison hubs with 54,811oz were produced (Q3 FY25: 42,906oz),
with this lift attributed to the access to higher grade stopes at Bluebird-South Junction and the Galaxy lodes at
Starlight. The Southern Goldfields produced 33,211oz (Q3 FY25: 37, 201oz), with the quarter-on-quarter
reduction attributable to intermittent issues associated with the load and haul fleet at Beta Hunt.
These issues saw ~4koz of production delayed with the expectation these ounces will be mined in FY26.
While mining rates at Bluebird-South Junction improved quarter on quarter, access to South Junction was
further delayed until a full mine redesign was completed in April 2025 , increasing the reliance on low grade
processing to maintain consistent mill feed to the Meekatharra hub. In combination with the load and haul fleet
issues at Beta Hunt, these factors contributed to the minor deviance from the Company’s FY25 guidance range.
All-In Sustaining Cost ( AISC) for Q4, FY25 was $237M (Q3 FY25: $ 227M), and on a per ounce basis was
$2,688/oz (Q3 FY25: $2,829/oz), as a result of increased mining activity and gold production in Q4 across the
group.
Figure 2: Westgold Quarterly Production (oz), Achieved Gold Price and AISC ($/oz)
2 Refer to ASX release titled “FY25 Guidance Updated” - 3 February 2025
1
2,829 2,688
3,493 3,723 4,066 4,630 5,174
Q4 FY24
2,422
Q1 FY25
2,703
Q2 FY25 Q3 FY25
219 237
108
227
187
Q4 FY25
2,041
Achieved gold price ($/oz)
AISC ($/oz)
AISC ($M)
52,795
52,889 46,461 42,906 54,811
24,480 34,425 37,201
33,211
Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25
77,369 80,886 80,107
88,022 Gold production (oz)
Southern Gold Fields
Murchison
June 2025 Quarterly Report 5
Figure 3: Westgold Monthly AISC
The Company sold 71,500oz of gold for the quarter achieving a record price of $5,174/oz, generating $370M in
revenue. With Westgold hedge free , operations generated $219M of mine operating cashflow s with the
achieved gold price $2,486/oz over AISC.
Total capital expenditure during Q4 FY25 of $39M (Q3 FY25: $ 46M) includes $ 27M of investment in growth
projects (Bluebird -South Junction and the Great Fingall development) and $12M in p lant and equipment
(processing facilities, ventilation, water and paste infrastructure across the respective sites).
In FY25, Westgold invested $199M in capital expenditure, in-line with its Capital Guidance of $200M.
Investment in exploration and resource development of $9M (Q3 FY25: $ 11M) 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. In FY25, Westgold invested $43M in exploration, marginally lower than
Westgold’s FY25 exploration guidance of $50M.
The net mine cash inflow for Q4 FY25 was $171M (refer Table 1 under Group Performance Metrics).
Westgold will provide its FY26 Guidance in August FY26, and a 3-year outlook during September FY26.
-800
0
-600
30
-400
40
-200
60 0
70 1,800
80
90
100
2,200
110
2,400
120
2,000
-1,200
2,800
-1,000
3,000
50
2,600
2,309
Oct
23
2,209
Nov
23
2,230
Dec
23
2,619
Jan
24
2,490
Feb
24
2,342
Mar
24
2,370
1,842
May
24
1,983
Jun
24
2,643
Jul
24
2,198
Aug
24
2,542
Sep
24
2,561
Oct
24
2,796
Nov
24
2,791
Dec
24
2,622
Jan
25
3,148
Feb
25
2,754
Mar
25
2,633
Apr
25
3,149
82
Jun
25
40
48 45
75
70
50
75
May
25
74
Apr
24
3835
76
69
42
80
43
2,355
67
38 35
88
71
AISC (A$M) AISC/oz (A$/oz)
June 2025 Quarterly Report 6
Environmental, Social and Governance (ESG)
People
In Q4 FY25, total headcount reduced 4% to 2,227 employees, contractors and labour hire while the employee
initiated turnover rate continued to decline.
Safety and Sustainability
Safety
Westgold delivered a strong safety and sustainability performance in Q4 FY25, reinforcing its commitment to
responsible operations and continuous improvement.
Safety performance improved across all key indicators, with the Total Recordable Injury Frequency Rate
(TRIFR) reducing to 5.67 by the end of June. This marks a significant improvement from the prior quarter and
reflects the effectiveness of targeted safety initiatives and operational discipline. The Lost Time Injury
Frequency Rate ( LTIFR) fell to 0.39, and the Serious Potential Incident Frequency Rate (SPIFR ) improved to
8.21, continuing the downward trend across the business.
A comprehensive review of Westgold’s emergency systems and processes, with s ite-level verification of
findings has been performed , to ensure a standardised, emergency and crisis management system is
maintained throughout Westgold. Westgold also advanced its occupational health and hygiene program, with
a comprehensive review of current processes.
This program includes review of site Health and Hygiene Management Plans and Hygiene Risk Assessments
across all Westgold sites and development of a standardised database to support compliance, data integrity,
and reporting automation.
Figure 4: The TRIFR decreased in Q4 FY25
0.86 0.60 0.00 0.64 0.98 0.97 0.63 0.62 1.00 0.98 0.78 0.39
18.44
8.37 8.82
7.75 7.30 6.85 7.37 6.85 6.27 5.67
0
5
10
15
20
0
3
6
9
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 Q4 FY25
Recordable Injuries* 12 Month LTIFR 12 Month TRIFR
June 2025 Quarterly Report 7
Training
Westgold achieved a major milestone with the new Maddington Supply and Training Centre becoming fully
operational.
The centre now delivers training programs including Forklift, Working at Heights, Confined Space Entry, and
First Aid, supporting statutory compliance and building internal capability.
Environment/Sustainability
Environmental performance remained strong.
No significant environmental incidents were recorded during the quarter, with investment in long term mine
infrastructure including:
Commissioning of the Tuckabianna West Tailings Storage Facility;
Construction compliance for the Higginsville TSF raise; and
Environmental approvals for a new LNG power station at Great Fingall and a new TSF at Fortnum.
Westgold completed its AASB S2 gap assessment and commenced implementation of the roadmap for FY26.
This initiative aims to ensure the Company’s 2025 Sustainability Report i s aligned with Global Reporting
Initiative standards and also provides a databook to support auditability.
Photo 2: Westgold’s Maddington Supply and Training Centre
June 2025 Quarterly Report 8
Group Performance Metrics
Westgold’s quarterly physical and financial outputs for Q4 FY25 are summarised below.
Table 1: Westgold Q4 FY25 Performance
Physical Summary Units Murchison Southern
Goldfields Group
ROM - Ore Mined t 767,751 496,305 1,264,056
Grade Mined g/t 2.3 2.3 2.3
Ore Processed t 940,810 467,310 1,408,120
Head Grade g/t 2.0 2.4 2.1
Recovery % 91 93 92
Gold Produced oz 54,811 33,211 88,022
Gold Sold oz 42,879 28,621 71,500
Achieved Gold Price A$/oz 5,174 5,174 5,174
Cost Summary
Mining A$’M 84 68 152
Processing A$’M 34 20 54
Admin A$’M 7 4 11
Stockpile Movements A$’M (6) (1) (7)
Royalties A$’M 7 5 12
Cash Cost (produced oz) A$’M 126 96 222
Corporate Costs A$’M 3 1 4
Sustaining Capital A$’M 9 2 11
All-in Sustaining Costs A$’M 138 99 237
All-in Sustaining Costs A$/oz 2,503 2,992 2,688
Notional Cashflow Summary Units Murchison Southern
Goldfields Group
Notional Revenue (produced oz) A$’M 284 172 456
All-in Sustaining Costs A$’M 138 99 237
Mine Operating Cashflow A$’M 146 73 219
Growth Capital A$’M (25) (2) (27)
Plant and Equipment A$’M (6) (6) (12)
Exploration Spend A$’M (3) (6) (9)
Net Mine Cashflow A$’M 112 59 171
Net Mine Cashflow A$/oz 2,045 1,759 1,937