WGX.TO · 2024-11-04

Polar Star Lode Emerges at Bluebird-South Junction

Drill Results Exploration Programs

ASX Announcement

4 November 2024

Polar Star Lode Emerges at Bluebird-South Junction

13.71m @ 18.02g/t Au in drill hole 24SJDD028

Perth, Western Australia, 4 November 2024: Westgold Resources Limited (ASX: WGX, TSX: WGX, OTCQX: WGXRF) (Westgold or the Company) is pleased to provide an update from ongoing resource development drilling at its Bluebird-South Junction mining complex in Meekatharra, Western Australia.

Highlights

Record Polar Star Lode drill intercept of 13.71m @ 18.02g/t Au - from 563.00m (including 5.85m @ 36.37g/t Au from 567.00m) for 247 gram-metres in hole 24SJDD028

Bluebird - South Junction mining complex continues to extend – with significant intersections from both the South Junction and Polar Star Lodes including:

18.00m @ 3.61g/t Au from 737.0m in hole 24SJDD034_W1
13.00m @ 3.65g/t Au from 385.00m in hole 24SJDD032
10.80m @ 3.06g/t Au from 835.30m in hole 24SJDD033
14.58m @ 2.54g/t Au from 531.00m in hole 24SJDD031



5.80m @ 4.06g/t Au from 666.00m in hole 24SJDD028_W2

Resource development drilling continues - with two surface drill rigs and two underground drill rigs in operation

Updated Mineral Resource Estimate for Bluebird-South Junction pending

Westgold Managing Director and CEO Wayne Bramwell commented:

“The Bluebird-South Junction mine is rapidly becoming the key growth driver of Westgold’s Murchison portfolio.

Our team is mining the Bluebird and South Junction Lodes now and with intercepts like 13.71m @ 18.02g/t Au from the Polar Star Lode we see a third mining opportunity rapidly emerging. The system remains open and with further drilling Polar Star has the potential to expand mine outputs towards 1.5Mtpa”.

Westgold Resources Limited westgold.com.au Level 6, 200 St Georges Terrace ABN 60 009 260 306 T: +61 8 9462 3400 Perth WA 6000 ASX:WGX | TSX:WGX | OTC:WGXRF E: [email protected] PO Box 7068, Cloisters Square WA 6850

South Junction Resource Definition Drilling Program Update

Further to the ASX announcements of 14 May, 2 July and 5 September 2024, Westgold has continued with the extensional exploration / resource definition drilling program under the historic South Junction and Bluebird open pits at Meekatharra.

The aim of this program, which commenced in mid-January 2024 and to date has totalled some 34,525m of drilling from surface, is to test and define the down-plunge extents of the multiple orebodies. This system historically produced +1Moz from open pits and is currently being mined from underground by Westgold.

South Junction hosts numerous mineralised zones broadly located on sub-parallel northnortheast-trending shears within a mafic-ultramafic rock package intruded by the Polar Star Porphyry. These zones from west to east are, Edin Hope Lode, South Junction Lode, Polar Star Lode and Archenar Lode.

As previously reported, the drilling results to-date have been outstanding with significant intersections being returned from both the Polar Star and South Junction Lodes.

Since September, the drilling program has moved from infill drilling to once again testing the down-plunge resource extensions, with drill holes targeting between 700 and 800m below surface (Figure 1).

The assay results for the initial of these deeper holes, along with the last of the shallower infill holes drilled in August, have been returned, and are highly encouraging. They include the best

intersection to date for the program of 13.71m @ 18.02g/t Au from 563.00m (including 5.85m @ 36.37g/t Au from 567.00m) for 247 gram-metres in hole 24SJDD028 from within the Polar Star Lode (Figure 3).

This intersection exceeds the previous best intersection of 14.93m @ 15.95g/t Au for 238 gram- metres reported from within the South Junction Lode in hole 24SJDD029¹.

In addition to the outstanding intersection in 24SJDD028, other recent significant intersections are summarised below with full details provided in Appendix A. Relative hole positions are shown on Figure 1.

18.00m @ 3.61g/t Au from 737.0m in hole 24SJDD034_W1
13.00m @ 3.65g/t Au from 385.00m in hole 24SJDD032
10.80m @ 3.06g/t Au from 835.30m in hole 24SJDD033
14.58m @ 2.54g/t Au from 531.00m in hole 24SJDD031
5.80m @ 4.06g/t Au from 666.00m in hole 24SJDD028_W2

1 Refer ASX Release of 5 September 2024 – “Mining Commences at South Junction”

Figure 1 – Bluebird - South Junction Long Section showing 2024 Resource Definition drill holes & significant intersections returned during September & October 2024 (for results of previously drilled holes refer to ASX Releases of 14 May, 2 July and 5 September 2024).

Figure 2 – Bluebird - South Junction Schematic Composite Cross Section 17700N Looking North showing key mineralised lode deportment and drill intersections (Refer to Appendix A and ASX Releases of 14 May 20024, 2 July 2024 and 5 September 2024 for full details of drill holes shown on this section)

Figure 3 – South Junction Drill Hole 24SJDD028 showing the individual gold assay results (g/t) for the “Polar Star Lode” which returned 13.71m @ 18.02g/t Au from 563.00m (Refer to Appendix A for details).

Next Steps

A new resource upgrade for Bluebird-South Junction is pending in November. The potential to extend the Bluebird-South Junction mining complex is considered large and as such the South Junction Resource Definition drilling program has been extended throughout Q2 FY25 with two surface drill rigs and two underground drill rigs focussing on infill programs.

ENDS

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

Investor and media relations enquiries

Investor Relations & Media Annette Ellis | Investor Relations Manager [email protected] +61 458 200 039

Competent/Qualified Person Statements

Exploration Results

The information in this release that relates to Exploration results was compiled by Westgold technical employees and contractors under the supervision of Mr. Simon Rigby B.Sc. (Hons), who is a member of the Australian Institute of Geoscientists and who has verified, reviewed and approved such information. Mr Rigby 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”) 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. Rigby is an employee of the Company and, accordingly, is not independent for purposes of NI 43-101. Mr Rigby consents to and approves the inclusion in this release of the matters based on his information in the form and context in which it appears. Mr Rigby is eligible to participate in short- and long-term incentive plans of the company.

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 and, in particular, do not comply with (i) NI 43-101; or (ii) Item 1300 of Regulation S-K, which governs disclosures of Mineral Reserves in registration statements filed with the SEC.

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 Canadian or US securities laws. The other 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.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not been materially changed. The Company confirms that the form and context in which the Competent Persons findings are presented have not been materially modified from the original market announcements.

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 forwardlooking 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.

APPENDIX A – SOUTH JUNCTION SEPTEMBER – OCTOBER 2024 SIGNIFICANT INTERSECTIONS

	Collar	Collar	Collar	Intercept	From			Total Length
Hole						Dip	Azi
	N	E	RL	(Downhole)	(m)			(m)
24SJDD028	7,043,269	641,873	466.8	2.00m @ 2.87 g/t	183.00	-66.2	287.5	1073.50
				7.00m @ 2.31 g/t	228.00
				2.00m @ 1.35 g/t	554.00
				19.00m @ 13.44 g/t	563.00
				INC. 13.71m @ 18.02 g/t	563.00
				INC. 5.85m @ 36.37 g/t	567.00
				6.00m @ 0.76 g/t	589.00
				2.45m @ 2.99 g/t	725.00
				6.32m @ 1.81 g/t	733.60
				7.93m @ 2.00 g/t	742.07
				2.95m @ 5.18 g/t	763.00
				INC. 0.95m @ 11 g/t	765.00
				2.00m @ 2.86 g/t	850.00
24SJDD028 W1 _	7,043,269	641,873	466.8	6.49m @ 1.00 g/t	531.33	-66.2	287.5	873.70
				8.00m @ 2.25 g/t	539.00
				8.07m @ 1.20 g/t	592.47
				1.29m @ 8.09 g/t	659.65
				1.70m @ 8.3 g/t	663.80
				6.43m @ 2.75 g/t	667.57
24SJDD028 W2 _	7,043,269	641,873	466.8	3.27m @ 1.07 g/t	519.30	-66.2	287.5	808.00
				4.57m @ 1.24 g/t	530.35
				6.97m @ 0.9 g/t	630.50
				2.65m @ 1.4 g/t	660.00
				5.80m @ 4.06 g/t	666.00
				3.77m @ 0.98 g/t	673.10
24SJDD030	7,042,860	641,478	465.6	2.00m @ 4.30 g/t	474.00	-50.2	337.0	500.0
24SJDD031	7,043,304	641,879	467.1	3.22m @ 0.8 g/t	392.28	-51.5	288.6	610.0
				2.95m @ 1.83 g/t	396.25
				3.03m @ 4.41 g/t	402.15
				14.58m @ 2.54 g/t	531.00
24SJDD032	7,043,304	641,879	467.2	1.00m @ 3.19 g/t	146.00	-48.4	294.7	593.00
				13.00m @ 3.65 g/t	385.00
				1.28m @ 34.54 g/t	395.23
24SJDD033	7,043,076	641,973	467.0	7.20m @ 2.84 g/t	814.00	-62.3	292.4	1224.90
				3.40m @ 0.83 g/t	822.00
				10.80m @ 3.06 g/t	835.30
24SJDD034	7,042,943	641,928	467.0	3.36m @ 0.72 g/t	499.64	-62.0	290.0	1435.1
				5.00m @ 1.69 g/t	763.00
				1.00m @ 5.32 g/t	788.00
				6.00m @ 1.06 g/t	798.00
				1.70m @ 3.58 g/t	828.00
				9.83m @ 1.31 g/t	868.17
				3.00m @ 2.9 g/t	886.00
				3.38m @ 1.72 g/t	1070.32
24SJDD034 W1 _	7,042,942	641,936	466.0	1.28m @ 6.61 g/t	468.30	-62	290	1096.0
				13.14m @ 1.56 g/t	696.90

Collar	Collar	Collar	Intercept	From	Total Length
N	E	RL	(Downhole)	(m)	(m)
			18.00m @ 3.61 g/t	737.00
			6.00m @ 1.09 g/t	756.00
			9.43m @ 1.02 g/t	808.57

APPENDIX B – 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	• 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 down hole 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.	• 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 at 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.
Drilling techniques	• 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.	• 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.
Drill sample recovery	• 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.	• 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.

Criteria	JORC Code Explanation	Commentary
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography. • The total length and percentage of the relevant intersections logged	• Westgold surface drill-holes are all orientated and have been logged in detail for geology, veining, alteration, mineralisation and orientated structure. Westgold underground drill- holes are logged in detail for geology, veining, alteration, mineralisation and structure. Core has been logged in enough detail to allow for the relevant mineral resource estimation techniques to be employed. • Surface core is photographed both wet and dry and underground core is photographed wet. All photos are stored on the Company’s servers, with the photographs from each hole contained within separate folders. • Development faces are mapped geologically. • RC, RAB and Aircore chips are geologically logged. • Sludge drilling is logged for lithology, mineralisation and vein percentage. • Logging is quantitative in nature. • All holes are logged completely, all faces are mapped completely.
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	• Blast holes -Sampled via splitter tray per individual drill rods. • RAB / AC chips - Combined scoops from bucket dumps from cyclone for composite. Split samples taken from individual bucket dumps via scoop. • RC - Three tier riffle splitter (approximately 5kg sample). Samples generally dry. • Face Chips - Nominally chipped horizontally across the face from left to right, sub-set via geological features as appropriate. • Diamond Drilling - Half-core niche samples, sub-set via geological features as appropriate. Grade control holes may be whole-cored to streamline the core handling process if required. • Chips / core chips undergo total preparation. • Samples undergo fine pulverisation of the entire sample by an LM5 type mill to achieve a 75µ product prior to splitting. • QA/QC is currently ensured during the sub-sampling stages process via the use of the systems of an independent NATA / ISO accredited laboratory contractor. A significant portion of the historical informing data has been processed by in-house laboratories. • The sample size is considered appropriate for the grain size of the material being sampled. • The un-sampled half of diamond core is retained for check sampling if required. For RC chips regular field duplicates are collected and analysed for significant variance to primary results.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	• Recent drilling was analysed by fire assay as outlined below; • At Beta Hunt all drill core sampling is conducted by Karora personnel. Samples for gold analysis are shipped to SGS Mineral Services of Kalgoorlie for preparation and assaying by 50-gram fire assay analytical method. All gold diamond drilling samples submitted for assay include at least one blank and one Certified Reference Material ("CRM") per batch, plus one CRM or blank every 20 samples. In samples with observed visible gold mineralization, a coarse blank is inserted after the visible gold mineralization to serve as both a coarse flush to prevent contamination of subsequent samples and a test for gold smearing from one sample to the next which may have resulted from inadequate cleaning of the crusher and pulveriser. The lab is also required to undertake a minimum of 1 in 20 wet screens on pulverised samples to ensure a minimum 85% passing at -75µm. No significant QA/QC issues have arisen in recent drilling results.

Criteria	JORC Code Explanation	Commentary
		• Photon Assay was introduced in 2023 for Beta Hunt grade control samples. PhotonAssay™ technology (Chrysos Corporation Limited) is a rapid, non-destructive analysis of gold and other elements in mineral samples. It is based on the principle of gamma activation, which uses high energy x-rays to excite changes to the nuclear structure of selected elements. The decay is then measured to give a gold analysis. Each sample is run through two cycles with a radiation time of 15s. This methodology is insensitive to material type and thus does not require fluxing chemicals as in the fire assay methodology. Highlights of the PhotonAssay™ process are as follows: • The process is non-destructive; the same sample accuracy can be determined by repeat measurements of the same sample. In addition, the instrument runs a precision analysis for each sample relating to the instrument precision. o The process allows for an increased sample size, about 500 g of crushed product. • The crushed material is not pulverised, as in the fire assay process; this ensures that gold is not smeared or lost during pulverisation (especially important if there is an expectation of visible gold that is being analysed) • Historical drilling has used a combination of Fire Assay, Aqua Regia and PAL analysis. • These assay methodologies are appropriate for the resources in question.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	• No independent or alternative verifications are available. • Virtual twinned holes have been drilled in several instances across all sites with no significant issues highlighted. Drillhole data is also routinely confirmed by development assay data in the operating environment. • Primary data is collected utilising LogChief. The information is imported into a SQL database server and verified. • All data used in the calculation of resources and reserves are compiled in databases (underground and open pit) which are overseen and validated by senior geologists. • No adjustments have been made to any assay data.
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	• All data is spatially oriented by survey controls via direct pickups by the survey department. Drillholes are all surveyed downhole, deeper holes with a Gyro tool if required, the majority with single / multishot cameras. • All drilling and resource estimation is preferentially undertaken in local mine grid at the various sites. • Topographic control is generated from a combination of remote sensing methods and ground-based surveys. This methodology is adequate for the resources in question.
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	• Data spacing is variable dependent upon the individual orebody under consideration. A lengthy history of mining has shown that this approach is appropriate for the Mineral Resource Estimation process and to allow for classification of the resources as they stand. • Compositing is carried out based upon the modal sample length of each individual domain.

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