WGX.TO · 2024-09-16 12:00:00

Ore Reserve and Mineral Resource growth by drilling and through merger

Resource Estimates Mergers & Acquisitions

Westgold Resources Limited

ABN 60 009 260 306

ASX: WGX | TSX: WGX | OTC: WGXRF

T: +61 8 9462 3400

E: [email protected]

W: westgold.com.au

Level 6, 200 St Georges Terrace

Perth WA 6000

PO Box 7068, Cloisters Square WA 6850

16 September 2024

WESTGOLD 2024 MINERAL RESOURCE ESTIMATE AND ORE

RESERVES

Ore Reserve and Mineral Resource growth by drilling and through

merger

Perth, Western Australia, 16 September 2024 : Westgold Resources Limited (ASX:

WGX, TSX: WGX, OTCQX: WGXRF – Westgold or the Company) is pleased to provide

its updated Mineral Resource Estimate and Ore Reserve Statement calculated as of

30 June 20241.

Group Gold Mineral Resource Estimate

and Ore Reserves At 30 June 20242

Total Measured and Indicated Resources 116Mt at 2.19g/t Au for 8.1 Moz of gold

Total Inferred Resources 63Mt at 2.47g/t Au for 5.0 Moz of gold

Total Ore Reserves 50Mt at 2.05g/t Au for 3.3Moz of gold

Highlights

Investment in Murchison exploration in FY23 and FY24 has delivered the first

increase in Ore Reserves post depletion since FY17.

60% increase in Group Mineral Resource Estimate from FY23 - now 8.1Moz

Measured and Indicated and 5.0Moz Inferred Resources post-merger and

mining depletion.

69% increase in Group Ore Reserve Estimate from FY23 - now 3.3Moz post -

merger and mining depletion.

10% increase year on year in the Ore Reserves of operating gold mines in the

Murchison including:

• 133% increase at Bluebird – South Junction to 277koz.

Nineteen drill rigs operating across the 3200km2 portfolio

1 Southern Goldfields Ore Reserves and Mineral Resources are as at 1 August 2024, corresponding to the merger completion

2 Southern Goldfields Ore Reserves and Mineral Resources are as at 1 August 2024, corresponding to the merger completion

Westgold 2024 Mineral Resource Estimate and Ore Reserves

16 September 2024

Westgold Managing Director Wayne Bramwell commented:

“Westgold is growing our business both organically and inorganically.

Drilling investment over FY23 and FY24 has delivered the first increase in Murchison Ore

Reserves since 2017. On an inorganic basis the integration of the Southern Goldfields assets has

lifted our Measured and Indicated Resource base to 8.1Moz, Inferred Resource base to 5.0Moz

and Ore Reserves to 3.3Moz.

Resource conversion across the portfolio is our focus and opportunities are abundant. The

Starlight mine continues to grow in stature, the Bluebird -South Junction complex continues to

grow in scale, and th rough drilling, the emerging Fletcher Zone at Beta Hunt will reveal its true

potential. On an exploration front, the Higginsville area has seen limited attention for over a

decade and is wide open for exploration success.

Westgold today has 19 drill rigs operating across our portfolio and this investment will continue

to unlock value from our 3,200km2 of tenure across two of Western Australia’s most productive

goldfields.”

2024 Mineral Resource Estimate

As of 30 June 2024 3, the total gold Measured and Indicated Mineral Resource estimate for the

Westgold business was 116Mt at 2.19g/t Au for 8.1 Moz of gold and the Inferred Mineral

Resource estimate was 63Mt at 2.47g/t Au for 5.0 Moz of gold.

This represents 60% growth in the Company’s gold Mineral Resource base year on year

underpinned by both a continued significant campaign of exploration and resource definition

drilling over FY24 (investing $25M on top of the $19M invested in FY23) and the integration of the

Southern Goldfields assets of Karora Resources Inc. (Karora) into the enlarged Westgold (refer

Figure 1).

Figure 1 – Westgold has achieved Mineral Resource growth in FY23 and FY24. 4

3 Southern Goldfields Ore Reserves and Mineral Resources are as at 1 August 2024, corresponding to the merger completion

4 FY17 – FY23 Resources completed under JORC Code only

9,857 9,345 9,118 8,799 7,947 7,940 8,250

5,006

3,504

3,129

1,521

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24

13,160

Southern Goldﬁelds - Measured & Indicated (Koz)

Murchison Resources (previously reported) (Koz)

Southern Goldﬁelds - Inferred (Koz)

Murchison - Measrued & Indicated (Koz)

Murchison - Inferred (Koz)

Westgold 2024 Mineral Resource Estimate and Ore Reserves

16 September 2024

The Murchison Operations incorporate the Bluebird, Tuckabianna and Fortnum processing hubs

while the Southern Goldfields Operations incorporate the Lakewood and Higginsville processing

hubs.

Tables 1, 2 and 3 below depict the FY2 4 Mineral Resource Estimates for the Murchison and

Southern Goldfields Operations.

Westgold 2024 Mineral Resource Estimate and Ore Reserves

16 September 2024

Table 1 – Gold Mineral Resource Estimates at 30 June 2024 for Westgold Operating Mines.

Murchison Gold Operations

Mineral Resource Statement - Rounded for Reporting

30/06/2024

Measured Indicated Measured and Indicated Inferred

Operating Mine Tonnes

('000s) Grade Ounces

Au ('000s) Tonnes ('000s) Grade Ounces Au

('000s) Tonnes ('000s) Grade Ounces Au

('000s)

Big Bell UG 4,022 3.07 397 7,965 3.33 853 11,988 3.24 1,250 5,927 3.11 593

Fender UG 95 3.22 10 201 3.05 20 297 3.10 30 345 3.33 37

Great Fingall UG 0 0.00 0 1,616 5.25 273 1,616 5.25 273 883 3.51 100

Golden Crown UG 0 0.00 0 333 6.18 66 333 6.18 66 944 5.14 156

Bluebird Group UG 304 4.09 40 4,368 3.03 425 4,672 3.10 465 6,032 2.55 495

Starlight UG 881 4.01 114 1,973 3.44 218 2,854 3.62 332 2,588 3.13 260

Total 5,303 3.29 561 16,457 3.51 1,855 21,760 3.45 2,415 16,719 3.05 1,641

Southern Goldfields Gold Operations

Mineral Resource Statement - Rounded for Reporting

1/08/2024

Measured Indicated Measured and Indicated Inferred

Operating Mine Tonnes

('000s) Grade Ounces

Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes

('000s) Grade Ounces

Au ('000s)

Tonnes

('000s) Grade Ounces

Au ('000s)

Two Boys 24 1.55 1 1,141 2.32 85 1,165 2.30 86 184 2.78 16

Pioneer 0 0.00 0 519 2.11 35 519 2.11 35 345 1.50 17

Beta Hunt 1,142 2.79 102 16,581 2.74 1,458 17,723 2.74 1,561 12,860 2.63 1,086

Total 1,166 2.76 104 18,241 2.69 1,579 19,407 2.70 1,682 13,388 2.60 1,119

Westgold 2024 Mineral Resource Estimate and Ore Reserves

16 September 2024

Table 2 – Gold Mineral Resource Estimates at 30 June 2024 for Westgold Non-Operating Projects.

Murchison Gold Operations

Mineral Resource Statement - Rounded for Reporting

30/06/2024

Measured Indicated Measured and Indicated Inferred

Project Tonnes

('000s) Grade

Ounces

('000s)

Tonnes

('000s) Grade Ounces

Au ('000s)

Tonnes

('000s) Grade Ounces Au

('000s)

Tonnes

('000s) Grade Ounces Au

('000s)

Big Bell District 60 2.81 5 802 2.64 68 861 2.65 73 1,848 2.94 175

Cuddingwarra 85 1.66 5 1,600 1.63 84 1,685 1.63 88 597 1.50 29

Day Dawn District 58 1.73 3 1,068 2.04 70 1,126 2.02 73 1,043 1.78 60

Tuckabianna 267 3.54 30 3,448 2.78 308 3,715 2.84 339 2,899 2.63 245

Tuckabianna Stockpiles 81 2.09 5 3,627 0.70 81 3,709 0.73 87 0 0.00 0

Meekatharra North 0 0.00 0 97 1.98 6 97 1.98 6 75 2.11 5

Nannine 68 2.55 6 859 2.06 57 927 2.09 62 340 2.26 25

Paddy's Flat 376 3.67 44 10,641 1.65 564 11,017 1.72 608 2,574 1.93 160

Reedy's 430 3.77 52 3,225 2.58 267 3,656 2.72 319 9,191 2.54 750

Yaloginda District 53 2.59 4 4,128 1.47 195 4,181 1.49 200 5,879 1.40 265

Bluebird Stockpiles 350 1.34 15 0 0.00 0 350 1.34 15 0 0.00 0

Fortnum District 332 2.67 28 2,951 2.08 197 3,282 2.14 226 618 1.88 37

Horseshoe 0 0.00 0 1,266 2.09 85 1,266 2.09 85 183 1.43 8

Peak Hill 0 0.00 0 7,547 1.55 376 7,547 1.55 376 1,838 1.78 105

FGO Stockpiles 723 0.95 22 481 0.69 11 1,204 0.85 33 16 0.54 0

Total 2,884 2.39 221 41,741 1.77 2,370 44,625 1.81 2,591 27,100 2.14 1,864

Westgold 2024 Mineral Resource Estimate and Ore Reserves

16 September 2024

Southern Goldfields Gold Operations

Mineral Resource Statement - Rounded for Reporting

1/08/2024

Measured Indicated Measured and Indicated Inferred

Project Tonnes

('000s) Grade Ounces Au

('000s)

Tonnes

('000s) Grade Ounces Au

('000s)

Tonnes

('000s) Grade Ounces Au

('000s)

Tonnes

('000s) Grade Ounces Au

('000s)

HGO Central 931 2.94 88 2,442 2.74 215 3,373 2.80 303 1,519 2.91 142

HGO Greater 466 3.00 45 2,799 2.79 251 3,265 2.82 296 1,999 2.39 154

Mt Henry 11,042 1.19 424 10,172 1.16 378 21,214 1.18 802 2,565 1.28 106

HGO Stockpiles 373 0.40 5 1,568 0.76 38 1,940 0.69 43 0 0.00 0

BHO Stockpiles 47 2.09 3 0 0.00 0 47 2.09 3 0 0.00 0

Total 12,859 1.37 565 16,981 1.62 882 29,840 1.51 1,447 6,083 2.05 402

Table 3 – Nickel Mineral Resource Estimates at 1 August 2024 for Beta Hunt.

Beta Hunt Nickel Operations

Mineral Resource Statement - Rounded for Reporting

1/08/2024

Measured Indicated Measured and Indicated Inferred

Project Tonnes

('000s) Ni (%) NiT ('000s) Tonnes

('000s) Ni (%) NiT ('000s)

Beta Hunt 0 0.0% 0 749 2.8% 21 749 2.8% 21 499 2.7% 13

Total 0 0.0% 0 749 2.8% 21 749 2.8% 21 499 2.7% 13

See Figure 2, Figure 3 and Figure 4 for location details. Additional detailed information relating to generation of the Mineral Resource Estimates is

attached in Appendix B & C Table 1 – JORC 2012 Reporting Criteria.

Westgold 2024 Mineral Resource Estimate and Ore Reserves

16 September 2024

Figure 2 - Murchison Operations Project Areas (Bluebird & Tuckabianna).

Westgold 2024 Mineral Resource Estimate and Ore Reserves

16 September 2024

Figure 3 - Murchison Operations Project Areas (Fortnum)

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