Westgold Resources Ltd · ASX:WGX

Westgold Resources — Red Cloud 2023 Pre-PDAC Mining Showcase

30 slides from Westgold Resources's conference presentation, Mar 2, 2023

  1. Slide 1: Red Cloud 2023 Pre-PDAC Mining Showcase

    RED CLOUD 2023 PRE-PDAC MINING SHOWCASE For personal use only WESTGOLD RESOURCES LIMITED An Australian Gold Miner WAYNE BRAMWELL | MANAGING DIRECTOR ASX : WGX WWW.WESTGOLD.COM.AU MARCH 2023

  2. Slide 2: Disclaimer – Compliance Statement

    Disclaimer COMPLIANCE STATEMENT For personal use only The information in this report that relates to Exploration Results is 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. Mr

  3. Slide 3: Westgold - a progressive and growth focused Australian mid-cap gold miner

    Westgold - a progressive and growth focused Australian mid-cap gold miner For personal use only Slide 1.0 The Value Proposition 4 2.0 Western Australian Asset Map 5 3.0 Our Leadership Team 6 4.0 Corporate Snapshot 7 5.0 FY23 Guidance 8 6.0 FY23 EHS Performance 9 7.0 Our Western Australian Operations

  4. Slide 4: Westgold – Quietly Resetting the Value Proposition

    1.0 Westgold – Quietly Resetting the Value Proposition For personal use only ASX : WGX is a +250koz pa Australian Mid-cap Gold Miner § New leadership - driving safety, profitability and sustainability § New focus – safe and profitable ounces o Business is simplified for FY23 – and on track to delive

  5. Slide 5: Asset Map

    2.0 Asset Map For personal use only MURCHISON OPERATIONS BRYAH OPERATIONS 5

  6. Slide 6: Leadership

    3.0 Leadership For personal use only David Kelly Wayne Bramwell Independent Managing Director Non-Executive Director Gary Davison Julius Matthys Fiona Van Maanen Independent Hon. Cheryl Edwardes AM Independent Independent Non-Executive Independent Non-Executive Non-Executive Director Non-Executive C

  7. Slide 7: Corporate Snapshot

    4.0 Corporate Snapshot Corporate Structure For personal use only Shares on Issue1 473.6M Options on Issue1 2.3M A$2.50 – A$0.69 12 Month Trading Range2 C$2.31 – C$0.64 Avg Liquidity / day ≈2.6M shares Avg Turnover ≈A$3M (C$3M) Cash, Bullion and Investments A$159M (C$147M) Hedge Position1 70,000oz @

  8. Slide 8: FY23 – Tracking to Guidance

    5.0 FY23 – Tracking to Guidance OPERATION GROUP Q1 Q2 YTD “Westgold’s transformation to becoming a For personal use only Production (koz) 240,000 - 260,000 66,048 62,180 128,228 profitable gold miner continues to advance. A$1,900 – A$2,100 A$2,106 A$2,071 A$2,089 In Q2, FY23 our operating discipline

  9. Slide 9: Environment, Health & Safety Performance

    6.0 Environment, Health & Safety Performance COVID-19 - continues to challenge our business, but we can report For personal use only zero material impact to our operations EH&S Performance Highlights for the last Quarter § All Regions effected by COVID-19 clusters in the quarter § 22.1% decrease in

  10. Slide 10: Four Operating Gold Mines in Western Australia

    For personal use only 7.0 Four [4] Operating Gold Mines in Western Australia 10

  11. Slide 11: Owner Operator – Four Shallow Underground Mines

    Owner Operator – Four [4] Shallow Underground Mines For personal use only 1 2 1 3 11

  12. Slide 12: Modern UG Fleet - A$200M Replacement Value

    Modern UG Fleet - A$200M (C$185M) Replacement Value For personal use only Exchange: A$1.00 = C$0.9320 (source: https://www.oanda.com/fx-for-business/historical-rates ) 12

  13. Slide 13: Big Bell – 294kt in December Q2 and Growing

    Big Bell – 294kt in December Q2 and Growing… For personal use only Big Bell - Now consistently above design levels § Decline and Sub-level cave operation § 90kt-110kt/m @ 2.4-2.5 g/t Au § One rig on resource expansion § Expansion studies underway and complete in Q4 *Refer ASX Announcement dated 25 J

  14. Slide 14: Bluebird – 111kt in December Q2 and Growing

    Bluebird – 111kt in December Q2 and Growing… Bluebird Expansion to >50kt/m underway § Drilling success to north of current mine plan - defines mineralisation For personal use only extensions with best intercepts including: § Decline and LHOS operation § Q1 mine record – 90kt @ 3.2 g/t Au o 5.12m at

  15. Slide 15: Paddy's Flat – Mine / Orebodies

    Paddy’s Flat – 1 Mine / 4 Orebodies For personal use only Paddy’s Flat – historic high-grade producer § Four declines operating – LHOS operation § 40-60kt/m @ +3.0 g/t Au § One rig on resource extension § Mine plan optimisation works underway 15

  16. Slide 16: Starlight – 750,000 oz and more to come

    Starlight – 750,000 oz and more to come… Starlight Underground For personal use only § Decline and LHOS operation § 750,000 oz produced to date § 250,000 oz under Westgold management § 50-70kt/m @ +2.5 g/t Au § Three rigs on resource extension 16 *Refer ASX Announcement dated 25 January 2023 Decembe

  17. Slide 17: Investing in the drill bit

    8.0 Investing in the drill bit Better results returned from recent drilling activities: For personal use only § Paddy’s Flat o 7m at 26.25g/t Au from 89m in 22CNDD209 o 1.56m at 178.75g/t Au from 89m in 22CNDD211 o 8.92m at 9.79g/t Au from 28m in 22VIDD015 o 9.29m at 10.34g/t Au from 116m in 22VIDD3

  18. Slide 18: Great Fingall Deeps – Organic Growth Opportunity

    9.0 Great Fingall Deeps – Organic Growth Opportunity For personal use only § 2,590m of Diamond Drilling (DD) at Fingall Deeps o Program commenced to test an additional ≈250m of down plunge mineralisation beneath the currently defined ~300Koz Mineral Resource o First “parent hole” and 3 “daughters” (

  19. Slide 19: Financials

    For personal use only 10.0 Financials 19

  20. Slide 20: Q2 – Waterfall Chart Maps Cash Flow Movement

    Q2 – Waterfall Chart Maps Cash Flow Movement § Q2 gold sales of 62,849oz delivered revenue of A$155M For personal use only (C$143M) at an achieved gold price of A$2,460/oz (C$2,271/oz) A$155 § Continuing operating cost reduction – Q2 A$128M C$143 (C$118M) vs Q1: A$141M (C$130M) o Reflects changes to

  21. Slide 21: Q2 – Key Financial Metrics

    Q2 – Key Financial Metrics For personal use only § Transition to profitability continues o Operating discipline improving o Efficiencies increasing Reset plan o Cost management improving activated o Big Bell and Bluebird expanding o Starlight and Paddy’s Flat being optimised o Rationalising undergro

  22. Slide 22: Hedge Book – 50,000oz and done by July

    Hedge Book – 50,000oz and done by July... For personal use only Hedge book at 50,000oz at end of February § At an average A$2,463/oz (C$2,273/oz) § Last spot sale 16 January 2023 was @A$2,750/oz (C$2,538/oz) § Hedging position reviewed monthly § Unhedged by end of July 2023 Exchange: A$1.00 = C$0.93

  23. Slide 23: Why Westgold?

    11.0 Why Westgold ? For personal use only § Business simplified in FY23 - turnaround focussed on safety and profitability § Efficiency and grade focus enhancing cash flow o Bluebird Expansion continues, Big Bell Expansion Study complete in Q4 o Optimising Paddy’s Flat and Starlight to increase cash

  24. Slide 24: Need More Information?

    For personal use only Need More Information? Media and Investor Enquiries: Wayne Bramwell | Managing Director P: +61 8 9462 3400 E: Investor.Relations@westgold.com.au www.westgold.com.au ASX : WGX 24

  25. Slide 25: Appendices

    For personal use only APPENDICES 25

  26. Slide 26: ESG - Committed to the Journey

    ESG - Committed to the Journey For personal use only § Zero Fatalities in our business Safety, Health § Forecasting a 50% reduction in Injury Frequency Rates in FY23 and Wellbeing § Active investment in the health and wellbeing of our people § 33% female directors People, Diversity and § 13% female

  27. Slide 27: Future Proofing the Business – Innovation Driving Costs Down

    Future Proofing the Business – Innovation Driving Costs Down For personal use only Power Generation Ventilation on Demand – Secondary Other Energy Saving Projects Ventilation § Announced July 22 – entered into § New CAT R2900EX loader – hybrid diesel agreement to convert 6 diesel power § At Big Bell

  28. Slide 28: ESG - People and Community

    ESG - People and Community For personal use only A$27K (C$25K) RAISED FOR VINNIES MINING DAY OUT FOR STUDENTS FIRST GRADUATE ENGAGEMENT DAY TLG PARTNERSHIP A$9K (C$8K) RAISED FOR RFDS RECORD VACATION STUDENT INTAKE CENTRALISED TRAINING FACILITY OPENED 28 Exchange: A$1.00 = C$0.9320 (source: https://

  29. Slide 29: Mineral Resource Statement - As at June 2022

    Mineral Resource Statement - As at 30 June 2022 MURCHISON OPERATIONS (ROUNDED FOR REPORTING) Measured Indicated Inferred Total For personal use only Tonnes Ounces Au Tonnes Ounces Au Tonnes Ounces Au Tonnes Ounces Au Project Grade Grade Grade Grade ('000s) ('000s) ('000s) ('000s) ('000s) ('000s) ('0

  30. Slide 30: Ore Reserve Statement - As at June 2022

    Ore Reserve Statement - As at 30 June 2022 MURCHISON OPERATIONS (ROUNDING FOR REPORTING) For personal use only Proven Probable Total Ounces Au Ounces Au Ounces Au Project Tonnes ('000s) Grade Tonnes ('000s) Grade Tonnes ('000s) Grade ('000s) ('000s) ('000s) Big Bell 4,170 2.94 394 4,641 3.08 460 8,8

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