Westgold Resources Ltd · ASX:WGX
Westgold Resources — Q3 FY25 Earnings Presentation
34 slides from Westgold Resources's earnings presentation, Apr 30, 2025
Slide 1: Q3 FY25 Quarterly Results
ASX | TSX : WGX For personal use only Westgold Resources Limited westgold.com.au Q3 FY25 Quarterly Results
Slide 2: Important Notices and Disclaimer
Important Notices and Disclaimer Investor Presentation This presentation is in summary form and does not purpose to be exhaustive. Westgold makes no representation or warranty (either expressed or implied) as to the accuracy, reliability or completeness of the information in this presentation. Westg
Slide 3: Important Notices and Disclaimer
Important Notices and Disclaimer Ore Reserves and Mineral Resources JORC CODE This presentation refers to Westgold having a combined Ore Reserve and Mineral Resource estimate of 14.1Moz and 3.6Moz It is a requirement of the ASX Listing Rules that the reporting of Ore Reserves and Mineral Resources i
Slide 4: Q3 FY25 Highlights
Q3 FY25 Highlights 80,107oz produced @ AISC of $2,829/oz 78,398oz sold at an average price of For personal use only A$4,630/oz, generating revenue of A$363M Record operational cash build of $107M before investing $74M in growth and exploration $232M in closing cash, bullion and liquid invest
Slide 5: Sustained improvement in safety – 8% reduction in TRIFR
Sustained improvement in safety – 8% reduction in TRIFR 12 Month rolling Injury Frequency Rate 20 18.44 (injuries/million hours worked) 15 For personal use only 10 6.85 6.27 5 0 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 5 55
Slide 6: Rebuilding cash – record cash growth in Q3 FY25
Rebuilding cash – record cash growth in Q3 FY25 Proven recipe in the Murchison being applied to Southern Goldfields Quarterly cash, bullion and liquid investments position ($M) Two quarters to Two quarters to stabilise the stabilise the Record quarterly Six quarters of cash, bullion & merged For per
Slide 7: Production & Costs
Production & Costs 77,369 80,886 80,107 Gold production (oz) Southern Gold Fields 24,480 34,425 Production consistent Q on Q 52,100 52,795 37,201 Murchison Temporary increase in AISC due to 52,889 46,461 increased stockpile consumption, 42,906 For personal use only haulage and sustaining capital
Slide 8: FY25 Guidance maintained
FY25 Guidance maintained Production guidance to be achieved with increased Q4 FY25 output Q3 FY25 YTD FY25 FY25 Guidance Actual Actual For personal use only 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
Slide 9: Operational Results
For personal use only Operational Results Record cash generated from operations 9
Slide 10: Consistent group gold production Q on Q
Consistent group gold production Q on Q Higher mined grades offset by lower mined tonnes Ore Mined (Mt) Mined Grade (g/t) Ore Processed (Mt) Milled Grade (g/t) Gold Produced (koz) 1.30 2.1 80.1 1.12 1.00 2.7 2.4 2.5 1.29 1.34 2.1 2.1 2.1 77.4 80.9 For personal use only 0.94 2.3 0.86 52.8 0.64 Q4 Q1
Slide 11: Murchison
Murchison Lower gold production due to lower output Change in Mill gold production quarter on quarter (oz) from Fortnum 46,461 Lower outputs from Big Bell, offset by (797) 253 increased grade at Fender For personal use only Bluebird-South Junction tonnage up Q on Q but offset by lower grade (3
Slide 12: Substantial opportunity to leverage milling capacity
Substantial opportunity to leverage milling capacity Annualised Mill throughput rates achieved in Q3 Bluebird-South Junction achieved 450ktpa Capacity: 1,800 ktpa annualised in Q3 Ground conditions in the footwall have reduced footwall development rates, limiting access to For personal use only
Slide 13: Southern Goldfields
Southern Goldfields Change in Mill gold production quarter on quarter (oz) Beta Hunt & Two Boys head grade improvement drives Q on Q production increase at 37,201 Higginsville For personal use only Lakewood performed to expectation prior to shutdown ahead of divestment 4,275 34,425 Total AISC
Slide 14: Beta Hunt – expansion to >2Mtpa
Beta Hunt – expansion to >2Mtpa Infrastructure upgrades progressing Primary vent upgrades Adding two new primary fans to almost double For personal use only primary vent capacity Completion due in June 2025 Clean water supply Construction of pipework and pumping from Formidable Pit well pr
Slide 15: Balancing mine and mill capacity, reducing costs
Balancing mine and mill capacity, reducing costs Stockpiles used ~30% Higginsville capacity - only produced 10% of the gold Annualised Mill throughput rates Gold production in Q3 by ore On strategy sale of high-cost achieved in Q3 source & mill (oz) Lakewood mill for $70M cash and For personal use
Slide 16: Projects & Resource Development
For personal use only Projects & Resource Development Continued focus on growth 16
Slide 17: Great Fingall production in sight
Great Fingall production in sight Decline development progressing Primary ventilation installation completed in For personal use only Q3 FY25 Dewatering of historical workings continued First ore from virgin stopes expected in H1 FY26 Fingall Flats early mining opportunity progressed with
Slide 18: Murchison resource development highlights
Murchison resource development highlights Nightfall lode in Starlight UG 25m at 17.66g/t Au from 169m in NF1090GC14 15.47m at 23.53g/t Au from 82m in NF1120GC100 For personal use only 9.47m at 25.56g/t Au from 68m in NF1120GC89 Bluebird-South Junction 8.11m at 12.66 g/t Au from 166m in 2
Slide 19: Southern Goldfields resource development highlights
Southern Goldfields resource development highlights Fletcher resource definition program nearing completion 45.50m at 2.23g/t Au from 746m in WF440DD-37AE For personal use only 63.00m at 3.62g/t Au from 324m in WF490DD-51AE Fletcher Mineral Resource estimate on track for end of FY25 Wester
Slide 20: Financial results
For personal use only Financial results Balance sheet supports growth strategy 20
Slide 21: Record quarterly cash generation from operations
Record quarterly cash generation from operations Higher mined grades offset by lower mined tonnes Gold sold (koz) Realised gold price (g/t) AISC ($/oz) Net mine cash flow Closing Cash, Bullion & ($M) Investments ($M) 4,630 2,829 87 263 86.9 78.4 2,703 232 For personal use only 4,066 2,422 72.2 3,723
Slide 22: Record quarterly operational cash build
Record quarterly operational cash build Cash, Bullion, and Liquid Investments Movement (A$M) (14) $63M growth capital 6 (31) cash expenditure 73 (11) 232 For personal use only (31) 25 Paying down working capital balance 28 (32) (3) 179 85 25 152 $107M cash build (11) 157 $25M of the $70M in 17
Slide 23: Monthly cost performance
Monthly cost performance 120 4,000 110 Karora Transaction 3,148 3,500 2,796 2,791 2,754 3,000 2,619 2,490 2,643 2,542 2,561 100 2,309 2,209 2,342 2,370 2,198 2,622 2,500 For personal use only 1,983 90 2,230 2,000 1,842 80 80 75 75 76 74 0 70 69 71 70 -500 60 -1,000 48 50 -1,500 50 45 42 43 40 -2,000
Slide 24: $32M of $49M targeted annual synergies realised – so far
$32M of $49M targeted annual synergies realised – so far Work ongoing with further opportunities identified Realised savings Further opportunities identified in Q4 Pre-tax Synergies For personal use only ($M/annum) Accommodation services Corporate Management 21 Flights Supply chain commoditi
Slide 25: What's ahead?
For personal use only What's ahead? 25
Slide 26: Focus is the two growth engines – and cost reduction
Focus is the two growth engines – and cost reduction Murchison Southern Goldfields Portfolio For personal use only Bluebird-South Junction Beta Hunt Strategic Review Increase mine scale to 1.2Mtpa Expansion to >2Mtpa Rank assets across 3,200km2 land Reduce haulage Define Fletcher Zone hold
Slide 27: Westgold – the value proposition
Westgold – the value proposition Top 5 ASX / Top Financial Unhedged 10 TSX Producer Strength For personal use only One of Australia’s Robust balance sheet $2.9B market largest fully unhedged with $300M debt capitalisation[1] gold producers facility Investing in Shareholder Portfolio has Diversificat
Slide 28: Thank You
Investor Relations & Media For personal use only Kasun Liyanaarachchi Group Manager Investor Relations & Communications Kasun.Liyanaarachchi@westgold.com.au +61 458 564 483 Thank You www.westgold.com.au 28
Slide 29: Mineral Resource Statement: Operating Mines
Mineral Resource Statement: Operating Mines At 30 June 2024 [1],[2] Murchison Gold Operations (Rounded for reporting) Measured Indicated Measured and Indicated Inferred Total Tonnes Ounces Tonnes Ounces Tonnes Ounces Tonnes Ounces Tonnes Ounces Project Grade Grade Grade Grade Grade ('000s) Au ('000s
Slide 30: Mineral Resource Statement: Non-Operating Projects
Mineral Resource Statement: Non-Operating Projects At 30 June 2024 [1],[2] Murchison Gold Operations (Rounded for reporting) Measured Indicated Measured and Indicated Inferred Total Tonnes Ounces Tonnes Ounces Tonnes Ounces Tonnes Ounces Tonnes Ounces Project Grade Grade Grade Grade Grade ('000s) Au
Slide 31: Ore Reserves Statement: Operating Mines
Ore Reserves Statement: Operating Mines At 30 June 2024 [1],[2] Murchison Gold Operations (Rounded for reporting) Proven Probable Total Project Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Big Bell UG 9,808 1.48 467 4,898 3.10 4
Slide 32: Ore Reserves Statement: Non-Operating Projects
Ore Reserves Statement: Non-Operating Projects At 30 June 2024 [1],[2] Murchison Gold Operations (Rounded for reporting) Proven Probable Total Project Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Big Bell District 0 0.00 0 59 2.
Slide 33: Mineral Resource Updates
Mineral Resource Updates Bluebird-South Junction MRE at end of Q1 FY25[1] Grade Tonnes Ounces Classification (g/t Au) Measured 321,000 4.0 41,000 For personal use only Indicated 8,410,000 2.9 773,000 Inferred 6,238,000 2.8 556,000 Total 14,969,000 2.9 1,370,000 Starlight Open Pit & Underground MRE a
Slide 34: Ore Reserves Update: Bluebird-South Junction
Ore Reserves Update: Bluebird-South Junction At end of Q1 FY25 [1] Grade Classification Tonnes Ounces For personal use only (g/t Au) Proven 105,000 4.0 13,600 Probable 7,141,000 2.4 559,000 Total 7,246,000 2.5 573,000 1. See Westgold ASX Announcement 4 December 2024 – Westgold Doubles Bluebird - Sou