Westgold Resources Ltd · ASX:WGX
Westgold Resources — Q4 FY25 Earnings Presentation
33 slides from Westgold Resources's earnings presentation, Jul 23, 2025
Slide 1: Q4 FY25 Quarterly Results
ASX | TSX : WGX For personal use only Westgold Resources Limited westgold.com.au Q4 FY25 Quarterly Results
Slide 2: Important Notices and Disclaimer
Important Notices and Disclaimer Investor Presentation without taking into account the recipient’s investment objectives, financial circumstances or particular needs. Each recipient must make his/her own independent assessment and investigation of Westgold and its business and assets when deciding i
Slide 3: Important Notices and Disclaimer
Important Notices and Disclaimer Ore Reserves and Mineral Resources of the Canadian Securities Administrators (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 presentation desc
Slide 4: Record Q4 FY25 and FY25
Record Q4 FY25 and FY25 FY25: 326,384oz @ AISC of 2,666/oz Q4: 88,022oz produced @ AISC of $2,688/oz For personal use only Q4: 71,500oz sold at an average price of A$5,174/oz, generating revenue of A$370M Q4: Record quarterly treasury build of $132M $364M in closing cash, bullion and liqui
Slide 5: Reduction in TRIFR by 10%
Reduction in TRIFR by 10% 20 18.44 12 Month rolling Injury Frequency Rate (injuries/million hours worked) 15 For personal use only 10 6.27 5.67 5 0 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 5
Slide 6: Rebuilding treasury – record growth in Q4 FY25
Rebuilding treasury – record growth in Q4 FY25 Proven recipe in the Murchison being applied to Southern Goldfields Quarterly cash, bullion and liquid investments position ($M) Two quarters to Two quarters to Record quarterly stabilise the cash, bullion and stabilise the Six quarters of cash, bullion
Slide 7: A record quarter
A record quarter 88,022 Gold production (oz) 77,369 80,886 80,107 Southern Gold Fields 33,211 24,480 34,425 37,201 Murchison 52,795 Record production of 88koz in Q4 52,889 54,811 46,461 42,906 For personal use only Increases in Murchison partially offset by fleet issues impacting Q4 FY24 Q1 FY25
Slide 8: Performance against FY25 Guidance
Performance against FY25 Guidance Full year production and costs marginally outside guidance range Q4 FY25 FY25 FY25 Guidance Actual Actual For personal use only Production (oz) 330,000 – 350,000 88,022 326,384 AISC (A$/oz) 2,400 – 2,600 2,688 2,666 Growth Capital (A$M) 200 39 199 Exploration (A$M)
Slide 9: Operational Results
For personal use only Operational Results Record cash generated from operations 9
Slide 10: Operations demonstrate portfolio capability
Operations demonstrate portfolio capability Mine productivity and milling throughputs lift in Q4 FY25 Ore Mined (Mt) Mined Grade (g/t) Ore Processed (Mt) Milled Grade (g/t) Gold Produced (koz) 1.26 1.41 2.1 88.0 1.12 2.4 2.3 2.5 2.3 1.29 1.34 1.30 2.1 2.1 2.1 77.4 80.9 80.1 For personal use only 1.0
Slide 11: Murchison
Murchison All mills exceeded production achieved in Q3 Change in Mill gold production quarter on quarter (oz) 54,811 Increased mine production from Bluebird- South Junction and improved grade and tonnes For personal use only 5,643 from Starlight 758 Total AISC of $138M (Q3 FY25: $136M) higher
Slide 12: South-Junction mine designed for longevity
South-Junction mine designed for longevity Transitioning to predominantly longitudinal open stoping appropriately mitigates risks in footwall ground 500RL conditions 405RL For personal use only Development minimised in ultramafic host 310RL rock Lower total development than transverse 215RL de
Slide 13: 60% of ore from Big Bell from Upper Cave in Q4
60% of ore from Big Bell from Upper Cave in Q4 Upper Cave Upper cave: ~4.5Mt @ ~1.7g/t Big Bell South exploration zone Lower cave: ~800kt @ 2.1g/t For personal use only Lower Cave Additional transverse mining from the Upper Cave enables Deeps capex deferral Big Bell Deeps Increasing mining r
Slide 14: Great Fingall production
Great Fingall production Fingall Flats mining commenced in Q4 FY25 For personal use only Dewatering of historical workings continued Decline development continuing to virgin levels First ore from virgin stopes expected in October 2025 14
Slide 15: Southern Goldfields
Southern Goldfields Beta Hunt and Two Boys both delivered higher tonnes mined quarter on quarter For personal use only 23% improvement in mined ounces from Two Boys Load and haul fleet reliability at Beta Hunt impacted mined grade Total AISC of $99M (Q3 FY25: $91M), the increased mining acti
Slide 16: Beta Hunt – expansion to >2Mtpa
Beta Hunt – expansion to >2Mtpa Infrastructure projects progressing Clean water supply Formidable pit pumping & piping delivers For personal use only reliable clean water supply - completed Increase pumping capacity out of the mine from 20l/s to 50l/s – commissioning early August 2025 Primar
Slide 17: Stage Fletcher – exceeds exploration target
Stage 1 Fletcher – exceeds exploration target Maiden Stage 1 Fletcher Resource of 31Mt @ 2.3g/t for 2.3Moz For personal use only Inclusion of Stage 1 Fletcher MRE effectively doubles the September 2024 Beta Hunt Mineral Resource Significant opportunity for resource extensions MRE drilling te
Slide 18: Driving Two Boys towards Trident – 1.2Moz past production
Driving Two Boys towards Trident – 1.2Moz past production HISTORICAL TWO BOYS For personal use only 87Koz @ 14.21g/t since 1933 Plan view of planned stoping & development 18
Slide 19: Financial results
For personal use only Financial results Balance sheet supports growth strategy 19
Slide 20: Record quarterly cash generation from operations
Record quarterly cash generation from operations Record quarterly gold production Gold sold (koz) Realised gold price (g/t) AISC ($/oz) Net mine cash flow Closing Cash, Bullion & ($M) Investments ($M) 86.9 5,174 2,703 2,829 2,688 171 364 For personal use only 72.2 78.4 71.5 4,066 4,630 2,422 3,723 2
Slide 21: Record quarterly treasury build
Record quarterly treasury build Cash, Bullion, and Liquid Investments Movement (A$M) 364 28 $39M on capital and $9M on exploration (10) For personal use only 49 (27) 96 Lakewood divestment: (12) $25M received in Q3 and (9) (7) $20M receive in Q4 with 240 232 (22) remaining $25M in Q2 20 28 89 (1
Slide 22: Monthly cost performance
Monthly cost performance 3,148 3,149 120 Merger 2,796 2,791 3,000 110 2,754 2,619 2,643 2,622 2,490 2,542 2,561 100 2,342 2,370 2,633 2,355 2,500 2,309 2,209 2,198 For personal use only 90 88 2,230 1,983 80 82 2,000 80 75 75 76 74 1,842 70 71 70 69 67 0 60 48 50 -500 50 45 42 43 40 38 40 38 35 35 -1
Slide 23: Targeted annual synergies exceeded
Targeted annual synergies exceeded $54M achieved vs $49M targeted Realised savings Pre-tax Synergies ($M/annum) Sale of Lakewood simplifies the For personal use only portfolio, avoids substantial capex Corporate Management 21 requirement, tailings limitations and saves ~$20M per annum (throughout
Slide 24: What's ahead?
For personal use only What's ahead? 24
Slide 25: Focus: sustained growth, lower costs, enhanced cashflow
Focus: sustained growth, lower costs, enhanced cashflow Murchison Southern Goldfields Portfolio For personal use only Increase Bluebird-South Expansion of Beta Hunt to Continue to drill – resource Junction mine scale to 1.2Mtpa >2Mtpa development and exploration Reduce haulage Grow Fletche
Slide 26: 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 $2.6B market largest fully unhedged with $300M debt capitalisation[1] gold producers facility Investing in Shareholder Portfolio has Diversificat
Slide 27: Thank You
For personal use only Investor Relations & Media Kasun Liyanaarachchi Group Manager Investor Relations & Communications Kasun.Liyanaarachchi@westgold.com.au +61 458 564 483 Thank You www.westgold.com.au 27
Slide 28: 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 29: 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 30: 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 31: 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 32: Mineral Resource Updates
Mineral Resource Updates Stage 1 Fletcher Zone - Mineral Resource Estimate at Bluebird-South Junction MRE at end of Q1 FY25[1] end of Q4 FY25[3] Grade Grade Tonnes Ounces Tonnes Ounces Classification (g/t Au) Classification (g/t Au) Measured 321,000 4.0 41,000 Measured 0 0.00 0 For personal use only
Slide 33: 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