Westgold Resources Ltd · ASX:WGX
Westgold Resources — Mining Forum Americas (September 2026)
46 slides from Westgold Resources's conference presentation, Sep 28, 2026
Slide 1: Westgold 4-5-6
For personal use only MINING FORUM AMERICAS Westgold 4-5-6 4 operating hubs - ~500koz by FY29 - pathway beyond 600koz ASX | TSX: WGX 28 September 2026 westgold.com.au
Slide 2: Important Notices and Disclaimer
Important Notices and Disclaimer For personal use only Investor Presentation from, or for any omissions from the presentation, except liability under statute that cannot be excluded. This investor presentation is dated 28 September 2026 and has been prepared by Westgold Resources Limited (ASX: WGX,
Slide 3: Important Notices and Disclaimer
Important Notices and Disclaimer For personal use only Ore Reserves and Mineral Resources (iv) changes to proposed mine plans; (v) the evaluation of mine plans subsequent to the date of any estimates; and (vi) the possible failure to receive required permits, approvals and licenses. The information
Slide 4: Westgold
For personal use only Westgold ASX 100 gold producer 4
Slide 5: Westgold overview
ASX:WGX - Westgold overview For personal use only 4 operating hubs, long life assets, organic growth Market Capitalisation Available Liquidity US$3.7B US$1.1B Mineral Resources1 Ore Reserves1 14.4Moz 4.1Moz FY27 Production Guidance2 FY27 AISC Guidance2 385 – 425koz US$2,047 - 2,322/oz FY29 Productio
Slide 6: Strong platform for growth
For personal use only Strong platform for growth 6
Slide 7: 300kozpa now behind us
300kozpa now behind us For personal use only Turnaround sees margins and production increasing …and record treasury build 4,500 4,400 4,285 Achieved 4,200 gold price (US$/oz) 4,000 4,000 3,800 3,600 3,500 3,400 US$645M 3,200 3,013 3,000 3,000 AISC Margin 2,800 2,600 2,500 2,400 +49% p.a. 2,200 2,153
Slide 8: Long life mining assets – 10-year Reserve life
Long life mining assets – 10-year Reserve life 1 For personal use only Our key mines are long life1 Mineral Resources and Ore Reserves2(Moz) 14.4 Significant conversion potential Inferred 5.4 Added 1.5Moz of gross Reserves at US$19/oz in FY26 Indicated 6.7 4.1 3.2 Probable Measured 2.3 0.9 Proven Mi
Slide 9: 500kozpa milestone ahead
500kozpa milestone ahead For personal use only 4 4.1Moz >US$103M Fully funded Exploration + resource Operating hubs Group Ore Reserve1 Organic growth plan definition2 +41% during FY26, post asset Across the Three-Year Investment ahead of 5.8Mtpa installed capacity sale adjustments Outlook production
Slide 10: The 4-5-6 Strategy
For personal use only The 4-5-6 Strategy Fully funded organic growth plan 10
Slide 11: Westgold's 4-5-6 Strategy
Westgold’s 4-5-6 Strategy 1 For personal use only US$2,322/oz US$2,335/oz US$2,061/oz OPERATING HUBS 4 Across the Murchison and Southern Goldfields of Western Australia. US$2,047/oz US$2,061/oz US$1,813/oz >600koz ~500kozpa BY FY29 5 A detailed plan to lift production of its operating hubs to circa
Slide 12: The Murchison – bigger mines need bigger mills
The Murchison – bigger mines need bigger mills For personal use only More mining fronts + optimised feed grades + expanded processing capacity Great Fingall + Big Bell Deeps Higher-grade feed for the Cue hub CUE HUB1 DELIVERABLES 1.4Mtpa → 1.7Mtpa 7.2Mtpa Group Murchison Open Pit Program Processing
Slide 13: Defined milestones support delivery through FY29
Defined milestones support delivery through FY29 For personal use only Key projects and their timing to affect the 3-Year Outlook (3YO) FY26 FY27 FY28 FY29 Cue Hub 1.7Mtpa Capacity Engineering/Construction CXP 1.4Mtpa Meekatharra Hub MXP Engineering/Construction 2.9Mtpa Capacity Murchison 1.8Mtpa Po
Slide 14: Committed to growth + shareholder returns
Committed to growth + shareholder returns For personal use only US$83M in total Shareholder Capital Returns for FY261 6.9cps Fully Franked Dividend +329% FY26 dividend of 6.9cps is 400% above the minimum annual dividend commitment of 1.4cps in FY26 US$83M Total payment of US$65M - representing 1
Slide 15: The upside – Beyond 4-5-6
For personal use only The upside Beyond 4-5-6 15
Slide 16: 4-5-6 Upside
4-5-6 Upside For personal use only The 3YO is an executable baseline – the upside is tangible Murchison Murchison Murchison Latest open pit drilling delivers new Polar Star outperformance above Big Bell Deeps – starts before targets current mine schedule planned FY28 inclusion Big Bell South + Paddy
Slide 17: Southern Goldfields – pushes Group to +600kozpa
Southern Goldfields – pushes Group to +600kozpa For personal use only Fletcher Zone @ Beta Hunt the driver 1.1Moz 3.0Moz Maiden Ore Reserve1 Updated Mineral Resource1 ≈140kozpa >600kozpa Conceptual steady-state addition Potential Group production platform 7 drill rigs operating today at Beta Hunt 1.
Slide 18: Optimising the Southern Goldfields
Optimising the Southern Goldfields For personal use only DEFINE PLAN COMPARE SELECT DELIVER Scale + continuity Mine optimisation Processing pathways Preferred configuration Development pathway • Resource definition • Mine to surface • Capacity and capital • Whole-of-group • Approvals and FID drillin
Slide 19: Value gap presents opportunity
For personal use only Value gap presents opportunity 19
Slide 20: Globally significant investment value proposition
Globally significant investment value proposition For personal use only Westgold’s growth is mispriced EV/Production (FY27e)1,2 – ASX and TSX gold peers (US$/oz) 30,575 27,259 24,230 Highly attractive value 20,520 proposition with significant leverage to 18,175 the gold price 15,713 15,183 14,622 13
Slide 21: A leading FCF yield opportunity
A leading FCF yield opportunity For personal use only Forecast FCF Yield – ASX and TSX gold peers (FY29e)1,2 25% 18% 14% 14% 12% 11% 11% 11% 10% 9% 9% 8% 7% 7% 7% 4% 1. FY29e FCF sourced from S&P Visible Alpha. Westgold FCF based on 3-year outlook using a A$6,000/oz gold price. Market capitalisation
Slide 22: Why own Westgold?
For personal use only Why own Westgold? 22
Slide 23: So why own Westgold?
So why own Westgold? For personal use only Self funding growth and returns to shareholders UNDERVALUED RE-RATE POTENTIAL TODAY SCALE + LOWER COSTS Peer discount across Growth + returns + upside Reserve, EV and RESERVE Cashflow needs earnings metrics CONVERSION Scale & Margin 26 rigs active Substanti
Slide 24: Westgold 4-5-6
Westgold 4-5-6 For personal use only A simple strategy to deliver value to shareholders 4 5 6 OPERATING HUBS ~500kozpa BY FY29 >600kozpa PATHWAY Long-life Western Australian assets Fully funded brownfield growth with Fletcher and tangible upside beyond with established infrastructure lower AISC expe
Slide 25: Investor Relations and Media contacts
For personal use only Investor Relations Media Kasun Liyanaarachchi Annette Ellis Group Manager Investor Relations & Communications Manager Corporate Affairs Kasun.Liyanaarachchi@westgold.com.au Annette.Ellis@westgold.com.au +61 458 564 483 +61 458 200 039 ASX:WGX – A fully funded organic growth pla
Slide 26: Appendix
For personal use only Appendix
Slide 27: Liquid unhedged ASX100 gold producer
ASX:WGX - liquid unhedged ASX100 gold producer ASX:WGX - liquid & unhedged ASX100 gold producer For personal use only Shareholder composition4 Shares Outstanding1 944.1M Retail 83% 10% 4% 17% Rest of World Market Capitalisation2 US$3.7B 6% 30% North America 6% Average daily trading volume2 3.7M 15%
Slide 28: Organic Expansion
For personal use only Organic Expansion Self funded growth 28
Slide 29: Bigger mills drive stronger economics
Bigger mills drive stronger economics For personal use only Cue Hub1 Meekatharra Hub2 Higginsville Hub3 1.4Mtpa → 1.7Mtpa 1.8Mtpa → 2.9Mtpa Excluded from 3YO 21% increase in capacity 61% increase in capacity Study stage — capital to be defined 15kozpa production uplift 47kozpa production uplift New
Slide 30: Processing capacity increases to >7Mtpa
Processing capacity increases to >7Mtpa For personal use only Murchison first - Southern Goldfields to follow with Fletcher Group Milling Capacity +24% 7.2Mtpa PRIORITISED 6.7Mtpa EXPANSION 0.9Mtpa Fortnum Hub 5.8Mtpa 0.9Mtpa Process growing Murchison ore inventories 0.9Mtpa 2.9Mtpa Meekatharra Hub
Slide 31: Investing ahead of production
Investing ahead of production 1 For personal use only FY27 is the peak investment year - capital declining as major projects progress Group capex outlook by region WHAT THE CAPITAL BUILDS US$310-330M US$295-315M Mining inventory ~US$75M US$270-280M ahead of production ~US$90M ~US$100M Southern Goldf
Slide 32: Key operating mines
For personal use only Key operating mines Long life mines 32
Slide 33: Murchison – Starlight
Murchison – Starlight For personal use only ~950koz producer Matched mine & mill 4-year Reserve life1 1. Reserve life has been calculated from Ore Reserve ounces as at 30 June 2026 for the associated mine and dividing it by its corresponding contained ounces mined in FY26. 33
Slide 34: Murchison – Bluebird-South Junction
Murchison – Bluebird-South Junction For personal use only +1Moz producer ~1Mtpa mining rate 8-year Reserve life1 34 1. Reserve life has been calculated from Ore Reserve ounces as at 30 June 2026 for the associated mine and dividing it by its corresponding contained ounces mined in FY26.
Slide 35: Murchison – Great Fingall
Murchison – Great Fingall For personal use only +1Moz producer High grade feed to Cue 8 year mine life1 1. Great Fingall mine life was sourced from the Great Fingall FID (refer to ASX announcement titled “Great Fingall Approved for Development” dated 9 August 2023) as the mine was not in commercial
Slide 36: Murchison – Big Bell trend
Murchison – Big Bell trend For personal use only +1Moz producer Deeps to provide grade lift 12-year Reserve life1 1. Reserve life has been calculated from Ore Reserve ounces as at 30 June 2026 for the Big Bell UG mine (excl. Fender) and dividing it by its corresponding contained ounces mined in FY26
Slide 37: Southern Goldfields – Beta Hunt
Southern Goldfields – Beta Hunt For personal use only 5.4Moz Resource Fletcher to double mining rate 7 km strike length 1.6Moz Reserve 16-year Reserve life1 7 rigs drilling 37 1. Reserve life has been calculated from Ore Reserve ounces as at 30 June 2026 for the associated mine and dividing it by it
Slide 38: Inventory Growth
For personal use only Inventory Growth FY26 Reserves and Resources 38
Slide 39: FY26 Group Reserves and Resources
FY26 Group Reserves and Resources 1 For personal use only Ore Reserves Mineral Resources 4.1Moz 41%1 YoY 14.4Moz 8%2 YoY 57Mt at 2.22g/t Au — grade up 15% from 1.93g/t in FY25 194Mt at 2.30g/t Au — grade up from 2.18g/t in FY25 Third consecutive year of Reserve growth after mining depletion Meas
Slide 40: Steady build in Ore Reserves since FY23
Steady build in Ore Reserves since FY23 1 For personal use only Drilling success is compounding 4.1 Third consecutive year of Reserve growth +28% p.a. after mining depletion, since increased 3.5 drilling investment began in FY23 3.3 1.5Moz of gross Ore Reserve additions delivered organically in
Slide 41: Fletcher continues to grow
Fletcher continues to grow 1 For personal use only 1.1Moz Maiden Ore Reserve within two years of Beta Hunt acquisition Fletcher Mineral Resource Fletcher Indicated Resource Fletcher Maiden Ore Reserve 3.0Moz 1.6Moz 1.1Moz 30% YoY 426% YoY 40.1Mt at 2.3g/t Au 18Mt at 2.7g/t Au 13.5Mt at 2.6g/t Au Res
Slide 42: Mineral Resource Statement: Operating Mines
Mineral Resource Statement: Operating Mines For personal use only At 30 June 2026[1] 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
Slide 43: Mineral Resource Statement: Non-Operating
Mineral Resource Statement: Non-Operating For personal use only At 30 June 2026[1] 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 ('
Slide 44: Ore Reserves Statement: Operating Mines
Ore Reserves Statement: Operating Mines For personal use only At 30 June 2026[1] 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 6,329 1.72
Slide 45: Ore Reserves Statement: Non-Operating
Ore Reserves Statement: Non-Operating For personal use only At 30 June 2026[1] 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 124 2.
Slide 46: Supporting data
Supporting data For personal use only Market Cap Enterprise Value EV/FY27E Prod Source: Source: Source: Company FY27E Prod FY29E FCF EV/FY27E Prod ($/oz) FCF (FY29e) Yield ($m) ($m) (US$/oz) Cash & Debt FCF FY29e FY27e Production June 2026 Quarterly Northern Star Resources 31,409 31,037 1,569koz $2,
Westgold Resources — Mining Forum Americas (September 2026) on 6ix