Westgold Resources Ltd · ASX:WGX
Westgold Resources — Investor Presentation (November 2026)
27 slides from Westgold Resources's investor presentation, Nov 11, 2026
Slide 1: Corporate Update
For personal use only Corporate Update ASX | TSX : WGX westgold.com.au
Slide 2: Important Notices and Disclaimer
Important Notices and Disclaimer For personal use only Investor Presentation Forward-looking Statements This investor presentation is dated 11 November 2026 and has been prepared by Westgold Resources Limited (ASX: WGX, TSX:WGX) This document contains “forward-looking information” and “forward-looki
Slide 3: Important Notices and Disclaimer
Important Notices and Disclaimer For personal use only Ore Reserves and Mineral Resources and other studies; (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 license
Slide 4: Westgold today
ASX:WGX - Westgold today For personal use only 4 operating hubs, long life assets, organic growth $1,040M $1.6B $5.1B Treasury1 Available liquidity Market capitalisation2 Debt free, unhedged Incl. undrawn $600M credit facility ASX | TSX : WGX FY27 Guidance3 FY29 Outlook3 Production 385 – 425koz 460
Slide 5: Turnaround delivered
Turnaround delivered For personal use only Margins and production increasing …and record treasury build 6,500 6,500 6,238 Achieved 6,000 6,000 gold price ($/oz) 5,500 5,500 $939M 5,000 5,000 4,387 4,500 4,500 AISC Margin 4,000 4,000 3,500 3,500 +49% p.a. 3,135 3,000 3,000 2,556 AISC ($/oz) 2,401 2,8
Slide 6: Building consistency and resilience
Building consistency and resilience For personal use only Four quarters of steady delivery, with stockpiles absorbing variability GOLD PRODUCTION Q1 FY27 AISC HIGH GRADE ORE STOCKPILES 402koz $2,912/oz 1 696kt 3 over the last four consecutive quarters below FY27 guidance of $2,980 – $3,380/oz2 up 51
Slide 7: Beta Hunt: mining is no longer the constraint
Beta Hunt: mining is no longer the constraint For personal use only Beta Hunt mining rate (Mtpa) Westgold ownership → 2.0 2Mtpa Record month in September 20261,2 1.7 1.6 Up from ≈1.4Mtpa under prior ownership 1.6 1.5 1.5 1.4 1.4 1.4 1.2 $33.3M 1.0 Infrastructure investment over two years3 0.8 Ventil
Slide 8: Westgold 4-5-6: fully funded growth
Westgold 4-5-6: fully funded growth For personal use only 4 5 6 Operating processing hubs ~500kozpa by FY29 >600kozpa pathway 5.7Mtpa installed capacity, increasing to >7Mtpa by Fully funded 3YO: 460–510koz at an AISC of $2,640– Fletcher Zone at Beta Hunt could add ~140kozpa – FY29 through the Cue (
Slide 9: Simultaneously funding growth and SH returns
Simultaneously funding growth and SH returns For personal use only Growth and shareholder returns funded from operating cash flow INVESTING AHEAD OF PRODUCTION GROWING SHAREHOLDER RETURNS BALANCE SHEET STRENGTH Group Non-Sustaining Capex Outlook ($M)1 $450-480M $430-460M $122M $1,040M Treasury4 capi
Slide 10: WGX derisked delivery & growth is mispriced
WGX derisked delivery & growth is mispriced For personal use only EV/EBITDA (FY27e)1,2 – ASX gold peers 9.4x 8.1x 7.2x 7.2x 6.5x 6.3x Highly attractive value proposition 5.1x 4.8x 3.1x 2.9x 2.8x 1. FY27e EBITDA sourced from S&P Visible Alpha. Market capitalisations as at 3 November 2026 sourced from
Slide 11: Near term price catalysts
Near term price catalysts For personal use only Clear, scheduled milestones as the 3-Year Outlook is delivered Q2 FY27 Q3 FY27 Q4 FY27 FY28 December 2026 quarter March 2027 quarter June 2027 quarter Southern Goldfields Beta Hunt studies Cue expansion Meekatharra expansion Integrated Beta Hunt and Fl
Slide 12: Westgold – the investment case
Westgold – the investment case For personal use only WHY INVEST IN WESTGOLD ASX: WGX? A leading Australian gold producer All Australian – Tier 1 jurisdiction 387koz FY26 production 4 hubs in Western Australia Q1 FY27: 98.4koz – on track for FY27 guidance of 385–425koz1 5.7Mtpa processing capacity, i
Slide 13: Investor Relations / 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 | TSX : WGX www.westgold.com.au 13
Slide 14: Long life mining assets – 10-year Reserve life
Long life mining assets – 10-year Reserve life 1 For personal use only 4 mines that have produced >1Moz Mineral Resources and Ore Reserves2(Moz) 14.4 Significant conversion Inferred 5.4 potential Added 1.5Moz of gross Reserves at $27/oz in FY26 Indicated 6.7 4.1 3.2 Probable Measured 2.3 0.9 Proven
Slide 15: 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 16: 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 $450-480M $430-460M Mining inventory ~$105M $390-410M ahead of production ~$130M ~$145M Southern Goldfields Proc
Slide 17: Key operating mines
For personal use only Key operating mines Long life mines 17
Slide 18: Murchison – Starlight
Murchison – Starlight For personal use only ~1Moz 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. 18
Slide 19: Murchison – Bluebird
Murchison – Bluebird For personal use only +1Moz producer ~1Mtpa mining rate 8-year Reserve life1 19 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 20: 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 21: 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 22: 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 22 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 23: 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 24: 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 25: 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 26: 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 27: Supporting data
Supporting data For personal use only Market Cap Enterprise Value Source: Source: Company FY27e EBITDA ($m) EV/EBITDA (FY27e) ($m) ($m) Cash & Debt FY27e EBITDA Northern Star Resources 34,578 34,235 4,252 8.1x September 2026 Quarterly Report Visible Alpha Evolution Mining 24,418 24,277 3,356 7.2x Se
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