Westgold Resources Ltd · ASX:WGX
Westgold Resources — Q1 FY2025 Earnings Presentation
30 slides from Westgold Resources's earnings presentation, Oct 31, 2024
Slide 1: Westgold Resources Limited Q1 FY25 Quarterly Results
ASX : WGX TSX : WGX Westgold Resources Limited westgold.com.au Q1, FY25 Quarterly Results
Slide 2: Important Notices and Disclaimer
Important Notices and Disclaimer Investor Presentation Summary Information This investor presentation is dated 31 October 2024 and has been prepared by Westgold Resources Limited (ASX: WGX, By reviewing or retaining these materials, or attending or participating in this presentation, you acknowledge
Slide 3: Important Notices and Disclaimer
Important Notices and Disclaimer Forward-looking Statements Ore Reserves and Mineral Resources This document contains “forward-looking information” and “forward-looking statements” which are based on the This presentation refers to Westgold having a combined Ore Reserve and Mineral Resource estimate
Slide 4: Important Notices and Disclaimer
Important Notices and Disclaimer JORC CODE It is a requirement of the ASX Listing Rules that the reporting of Ore Reserves and Mineral Resources in Australia comply with the JORC Code. Investors outside Australia should note that while Ore Reserve and Mineral Resource estimates of Westgold in this p
Slide 5: Q1, FY25 was transformational...
Q1, FY25 was transformational... $1.4B Merger with TSX Karora Resources completed on 1 August 2024 Becomes pro-forma +400kozpa producer Merger funded through growth and disciplined cash build from Murchison assets Westgold lists on TSX and rejoins S&P/ASX 200 100-day integration plan of So
Slide 6: ...and transitional to a larger business
...and transitional to a larger business Two months’ production from Southern Goldfields and three months’ production from Murchison LEGEND Operating mines FY25 +400 kozpa Au Processing plants Southern Goldfields Murchison + Western Australia Starlight Murchison Bluebird Fortnum Beta Hunt Higginsvil
Slide 7: Safety and Sustainability
Safety and Sustainability People and Place 7
Slide 8: Standardising safety culture
Standardising safety culture Additional resources deployed to support Southern Goldfields 8
Slide 9: People drive our business
People drive our business • Combined team of 2,100 • Positive workplace culture post-merger • Diversity and inclusion initiatives advancing in Q1 • Female participation increased from 12.5% to 14.6% • Male participation in primary and secondary carers leave increasing 9
Slide 10: Balance Sheet Strength
Balance Sheet Strength Key to growth strategy 10
Slide 11: Q1, FY25 waterfall chart
Q1, FY25 waterfall chart Cash, Bullion, and Liquid Investments Movement 8 11
Slide 12: Cashflow (continued)
Cashflow (continued) Cash, Bullion, and Liquid Investments Movement commentary Operating cash flows funded growth projects and the merger without drawing down on debt • Cash acquired of $32M from Karora on 1 August is net of the Macquarie debt repayment of $44M and related Culico Metals and Kali Met
Slide 13: Guidance
Guidance Gold production (oz) 1. Record production of 77,369oz (~90koz normalised for full three months of Southern Goldfields production) Achieved gold price ($/oz) 2. Mine operating cashflow margin of $1,301/oz (achieved gold price above the AISC) AISC ($/oz) 3. FY25 full year cost guidance mainta
Slide 14: FY25 Guidance Maintained
FY25 Guidance Maintained Outputs anticipated to increase in H2 FY25 • Production upside potential FY25 Guidance FY25 Q1 Actual o Third party ore purchase (Q2, FY25) o Polar Star Lode at South Junction Production (oz) 400,000 – 420,000 77,269 (H2, FY25) o Fletcher zone (H2, FY25) AISC (A$/oz) 2,000 –
Slide 15: Operational Results
Operational Results \\\WESTGOLD
Slide 16: Group Results – Q1, FY25
Group Results – Q1, FY25 Physical Summary Units Group ROM - UG Ore Mined t 941,508 UG Grade Mined g/t 2.4 ROM - OP Ore Mined t 70,388 OP Grade Mined g/t 2.1 Ore Processed t 1,289,561 Head Grade g/t 2.1 Recovery % 90 Gold Produced oz 77,369 Achieved Gold Price A$/oz 3,723 All-in Sustaining Costs A$/o
Slide 17: Murchison
Murchison Physical Summary Units Murchison ROM - UG Ore Mined t 650,066 UG Grade Mined g/t 2.4 ROM - OP Ore Mined t - OP Grade Mined g/t - Ore Processed t 878,890 Head Grade g/t 2.1 Recovery % 90 Gold Produced oz 52,889 Achieved Gold Price A$/oz 3,723 All-in Sustaining Costs A$/oz 2,294 Notional Cas
Slide 18: Southern Goldfields
Southern Goldfields Physical Summary Units Southern Goldfields ROM - UG Ore Mined t 291,442 UG Grade Mined g/t 2.3 ROM - OP Ore Mined t 70,388 OP Grade Mined g/t 2.1 Ore Processed t 410,671 Head Grade g/t 2.0 Recovery % 92 Gold Produced oz 24,480 Achieved Gold Price A$/oz 3,723 All-in Sustaining Cos
Slide 19: Investing in Growth
Investing in Growth \\\WESTGOLD
Slide 20: Investing in Growth
Investing in Growth $14M Q1 Total Capital expenditure includes: $39M in growth capital $8M CAPITAL ALLOCATION planned expansions at key producing assets $1M $19M in plant and equipment $5M Processing facilities ($5M) $5M Paste plant ($5M) $39M Camp upgrades ($1M) and other ($8M) Plant
Slide 21: Exploration and Resource Development
Exploration and Resource Development Unleash the drills 21
Slide 22: Extending mine lives
Extending mine lives Q1 Resource Definition Drilling Programmes • Surface drilling: • South Junction (2-3 rigs) • UG Drilling: • Bluebird-South Junction (2 rigs) • Fletcher (2-3 rigs) • Big Bell (1 rig) • Starlight (2 rigs) 22
Slide 23: Bluebird – South Junction: From 0.5 to 1.2 Mtpa
Bluebird – South Junction: From 0.5 to to 1.2 Mtpa • Updated Mineral Resource Estimate of 11Mt at 2.8g/t Au for 960koz featuring a Measured and Indicated component of 4.7Mt at 3.1g/t Au for 465koz Au • Bluebird – South Junction Ore Reserve increased to 3.0Mt @2.8g/t Au for 277koz • Upside in Polar S
Slide 24: Beta Hunt from 1.6Mtpa to >2Mtpa
Beta Hunt from 1.6Mtpa to >2Mtpa • 7km footprint - Southern 3 km largely untested • 4 key orebodies to-date o Western Flanks the largest (~1.6Moz)1 • Orebodies offset - along the Alpha Island Fault (AIF) • Current Mineral Resources of 30.59Mt @ 2.7g/t Au for 2.65Moz1 • Current Ore Reserve of 6.24Mt
Slide 25: Beta Hunt – A Zone and Western Flanks to >2Mtpa
Beta Hunt – A Zone and Western Flanks to >2Mtpa • Fletcher potential identified in 2016: o not advanced until 2023 • Parallel structure to the 1.6Moz Western Flanks – same style of mineralisation ~300m to west • Outstanding early drill results returned over 2km of strike1 • Fletcher Exploration Targ
Slide 26: The next suite of assets
The next suite of assets Greenfields Activities 10,686m of AC drilling: o Testing early-stage targets including Nannine (Meekatharra) and Labouchere (Fortnum) o Assay results pending Q2 Development of RC drilling programs: o Test advanced targets: Mountain View (Cue), Champion (Meekatharra), Pea
Slide 27: What's ahead?
What's ahead? \\WESTGOLD | 27
Slide 28: Focus on the two growth engines – and cost reduction
Focus on the two growth engines – and cost reduction Murchison Southern Goldfields Portfolio Bluebird-South Junction Beta Hunt Strategic Review • Increase mine scale to 1.2Mtpa • Expansion to >2Mtpa • Rank assets across 3,200km2 land • Reduce haulage from Cue • Define Fletcher Zone holdings • Increa
Slide 29: Westgold – A compelling value proposition
Westgold – A compelling value proposition Top 5 ASX / Top Financial Unhedged 10 TSX Producer Strength One of Australia’s Robust balance sheet Production capacity of largest fully unhedged with $300M in +400,000 ozpa gold producers undrawn debt facility Investing in Shareholder Portfolio has Diversif
Slide 30: Thank You
Investor Relations Annette Ellis Investor Relations Manager Thank You Annette.ellis@westgold.com.au +61 458 200 039 Media Peter Knight www.westgold.com.au Communications Manager peter.knight@westgold.com.au +61 459 980 481