Westgold Resources Ltd · ASX:WGX
Westgold Resources — Shareholder Meeting (2023)
18 slides from Westgold Resources's shareholder meeting presentation, 2023
Slide 1: 2023 Annual General Meeting – Westgold Resources Limited
ASX:WGX westgold.com.au 2023 ANNUAL GENERAL MEETING WESTGOLD RESOURCES LIMITED
Slide 2: Disclaimer
Disclaimer COMPLIANCE STATEMENT The information in this report that relates to Exploration Results is compiled by Westgold technical employees and contractors under the supervision of Mr. Simon Rigby B.Sc. (Hons), who is a member of the Australian Institute of Geoscientists. Mr Rigby is a full-time
Slide 3: Acknowledgement of traditional ownership
Acknowledgement of traditional ownership Westgold would like to acknowledge the Traditional Custodians of the land on which we gather today and pay our respects to their Elders past and present. We would also like to extend that respect to Aboriginal and Torres Strait Islander peoples here today.
Slide 4: Westgold – Reinvigorating the Murchison
Westgold – Reinvigorating the Murchison MURCHISON OPERATIONS BRYAH OPERATIONS 4
Slide 5: The Board
The Board Hon. Cheryl Edwardes AM Wayne Bramwell Julius Matthys Fiona Van Maanen Gary Davison David Kelly Independent Managing Independent Independent Independent Independent Non-Executive Chair Director Non-Executive Non-Executive Non-Executive Non-Executive Director Director Director Director Mast
Slide 6: Corporate Snapshot
Corporate Snapshot Corporate Structure Major Shareholders Shares on Issue1 473.6M 71% Performance Rights on Issue1 3.7M 52% Australia 12 Month Trading Range2 A$2.12 – A$0.72 Others 29% 71% Institutions Avg Liquidity / day2,3 ≈1.8M shares 23% North America Cash, Bullion and Investments1 A$217M 22% Eu
Slide 7: FY23 – A Turnaround Year
FY23 – A Turnaround Year 63% reduction to TRIFR of 8.37 in FY23 Story of two halves - H1 stabilise and reset, H2 building cash Record production at the Bluebird & Big Bell mines Increase in exploration investment grows Mineral Resource after depletion to 8.3Moz Top end of production guidance and mid
Slide 8: Material improvement in Westgold's approach to safety
Material improvement in Westgold’s approach to safety Westgold maintains its TRIFR in Q1 FY24, following a 63% improvement over FY23 15 -63% 25 22.91 12 Month rolling Injury Frequency Rate 12 18.44 20 Total Recordable Injury (TRI) count (injuries/million hours worked) 14.36 9 15 6 9.03 8.82 10 8.37
Slide 9: FY23 Sustainability highlights
FY23 Sustainability highlights Diversity key to becoming a Reducing our emissions The people we impact The lands we work on progressive gold miner • 12% of Westgold’s employees • Commenced transition to • 63% reduction of TRIFR in FY23 • No significant identify as female Hybrid power (gas, solar & •
Slide 10: FY23 - a tale of two halves
FY23 - a tale of two halves $2M build in Cash, Bullion & Liquids position achieved in FY23 through a $33M uplift in the second half FY23 FY24 217 +$2M 25 190 192 H1 24 H2 31 -$31M +$33M ($M) 9 0 FY23 Opening Q1 Q2 Q3 Q4 FY23 Closing Q1 Q1 FY24 Cash, Bullion movement movement movement movement Cash,
Slide 11: Cash build driven by sustained cost reduction over multiple quarters
Cash build driven by sustained cost reduction over multiple quarters $17M reduction in AISC in H2 vs H1 FY23 & Q4 FY23 total AISC maintained in Q1 FY24 Q1 FY23 Q2 FY23* Q3 FY23 Q4 FY23 Q1 FY24 $139m - $2,106/oz $126m - $2,032/oz $127m - $2,094/oz $122m - $1,780/oz $122m - $1,935/oz Reset plan activa
Slide 12: $19M investment in drilling grows Resource - a first since FY17
$19M investment in drilling grows Resource - a first since FY17 Mineral Resource improved in size and quality in FY23 +7% 9,857 2.39 9,345 9,118 2.24 2.22 2.14 2.17 8,799 2.10 2.11 +4% 8,250 7,947 7,940 2017 2018 2019 2020 2021 2022 2023 12 Resource Grade (g/t) Resource Oz (koz)
Slide 13: Internal growth opportunities in FY24
Internal growth opportunities in FY24 Decline development commenced in October 2023 8-year mine life with first ore scheduled for H1, FY25 Great Fingall +45koz pa Au production at All-In Cost (AIC) ≈$1,801/oz Early development likely to intersect previously discovered linking reef structures
Slide 14: Hybrid power – future proofing our mines
Hybrid power – future proofing our mines Commissioning status of hybrid power stations Power Facility Gas Solar Battery Comments Tuckabianna Operational since early Aug 2023 Gas, battery and solar commissioned in Fortnum October 2023 Gas commissioned in October 2023, Big Bell with solar and battery
Slide 15: Dividend Policy for FY24 – based on FCF
Dividend Policy for FY24 – based on FCF Confidence in the turnaround of Westgold supports revision of the Dividend Policy FY24 Dividend Policy1: $ $ • pay a minimum dividend of 1cps (A$0.01/share) each financial year • up to a maximum of 30% of free cash flow Following criteria apply: Westgold mai
Slide 16: Westgold establishes $100M Revolving Corporate Facility
Westgold establishes $100M Revolving Corporate Facility “Westgold is confident in the trajectory of our business and see the support of two tier one international financiers, such as ING Bank and Societe Generale as strong validation of the Company’s growth plans. With $217M1 of cash and bullion at
Slide 17: FY24 – the plan ahead
FY24 – the plan ahead Production and Cost Guidance FY24 Strategy OPERATION FY24 Group Guidance Continue free cash flow generation Production (oz) 245,000 -265,000 Continue to safely and efficiently optimise AISC ($/oz) $1,800-2,000 our assets Growth Capital ($M)1 $130 Exploration ($M)2 $25 Continue
Slide 18: Thank you for attending the 2023 AGM
Thank you for attending the 2023 AGM Investor Relations kasun.liyanaarachchi@westgold.com.au Media peter.knight@westgold.com.au www.westgold.com.au ASX : WGX 18