Westgold Resources Ltd · ASX:WGX
Westgold Resources — Merger or Acquisition (June 2023)
13 slides from Westgold Resources's merger presentation, Jun 6, 2023
Slide 1: Takeover Offer For Musgrave Minerals Limited
WESTGOLD RESOURCES LIMITED (ASX: WGX) For personal use only Takeover Offer For Musgrave Minerals Limited (ASX: MGV) WAYNE BRAMWELL | MANAGING DIRECTOR 06 JUNE 2023 WWW.WESTGOLD.COM.AU
Slide 2: Important Notice and Disclaimer
Important Notice and Disclaimer Important: You must read the following before continuing: The following notices and disclaimers apply to this document and you are therefore advised to read this carefully before reading or making any other use of this document or any information contained in this doc
Slide 3: Important Notice and Disclaimer
Important Notice and Disclaimer Westgold Project Information The information in relation to the Mineral Resources and Ore Reserves of Westgold is extracted from the Westgold announcement “Resources and Reserves Statement 2022”. Refer to the ASX release on 23 September 2022 for the Westgold “Resource
Slide 4: A Better Option for Musgrave Shareholders
A Better Option for Musgrave Shareholders “Westgold’s view is that Musgrave’s plan to construct a new, small For personal use only processing plant within close trucking distance of two established larger processing plants is ambitious. Their proposed development path costing $121 million in startup
Slide 5: An Established and Well Funded Gold Producer
ASX : WGX – An Established and Well Funded Gold Producer 240koz to 260koz For personal use only FY23 Production Guidance1 A$1,900 to A$2,100 per ounce FY23 AISC Guidance1 7.9Moz Mineral Resource, 2.1Moz Ore Reserve R&R as at 30 June 20222 Strong Balance Sheet, Generating Free Cash Flow A$168M of cas
Slide 6: Westgold Offer To Acquire Musgrave
Westgold Offer To Acquire Musgrave For personal use only ▪ Westgold to acquire Musgrave Minerals Limited (ASX:MGV), owner of the Cue Gold Project located proximal to Westgold’s Murchison Operations, via an all-scrip off-market takeover ▪ Musgrave’s Cue Gold Project hosts a Mineral Resource of 12.3Mt
Slide 7: Transaction Overview
Transaction Overview For personal use only ▪ Westgold to acquire all of the issued outstanding ordinary Structure shares in Musgrave via an all-scrip off-market takeover (the “Offer”) ▪ Offer price of $0.30 per share ▪ 1 Westgold share for every 5.37 Musgrave shares held Offer ▪ Offer price implies
Slide 8: Compelling Offer Premium
Compelling Offer Premium1,2,3,4 Implied Offer price of $0.30 / share For personal use only 30.5% 33.0% 41.3% $0.229 $0.225 $0.212 5-day VWAP 30-day VWAP 180-day VWAP 1. All volume weighted average prices (VWAP) have been calculated from 2 June 2023, the last day before the loss of confidentiality af
Slide 9: Significant Benefits for Musgrave Shareholders
Significant Benefits for Musgrave Shareholders Strong Strategic Rationale ✓ Westgold’s 1.4Mtpa Tuckabianna mill and 1.8Mtpa Bluebird mill are located 40km and 120km to the north of Musgrave’s Cue Gold Project respectively Fast tracking development of the Cue ✓ Westgold has a proven operational track
Slide 10: Combination creates a ~$940M Australian gold producer
Combination creates a ~$940M1 Australian gold producer with… For personal use only 8.8Moz of combined Gold Mineral Resources2 Potential to increase annual production to 290-300koz of gold3 Potential to reduce AISC through economies of scale and incremental production from Musgrave’s shallow, high gr
Slide 11: Transaction Process & Timing
Transaction Process & Timing For personal use only Bidder’s statement Bidder’s statement sent to Offer open lodged with ASX Musgrave shareholders Imminent Two weeks post ASX lodgement Open for at least one month 11
Slide 12: Summary
Summary Westgold to acquire Musgrave via an all- For personal use only scrip, off market takeover Materially de-risks Musgrave’s Cue Gold Project by leveraging Westgold’s established processing infrastructure Logical, capital efficient consolidation rationale that enhances value of combined group Mu
Slide 13: Want to know more?
Want to know more ? For personal use only Investor Relations kasun.liyanaarachchi@westgold.com.au Media peter.knight@westgold.com.au www.westgold.com.au ASX : WGX 13
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