Westgold Resources Ltd · ASX:WGX
Westgold Resources — Q2 FY26 Earnings Presentation
27 slides from Westgold Resources's earnings presentation, Jan 21, 2026
Slide 1: Q2 FY26 Quarterly Results
For personal use only Q2 FY26 Quarterly Results westgold.com.au ASX | TSX : WGX
Slide 2: Important Notices and Disclaimer
Important Notices and Disclaimer Investor Presentation This presentation is in summary form and does not purpose to be exhaustive. Westgold makes no representation or warranty (either expressed or implied) as to the accuracy, reliability or completeness of the information in this presentation. Westg
Slide 3: Important Notices and Disclaimer
Important Notices and Disclaimer 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 in this presentation t
Slide 4: Record cash and production in Q2 FY26
Record cash and production in Q2 FY26 Highlights $365M $654M $182M For personal use only Underlying cash build1 Closing cash, bullion & liquids increase in cash, bullion and liquids in Q2 111,418oz $2,945/oz $3,500/oz Gold Production AISC ex. OPA AISC inc. OPA 1. Before one off items (debt repayment
Slide 5: Momentum building
Momentum building Systematically optimising the portfolio Quarterly cash, bullion and liquid investment build ($M) Two quarters to stabilise the merged 654 For personal use only business 182 +$290M 108 263 132 (160) 80 49 FY25 Opening Q1 Q2 Q3 Q4 Q1 Q2 Q2 FY26 Closing Cash, Bullion & FY25 FY25 FY25
Slide 6: Year Outlook - Pathway to 470koz with reducing AISC
3 Year Outlook - Pathway to 470koz with reducing AISC A high confidence, executable baseline for Westgold Production and AISC outlook Capital outlook 2,666 2,750 2,456 2,499 A$307M For personal use only A$270M 470 420 A$225M 365 A$199M 164 326 139 130 129 281 306 235 A$43M A$50M A$50M A$50M 197 FY25
Slide 7: FY26 - guidance maintained
FY26 - guidance maintained Q2 FY26 H1 FY26 FY26 Guidance For personal use only Production (oz) 111,418 195,355 345,000 – 385,000 AISC exc. OPA (A$/oz) 2,945 2,871 2,600 – 2,900 83% of avg. gold OPA Cost ($M) 128 141 price (ie. 17% margin) Non-sustaining capital 48 108 270 (A$M) Exploration (A$M) 6 1
Slide 8: Operational Results
For personal use only Operational Results 8
Slide 9: Record production - margins maintained
Record production - margins maintained 111,418 Gold production (oz) Production efficiency 88,022 30,484 80,886 83,937 Southern Gold Fields 80,107 improvements expected to Murchison 33,211 30,797 continue, though increased 34,425 37,201 planned maintenance expected in 80,934 54,811 For personal use
Slide 10: Operational performance lifts in Q2
Operational performance lifts in Q2 Murchison operations outperform and deliver record group outputs Ore Mined (Mt) Mined Grade (g/t) Ore Processed (Mt) Milled Grade (g/t) Gold Produced (koz) 2.4 1.53 2.4 111.4 1.26 1.23 1.19 2.5 2.3 1.41 2.2 1.36 2.1 2.1 2.1 For personal use only 1.30 1.00 88.0 80.
Slide 11: The Murchison
The Murchison All hubs outperformed quarter on quarter Change in gold output by hub quarter on quarter (oz) 80,934 Meekatharra hub production increased - 4,078 with the soft oxide pit ore from the OPA For personal use only enabling processing at an annualised rate of 17,363 over 2Mtpa (historica
Slide 12: Bluebird-South Junction UG
Bluebird-South Junction UG Mine design updated & paste fill commissioned Finalised South Junction mine design For personal use only Typical South Junction level design South Junction orebody Bluebird paste plant 12
Slide 13: HG oxide lifts milling rates at Meekatharra
HG oxide lifts milling rates at Meekatharra Crown Prince (high grade oxide pit) - 33km from Westgold processing infrastructure Crown Prince Pit operated by New Murchison Gold (ASX:NMG) – For personal use only softer, higher-grade oxide ore being delivered to Meekatharra hub under ore purchase ag
Slide 14: The Southern Goldfields
The Southern Goldfields Q2 production steady at 30,484oz (Q1: 30,797oz) Beta Hunt mining rate higher, grade slightly lower - 396kt at 2.2g/t for 27,603oz (Q1: 381kt at 2.3g/t for 27,642oz) For personal use only Key infrastructure upgrades completed in Q1 enabling increased underground developm
Slide 15: Financial results
For personal use only Financial results 15
Slide 16: Strong cash generation from operations
Strong cash generation from operations Gold sold (koz) Realised gold price ($/oz) AISC inc. OPA ($/oz) Net mine cash flow Closing Cash, Bullion & ($M) Investments ($M) 115.2 6,356 3,500 265 654 94.9 5,174 5,296 2,829 2,861 For personal use only 2,688 4,630 472 78.4 171 71.5 362 133 87 232 Q3 Q4 Q1 Q
Slide 17: $365M underlying cash build
$365M underlying cash build 1 Cash, Bullion, and Liquid Investments Movement (A$M) +$182M (14) (13) 4 32 (35) 649 654 For personal use only 88 (13) (6) (76) 84 (29) 26 (50) 521 49 472 249 (61) (54) 357 Operating Working Capital Non-Sustaining Capex & Exploration Opening Bullion Closing Bullion Inves
Slide 18: Increasing shareholder returns
Increasing shareholder returns Dividends and Share Buy Backs Dividends declared under FY25 FY26 Dividend Policy FY26 on-market Dividend Policy share buy-back1 A$28.3M Increase the minimum For personal use only (3cps) dividend per Westgold Share from 1cps (FY25 policy) to 2cps (FY26 policy) Up to
Slide 19: What's ahead?
For personal use only What's ahead? 19
Slide 20: Non-core asset divestment continues
Non-core asset divestment continues For personal use only 20
Slide 21: Comet and Reedy's demerger
Comet and Reedy’s demerger Demerger and concurrent IPO launched to spin out Westgold’s non-core Reedy’s and Comet assets into Valiant Gold Limited, a new standalone ASX-listed gold company. Valiant to raise $65–$75 million via IPO, with a $20 million priority offer available to eligible Westgold
Slide 22: Westgold - Value proposition
Westgold (ASX/TSX: WGX) - Value proposition Unhedged, debt free, ASX200 Australian gold producer A$6.3Bn A$654M Market Cap1 Cash, bullion & liquids2 For personal use only Four processing hubs in Western Australia - Group milling capacity of ~6Mtpa 16.3Moz Au 3.5Moz Au Mineral Resource3 Ore Reser
Slide 23: A debt free, unhedged Australian gold miner with momentum
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 A debt free, unhedged Australian gold miner
Slide 24: Mineral Resource Statement: Operating Mines
Mineral Resource Statement: Operating Mines At 30 June 2025 [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 ('000s) Au ('000s) ('
Slide 25: Mineral Resource Statement: Non-Operating Projects
Mineral Resource Statement: Non-Operating Projects At 30 June 2025 [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 ('000s) Au ('0
Slide 26: Ore Reserves Statement: Operating Mines
Ore Reserves Statement: Operating Mines At 30 June 2025 [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 4,997 1.71 275 4,776 2.90 446 9
Slide 27: Ore Reserves Statement: Non-Operating Projects
Ore Reserves Statement: Non-Operating Projects At 30 June 2025 [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 0 0.00 0 75 2.76 7