Slide 1: December Quarter FY24 – Westgold Resources Limited
westgold.com.au ASX : WGX OTCQX : WGXRF DECEMBER QUARTER FY24 WESTGOLD RESOURCES LIMITED Wayne Bramwell | Managing Director and Chief Executive Officer Tommy Heng | CFO Phillip Wilding | COO Matthew Pilbeam | GM EH&S Simon Rigby | GM Exploration Melissa Wren | GM People
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: Q2 FY24 Overview – Cash build continues
Q2 FY24 Overview – Cash build continues Fourth consecutive quarter of cash build lifts treasury to $238M Safety performance continues to improve Gold produced - 59,238oz Closing Cash, Bullion & Liquids position ($M) All-In Sustaining Cost (AISC): $2,245/oz +$21M 238 Commenced two new mines +
Slide 4: $21M cash build achieved - despite lower Q on Q production
$21M cash build achieved - despite lower Q on Q production 68,377 -6% 62,180 63,104 60,512 59,238 6% reduction in gold production q on q Group production (oz) Lower production at Paddy’s Flat Lower grade at Bluebird Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Planned shut at Bluebird mill and 3,04
Slide 5: Westgold remains on track for FY24 guidance
Westgold remains on track for FY24 guidance Having a portfolio of operating gold mines underpins our inherent Paddy’s Flat mining pause to be offset by commencement operating flexibility. of stoping at Fender and sustained Starlight improvement Production by ore source (oz) OPERATION FY24 Group Guid
Slide 6: Safety metrics continue to improve
Safety metrics continue to improve Westgold has improved its TRIFR by 46% since this time last year 15 25 12 Month rolling Injury Frequency Rate 12 20 Total Recordable Injury (TRI) count (injuries/million hours worked) -46% 14.36 9 15 6 9.03 8.82 10 8.37 7.75 9 3 6 6 5 4 4 0.60 0.64 0.98 0.97 0.00 0
Slide 7: Hybrid Power Plants – all energised and delivering cost savings
Hybrid Power Plants – all energised and delivering cost savings Commissioning status of hybrid power stations Fully commissioned, these hybrid facilities are expected to: Power Facility Gas Solar Battery Comments Reduce diesel consumption Tuckabianna Operational since early Aug 2023 by 38 million li
Slide 8: Investing in our people - to retain and attract talent
Investing in our people - to retain and attract talent Leveraging changes to employee benefits in targeted recruitment campaigns Turnover has fallen by 10% 8
Slide 9: BRYAH – Stellar performance from Starlight
BRYAH – Stellar performance from Starlight Bryah Production and AISC Right sizing of Starlight in prior quarters has delivered a robust plan supported by the right level of drill data 2,500 2,414 30,000 2,271 2,256 Starlight has produced > 250koz gold under Westgold management 2,140 Nightfall
Slide 10: Encouraging drilling results from Nightfall continue
Encouraging drilling results from Nightfall continue Drilling supports the view that Nightfall could become a higher grade ore source Accelerated drilling strategy in place Multiple studies ongoing, investigating the optimal mining strategy for Nightfall and Starlight 10
Slide 11: MURCHISON – Addressing lower production at Paddy's Flat
MURCHISON – Addressing lower production at Paddy’s Flat Murchison Production and AISC Big Bell performed to plan – continued mining in lower 2,500 2,407 110,000 grade portions of the cave 100,000 2,004 2,016 2,000 1,867 90,000 Bluebird delivered FCF – but grade down due to dilution 1,662 80,000
Slide 12: Two new mines commenced - Great Fingall and Fender
Two new mines commenced - Great Fingall and Fender Sovereign …both with potential production upside in FY24 12
Slide 13: Big Bell Deeps - underway following FID in Q2
Big Bell Deeps - underway following FID in Q2 Decline development has progressed to 780mRL Procurement and construction of paste fill infrastructure commenced First long hole stoping ore expected early in FY25 13
Slide 14: Brownfields Exploration – Current focus at South Junction & Bluebird
Brownfields Exploration – Current focus at South Junction & Bluebird Five drills on site Continued exploration at Bluebird aiming to refine and extend Mineral Resources Substantial new Resource Definition program at South Junction Aim is to define further Mineral Resources in support of the ex
Slide 15: Greenfields Exploration – Extensive organic targets
Greenfields Exploration – Extensive organic targets Substantial greenfields targeting works completed in the Peak Hill and Labouchere regions at Fortnum Four Aboriginal heritage surveys completed across selected targets in the Bluebird region prior to commencement of drill testing Substantial gravit
Slide 16: Analogous targets to Golden Crown and Great Fingall identified
Analogous targets to Golden Crown and Great Fingall identified 16
Slide 17: Movements – AISC increase driven by investment in Remuneration & Benefits
AISC increase driven by investment in Remuneration & Benefits Strategy Rem & Ben improvements driving majority of mining, processing and admin increase (predominantly non-cash) AISC increased to $133M Q on Q Change in AISC between Q1 and Q2 ($M) Remuneration & Benefits (majority non-cash) – flow
Slide 18: Westgold – focussed on consistent delivery of free cash flow
Westgold – focussed on consistent delivery of free cash flow Q2 Closing Cash, Bullion and Liquid Assets grows to $238M ($M) +$21M End end of Q2 - treasury is $238M (113) Westgold remains debt free 182 Q2 gold sales of 59,961oz - revenue of $182M (17) Operating cash costs including sustaining
Slide 19: Q2 – Westgold fully leveraged to gold price
Q2 – Westgold fully leveraged to gold price 15,000oz of Zero Cost Collars remain at end of Q2 Contingent deliveries of 2,500oz per month from July 2023 to June 2024, subject to the put and call being struck Protects the downside of gold price volatility with the put option only being triggered i
Slide 20: Dividend Policy for FY24 – based on FCF
Dividend Policy for FY24 – based on FCF 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 maintains a minimum net cash balance of A$100M (after the payment of any dividend);
Slide 21: Westgold's FY24 strategic priorities
Westgold’s FY24 strategic priorities Continue to safely Invest in resource and efficiently development, exploration and optimise our assets most importantly – our people Continue free cash Sensibly invest in technology flow generation that drives cost reduction Increase mine life of Assess growth op
Slide 22: Want to know more?
Want to know more ? Investor Relations kasun.liyanaarachchi@westgold.com.au Media peter.knight@westgold.com.au www.westgold.com.au ASX : WGX OTCQX : WGXRF 22