Westgold Resources Ltd · ASX:WGX
Westgold Resources — Q3 FY26 Earnings Presentation
26 slides from Westgold Resources's earnings presentation, Apr 29, 2026
Slide 1: March 2026 Quarterly Webcast
For personal use only March 2026 Quarterly Webcast ASX | TSX : WGX westgold.com.au
Slide 2: Important Notices and Disclaimer
Important Notices and Disclaimer Investor Presentation Corporations Act 2001 (Cth). This presentation does not constitute investment advice and has been prepared by Westgold without taking into account the recipient’s investment objectives, financial circumstances or particular needs. Each recipient
Slide 3: Important Notices and Disclaimer
Important Notices and Disclaimer Ore Reserves and Mineral Resources The information in this presentation that relates to the Ore Reserves and Mineral Resources of Westgold has been extracted from the Investment Risk ASX announcement titled “2025 Mineral Resource Estimate and Ore Reserves" released t
Slide 4: Q3 FY26 Results Highlights
Q3 FY26 Results Highlights $285M $856M $202M For personal use only Underlying cash build1 Closing Treasury Balance Q3 Treasury Build 93,145oz $2,931/oz $3,338/oz Gold Production AISC ex. OPA AISC inc. OPA 1. Treasury (cash, bullion and liquid investments) build before one off items (Share buy backs
Slide 5: Q3 FY26 production and cash flow from operations
Q3, FY26 - production and cash flow from operations Westgold Mined Production Third Party Ore Purchase 79koz gold production 14koz gold production For personal use only $2,931/oz AISC $5,493/oz AISC $326M net mine operating cash flow $22M net mine operating cash flow Group Production 93koz at AISC o
Slide 6: Momentum building - $492M treasury build YTD
Momentum building - $492M treasury build YTD 1 Quarterly Treasury Build ($M) Two quarters to stabilise the 856 For personal use only Karora transaction 202 182 +$492M 108 263 132 (160) 80 49 FY25 Opening Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q3 FY26 Closing Cash, Bullion & FY25 FY25 FY25 FY25 FY26 FY26 Cash, Bullion
Slide 7: Guidance on track, with cost at the top end
Guidance on track, with cost at the top end Q1 FY26 Q2 FY26 Q3 FY26 YTD FY26 FY26 Guidance Production (oz) 83,937 111,418 93,145 288,500 345,000 – 385,000 For personal use only AISC exc. OPA ($/oz) 2,731* 2,902* 2,931 2,809 2,600 – 2,900 83% of avg. gold price (ie. 17% OPA Cost ($M) 13 128 80 221 ma
Slide 8: 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 2,750 2,666 2,456 2,499 For personal use only A$307M A$270M 470 420 A$225M 365 164 A$199M 326 139 130 129 281 306 235 A$43M A$50M A$50M A$50M 197 FY25
Slide 9: Operational Results
For personal use only Operational Results 9
Slide 10: Expanding margins
Expanding margins 111,418 Gold production (oz) 88,022 30,484 93,145 83,937 Southern Gold Fields Production ramp up expected in Q4 80,107 29,013 Murchison 33,211 as Bluebird South Junction 37,201 30,797 approaches 1Mtpa and Beta Hunt 80,934 64,132 reaches 2Mtpa mining rates 54,811 For personal use
Slide 11: Performance normalises in Q3
Performance normalises in Q3 Murchison operations outperform and deliver record group outputs Ore Mined (Mt) Mined Grade (g/t) Ore Processed (Mt) Milled Grade (g/t) Gold Produced (koz) 1.26 1.23 1.15 2.3 2.4 2.2 1.53 1.48 2.4 111.4 1.19 2.2 1.41 1.36 2.1 2.1 2.1 93.1 For personal use only 88.0 80.1
Slide 12: Hub performance
Hub performance Hub performance Fortnum Hub Meekatharra Hub Cue Hub Higginsville Hub 1 Fortnum Mill – 0.9Mtpa Bluebird Mill - 1.8Mtpa Tuckabianna Mill – 1.4Mtpa Higginsville Mill – 1.6Mtpa For personal use only Feed: Starlight UG & Fortnum Feed: Bluebird-South Junction UG, Feed: Big Bell UG, Great F
Slide 13: Financial results
For personal use only Financial results 13
Slide 14: Strong cash generation from operations
Strong cash generation from operations Gold sold (koz) Realised gold price ($/oz) AISC excl. OPA ($/oz) Net mine cash flow Closing Cash, Bullion & ($M) Investments ($M) 115.2 7,080 2,902 2,931 265 254 856 6,356 2,688 2,731 94.9 For personal use only 5,174 5,296 654 71.5 69.9 171 472 133 362 87 232 Q
Slide 15: $285M underlying cash build
$285M underlying cash build 1 Treasury Movement ($M) +$202M 856 For personal use only 152 654 (11) 37 (13) (49) (36) (15) 225 (84) 113 (34) 521 (55) (26) 468 479 (13) (3) 14 Operating Working Capital Non-Sustaining Capex & Exploration Opening Bullion Closing Bullion Investments3 Operating Cashflow E
Slide 16: Increasing shareholder returns
Increasing shareholder returns Dividends declared under the FY25 Dividend Policy FY26 on-market share buy-back1 $28.3M (3cps) For personal use only Up to 5% share buy-back approved $10.3M Undertaken over 12 months (2.25cps) TBD $4.3M returned to shareholders FY24 FY25 FY26 1. Westgold commence
Slide 17: What's ahead?
For personal use only What's ahead? 17
Slide 18: Investing in the drill bit
Investing in the drill bit Murchison Southern Goldfields Beta Hunt 17 x8 UG Diamond Drills Starlight Paddy’s Flat x3 For personal use only x2 Bluebird-South Junction x3 x1 4 Surface Diamond Drill Big Bell South x1 Fender x1 Norcott (Greenfields) 2 Great Fingall Surface RC Drill x1 Cuddingwarra (MOPP
Slide 19: Bigger Mines and Bigger Mills
Bigger Mines and Bigger Mills For personal use only Board approves Higginsville Expansion (HXP) to 2.6Mtpa $145M Capex for HXP lifts Increases gold Financially compelling: Southern Goldfields throughput to 2.6Mtpa production by ~60kozpa • Pre-tax NPV of $1.4B production lifts • Pre-tax IRR of 43% in
Slide 20: Portfolio simplification has generated ~$140M to date
Portfolio simplification has generated ~$140M to date Fortnum Hub For personal use only Higginsville Hub Meekatharra Hub Chalice and Peak Hill processes well progressed 20
Slide 21: Westgold – the gold bull's pick
Westgold – the gold bull’s pick ASX100, unhedged gold producer Two operating regions in a 288,500oz produced in FY26 to date Tier 1 jurisdiction 4 processing hubs in Western Australia For personal use only Increasing shareholder Long life assets underpinned returns by growing reserves 5% Reserve gro
Slide 22: 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 23: 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 24: 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 25: 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 26: 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