Westgold Resources Ltd · ASX:WGX
Westgold Resources — Q1 FY27 Earnings Presentation
27 slides from Westgold Resources's earnings presentation, Oct 21, 2026
Slide 1: September 2026 Quarterly Webcast
For personal use only September 2026 Quarterly Webcast ASX | TSX : WGX westgold.com.au
Slide 2: Important Notices and Disclaimer
Important Notices and Disclaimer For personal use only Investor Presentation Forward-looking Statements This investor presentation is dated 21 October 2026 and has been prepared by Westgold Resources Limited (ASX: WGX, TSX:WGX) This document contains “forward-looking information” and “forward-lookin
Slide 3: Important Notices and Disclaimer
Important Notices and Disclaimer For personal use only 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
Slide 4: Strong start to FY27
Strong start to FY27 For personal use only SAFETY No Lost Time Injuries | LTIFR reduced to 1.17 (Q4 FY26: 1.58) 98.4koz $251M $1,040M 4.1Moz Gold production Underlying Treasury build2 Cash, bullion & liquid investments Ore Reserves AISC $2,912/oz1 Mine operating cash flow of $292M Up $101M in the qu
Slide 5: Q1 results firmly in line with guidance
Q1 results firmly in line with guidance For personal use only Q4 FY26 FY26 Q1 FY27 FY27 Guidance1 Production (oz) 98,854 387,354 98,393 385,000 – 425,000 AISC ($/oz) 2,802 2,841 2,912 2,980 – 3,380 Non-sustaining capital ($M) 142 340 111 450 – 480 Exploration ($M) 11 42 24 50 – 75 1. Refer to the Co
Slide 6: Westgold 4-5-6: fully funded growth
Westgold 4-5-6: fully funded growth For personal use only 4 Operating processing hubs 5 ~500kozpa by FY29 6 >600kozpa pathway 5.7Mtpa installed capacity, increasing to >7Mtpa by Fully funded 3YO: 460–510koz at an AISC of $2,640– Fletcher Zone at Beta Hunt could add ~140kozpa – FY29 through the Cue (
Slide 7: Operational results
For personal use only Operational results 7
Slide 8: Mining performance improves
Mining performance improves For personal use only Murchison operations maintain output; Beta Hunt delivers consecutive records Ore Mined (Mt) Mined Grade (g/t) Ore Processed (Mt) Milled Grade (g/t) Gold Produced (koz) 1.42 2.4 1.53 1.46 2.4 2.3 111.4 1.33 2.2 2.1 2.2 1.48 1.47 2.1 2.3 98.9 98.4 1.19
Slide 9: Stronger mining builds resilience
Stronger mining builds resilience For personal use only MINED STOCKPILED PROCESSED 1,421kt 696kt 1,461kt at 2.2g/t, up 7% (Q4 FY26: 1,334kt at 2.1g/t) Total HG ore stockpiles, up 51%1 (Q4 FY26: in line with Q4 FY26 (1,468kt) despite more 460kt) - ~6 weeks of mill feed2 planned downtime3 310kt of mil
Slide 10: Hub performance
Hub performance Hub performance For personal use only 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 Feed: Starlight UG & Fortnum Feed: Bluebird UG, Cue stockpiles, Feed: Big Bell UG, Great
Slide 11: Bluebird mine set up for consistent high output
Bluebird mine set up for consistent high output For personal use only Multiple mining fronts underpin higher mining rates in Q2 500m 11
Slide 12: Beta Hunt: 2.0Mtpa mining rate
Beta Hunt: 2.0Mtpa mining rate For personal use only Beta Hunt mining rate (Mtpa) Westgold ownership → 2.0 2.0Mtpa Record month in September 20261,2 1.7 Up from ≈1.4Mtpa under prior ownership 1.6 1.6 1.5 1.5 1.4 1.4 1.4 1.2 $33.3M 1.0 Infrastructure investment over two years3 0.8 Ventilation, dewate
Slide 13: Financial results
For personal use only Financial results 13
Slide 14: Strong cash generation whilst funding growth
Strong cash generation whilst funding growth For personal use only Gold sold (koz) Realised gold price ($/oz) AISC ($/oz) Net mine cash flow Closing Cash, Bullion & ($M) Investments ($M) 115.2 110.3 7,080 2,902 2,931 2,802 2,912 265 254 1,040 99.9 6,356 6,391 6,029 856 939 69.9 159 157 654 Q2 Q3 Q4
Slide 15: $251M underlying Treasury build
$251M underlying Treasury build 1 For personal use only Treasury Movement ($M) +$101M 1,040 939 (23) 212 57 60 (64) (112) (49) (47) (24) 209 (41) 745 98 (160) (20) 730 5 667 Operating Working Capital Non-Sustaining Capex & Exploration Cash, Bullion & Asset Sales3 Opening Opening Investments4 Cash, B
Slide 16: FCF driving increased shareholder returns
FCF driving increased shareholder returns For personal use only $122M in total Shareholder Capital Returns for FY261 10.0cps Fully Franked Dividend FY26 dividend of 10.0cps is 400% above the minimum annual +329% dividend commitment of 2.0cps in FY26 $122M Total payment of $95M $27M representin
Slide 17: Exploration
For personal use only Exploration 17
Slide 18: Investing in the drill bit
Investing in the drill bit For personal use only Murchison Southern Goldfields Beta Hunt 18 x7 UG Diamond Drills Starlight x3 x1 Bluebird Higginsville x3 x1 x1 5 Surface Diamond Drill Albury Heath Big Bell x2 x2 x3 2 Great Fingall Surface RC Drill x2 Building Reserve ounces $27/oz 1 18 1. In FY26, W
Slide 19: Westgold value
For personal use only Westgold value 19
Slide 20: Westgold – the investment case
Westgold – the investment case For personal use only WHY INVEST IN WESTGOLD A leading Australian gold producer All Australian – Tier 1 jurisdiction 387koz FY26 production 4 hubs in Western Australia Q1 FY27: 98.4koz – on track for FY27 guidance of 385–425koz1 5.7Mtpa processing capacity, increasing
Slide 21: Westgold's derisked delivery & growth is mispriced
Westgold’s derisked delivery & growth is mispriced For personal use only EV/EBITDA (FY27e)1,2 – ASX gold peers 10.6x 8.0x 7.9x 7.7x 7.6x Highly attractive value proposition 6.5x 5.8x 5.3x 3.3x 3.2x 3.0x 2.8x 1. FY27e EBITDA sourced from S&P Visible Alpha. Market capitalisations as at 19 October 2026
Slide 22: Investor Relations / Media contacts
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 The time is now (ASX | TSX : WGX) www.westg
Slide 23: Mineral Resource Statement: Operating Mines
Mineral Resource Statement: Operating Mines For personal use only At 30 June 2026[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
Slide 24: Mineral Resource Statement: Non-Operating
Mineral Resource Statement: Non-Operating For personal use only At 30 June 2026[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 ('
Slide 25: Ore Reserves Statement: Operating Mines
Ore Reserves Statement: Operating Mines For personal use only At 30 June 2026[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 6,329 1.72
Slide 26: Ore Reserves Statement: Non-Operating
Ore Reserves Statement: Non-Operating For personal use only At 30 June 2026[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 124 2.
Slide 27: Supporting data
Supporting data For personal use only Market Cap Enterprise Value Source: Source: Company FY27e EBITDA ($m) EV/EBITDA (FY27e) ($m) ($m) Cash & Debt FY27e EBITDA Northern Star Resources 33,808 33,436 4,217 7.9x June 2026 Quarterly Report Visible Alpha Evolution Mining 26,743 26,670 3,353 8.0x June 20