Westgold Resources Ltd · ASX:WGX
Westgold Resources — H1 FY26 Earnings Presentation
20 slides from Westgold Resources's earnings presentation, Feb 26, 2026
Slide 1: H1 FY26 Financial Results
H1 FY26 Financial 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 Investment Risk The information in this presentation that relates to the Ore Reserves and Mineral Resources of Westgold has been extracted from the As noted above, an investment in shares in Westgold is subject to investment and oth
Slide 4: Record Financial Results
Record Financial Results H1 FY26 Financial Highlights $550M $654M $1,238M Underlying Treasury build1 Closing Treasury balance Revenue (H1 FY25: $624M) (H1 FY25: $100M) (H1 FY25: $152M) $612M $447M $314M Underlying EBITDA Underlying NPBT Underlying NPAT (H1 FY25: $224M) (H1 FY25: $89M) (H1 FY25: $57M
Slide 5: Record production and cash generation in H1 FY26
Record production and cash generation in H1 FY26 Westgold Mined Production Ore Purchase Agreement 170koz gold production 25koz gold production $2,871/oz AISC $5,644/oz AISC $517M net cash flow $15M net cash flow Group Production 195koz at AISC of $3,225/oz $532M net cash flow from operations 5
Slide 6: Underlying NPAT
$314M Underlying NPAT in H1 FY26 Profit and loss statement (A$M) 1,238 Sale of Mt Henry – Selene Project (non-cash impact) (775) 463 64 (46) 447 (12) (21) (133) 314 (178) 191 (0.1) 1.5 53 Income tax expense Revenue Cost of sales on income tax expense Evaluation expenditure of an associate Loss on as
Slide 7: Underlying Treasury build in H1 FY26
$550M Underlying Treasury build in H1 FY26 1 Treasury Movement (A$M) +$290M (26) (8) 1 (27) 172 (75) (36) (18) 652 654 (76) 84 (29) 521 49 (50) 26 (2) 429 364 (96) (28) 240 Operating Working Capital Non-Sustaining Capex & Exploration Opening Bullion Investments3 Operating Cashflow Exploration Assets
Slide 8: Momentum building
Momentum building Systematically optimising the portfolio Quarterly Treasury build ($M) Two quarters to stabilise the merged business 654 182 +$290M 108 263 132 (160) 80 49 FY25 Opening Q1 Q2 Q3 Q4 Q1 Q2 H1 FY26 Closing Treasury Balance FY25 FY25 FY25 FY25 Treasury Balance FY26 FY26 $290M Treasury b
Slide 9: FY26 - guidance maintained
FY26 - guidance maintained Q1 FY26 Q2 FY26 H1 FY26 FY26 Guidance Production (oz) 83,937 111,418 195,355 345,000 – 385,000 AISC exc. OPA (A$/oz) 2,792 2,945 2,871 2,600 – 2,900 83% of avg. gold price (ie. 17% OPA Cost ($M) 13 128 141 margin) – processing costs Non-sustaining capital (A$M) 60 48 108 2
Slide 10: 3 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 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 FY26 Guidance FY27 Ou
Slide 11: Upside NOT included in 3 Year Outlook
Upside NOT included in 3 Year Outlook Excluded upside Potential opportunity FY26 FY27 FY28 • Accelerated & further expansion of Bluebird- Targeting 1.2Mtpa being achieved by FY27, 1 year ahead of 3YO South Junction Underground Mine • Expansion of Higginsville Mill beyond 2.6Mtpa Plant design to inco
Slide 12: No dividend declared for H1 FY26
No dividend declared for H1 FY26 Increasing shareholder returns Dividends declared under the FY25 FY26 Dividend Policy FY26 on-market Dividend Policy share buy-back1 A$28.3M Increase the minimum (3cps) dividend per Westgold Share from 1cps (FY25 policy) to 2cps (FY26 policy) Up to 5% share buy-b
Slide 13: What's ahead?
What's ahead? \\\ WESTGOLD 13
Slide 14: Non-core asset divestment continues
Non-core asset divestment continues 14
Slide 15: 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 16: A debt free, unhedged Australian gold miner with momentum…
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 with momentum… www.we
Slide 17: 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 18: 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 19: 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 20: 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