Westgold Resources Ltd · ASX:WGX
Westgold Resources — Q1 FY26 Earnings Presentation
31 slides from Westgold Resources's earnings presentation, Oct 28, 2025
Slide 1: Q1 FY26 Quarterly Results
For personal use only Q1 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: Strong start to FY26 – guidance maintained
Strong start to FY26 – guidance maintained Highlights for Q1 FY26 3 Year Outlook released $180M 83,937oz For personal use only Underlying cash build1 Gold Production 2025 Resource Estimate and Ore Reserve released 3cps FY25 dividend declared – FY26 Dividend Policy updated $472M $2,861/oz Closi
Slide 5: Reduction in TRIFR by 11%
Reduction in TRIFR by 11% 20 18.44 12 Month rolling Injury Frequency Rate (injuries/million hours worked) 15 For personal use only 10 5.67 5.04 5 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 FY23 FY23 FY23 FY23 FY24 FY24 FY24 FY24 FY25 FY25 FY25 FY25 FY26 5
Slide 6: Momentum building post merger
Momentum building post merger Reset, stabilise, grow then repeat Quarterly cash, bullion and liquid investment build ($M) Two quarters to Six quarters of cash, bullion & liquids build Two quarters to stabilise the stabilise the 472 For personal use only Murchison merged business 108 132 112 16 21 9
Slide 7: FY26 - guidance maintained
FY26 - guidance maintained Production ramp up in H2 Q1 FY26 FY26 Guidance For personal use only Production (oz)1 83,937 345,000 – 385,000 AISC (A$/oz)2 2,861 2,600 – 2,900 Non-sustaining capital (A$M) 60 270 Exploration (A$M) 12 50 1. Westgold’s FY26 production guidance assumes ~15,000 – 30,000 ounc
Slide 8: 16.3Moz of Resource & 3.5Moz of Reserves
16.3Moz of Resource & 3.5Moz of Reserves 24% growth in Mineral Resource & 5% growth in Ore Reserve in 12 months 3 years of consecutive Mineral Resource growth 2 years of consecutive Ore Reserve growth 2.39 3.5 3.3 For personal use only 2.29 2.18 2.22 2.24 2.17 1.1 2.10 2.11 2.14 16.3 2.6 2.6 2.6 2.6
Slide 9: 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 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 10: 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 11: Operational Results
For personal use only Operational Results 11
Slide 12: Results in-line with plan
Results in-line with plan 77,369 80,886 80,107 88,022 83,937 Gold production (oz) 33,211 24,480 34,425 30,797 Southern Gold Fields 37,201 FY26 Production is H2 weighted 52,889 54,811 53,140 Murchison 46,461 For personal use only 42,906 AISC increased in Q1 - primarily due to Q1 FY25 Q2 FY25 Q3 F
Slide 13: Operations perform in line with expectation
Operations perform in line with expectation Planned shutdowns & paste transition reduced quarterly production from Q4, FY25 Ore Mined (Mt) Mined Grade (g/t) Ore Processed (Mt) Milled Grade (g/t) Gold Produced (koz) 1.26 1.23 2.5 1.41 1.36 2.1 2.1 2.1 2.1 88.0 83.9 1.12 2.3 2.3 2.2 1.34 1.30 80.9 80.
Slide 14: The Murchison
The Murchison Change in gold output by hub quarter on quarter (oz) All hubs had planned shutdowns - reducing total production at Fortnum and Cue 54,811 53,140 (2,662) 3,727 (2,736) For personal use only Meekatharra hub production increased - due to the early delivery of oxide pit ore from NMG an
Slide 15: 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 15
Slide 16: HG oxide lifts milled grade at Meekatharra
HG oxide lifts milled grade at Meekatharra Crown Prince (high grade oxide pit) - 33km from Westgold For personal use only processing hub at Meekatharra Pit operated by New Murchison Gold (ASX:NMG) – ore being delivered to Meekatharra hub under ore purchase agreement with Westgold First ore del
Slide 17: Great Fingall – a "new" HG underground mine
Great Fingall – a “new” HG underground mine Fingall Flats mining completed in Q1 FY26 Barminco commenced operations in September For personal use only 2 historic and high-grade undergrounds in one Development targeting ~0.5Mtpa at steady state Decline pushes on to virgin stoping areas ▪ Gr
Slide 18: The Southern Goldfields
The Southern Goldfields Lower quarter on quarter production Consistent mining rates and grades from Beta Hunt For personal use only New primary vent fans running and new rising main installed – set up to deliver production ramp up in Q2 Total AISC of $77M (Q4 FY25: $99M) - due to the combine
Slide 19: Beta Hunt – expansion to >2Mtpa
Beta Hunt – expansion to >2Mtpa Infrastructure projects complete - Unleash the beast Clean water supply ▪ Formidable pit pumping & piping delivers reliable clean For personal use only water supply - completed ▪ Increase pumping capacity out of the mine from 20l/s to 50l/s – pump install commenced
Slide 20: Financial results
For personal use only Financial results 20
Slide 21: Strong cash generation from operations
Strong cash generation from operations Gold sold (koz) Realised gold price (g/t) AISC ($/oz) Net mine cash flow Closing Cash, Bullion & ($M) Investments ($M) 94.9 5,174 5,296 2,703 2,829 2,688 2,861 171 472 86.9 4,630 78.4 133 For personal use only 71.5 4,066 362 87 232 152 45 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q
Slide 22: $180M underlying cash build - before growth & exploration
For personal use only Opening Cash, Bullion & 364 Investments 96 Opening Bullion Opening 28 Investments Opening Cash 240 Murchison 180 Operating Cashflow Southern Goldfields 84 Operating Cashflow Operating Sustaining Capital (12) Stockpiles (12) Working Capital * Investments exclude ~$15M received i
Slide 23: 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 Increase the minimum For personal use only A$28.3M (3cps) dividend per Westgold Share from 1cps (FY25 policy) to 2cps (FY26 policy) Up to
Slide 24: What's ahead?
For personal use only What's ahead? 24
Slide 25: Non-core asset divestment
Non-core asset divestment For personal use only
Slide 26: Westgold - Value proposition
Westgold (ASX/TSX: WGX) - Value proposition Unhedged, ASX200 Australian gold producer A$5.3Bn A$472M 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 Reserve3 Grade
Slide 27: All that glitters is gold – Westgold.
For personal use only Investor Relations & Media Kasun Liyanaarachchi Group Manager Investor Relations & Communications Kasun.Liyanaarachchi@westgold.com.au +61 458 564 483 All that glitters is gold – Westgold. www.westgold.com.au 27
Slide 28: 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 29: 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 30: 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 31: 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