2026 MINERAL RESOURCE ESTIMATE AND MINERAL RESERVES

About this update from Westgold Resources Ltd

Mineral Reserve ounces up 41%, grade up 15% - at a Reserve addition cost of $27/oz PERTH, Australia, Aug. 20, 2026 /CNW/ -- Westgold Resources Limited (ASX: WGX) (TSX: WGX) (Westgold or the Company) is pleased to provide its updated Mineral Resource Estimate (MRE) and Mineral Reserve Statement, calculated as at 30 June 2026. Highlights 41% increase in Proven and Probable Mineral Reserve to 4.1Moz,  post mining depletion and adjusting for non-core asset divestment – achieved at a modest reserve addition investment of just $27/oz. 15% increase in Proven and Probable Mineral Reserve grade to 2.22g/t  (FY25: 1.93g/t) – marking the third consecutive year of Reserve growth after mining depletion. Circa 10 year Reserve life maintained  – approximately 10 years of Reserve inventory at current Group installed processing capacity. 26 drill rigs operating across portfolio  – on surface and underground supporting resource growth and conversion activities. $50–75M 2 planned investment in FY27 exploration and resource development drilling – targeting both near-term Reserve growth opportunities and medium term organic growth options. Westgold Managing Director and CEO Wayne Bramwell commented: "Westgold's FY26 Mineral Resources and Mineral Reserves statement reflects the quality of the asset base and the breadth of our portfolio. Focused capital allocation into our largest mines continues to deliver material value, with FY26 marking a third consecutive year of Mineral Reserve growth. Importantly, Group Mineral Resources increased after adjusting the prior-year comparative for the divestment of non-core assets1. This demonstrates the organic growth potential of our core assets within the streamlined portfolio. But we did not just grow our inventory in FY26; we improved its quality, with both Resource and Reserve grades increasing year-on-year while lifting Resource confidence across the portfolio by increasing the proportion of the Measured and Indicated Resource category. Importantly, this growth was generated organically at a cost of circa $27/oz and resulted in more than 1.5Moz of gross Mineral Reserve additions. With $50–75M2 planned for exploration and resource development in FY27 and 26 drill rigs active across the Murchison and Southern Goldfields, Westgold is investing to convert more of its large Resource base into higher-confidence Reserves, extend mine life and strengthen future production options. This disciplined organic growth strategy is designed to build on FY26 momentum and create enduring value for shareholders." 2026 Mineral Resource Estimate As at 30 June 2026, the gold Measured and Indicated Mineral Resource Estimate for the Westgold business was 119Mt at 2.35g/t Au for 9.0Moz and the Inferred Mineral Resource estimate was 75Mt at 2.23g/t Au for 5.4Moz . This represents considerable growth in the Company's gold Mineral Resource base year-on-year, after adjusting for divestment of the non-core assets of Peak Hill, Reedy's, Comet, Chalice and Mount Henry1. This growth highlights the ongoing exploration and resource development potential of Westgold's Western Australian landholdings. Tables 1, 2 and 3 below present the FY26 Mineral Resource Estimates for the Murchison and Southern Goldfields operations. Figures 1, 2 and 3  below map Westgold's portfolio which spans 2,500km2. Table 1 – Gold Mineral Resource Estimates as at 30 June 2026 for Westgold operating mines Table 2 – Gold Mineral Resource Estimates as at 30 June 2026 for Westgold non-operating projects Table 3 – Nickel Mineral Resource Estimates at 30 June 2026 for Beta Hunt Additional detailed information relating to generation of the Mineral Resource Estimates is attached in Appendix A & B Table 1 – JORC 2012 Reporting Criteria. Geology Murchison The Meekatharra Gold Operation is located in the Archaean Murchison Province, a granite-greenstone terrane in the north-western Yilgarn Craton. North-northeast-trending greenstone belts are separated by granite-gneiss domes, with smaller granite plutons also present within, or on the margins of, the belts. The Paddy's Flat area is located on the western limb of a regional fold, the Polelle Syncline, within a sequence of mafic to ultramafic volcanic rocks with minor interflow sediments and banded iron-formation. The sequence was intruded by felsic porphyry dykes prior to mineralisation. Mineralisation at Paddy's Flat occurs along four sub-parallel trends and comprises sulphide-replacement BIF-hosted gold, quartz-vein-hosted shear-related gold, and quartz-carbonate-sulphide stockwork vein- and alteration-related gold. The Yaloginda area, which hosts Bluebird–South Junction, is a gold-bearing Archaean greenstone belt situated approximately 15km south of Meekatharra. The deposits in the area are hosted within a strained and metamorphosed volcanic sequence consisting primarily of ultramafic rocks and high-magnesium basalt, with minor komatiite, peridotite, gabbro, tholeiitic basalt and interflow sediments. The sequence was intruded by a variety of felsic porphyry and intermediate sills and dykes. The Cue Gold Operations are located in the Archaean Murchison Province, a granite-greenstone terrane in the north-western Yilgarn Craton. North-northeast-trending greenstone belts are separated by granite-gneiss domes, with smaller granite plutons also present within, or on the margins of, the belts. Mineralisation at Big Bell is hosted within the shear zone, known as the Big Bell Mine Sequence, and is associated with post-peak metamorphic retrograde assemblages. Stibnite, native antimony and trace arsenopyrite are disseminated through the K-feldspar-rich lode schist. These minerals are intergrown with pyrite, pyrrhotite and chalcopyrite. Mineralisation outside the typical Big Bell host rocks (KPSH), including 1,600N and Shocker, also displays a very strong W-As-Sb geochemical halo. Numerous gold deposits occur within the Cuddingwarra Project area, the majority of which are hosted within the central mafic-ultramafic ± felsic porphyry sequence. Within this broad framework, mineralisation is interpreted to be spatially controlled by competency contrasts across, and flexures along, layer-parallel D2 shear zones, and is maximised where transected by corridors of northeast-striking D3 faults and fractures. The Great Fingall Dolerite hosts the majority of gold mineralisation within the portion of the greenstone belt proximal to Cue, known as the Day Dawn Project Area. Unit AGF3 is the most brittle of the five units, and this characteristic is responsible for its role as the most favourable lithological host for gold mineralisation in the greenstone belt. The Fortnum deposits are Palaeoproterozoic shear-hosted gold deposits within the Fortnum Wedge, a localised thrust duplex of the Narracoota Formation within the overlying Ravelstone Formation. Both stratigraphic formations form part of the Bryah Basin in the Capricorn Orogen, Western Australia. The Horseshoe Cassidy deposits are hosted within the Ravelstone Formation, comprising siltstone and argillite, and the Narracoota Formation, comprising highly altered, moderately to strongly deformed mafic to ultramafic rocks. The main zone of mineralisation is developed within a horizon of highly altered magnesian basalt. Gold mineralisation is associated with strong vein stockworks confined to the altered mafic unit. Alteration comprises proximal silica-carbonate-fuchsite-haematite-pyrite stockwork and distal silica-haematite-carbonate ± chlorite assemblages. Southern Goldfields The Beta Hunt Gold Operations are situated within the central portion of the Norseman-Wiluna greenstone belt, in a sequence of mafic, ultramafic and felsic rocks on the south-western flank of the Kambalda Dome. Gold mineralisation occurs mainly in sub-vertical shear zones within the Lunnon Basalt and is characterised by shear-hosted and extensional quartz veining within a halo of biotite-pyrite alteration. Within these shear zones, coarse gold locally occurs where the shear zones intersect iron-rich sulphidic metasediments in the Lunnon Basalt, or nickel sulphides at the base of the Kambalda Komatiite (ultramafic rocks). The mineralised shears are represented by the A Zone, Western Flanks, Fletcher, Larkin and Mason zones. The Higginsville Gold Operation is located in the Eastern Goldfields Superterrane of the Archaean Yilgarn Craton. The majority of the Higginsville tenement package is located within the well-mineralised Kalgoorlie Terrane, between the gold-mining centres of Norseman and St Ives. HGO can be subdivided into five major geological domains: Trident Line of Lode, Lake Cowan, Southern Palaeochannels, Polar Bear Group and Spargo's Project area. The majority of mineralisation along the Trident Line of Lode is hosted within the Poseidon Gabbro and high-MgO dyke complexes to the south. The Poseidon Gabbro is a thick, weakly differentiated gabbroic sill that strikes north-south, dips 60° to the east, is more than 500 m thick and is 2.5km long. Mineralisation is hosted within, or marginal to, quartz veining and is structurally and lithologically controlled. The Lake Cowan project area is situated near the centre of a regional anticline between the Zuleika and Lefroy shears. The local geology is made more complex by the intrusion of the massive Proterozoic Binneringie Dyke. The majority of mineralisation at the Lake Cowan Mining Centre is hosted within an enclave of Archaean material surrounded by the Binneringie Dyke. Mineralised zones within the Southern Palaeochannels network comprise both placer gold, typically near the base of the channel-fill sequences, and chemically precipitated secondary gold within the channel-fill materials and underlying saprolite. These gold concentrations commonly overlie, or are adjacent to, primary mineralised zones within Archaean bedrock. The Polar Bear project is situated within the Archaean Norseman-Wiluna Belt, which locally includes basalts, komatiites, metasediments and felsic volcaniclastics. Primary gold mineralisation is related to hydrothermal activity during multiple deformation events. Available indications suggest that gold mineralisation is focused on, or near, the stratigraphic boundary between the Killaloe and Buldania formations. The Spargo's Project occurs within the Coolgardie Domain of the Kalgoorlie Terrane. The area is bounded by the Zuleika Shear to the east and the Kunanalling Shear to the west. The geological setting comprises tightly folded, north-south-striking ultramafic and mafic volcanic rocks at the northern closure of the Widgiemooltha Dome. The project lies on the general trend of the Kunanalling-Karramindie Shear corridor, a regional shear zone that hosts significant mineralisation to the north at Ghost Crab (Mount Marion), Wattle Dam to the south, the Penfolds Group and Kunanalling. The regionally prospective Zuleika Shear lies to the east of the project. The tenements are prospective for vein- and shear-hosted gold deposits, as demonstrated by Spargo's Reward and numerous other gold workings and occurrences. Gold mineralisation at Spargo's Reward is hosted by a coarse-grained pyrite-arsenopyrite lode within quartz-sericite schists, between strongly biotite-altered greywacke to the east and quartz-sericite-fuchsite-pyrite-altered felsic tuff to the west. Gold mineralisation is associated with very little quartz veining, which is atypical for many deposits in the region. The Spargo's Reward setting has been described variously as a low-quartz sulphidic mesothermal gold system or as a Hemlo-style syn-sedimentary occurrence. Background to the Mineral Resource Estimate Geological interpretation of individual deposits is carried out using a systematic approach to ensure that the resulting Mineral Resource Estimates are both sufficiently constrained and representative of the expected subsurface conditions. In all aspects of Mineral Resource Estimation, factual and interpreted geology is used to guide the development of the interpretation. Geological matrices are established to assist with the interpretation and construction of estimation domains. A significant portion of the data used in Mineral Resource Estimates has been gathered from diamond core, with multiple core sizes used. The core is geologically logged and subsequently halved for sampling. Grade control holes may be whole-cored to streamline the core-handling process, if required. Face sampling data is also used, with each development face or round chip sampled. Sampling intervals are domained by geological constraints, such as rock type, veining, alteration and sulphidation. All geological input is logged and validated by the relevant area geologists, including an assessment of sample recovery. No defined relationship exists between sample recovery and grade, and no sample bias due to preferential loss or gain of fine or coarse material has been noted at any deposit. Faces are nominally chip sampled horizontally across the face from left to right, or vertically from top to bottom, and sub-set according to geological features as appropriate. Diamond drilling is half-core niche sampled, or whole-cored where appropriate, and sub-set according to geological features as appropriate. Samples undergo fine pulverisation of the entire sample using an LM5-type mill to achieve a 75µm product prior to splitting. QA/QC is maintained during the sub-sampling process through the systems of an independent NATA/ISO-accredited laboratory contractor. The sample size is considered appropriate for the grain size of the material being sampled. The unsampled half of diamond core is retained for check sampling, if required. Samples are analysed for gold by fire assay, whereby a 40g to 50g sample undergoes fire assay lead collection followed by flame atomic absorption spectrometry. Quality control is maintained through the use of standards, blanks and duplicates. The laboratory includes a minimum of one project standard with every 22 samples analysed. No significant QA/QC issues have arisen in recent drilling results. PhotonAssay™ was introduced in 2023 for Beta Hunt gold grade control samples. PhotonAssay™ technology, developed by Chrysos Corporation Limited, is a rapid, non-destructive method for analysing gold and other elements in mineral samples. It is based on the principle of gamma activation, which uses high-energy X-rays to excite changes in the nuclear structure of selected elements. The decay is then measured to provide a gold analysis. Each sample is run through two cycles, with a radiation time of 15 seconds. This methodology is insensitive to material type and therefore does not require fluxing chemicals, unlike fire assay. This technique was discontinued in 2024. Nickel analyses have been completed by four-acid digest, with final analysis using ICP-OES. After validating the drillhole data to be used in the estimate, interpretation of the orebody is undertaken to create the intervals that form the basis of the three-dimensional orebody wireframe. Wireframing is then carried out using a combination of automated modelling algorithms and manual triangulation to create an accurate three-dimensional representation of the subsurface mineralised body. Drillhole intersections within the mineralised body are then used to flag the appropriate sections of the drillhole database tables for compositing purposes. Drillholes are subsequently composited to allow grade estimation. In all aspects of resource estimation, factual and interpreted geology is used to guide the development of the interpretation. Once the sample data has been composited, statistical analysis is undertaken to assist in determining estimation search parameters and top-cuts. Analysis of individual domains is undertaken to determine appropriate search parameters, which are then incorporated with observed geological and geometrical features to determine the most appropriate estimation approach. An empty block model is then created for the area of interest. This model contains attributes set at background values for the various elements of interest, as well as density and estimation parameters that are subsequently used to assist with resource categorisation. The block sizes used in the model vary depending on orebody geometry, minimum mining units, estimation parameters and the level of informing data available. Grade estimation is then undertaken. Ordinary Kriging is considered the standard estimation method, although Categorical Indicator Kriging is used in some instances. Estimation results are validated against primary input data, previous estimates and mining output. The Mineral Resource is then depleted for mining voids and classified in accordance with the JORC Code, using a combination of estimation-derived parameters and geological and mining knowledge. Data spacing varies depending on the individual lode under consideration. This approach considers all relevant factors and reflects the Competent Person's view of the deposit. The cut-off grades used for reporting Mineral Resource Estimates are selected based on the style of mineralisation, depth below surface, most probable extraction technique and associated costs. Likely mining approaches have been considered during domaining, estimation and classification. However, no mining dilution or ore loss has been modelled in the resource model or applied to the reported Mineral Resource Estimate. Metallurgical recovery has also not been applied to the reported Mineral Resource Estimate. These factors are applied during the Mineral Reserve generation process. Figures 4-10  depict the Resource Schematics for Westgold's key operating mines and growth projects. Westgold nickel Mineral Resources have remained static year-on-year. 2026 Mineral Reserves Figure 11  depicts Westgold's Proven and Probable Mineral Reserves and cumulative depletion since 2017. As at 30 June 2026, Proven and Probable Mineral Reserves were 57Mt at 2.22 g/t Au for 4.1Moz of gold . This represents 41% growth in Westgold's gold Proven and Probable Mineral Reserves since FY25 after adjusting for divestment of non-core assets1 (see Figure 12 ). Importantly, average Mineral Reserve grade increased 15% from 1.93g/t to 2.22g/t, demonstrating that growth was not achieved through the addition of lower-quality ounces, but through the successful conversion of higher-confidence and higher-grade Mineral Resources. This marks the third consecutive year of Mineral Reserve growth after mining depletion, underpinned by the maiden Fletcher Mineral Reserve3 at Beta Hunt and continued investment in exploration and resource drilling. FY26 drilling delivered approximately 1.5Moz of gross Mineral Reserve additions from exploration and resource development expenditure of approximately $42M, resulting in an Mineral Reserve conversion cost of an outstanding $27/oz4 — a highly competitive outcome compared to the cost of acquiring Reserve ounces inorganically. In FY27, Westgold expects to spend $50 – 75M2 on exploration and resource definition drilling, with a focus on converting Mineral Resources to Mineral Reserves and providing further organic growth opportunities for the business. Table 4 and 5  below depicts the FY26 Mineral Reserves statement for the Murchison and Southern Goldfields. Table 4 – Gold Mineral Reserves at 30 June 2026 for Westgold Operating Mines Table 5 – Gold Mineral Reserves at 30 June 2026 for Westgold Non-Operating Projects Mineral Reserves are a subset of Measured and Indicated Mineral Resources only. All active open pit and underground operations were depleted to 30 June 2026, based on a data cut-off date of 31 March 2026. Mineral Reserves have been generated from design studies at a Pre-Feasibility or Feasibility stage, using appropriate cost, geotechnical, slope angle, stope span, dilution, cut-off grade, mining recovery and metallurgical recovery parameters specific to each mine. Mining methods applied are resource-specific and based on experience with similar orebodies. Deswik™ underground mining software, together with GEOVIA Whittle™ and GEOVIA Surpac™ open pit mining software, was used to create mine designs. A maximum gold price of $4,800/oz has been used to establish Mineral Reserves and determine appropriate cut-off grades. Mining, milling and additional overhead costs are based on currently contracted and budgeted operating costs. Mill recoveries for all ore types are based on operating experience or metallurgical test work. Mineral Reserves consider environmental, tenement, government and infrastructure approvals, together with transportation requirements to market. Stockpiles consist of ROM stocks and low-grade stocks mined by Westgold and accumulated by previous owners. Material year-on-year changes to Westgold's gold Mineral Reserves include (see Figure 12 ): Background to the Mineral Reserve All Mineral Reserve inventories are based on detailed three-dimensional designs to ensure practical mining conditions are met. In addition, all Mineral Reserve inventories are above the mine-specific cut-off grades (COGs), contain only Measured and Indicated material, and incorporate the application of Modifying Factors. Depending on the mining method, Modifying Factors are used to address hydrological, geotechnical, minimum width and blasting conditions. These factors are applied during the stope design process to ensure they are captured before scheduling and are relevant to the style of mineralisation, lithology and ground conditions encountered. Cost modelling is completed for all deposits within the Mineral Reserve. For operating mines, costs are derived from actual and budgeted rates. For deposits under feasibility assessment, the costs applied are determined from a schedule of rates relevant to the mining method and expected production rates. Open Pit Methodology Mineral Reserves are based on pit designs, with appropriate modifications to the original pit shell outlines to ensure compliance with practical mining parameters. Geotechnical parameters aligned with the open pit Mineral Reserves are based either on observations from existing pit geometries or on domain-specific expectations and assumptions. Various geotechnical reports and retrospective reconciliations are considered when determining design parameters. Ore dilution through the mining process has been accounted for within the Mineral Reserve inventory. These ratios represent the style of mineralisation and mining method applied during mine planning. These Modifying Factors are determined from various lithological, geotechnical and hydrogeological data. Minimum mining widths have been accounted for in the designs, with the use of 40t or 90t trucking parameters depending on the size of the pit excavation. No specific ground support requirements are required beyond suitable pit slope design criteria based on specific geotechnical domains. The mining sequence is included in the mine scheduling process used for economic evaluation and considers available operating time, equipment size and equipment performance. No Inferred material is included within the open pit statement, although Inferred material is present in some pit shapes. In these situations, the Inferred material is classified as waste. Underground Methodology All underground Mineral Reserves are based on three-dimensional design strings and polygon-derived stope shapes, following the Measured and Indicated Mineral Resource Estimates in areas above the mine operating cut-off grade. A complete mine schedule is then derived from this design to create a Life of Mine plan and financial analysis. Mining heights and widths are based on first principles and standardised mining methods widely used throughout Western Australia and those already employed at the operating mines. Geotechnical evaluations have been used to determine stope dimensions, backfilling methodologies, mine sequencing and fundamental geotechnical parameters. Associated costs have been included in the study and budgeting frameworks. In large, disseminated orebodies, sub-level caving, sub-level open stoping or single-level bench stoping production methods are used. In narrow-vein, laminated quartz-hosted domains, a conservative narrow-bench mining method is used. In narrow, flat-dipping deposits, flat long-hole mining is adopted, with footwall fillets used to account for the rill angle, and/or jumbo stoping. Stope shape parameters are based on historical data, where available, or expected stable hydraulic radius dimensions derived from first-principles geotechnical data. Modifying Factors, such as but not limited to minimum mining widths, dilution and ore recovery, are relevant to the style of mineralisation, ground conditions and, where appropriate, historical information. Stope shape dimensions vary between mining methods. Hydraulic radii are applied to each method and are derived either from historical production or from geotechnical reports and recommendations. Where no data or exposure is available, conservative hydraulic radius values are used based on the contact domain type. The mining sequence is included in the mine scheduling process used for economic evaluation and considers available operating time, equipment size and equipment performance. Figures 13 – 17 below depict Life of Mine schematics for Westgold's key operating mines. A...

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