Western Gold Resources (WGR) Investor presentation summary

Project and resource

• Gold Duke is a shallow oxide project in Western Australia's Goldfields, 35 km southwest of Wiluna, along 25 km of the Joyners Find greenstone belt.

• Global Mineral Resource: 4.843 Mt at 1.8 g/t Au for 277,000 oz; 1.601 Mt Measured, 453 kt Indicated and 2.790 Mt Inferred.

• Stage 1 production target: 1.110 Mt at 1.7 g/t for 59,700 oz contained and 55,500 oz recovered; 82% of the target is Measured and Indicated.

• Conventional carbon-in-leach processing delivers 93% gold recovery; waste rock is non-acid forming, with no on-site tailings storage proposed.

Scoping study economics

• At A$6,100/oz, the study estimates ~A$338.6M recovered-gold revenue, ~A$72.9M undiscounted operating surplus and A$66.2M pre-tax NPV.

• Post-tax NPV8 is A$46.1M; operating cash cost is ~A$4,650/recovered oz and break-even is ~A$4,120/oz.

• Pre-mining/start-up capital is ~A$5.35M, with ~10-month payback; total funding to realise the study is A$8–10M.

• Study assumptions include Wiluna toll treatment, 46 km ore haulage, A$106.31/t processing and A$11.86/t haulage.

Mine plan and readiness

• The plan covers 18 pit designs, with depths of 17–65 m; mining is scheduled for 21 months and processing for 23 months.

• Total movement is 6.85 million bcm, including 0.45 million bcm of ore and 6.37 million bcm of waste; strip ratio is 13.3:1.

• Mining Proposal approval covers Eagle, Emu, Golden Monarch and Gold King; a Gold King waste-dump and ROM-pad amendment is lodged, while approvals for other listed pits are progressing.

• Mining is planned to start once the processing route is confirmed; site readiness includes infrastructure, water supply and finalisation of the Bowerbird bore.