Western Gold Resources (WGR) Q1 2025 TU earnings summary

Executive summary

• Advanced Gold Duke Project towards production, with updated mineral resource estimates and a positive scoping study showing strong project economics.

• Divested four Swedish property assets, receiving CAD $180,000 and retaining a 2% NSR royalty, to focus on core Australian projects.

• Initiated exploration at the Sandstone Gold Project after license grant.

• Appointed Cullum Winn as CEO to oversee production as the Gold Duke Project transitions to mining.

Financial highlights

• Cash on hand at quarter end was $313,000, down from $751,000 at the start of the quarter.

• Net cash outflow from operating activities was $385,000 for the quarter.

• $250,829 spent on exploration and evaluation activities during the quarter.

• Payments to related parties totaled $67,402, mainly director remuneration.

Outlook and guidance

• Plans to complete resource definition and grade control drilling at key Gold Duke deposits in the next quarter.

• Ongoing metallurgical test work and negotiations for toll treatment agreements with nearby plants.

• Exploration programs at Sandstone Gold Project to focus on structural controls and drill targeting.

• Company expects to continue operations and secure additional funding as needed.