Western Gold Resources (WGR) Q1 2026 TU earnings summary

Executive summary

• Completed a 35,300m grade control and infill drilling program at Gold Duke Project, confirming high-grade gold mineralisation at Eagle and Emu deposits.

• Early drilling results show strong continuity of mineralisation, supporting project advancement toward production.

• Updated Scoping Study estimates a 47% increase in cash surplus and a 26% increase in gold ounces compared to previous estimates.

• Raised $3M via a secured loan and $6.75M through a two-tranche placement, leaving the company fully funded through to production.

Financial highlights

• Cash on hand at quarter end was $2.781M.

• Net cash used in operating activities for the quarter was $827k.

• $3M secured loan facility fully drawn, repayable in 12 months at 15% interest.

• $6.75M capital raising via placement of 56.25M shares at $0.12 per share.

Outlook and guidance

• Outstanding assay results from drilling to be completed in the next quarter.

• Resource modelling and a decision-to-mine process planned for the December 2025 quarter.

• Projected life-of-mine duration is approximately 14 months, with near-term production potential.