Western Gold Resources (WGR) Q1 2027 TU earnings summary

Executive summary

• Expanded Scoping Study raised the Gold Duke Production Target 62% to 1.11 Mt at 1.7 g/t Au for 59.7 koz contained gold, strengthening the proposed development case.

• The processing route is under review after Wiluna Mining deferred third-party tolling; alternative processors and a WGR-controlled solution are being assessed.

Financial highlights

• At an assumed A$6,100/oz gold price, the study estimates A$72.9 million operating surplus before project-level capital, financing and tax.

• At 93% metallurgical recovery, forecast recovered/payable gold is 55.5 koz, up from 42.8 koz in the September 2025 study.

• Quarter-end cash was $1.743 million; operating cash outflow was $1.047 million and investing cash outflow was $68,000.

Outlook and guidance

• December-quarter priorities include alternative processing pathways, resource-growth drilling at Eagle, Emu, Joyners Find and Gold King South, and native title and heritage engagement.

• Mining commencement is expected to support treasury improvement; costs are anticipated to decline before operations begin, while capital needs remain under review.