Western Gold Resources (WGR) Q2 2025 TU earnings summary

Executive summary

• Expanded mining approval received for all four pits at Gold Duke Project, enabling commencement of open pit mining operations.

• Metallurgical testwork confirmed excellent gold recoveries up to 95.1% for oxide ore using conventional processing.

• Updated Mineral Resource Estimate (JORC 2012) for Gold Duke Project totals 3.25Mt @ 2.1g/t Au for 214,000 oz, with Gold King deposit now including an Indicated Resource for the first time.

• Preferred mining contractor selected with a deferred payment facility to support cash flow during project ramp-up.

• Strategic appointments made, including new Managing Director, CFO, and Non-Executive Director, to strengthen leadership for transition to production.

Financial highlights

• Cash on hand at quarter end was $178,922.

• $720,000 raised post-quarter via share placement at $0.04 per share, a 28% premium to 30-day VWAP.

• Net cash used in operating activities for the quarter was $331,000.

• Proceeds from asset disposals totaled $197,000 for the quarter.

• Payments to related parties during the quarter amounted to $67,000.

Outlook and guidance

• Detailed planning for infill and grade control drilling at Gold Duke is scheduled for the next quarter.

• Negotiations to finalize a Master Services Agreement with SSH Group and discussions with nearby gold plants for processing solutions are ongoing.

• Reviews of all tenement packages outside Gold Duke are planned.