Western Gold Resources (WGR) Q2 2026 TU earnings summary

Executive summary

• Board approved the decision to mine the 100% owned Gold Duke Project, with mobilisation and site establishment scheduled for Q1 2026.

• Raised $6.75M in a heavily oversubscribed share placement, fully funding the company through to production, supported by a deferred payment facility with the mining contractor.

• Updated Mineral Resource Estimate (MRE) for Gold Duke: 4.8 Mt at 1.8 g/t Au for 277,000 oz, including 2.0 Mt at 1.6 g/t Au for 104,000 oz in Measured and Indicated categories.

• Grade control and infill drilling (35,300m) confirmed model accuracy and mineralisation continuity at Eagle, Emu, Golden Monarch, and Gold King.

• Scoping Study outlines a production target of 42.8 koz gold and an estimated undiscounted cash surplus of $109.7M at A$5,800/oz, a 64% increase on the prior estimate.

Financial highlights

• Cash on hand at quarter end: $5.431M.

• Net cash used in operating activities for the quarter: $(3.514)M, mainly for exploration and evaluation.

• Net cash from financing activities: $6.191M for the quarter, including the $6.75M capital raise.

• $3M secured non-converting loan facility drawn, with 15% interest, secured against Gold Duke.

• Payments to related parties during the quarter totaled $138k.

Outlook and guidance

• Mobilisation and site establishment for Gold Duke Project planned for Q1 2026.

• Pre-mining planning, updated mine designs, and review of Stage 2 prospects scheduled for the March 2026 quarter.

• Company expects to have sufficient cash reserves for the next quarter and remains confident in its ability to raise further capital if required.