Western Gold Resources (WGR) Q3 2025 TU earnings summary

Executive summary

• Advanced Gold Duke Project towards production, selecting a preferred mining contractor with a deferred payment facility and progressing negotiations for gold processing solutions.

• Raised $720,000 in January 2025 at a 28% premium to VWAP and secured a further $1,052,991 post-quarter from strategic investors to support project advancement.

• Strategic review identified multiple high-potential mining opportunities to extend the Gold Duke Project's life of mine.

• Appointed Ryan Mount as Non-Executive Director to strengthen the board during the transition to production.

Financial highlights

• Cash on hand at quarter end was $312,715.

• $720,000 raised via share placement at $0.04 per share in January 2025.

• Additional $1,052,991 raised post-quarter at $0.0425 per share, with free attaching options.

• Net cash used in operating activities for the quarter was $538,000.

• Payments to related parties totaled $130,000 for the quarter.

Outlook and guidance

• Ongoing negotiations with gold processing plants, aiming to finalize agreements in the current quarter.

• Scoping Study update underway to reflect higher gold prices and current cost assumptions.

• Stage 1 grade control and infill drilling plans being finalized.

• Continued review of historical data to identify further life-of-mine extension opportunities.