Western Gold Resources (WGR) Q4 2024 TU earnings summary

Executive summary

• Completed 15 HQ3 diamond holes at Gold Duke project, advancing towards gold production and providing key geological and metallurgical data.

• Scoping study underway to determine optimal processing strategy (CIL, Heap Leach, or combination), with delivery expected early Q3 2024.

• First stage production to focus on four deposits (Eagle, Emu, Gold King, Golden Monarch) containing 178,000 oz of gold, representing 61% of project resources.

Financial highlights

• Cash on hand at quarter end was $751,000.

• Raised $1 million during the quarter: $500,000 via share placement and $500,000 via convertible notes.

• Exploration and evaluation expenditure for the quarter was $632,000.

• Net cash used in operating activities was $812,000 for the quarter.

• Estimated quarters of funding available is 0.93, indicating less than one quarter of funding at current burn rate.

Outlook and guidance

• Scoping study for Gold Duke project to be finalized in early Q3 2024.

• Planned activities include completion of geotechnical and metallurgical test work, native title surveys, RC drilling for infrastructure, and infill grade control drilling.

• Future exploration activity is discretionary and dependent on available cash; company confident in ability to raise further funds as needed.