Westgold Resources (WGX) AGM 2025 Presentation summary

Company overview and current position

• Asset-rich, unhedged gold producer with four profitable processing hubs in Western Australia and ~6Mtpa milling capacity.

• FY25 production reached 326koz Au at an AISC of A$2,666/oz, with a market cap of A$5.5B and A$472M in cash, bullion, and liquids as of September 2025.

• Operational efficiency and grade improvements are driving free cash flow and shareholder returns.

• High confidence organic growth plan targets 470koz at A$2,499/oz by FY28.

Strategic journey and performance

• Strategic reset and rationalisation in FY23 led to a return to profitable operations and cash flow funding a $1.4B merger.

• Production profile and reserves have grown, with Ore Reserves at 3.5Moz and Mineral Resources at 16.3Moz by FY25.

• 73% reduction in TRIFR since FY23, highlighting improved safety.

• Share price increased by 392% from FY23 to FY25, reaching $5.85 per share as of November 2025.

• Quarterly cash, bullion, and liquid investments rose to A$472M by FY26.

Three-year outlook and growth initiatives

• Three-year outlook (3YO) projects sustainable production growth to over 470koz by FY28, leveraging current reserves and full milling capacity.

• Upside potential not included in the 3YO includes mine expansions, mill upgrades, and exploration success.

• FY26 plan focuses on expanding key mines, increasing mill grades, and investing A$50M in resource development and exploration.

• Divestment of non-core assets and operational improvements are ongoing.