Westgold Resources (WGX) Investor Update summary

Three-year production and cost outlook

• Production is forecast to rise from 326,000 ounces in FY 2025 to exceed 470,000 ounces by FY 2028, with all-in sustaining costs (AISC) expected to fall from AUD 2,666/oz to around AUD 2,500/oz over the same period.

• The plan leverages FY 2025 ore reserves of 56 Mt at 1.93 g/t Au for 3.5 million ounces, supporting 10 years of production at current rates and fully utilising ~6Mtpa milling capacity.

• Over 1.25 million ounces are expected to be produced in the three-year period, with growth fully funded from treasury, balance sheet strength, and forecast free cash flow.

• Over 80% of material mined in the outlook is in reserves, providing high confidence in delivery, with $150M allocated for exploration and resource conversion.

• The outlook is conservative by design, with potential upside from operational improvements and resource conversion.

Processing hub optimization and expansion

• Full utilization of four processing hubs is central, with a shift from low-grade to higher-grade ore to lift mill grades and margins.

• Higginsville expansion to 2.6Mtpa is planned, with construction starting FY 2027 and potential for further expansion to 4Mtpa.

• Meekatharra hub will see increased output from Bluebird-South Junction and Great Fingall, with open pit reactivation and South Junction underground expansion by FY 2028.

• Beta Hunt upgrades will support 2Mtpa output by end H2 FY 2026, with additional grade from Two Boys and Spargo's underground.

• Cue and Fortnum hubs are being optimized, with current mine and mill capacities well matched to output.

Cost management and operational strategy

• Cost reductions are driven by higher-grade ore through mills, not by significant mining cost per ton improvements.

• Open pit programs will provide buffer stocks and higher-grade feed, supporting consistent mill performance.

• No hedging of gold price or high-cost inputs like diesel; reliance on diesel expected to decrease with clean energy transition.

• No set percentage of production is held as bullion; holdings depend on operational cycles.

• Labor risk is managed through contract mining and productivity improvements; no additional decline needed at Beta Hunt in the outlook.