Westgold Resources (WGX) Investor update summary

Production and Growth Outlook

• Gold production is forecast to rise from 385,000–425,000 oz in FY 2027 to 460,000–510,000 oz by FY 2029, representing a 9% CAGR, with a fully funded organic growth plan focused on expanding Murchison ore availability and processing hubs at Cue and Meekatharra.

• Installed processing capacity will increase from 5.8 million to over 7 million tons per annum by FY 2029, supporting higher production and lower unit costs.

• The Fletcher Zone at Beta Hunt, with a maiden 1.1Moz Ore Reserve, is excluded from the base plan but represents significant future upside, potentially adding 140kozpa and lifting production above 600kozpa post-FY29.

• Ore reserves increased by 41% to 4.1 million ounces after asset sales, supporting production targets, with a total mineral resource inventory of 14.4Moz.

• Reserve component of production outlook remains high: 86% in FY 2027, 81% in FY 2028, and 73% in FY 2029.

Cost and Capital Management

• All-in sustaining cost (AISC) is expected to reduce from AUD 2,980–3,380/oz in FY 2027 to AUD 2,640–3,000/oz by FY 2029, driven by higher-grade ore, improved mill utilisation, and expanded mining fronts.

• Non-sustaining capital peaks at AUD 450–480 million in FY 2027, declining to AUD 390–410 million by FY 2029, with major capital allocated to Murchison expansions and new mining fronts.

• Free cash generation is expected to strengthen as major projects are completed and capital requirements decline.

• Cost forecasts incorporate inflation, royalties, and operational changes, with optimisation strategies aimed at building resilience and flexibility.

Exploration and Resource Development

• Over AUD 150 million to be invested in exploration and resource development over three years, with AUD 50–75 million annually, focused on converting 14.4 million oz mineral resource inventory to reserves and extending mine lives.

• 25 drill rigs are operating, with plans to maintain or slightly expand this count as opportunities arise.

• Exploration is focused on resource conversion and extension at key targets, including Big Bell South, Cuddingwarra, Paddy’s Flat, and Mason.