FY26 Guidance

Executive Summary

• Westgold projects FY26 production of 345,000‑385,000 oz gold at an AISC of $2,600‑$2,900/oz.
• Non‑sustaining capital is forecast at AU$270 M, primarily for Bluebird‑South Junction and Great Fingall growth projects.
• Exploration spend is set to rise to AU$50 M, targeting 100 km of drilling across Murchison and Southern Goldfields.

Key Details

• Production Guidance: 345–385 koz total (330–355 koz from Westgold assets + 15–30 koz from purchased third‑party ore).
• AISC Guidance: AU$2,600 – AU$2,900 per ounce (includes indicative costs for purchased ore).
• Non‑Sustaining Capital: AU$270 M total; breakdown: Bluebird‑South Junction AU$81 M, Great Fingall AU$97 M, Fortnum upgrades AU$21 M, Higginsville & Beta Hunt projects AU$62 M.
• Exploration Budget: AU$50 M split evenly between exploration and resource definition; 100 km of drilling planned with 17 underground rigs and 3 surface rigs (third‑party).
• Processing Hub Outlooks:
• Fortnum – higher milled grade from Starlight underground (Galaxy & Nightfall zones).
• Bluebird – run‑of‑mine stock build, paste‑fill implementation; steady‑state rate of 1–1.2 Mtpa by FY26 end.
• Great Fingall – first ore from higher‑grade virgin stopes in Q2 FY26; commercial production expected FY27.
• Tuckabianna – shift to lower‑grade Upper Cave output, deferring Big Bell Deeps development.
• Higginsville – debottlenecking and increased processing of Beta Hunt & Two Boys ore; infrastructure upgrades aim for 2 Mtpa mining rate at Beta Hunt.
• Cash Position: Treasury build of AU$132 M in Q4 FY25; FY25 closed with record AU$364 M cash, bullion and investments.
• Guidance Release Timing: Full multi‑year outlook to be issued in September following FY25 Mineral Resource Estimate and Ore Reserve release.

Notable Quotes

“Westgold is now leveraging our expanded scale and continuing to optimise our largest mines and mills for grade and enhanced free cash flow in FY26… Our strategy is already bearing fruit with a $132 million treasury build in Q4 and FY25 closing on a record $364 million in cash, bullion and investments.” – Wayne Bramwell, Managing Director & CEO

Materiality Assessment: Material – Positive (forward‑looking guidance indicates higher production, improved cost profile, significant capital investment, and strong cash position.)