March 2026 Quarterly Report

• Westgold Resources reported Q3 FY26 results with a strong underlying quarterly cash build of $285M, bringing total closing cash, bullion, and liquid investments to $856M.
• Gold production for the quarter was 93,145oz Au, contributing to a Year-to-Date (YTD) Q3 FY26 total of 288,500oz against full-year guidance of 345,000 – 385,000oz.
• All-in Sustaining Cost (AISC) excluding OPA was $2,931/oz, slightly above the upper end of the FY26 guidance range ($2,600–$2,900/oz). AISC including OPA was $3,338/oz.
• The company remains 100% debt-free and unhedged, with a new $600M unsecured syndicated revolving credit facility established to strengthen balance sheet flexibility.
• Higginsville Expansion Plan (HXP) Final Investment Decision (FID) was approved, targeting capacity increase from 1.6Mtpa to 2.6Mtpa.
• Murchison Open Pit Program commenced three months ahead of schedule, and Beta Hunt underground development rates improved.
• Portfolio optimization via divestment of Mt Henry–Selene and spin-out of Valiant Gold delivered ~$140M in immediate shareholder value.

• The cash position of $856M is exceptional and materially strengthens the balance sheet, confirming the company's ability to self-fund growth without external dilution or debt risk.
• However, the AISC of $2,931/oz (ex OPA) represents a slight miss against the stated guidance cap of $2,900/oz, indicating cost pressures that may warrant scrutiny in future quarters.
• Production YTD stands at 288,500oz; to meet the low-end FY26 guidance of 345,000oz, Q4 must deliver approximately 56,500oz, which is feasible but requires strict operational execution given recent cost trends.
• The Higginsville FID approval validates the strategic growth plan announced in March 2026, removing uncertainty around the $145M capex commitment.
• Market reaction has been muted relative to previous highs ($7.69 in March), suggesting the strong cash position and debt-free status were largely priced into the stock following the Valiant IPO and Mt Henry divestment news earlier in 2026.

• Company: Westgold Resources Limited (ASX: WGX), a gold producer focused on Western Australia's Murchison and Southern Goldfields regions.
• Flagship Projects: Higginsville Processing Hub, Beta Hunt Mine, Bluebird-South Junction, Great Fingall Underground Mine.
• Development Status: Higginsville Expansion Plan approved for 2.6Mtpa capacity; Great Fingall mining recommenced with high-grade stopes; Valiant Gold demerger completed to isolate non-core assets (Reedy & Comet).
• Operational Hubs: Murchison Hub and Southern Goldfields Hub are the primary production centers, supported by processing facilities at Cue, Meekatharra, Fortnum, and Higginsville.