WESTGOLD 2025 MINERAL RESOURCE ESTIMATE AND ORE RESERVES

Executive Summary

• Westgold announced a 24% increase in its Group Measured & Indicated gold resources to 9.2 Moz and a 7.1 Moz Inferred resource, driven by FY25 exploration spending of $43 M.
• Ore Reserves rose 5% to 3.5 Moz, extending the estimated reserve life to roughly 10 years at current milling capacity (5.7 Mtpa).
• Major reserve upgrades were recorded at Bluebird – South Junction (+90% to 528 koz) and Starlight (+94% to 250 koz); FY26 exploration budget set at $50 M.

Key Details

• Measured & Indicated Resources: 137 Mt @ 2.09 g/t Au = 9.2 Moz Au
• Inferred Resources: 94 Mt @ 2.33 g/t Au = 7.1 Moz Au
• Ore Reserves (Proven + Probable): 56 Mt @ 1.93 g/t Au = 3.5 Moz Au
• Reserve Life Estimate: ~10 years based on 5.7 Mtpa milling capacity
• Exploration Investment FY25: $43 M (up from $25 M in FY24)
• Planned FY26 Exploration Spend: $50 M for further resource development and conversion to reserves
• Key Reserve Increases:
• Bluebird – South Junction: up 90% to 528 koz Au
• Starlight (Fortnum): up 94% to 250 koz Au
• Operating Assets: 19 drill rigs active across a 3,200 km² portfolio covering Murchison and Southern Goldfields operations.

Notable Quotes

“Our Mineral Resource and Ore Reserve growth has been created whilst concurrently investing in critical mine infrastructure… establishing a sustainable platform for long‑term cash‑flow generation over a 10‑year Group Ore Reserve life.” – Wayne Bramwell, Managing Director & CEO

Materiality: Material – Positive (significant increase in resources and reserves, extended reserve life, and sizable FY26 exploration budget indicate material impact on the company’s valuation and future cash flow.)