Westgold Strengthens Balance Sheet Flexibility

Executive Summary

• Westgold Resources Limited secured a new A$600 million unsecured revolving credit facility with five Tier‑1 lenders, providing up to $1.2 billion of total liquidity when combined with existing treasury balances.
• The 5‑year facility is structured in three tranches (A: $300 M maturing March 2029, B: $200 M maturing March 2030, C: $100 M maturing March 2031) and carries no mandatory hedging, amortisation, or cash‑sweep requirements.
• The financing enhances balance‑sheet flexibility, supports general corporate purposes, and underpins Westgold’s growth strategy and 3‑Year Outlook.

Key Details

• Facility Size: A$600 million (approximately US$600 M) revolving credit line.
• Lending Syndicate: Commonwealth Bank of Australia, Oversea‑Chinese Banking Corporation (OCBC), RBC Capital Markets, Société Générale, Westpac Banking Corporation.
• Structure: Three tranches –
• Tranche A: $300 M, maturity March 2029
• Tranche B: $200 M, maturity March 2030
• Tranche C: $100 M, maturity March 2031
• Interest Rate: BBSY (Bank Bill Swap Yield) plus a fixed margin specific to each tranche.
• Security: Unsecured (nil collateral).
• Covenants: Net Leverage Ratio, Reserve Tail Amount, Interest Coverage Ratio.
• Purpose: General corporate purposes; no mandatory hedging or cash‑sweep requirements.
• Financial Advisor: Argonaut Corporate Finance acted as financial adviser to Westgold.
• Facility Agent: Commonwealth Bank of Australia.
• Liquidity Impact: Existing treasury > A$600 M at end‑2025; combined with the new facility, total available liquidity exceeds A$1.2 billion.

Notable Quotes

“While Westgold does not require additional funding today, securing long‑dated, unsecured and cost‑effective liquidity now is strategic and ensures we can continue to invest and expand our business with confidence.” – Wayne Bramwell, Managing Director & CEO, Westgold Resources Limited.