ASX Release
Westgold is an unhedged Australian ASX200 gold producer, committed to unearthing enduring value for all its stakeholders.
Westgold's vision is to become Australia's leading gold company, sustaining safe, responsible and profitable production.
Our current business encompasses mines and processing plants across the Murchison and Southern Goldfields, two of Western Australia's most prolific gold-producing régions.
Financial values are reported in A$ unless otherwise specified
This announcement is authorised for release to the ASX by the Board.
$180M underlying cash build in Q1 FY26
PERTH, Western Australia, Oct. 28, 2025 /CNW/ - Westgold Resources Limited $(WGX.AU)$ (TSX: WGX) (Westgold or the Company) is pleased to report results for the period ending 30 September 2025 (Q1 FY26).
Q1 HIGHLIGHTS
OPERATIONS
Safety Performance Total Recordable Injury Frequency Rate (TRIFR) of 5.04 / million hours -- an improvement of 11%
Group production of 83,937oz Au @ AISC of $2,861/oz - in line with FY26 guidance
3 YEAR OUTLOOK
High confidence organic growth plan that sees costs fall
FY26 guidance: 345-385koz @ AISC of $2,600-$2,900/oz
FY27 outlook: 420koz @ AISC of $2,456/oz
FY28 outlook: 470koz @ AISC of $2,499/oz
RESERVES & RESOURCES
Group Mineral Resource Estimate increased 24% to 16.3Moz
Ore Reserves up 5% to 3.5Moz - driven by additions at Beta Hunt, Bluebird--South Junction and Starlight
Update reflects strong exploration success - and supports a 10-year Reserve life
TREASURY
Gold sales of 94,913oz at an average price of A$5,296/oz - generating revenue of A$503M
Underlying cash build of $180M - before investments in growth ($60M) and exploration ($12M)
$472M in closing cash, bullion, and liquid investments @ 30 September 2025 - a $108M increase Q on Q
Westgold remains 100% unhedged
CORPORATE
3cps final dividend declared for FY25 - and 5% on-market share buyback program launched for FY26
Non-core divestments underway -- including Peak Hill, Mt Henry-Selene and Chalice gold opportunities
Westgold Managing Director and CEO Wayne Bramwell commented:
"Westgold's underlying cash build in Q1, FY26 of $180M before growth and exploration spend, culminated in a closing balance of $472M in cash, bullion, and liquid investments. This was an increase of $108M quarter on quarter.
Operationally, we maintained our focus on safety and efficiency, achieving an 11% improvement in our TRIFR and delivering group gold production of 83,937 ounces at an AISC of $2,861 per ounce. This was a solid start to FY26, and we remain on track to FY26 guidance of 345,000 to 385,000 ounces at an AISC of $2,600 to $2,900 per ounce.
The 2025 Reserves and Resources statement released during the quarter demonstrated the success of continued investment in growth projects and exploration, with our Mineral Resource Estimate increasing by 24% to 16.3Moz and Ore Reserves up 5% to 3.5Moz. This growth now underpin a 10-year Ore Reserve life and highlights the latent mineral potential that drilling can unlock from within our portfolio.
In Q1 the Company released its first three-year outlook (3YO) to the market. The 3YO is a high confidence plan building from a FY26 production guidance mid-point of 365,000 ounces, growing organically to approximately 470,000 ounces of production by FY28. Importantly, the 3YO is conservative by design, sees our cost profile fall and excludes multiple tangible opportunities currently being advanced to bring value forward in the outlook.
Westgold's value proposition is to focus on organic growth to increase shareholder returns. This objective is now underpinned by growing treasury strength, increasing Ore Reserves, four processing hubs and a pragmatic approach to capital allocation that creates value. The declaration of a 3 cent per share final dividend for FY25 shows our commitment to shareholder returns with an upgrade to our dividend policy for FY26 and the launch of a 5% on-market share buyback defining our approach.
Our team is focussed on optimising our larger producing assets in FY26 to maximise free cash flow. With improving operational performance and a clear pathway defined by the 3YO, the business can now plan to sustain safe, responsible, and profitable production into the future."
Executive Summary
Cash Position as of 30 September 2025
Westgold closed Q1, FY26 with cash, bullion and liquid investments of $472M -- representing a build of $108M in total cash, bullion and liquid investments.
Underlying cash build was $180M before growth and exploration spend (invested $60M on non-sustaining capital and $12M on exploration, refer Figure 1).
This result was driven by consistent Group gold production and an increase in realised gold price to $5,296/oz.
Notes
-- Westgold remains unhedged and fully exposed to the spot gold price. -- $2.3M in additional New Murchison Gold (ASX: NMG) shares purchased during Q1, FY26. -- $28M FY25 dividend payment to shareholders (3cps) declared during Q1, FY26 -- payment made post quarter end and will be reflected in the Q2 FY26 cashflows. -- $75M stamp duty invoice for the Karora transaction was received during Q1, FY26 - with payment due in Q2 FY26. -- Closing Q1, FY26 investments include 1.7B NMG shares - but exclude 19.8M shares received in Blackcat Syndicate Limited (ASX: BC8 - under escrow until 31/3/26).
Group Production Highlights -- Q1, FY26
Westgold is pleased to report Q1, FY26 Group gold production of 83,937oz (Q4 FY25: 88,022oz). The Murchison produced 53,140oz (Q4 FY25: 54,811oz) and the Southern Goldfields produced 30,797oz (Q4 FY25: 33,211oz).
Q1, FY26 production was marginally lower than Q4, FY25 as expected due to scheduled process plant shutdowns across the group. This is consistent with the expectations set out in Westgold's FY26 Guidance, which shows group production output weighted towards the second half of FY26.
All-In Sustaining Cost (AISC) for Q1, FY26 was $240M (Q4 FY25: $237M), and on a per ounce basis was $2,861/oz (Q4 FY25: $2,688/oz). The higher quarter-on-quarter costs were primarily due to the early commencement of third-party ore delivery (from the gold price linked Ore Purchase Agreement (OPA) with New Murchison Gold), planned maintenance costs and lower Group production. Excluding gold production from ore purchased under the OPA, Group AISC was $2,792/oz.
Westgold maintains its production and cost guidance for FY26 of 345 -- 385koz at $2,600 -- $2,900/oz.
The Company sold 94,913oz of gold for the quarter achieving a record price of $5,296/oz, generating $503M in revenue. With Westgold hedge free, operations generated $205M of mine operating cashflows with the achieved gold price $2,435/oz over AISC.
Total non-sustaining capital expenditure during Q1 FY26 of $60M (Q4 FY25: $39M) includes $39M of investment in growth projects (Bluebird-South Junction and Great Fingall development) and $21M in plant and equipment (processing facilities, ventilation, water, power and paste infrastructure across the Group).
Investment in exploration and resource development of $12M (Q4 FY25: $9M) for the quarter continued focusing on Bluebird-South Junction and Starlight in the Murchison, and the Fletcher Zone at Beta Hunt in the Southern Goldfields. Westgold remains on track to achieve the FY26 exploration guidance of $50M.
The net mine cash inflow for Q1 FY26 was $133M (refer Table 1 under Group Performance Metrics).
FY26 guidance and 3 year outlook
Westgold issued its FY26 guidance in August 2025, signalling an uplift over the prior year in group mine and milling outputs. The Company's outlook is supported by ongoing investments in key processing and mining assets and more consistent operational performance, positioning Westgold for continued value creation.
For FY26, Westgold forecasts gold production in the range of 345,000oz to 385,000oz at an AISC of $2,600 to $2,900 per ounce, reflecting a substantial production improvement over FY25. The Company's guidance also includes indicative AISC for purchased ore. Planned non-sustaining capital expenditure totals $270M, predominantly directed toward major growth projects and infrastructure upgrades. The exploration and resource definition budget is set at A$50M, representing a balanced investment in exploration, targeting significant drilling activity across core regions.
Building on the FY26 guidance, Westgold released a detailed three-year outlook (3YO) on 1 October 2025 that presents a high-confidence, executable plan to increase the Group's annual gold production to approximately 470,000oz per annum by FY28, while reducing AISC to around $2,500/oz from FY27 onwards. This organic growth plan is predicated upon Westgold's existing portfolio of operating assets, 2025 Ore Reserves (56Mt at 1.93g/t for 3.5Moz of gold), and the four processing hubs with a combined current processing capacity of approximately 6Mtpa.
Importantly, the 3YO excludes tangible opportunities that, if realised represent substantial upside to the plan. These opportunities are being actively advanced to bring value forward into the 3YO.
For more information, refer to "Westgold Provides 3-Year Outlook" lodged on the ASX on 1 October 2025.
Group Performance Metrics
Westgold's quarterly physical and financial outputs for Q1 FY26 are summarised below.
Table 1: Westgold Q1 FY26 Performance
Physical Summary Units Murchison Southern Group
Goldfields
ROM - Ore Mined t 687,951 537,380 1,225,331
Grade Mined g/t 2.3 2.1 2.2
Ore Processed t 906,500[1] 448,692 1,355,192
Head Grade g/t 2.0(1) 2.3 2.1
Recovery % 91(1) 94 92
Gold Produced oz 53,140(1) 30,797 83,937
Gold Sold oz 59,947 34,966 94,913
Achieved Gold Price A$/oz 5,296 5,296 5,296
Cost Summary Units Murchison Southern Goldfields Group
Mining A$'M 98(1) 58 156
Processing A$'M 41(1) 17 58
Admin A$'M 8 9 17
Stockpile Movements A$'M (1) (22)(2) (23)
Royalties A$'M 7 13 20
Sustaining Capital A$'M 10 2 12
All-in Sustaining Costs A$M 163 77 240
All-in Sustaining Costs A$/oz 3,061 2,516 2,861
All-in Sustaining Costs --
Excluding OPA A$'M 150 77 227
All-in Sustaining Costs --
Excluding OPA A$/oz 2,960 2,516 2,792
Notional Cashflow Summary Units Murchison Southern Goldfields Group
Notional Revenue (produced
oz) A$'M 282 163 445
All-in Sustaining Costs A$'M 163 77 240
Mine Operating Cashflow A$'M 119 86 205
Growth Capital A$'M (30) (9) (39)
Plant and Equipment A$'M (8) (13) (21)
Exploration Spend A$'M (7) (5) (12)
Net Mine Cashflow A$'M 74 59 133
Net Mine Cashflow A$/oz 1,392 1,915 1,583
(1) Includes 24kt of ore purchased at 3.5g/t for
2,601oz
(2) Southern Goldfields stockpile movement is predominantly
due to the combined impact of a 61kt stockpile build
and the non-cash adjustment to stockpile values following
the finalisation of the purchase price allocation
for the Karora transaction.
Q4 FY25 Group Performance Overview
Westgold mined a total of 1,225kt at 2.2g/tAu (Q4 FY25: 1,264kt at 2.3g/t Au) slightly down quarter on quarter as expected, driven by level access and paste establishment at Bluebird South Junction mine at Meekatharra.
Westgold processed 1,355 kt (Q4 FY25: 1,408kt) of ore in total at an average grade of 2.1g/t Au (Q4 FY25: 2.1g/t Au), producing 83,937oz of gold (Q4 FY25: 88,022oz). Group AISC in Q1 FY26 was $240M, marginally higher than the previous quarter (Q4 FY25: $237M).
MURCHISON
The Murchison hubs produced 53,140oz of gold (Q4 FY25: 54,811oz). Quarterly production declined slightly as anticipated due to planned processing maintenance shutdowns at the three processing hubs and lower grades mined at Fortnum.
The quarter-on-quarter reduction in ore mined was driven primarily by schedule constraints at Bluebird-South Junction as the mine transitioned to paste fill. Encouragingly, the first paste pour was completed in Q1 ahead of target, placing the Meekatharra Hub in a strong position to lift production as forecast over the year. The lower quarter-on-quarter mining rate from Bluebird-South Junction was partly offset by the early delivery of ore under the OPA with New Murchison Gold which contributed 2,601oz.
Total AISC of $163M (Q4 FY25: $138M) was higher than the prior quarter, mainly due to the commencement of the gold price linked OPA and planned maintenance across the three processing hubs.
AISC per ounce of $3,061/oz (Q4 FY25: $2,503/oz) increased due to the higher total AISC and lower quarterly production. Excluding the OPA, the Murchison AISC per ounce was $2,960/oz.
Total Non-Sustaining Capital Expenditure of $38M, includes Growth Capital ($30M) and Plant and Equipment ($8M) across the Murchison. Growth Capital mainly related to the continuation of Great Fingall development and expansions to the Bluebird-South Junction underground mine.
SOUTHERN GOLDFIELDS
The Southern Goldfields hub produced 30,797oz of gold in Q1 FY26 (Q4 FY25: 33,211oz). Higginsville throughput was in line with expectations. Production was lower quarter on quarter due to the timing of an additional tolling parcel in Q4 FY25 at Lakewood. Beta Hunt mining output was in line with expectations and steady quarter on quarter. Beta Hunt mining rates are expected to lift from late Q2, FY26 onwards as new ventilation and pumping infrastructure removes constraints in the mine.
The total AISC in the Southern Operations decreased quarter on quarter (Q1 FY26 AISC: $77M vs Q4 FY25 AISC: $99M). On a per ounce basis, AISC was lower at $2,516/oz in Q1 FY26 (Q4 FY25: $2,992/oz). This is predominantly due to the combined impact of a 61kt stockpile build and the non-cash adjustment to stockpile values of the Southern Goldfields following the finalisation of the purchase price allocation for the Karora transaction.
Total Non-Sustaining Capital Expenditure of $22M, includes Growth Capital ($9M) and Plant and Equipment ($13M) across the Southern Goldfields Operations mainly relating to water management, primary ventilation and underground infrastructure at the Beta Hunt mine.
Table 2: Q1 FY26 Group Mining Physicals
Ore Mined Mined Grade Contained ounces
('000 t) (g/t) (Oz)
Murchison 688 2.3 50,837
Bluebird 144 3.2 14,615
Fender 58 2.3 4,214
Big Bell 269 1.7 14,975
Great Fingall 15 1.3 597
Starlight 202 2.5 16,436
Southern Goldfields 537 2.1 36,956
Beta Hunt 381 2.3 27,642
Two Boys 37 3.3 3,868
Lake Cowan OP 119 1.4 5,446
GROUP TOTAL 1,225 2.2 87,793
Table 3: Q1 FY26 Group Processing Physicals
Ore Milled Head Grade Recovery Gold Production
('000 t) (g/t) (%) (Oz)
Murchison 906 2.0 91 53,140
Bluebird 151 3.1 94 14,296
Fender 28 1.7 88 1,325
Ore Purchase 24 3.5 97 2,601
Open Pit & Low Grade 189 0.9 91 5,145
Meekatharra Hub 392 2.0 93 23,367
Big Bell 217 1.4 85 10,494
Fender 41 2.3 85 2,516
Great Fingall 33 1.4 86 1,271
Open Pit & Low Grade 0.2 0.9 86 5
Cue Hub 291 1.8 85 14,286
Starlight 197 2.5 94 14,853
Open Pit & Low Grade 26 0.8 94 634
Fortnum Hub 223 2.3 94 15,487
Southern Goldfields 449 2.3 94 30,797
Beta Hunt 365 2.3 94 25,269
Two Boys 32 3.6 92 3,344
Lake Cowan 45 1.4 93 1,836
Open Pit & Low Grade 7 1.6 92 348
GROUP TOTAL 1,355 2.1 92 83,937
Operations
Safety
Safety performance improved across key indicator areas, with the Total Recordable Injury Frequency Rate (TRIFR) reducing to 5.04 by the end of September. This marks a sustained, 11% improvement from the prior quarter and reflects the effectiveness of targeted safety initiatives and operational discipline.
Our continued success in enhancing safety performance is achieved by prioritising leading indicators and implementing proactive strategies to prevent incidents and injuries among our workforce.
The Murchison
-- Fortnum Hub In Q1 Fortnum processed 223kt at 2.3g/t with 94% recovery for
15,487oz (Q4 FY25: 231kt at 2.6g/t with 93% recovery for 18,149oz).
Fortnum continues to perform well, though production and grade was down
quarter on quarter, following a record quarter in Q4 FY25.
-- Meekatharra Hub In Q1 the Meekatharra Hub processed 392kt at 2.0g/t with
93% recovery for 23,367oz (Q4 FY25: 377kt at 1.7g/t with 94% recovery for
19,640oz). Meekatharra production continues to improve on the back of
higher grades from the Bluebird-South Junction underground mine and the
introduction of softer oxide feed from the Crown Prince open pit.
Westgold purchased 33kt of ore at 3.3g/t containing 3,231oz of gold as
part of the OPA, and processed 24kt at 3.5g/t during the quarter for
2,601oz. Bluebird-South Junction mined production amounted to 144kt at
3.2 g/t for 14,615oz (Q4 FY25: 170kt at 2.6 g/t for 14,027oz). Two key
milestones were achieved at Bluebird-South Junction with the paste fill
plant commissioning, and first paste pour was completed ahead of schedule,
and level access design changes to the South Junction area were
finalised. The introduction of paste fill to the mine is a critical step
for the larger more productive South Junction stopes, allowing full
orebody extraction. The updated mine design is a hybrid approach which
allows the productivity benefits of transverse mining whilst mitigating
the ground control issues that have previously delayed the project ramp
up during FY25. Mining volumes decreased as planned compared to the
previous quarter due to a reduction in available work areas as additional
accesses were established and paste fill was incorporated into the
schedule. However, the impact of lower volumes was balanced by higher ore
grades.
-- Cue Hub In Q1 the Cue Hub processed 291kt at 1.8g/t with 85% recovery for
14,286oz (Q4 FY25: 333kt at 1.8g/t with 88% recovery for 17,022oz).
Production at Cue was lower quarter on quarter primarily due to planned
processing plant maintenance, and slightly lower metallurgical
recoveries. The variation in recovery was primarily the result of
increased production from a particular section of the Big Bell upper cave,
which has unique metallurgical characteristics. This is anticipated to be
a temporary occurrence and not indicative of the long-term recovery
performance expected from the upper cave as a whole. Big Bell and Fender
mined a combined 327kt at 1.8g/t for 19,189oz (Q4 FY25: 369kt at 1.9g/t
for 21,967oz). Mining at Big Bell was relatively steady quarter on
quarter, with the slightly lower grades and volumes being schedule
driven. The rehabilitation of the upper cave continues and will drive
improved mining volumes from Q2 as the number of available mining areas
approach steady state. With the Fender strike length shortening at depth
and forecast production reducing, the operation has been consolidated
into Big Bell in order to efficiently manage costs and equipment
utilisation. Great Fingall delivered 15kt at 1.3g/t for 597oz (Q4
FY25:32kt at 1.4g/t for 1,498oz), from the Great Fingall Flats target,
completing this opportunistic early low grade mining campaign. Barminco
Limited (Barminco) mobilised to Great Fingall during the Quarter,
successfully commencing the full-service mining contract on 1 September.
First stoping in the main Great Fingall orebody will commence in late Q2
FY26 adding high grade feed to the Cue Hub.
The Southern Goldfields
-- Southern Goldfields The 1.6Mtpa Higginsville processing plant processed
404kt at 2.3g/t with a 94% recovery for 28,043oz (Q4 FY25: 382kt at
2.4g/t with 93% recovery for 27,698oz). Beta Hunt achieved consistent
mining rates quarter on quarter, mining 381kt at 2.3g/t for 27,642oz (Q4
FY25: 383kt at 2.3g/t for 28,533oz). Key infrastructure milestones were
achieved in Q1 for Beta Hunt with the newly installed primary ventilation
fans running, and the new rising main line installed. Production will see
a ramp up in Q2 with key primary infrastructure upgrades commissioned and
operating at full design capacity. The detailed Higginsville expansion
study commenced in Q1, evaluating a production uplift to 2.6Mtpa, with a
further option to expand to 4Mtpa. Toll milling of Beta Hunt ore at the
Lakewood mill processed 45kt at 2.1g/t with 92% recovery for 2,754oz (Q4
FY25: 85kt at 2.2g/t with 92% recovery for 5,513oz).
Exploration
During the quarter, Westgold invested $12M (Q4 FY25: $9M) in Exploration and Resource Definition and drilled 46,744m.
Greenfields exploration drilling was focused on targets in the Labouchere region near Fortnum, the Jubilee-Golden Treasure and Murphy Creek targets at Peak Hill, and the Meekatharra North target north of Bluebird. Extensional exploration / resource definition drilling was focussed on routine work on all active mines and continued definition of Fletcher, inclusive of initial testing of the Stage 2 area.
Reserve and Resource update
During the September quarter, Westgold released its updated Mineral Resource and Ore Reserve Statement as at 30 June 2025(2) . The Group's total gold Mineral Resource Estimate increased by 24% year-on-year to 231Mt at 2.2 g/t for 16.3Moz, following a focused exploration and resource definition program. Notably, the maiden Stage 1 Mineral Resource Estimate for the Fletcher Zone at Beta Hunt delivered 2.3Moz, effectively doubling the Beta Hunt Mineral Resource .
Significant growth was also achieved at Bluebird--South Junction (up 35% to 1.3Moz) and Starlight (up 46% to 866koz), with both assets reporting increases post-mining depletion. These results underscore the value of Westgold's ongoing investment in organic growth and the strong potential within its Western Australian portfolio.
Ore Reserves grew by 5% to 56Mt at 1.9 g/t for 3.5Moz, marking the second consecutive year of post-depletion Ore Reserve growth. This uplift was driven by substantial increases at Bluebird--South Junction (up 90% to 528koz) and Starlight (up 94% to 250koz), offsetting mining depletions at other operations.
With a current milling capacity of 5.7 Mtpa, Westgold's estimated Ore Reserve life now stands at approximately 10 years. The company plans to invest $50M in exploration and resource development in FY26, maintaining its focus on converting Mineral Resources to Ore Reserves and supporting long-term value creation for shareholders.
(2) Refer to ASX announcement titled "2025 Mineral Resource Estimate and Ore Reserves" -- 3 September 2025
Corporate
At the end of Q1 FY26, Westgold's total cash, bullion and investments totalled $472M.
Cash, Bullion and Investments
Description Jun 2025 Sep 2025 Variance Variance
Quarter ($M) Quarter ($M) ($M) (%)
Cash 240 357 117 49
Bullion 96 61 (35) (36)
Investments(1) 28 54 26 93
Cash and Bullion 364 472 108 30
1. Investments exclude investment in Blackcat Syndicate
(BC8) under escrow until 31 March 2026.
Debt
Westgold's unhedged debt facility of $300M under the Syndicated Facility Agreement with ING Bank (Australia) Limited and Societe Generale incorporates two Revolving Corporate Facilities (Facility A - $100M) and a Term Loan (Facility B - $200M). On 30 September 2025, Facility B expired leaving Westgold with access to $50M of the underdrawn Facility A.
Gold Hedging
Westgold is fully unhedged, completely leveraged to the gold price and achieved an average gold price of $5,296/oz for Q1 FY26 (Q4 FY25 $5,174/oz).
Divestment of non-core assets
As part of Westgold's ongoing strategy to focus on its larger operational assets and bring value forward into the 3YO, the Company commenced a formal divestment process for three smaller non-core properties including Peak Hill (near Fortnum), Mt Henry-Selene (near Norseman), and Chalice (near Higginsville).
These smaller gold assets contain existing Mineral Resources (circa 1.6Moz in total) and are not included in Westgold's three-year outlook or longer term mine plans. With a view to crystallising value from these assets for our shareholders Westgold has commenced a divestment programme which, amongst other value benefits, could deliver additional ore to Westgold hubs via new ore purchase agreements.
The divestment process for these three assets is targeted for completion in Q3 FY26.
In addition to this divestment programme, Westgold is evaluating potential value accretive options regarding the Comet and South-Emu Triton underground mines (currently in care and maintenance) and associated tenure in the Murchison.
Share Capital
Westgold closed the quarter with the following capital structure:
Security Type Number on Issue Fully Paid Ordinary Shares 944,831,564 Performance Rights (Rights) 8,922,112
Dividend & Share buyback
During the quarter, Westgold declared a FY25 final unfranked dividend of 3 cents per share, reflecting the company's strong financial performance and robust cash flow generation in FY25. This dividend, totalling $28.3M and representing a 78% payout ratio, was approved by the Board and paid on 10 October 2025.
The dividend decision was made after careful consideration of Westgold's forecast cash flows and operating scale and marks a continuation of the company's commitment to shareholder returns, with $38.6M in dividends paid since the inception of its policy in FY24. The Board also enhanced the dividend policy for FY26, doubling the minimum dividend per share to 2 cents per share and raising the required minimum net cash balance to $150M after dividend payments.
To complement our capital return programme, Westgold's Board authorised an FY26 on-market share buyback of up to 5% of the company's ordinary shares (to be executed over the next 12 months). This buyback, approved and announced during the September quarter, is designed to enhance capital management and reflects the Board's confidence in Westgold's 3YO and future cash flow generation.
The programme will be conducted in accordance with Australian and Canadian securities laws, with purchases made through the ASX at the company's discretion, subject to prevailing share prices and market conditions. By reducing the number of shares on issue, the buyback aims to increase shareholder value and further align capital returns with the company's growth trajectory and operational outlook.
Quarterly conference call details
Wayne Bramwell (Managing Director & CEO), Tommy Heng (Chief Financial Officer) and Aaron Rankine (Chief Operating Officer) will present the results via webcast on Tuesday, 28 October 2025 at 8:30AM AWST / 11:30AM AEDT, followed by a Q&A session.
To listen to the Webcast live, please click on the link below and register your details. After registering, you will receive a confirmation email containing information about joining the webinar.
SEPTEMBER 2025 QUARTERLY WEBCAST
https://attendee.gotowebinar.com/register/3212880079702862424
Please log on a few minutes before the scheduled commencement time to ensure you are registered in time for the start of the call.
Compliance Statements
Forward Looking Statements
These materials prepared by Westgold Resources Limited (or the "Company") include forward looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as "may", "will", "expect", "intend", "believe", "forecast", "predict", "plan", "estimate", "anticipate", "continue", and "guidance", or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.
Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance, and achievements to differ materially from any future results, performance, or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of Ore Reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.
Forward looking statements are based on the Company and its management's good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company's business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company's business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company's control.
Although the Company attempts, and has attempted, to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. In addition, the Company's actual results could differ materially from those anticipated in these forward looking statements as a result of the factors outlined in the "Risk Factors" section of the Company's continuous disclosure filings available on SEDAR+ or the ASX, including, in the Company's current annual report, half year report or most recent management discussion and analysis.
Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances.
Mineral Resources
The information in this report that relates to Mineral Resources is provided by Westgold technical employees and contractors under the supervision of the General Manager of Technical Services, Mr. Jake Russell B.Sc. (Hons), who is a member of the Australian Institute of Geoscientists and who has verified, reviewed, and approved such information. Mr Russell is a full-time employee to the Company and has sufficient experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activities which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the "JORC Code") and as a Qualified Person as defined in the CIM Guidelines and National Instrument 43-101 -- Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr. Russell is an employee of the Company and, accordingly, is not independent for purposes of NI 43-101. Mr Russell consents to and approves the inclusion in this report of the matters based on his information in the form and context in which it appears. Mr Russell is eligible to participate in short and long-term incentive plans of the Company.
It is a requirement of the ASX Listing Rules that the reporting of Mineral Resources, Ore Reserve Estimates in Australia complies with the JORC Code. Investors outside Australia should note that while Ore Reserve and Mineral Resource estimates of the Company in this report comply with the JORC Code (such JORC Code-compliant Ore Reserves and Mineral Resources being "Ore Reserves" and "Mineral Resources" respectively), they may not comply with the relevant guidelines in other countries. The JORC Code is an acceptable foreign code under NI 43-101. Information contained in this announcement describing mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of US securities laws, including Item 1300 of Regulation S-K. All technical and scientific information in this report has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and has been reviewed on behalf of the Company by Qualified Persons, as set forth above.
This report contains references to estimates of Mineral Resources and Ore Reserves. The estimation of Mineral Resources is inherently uncertain and involves subjective judgments about many relevant factors. Mineral Resources that are not Ore Reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. Mineral Resource estimates may require re-estimation based on, among other things: (i) fluctuations in the price of gold; (ii) results of drilling; (iii) results of metallurgical testing, process and other studies; (iv) changes to proposed mine plans; (v) the evaluation of mine plans subsequent to the date of any estimates; and (vi) the possible failure to receive required permits, approvals and licenses.
Appendix A -- Key metrics by operating asset
Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26
Fortnum Mill
Ore milled kt 196 208 202 231 223
Milled grade g/t 2.5 2.5 2.1 2.6 2.3
Recovery % 95 95 93 93 94
Gold Produced oz 15,069 15,517 12,506 18,149 15,487
Bluebird Mill
Ore milled kt 349 219 240 377 392
Milled grade g/t 2.0 2.4 2.0 1.7 2.0
Recovery % 89 89 92 94 93
Gold Produced oz 20,306 14,933 14,136 19,640 23,367
Tuckabianna Mill
Ore milled kt 334 322 310 333 291
Milled grade g/t 1.9 1.8 1.9 1.8 1.8
Recovery % 87 87 88 88 85
Gold Produced oz 17,514 16,011 16,264 17,022 14,286
Southern Goldfields
Ore milled kt 411 593 545 467 449
Milled grade g/t 2.0 2.0 2.3 2.4 2.3
Recovery % 92 92 93 93 94 % Gold Produced oz 24,480 34,425 37,201 33,211 30,797 Starlight UG Ore mined kt 174 168 147 197 202 Mined grade g/t 2.7 2.7 2.6 2.9 2.5 Contained gold oz 14,936 14,374 12,495 18,457 16,436 Bluebird-South Junction UG Ore mined kt 95 88 109 170 144 Mined grade g/t 3.7 3.4 2.7 2.6 3.2 Contained gold oz 11,297 9,649 9,483 14,027 14,615 OPA Ore Purchased kt - - - - 33 Ore grade g/t - - - - 3.3 Contained gold oz - - - - 3,231 Big Bell UG Ore mined kt 307 333 247 279 269 Mined grade g/t 1.9 1.8 1.8 1.8 1.7 Contained gold oz 19,143 19,338 14,251 16,416 14,975 Great Fingall UG Ore mined kt - - - 32 15 Mined grade g/t - - - 1.4 1.3 Contained gold oz - - - 1,498 597 Fender UG Ore mined kt 75 76 79 90 58 Mined grade g/t 2.5 2.3 2.4 1.9 2.3 Contained gold oz 5,851 5,531 6,048 5,551 4,214 Beta Hunt UG Ore mined kt 250 407 363 383 381 Mined grade g/t 2.4 2.3 2.8 2.3 2.3 Contained gold oz 18,949 29,555 32,498 28,533 27,642 Two Boys UG Ore mined kt 41 43 52 56 37 Mined grade g/t 2.6 2.2 2.5 2.9 3.3 Contained gold oz 3,464 3,125 4,213 5,210 3,868 Lake Cowan OP Ore mined kt - - - 57 119 Mined grade g/t - - - 1.4 1.4 Contained gold oz - - - 2,582 5,446
Appendix B -- Group metrics
Physical Units Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Summary ROM - Ore Mined t 941,508 1,115,123 996,641 1,264,056 1,225,331 Grade Mined g/t 2.4 2.3 2.5 2.3 2.2 Ore Processed t 1,289,561 1,342,005 1,296,656 1,408,120 1,355,192 Head Grade g/t 2.1 2.1 2.1 2.1 2.1 Recovery % 90 91 91 92 92 Gold Produced oz 77,369 80,886 80,107 88,022 83,937 Gold Sold oz 72,202 86,879 78,398 71,500 94,913 Achieved Gold Price A$/oz 3,723 4,066 4,630 5,174 5,296 Cost Summary Mining A$'M 88 124 120 152 156 Processing A$'M 53 56 57 54 58 Admin A$'M 15 15 15 15 17 Stockpile Movements A$'M (2) (3) 5 (7) (23) Royalties A$'M 10 17 16 12 20 Sustaining Capital A$'M 23 10 14 11 12 All-in Sustaining Costs A$'M 187 219 227 237 240 All-in Sustaining Costs A$/oz 2,422 2,703 2,829 2,688 2,861 All-in Sustaining Costs -- Excluding OPA A$'M 187 219 227 237 227 All-in Sustaining Costs -- Excluding OPA A$/oz 2,422 2,703 2,829 2,688 2,792 Notional Cashflow Summary Notional Revenue (produced oz) A$'M 288 329 371 456 445 All-in Sustaining Costs A$'M 187 219 227 237 240 Mine Operating Cashflow A$'M 101 110 144 219 205 Growth Capital A$'M (39) (29) (31) (27) (39) Plant and Equipment A$'M (19) (27) (15) (12) (21) Exploration Spend A$'M (14) (9) (11) (9) (12) Net Mine Cashflow A$'M 29 45 87 171 133 Net Mine Cashflow A$/oz 368 554 1,094 1,937 1,583
Murchison
Physical Summary Units Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 ROM - Ore Mined t 650,066 664,568 582,184 767,751 687,951 Grade Mined g/t 2.4 2.3 2.3 2.3 2.3 Ore Processed t 878,890 749,182 751,207 940,810 906,500 Head Grade g/t 2.1 2.1 2 2.0 2.0 Recovery % 90 90 90 91 91 Gold Produced oz 52,889 46,461 42,906 54,811 53,140 Gold Sold oz 49,813 50,263 43,824 42,879 59,947 Achieved Gold Price A$/oz 3,723 4,066 4,630 5,174 5,296 Cost Summary Mining A$'M 57 72 72 84 98 Processing A$'M 32 32 33 34 41 Admin A$'M 10 9 10 10 8 Stockpile Movements A$'M 1 (6) 4 (6) (1) Royalties A$'M 5 5 6 7 7 Sustaining Capital A$'M 17 7 11 9 10 All-in Sustaining Costs A$'M 122 119 136 138 163 All-in Sustaining Costs A$/oz 2,294 2,556 3,160 2,503 3,061 All-in Sustaining Costs -- Excluding OPA A$'M 121 119 136 138 150 All-in Sustaining Costs -- Excluding OPA A$/oz 2,294 2,556 3,160 2,503 2,960 Notional Cashflow Summary Notional Revenue (produced oz) A$'M 197 189 199 284 282 All-in Sustaining Costs A$'M 121 119 136 138 163 Mine Operating Cashflow A$'M 76 70 63 146 119 Growth Capital A$'M (34) (26) (28) (25) (30) Plant and Equipment A$'M (11) (15) (9) (6) (8) Exploration Spend A$'M (11) (5) (5) (3) (7) Net Mine Cashflow A$'M 20 24 21 112 74 Net Mine Cashflow A$/oz 369 509 508 2,045 1,392
Southern Goldfields
Physical Units Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Summary ROM - Ore Mined t 361,830 450,555 414,457 496,305 537,380 Grade Mined g/t 2.3 2.3 2.8 2.3 2.1 Ore Processed t 410,671 592,823 545,449 467,310 448,692 Head Grade g/t 2.0 2.0 2.3 2.4 2.3 Recovery % 92 92 93 93 94 Gold Produced oz 24,480 34,425 37,201 33,211 30,797 Gold Sold oz 22,389 36,616 35,574 28,621 34,966 Achieved Gold Price A$/oz 3,723 4,066 4,630 5,174 5,296 Cost Summary Mining A$'M 31 52 48 68 58 Processing A$'M 21 24 24 20 17 Admin A$'M 6 6 5 5 9 Stockpile Movements A$'M (2) 3 1 (1) (22) Royalties A$'M 5 12 10 5 13 Sustaining A$'M 5 3 3 2 2 Capital All-in Sustaining Costs A$'M 66 100 91 99 77 All-in Sustaining Costs A$/oz 2,696 2,903 2,446 2,992 2,516 Notional Cashflow Summary Notional Revenue (produced oz) A$'M 91 140 172 172 163 All-in Sustaining Costs A$'M 65 100 91 99 77 Mine Operating Cashflow A$'M 26 40 81 73 86 Growth Capital A$'M (5) (3) (3) (2) (9) Plant and Equipment A$'M (8) (12) (6) (6) (13) Exploration Spend A$'M (3) (4) (6) (6) (5) Net Mine Cashflow A$'M 10 21 66 59 59 Net Mine Cashflow A$/oz 367 605 1,758 1,759 1,915
SOURCE Westgold Resources Limited
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October 27, 2025 18:28 ET (22:28 GMT)