December 2025 Quarterly Report
21 January 2026
ASX Release Underlying Quarterly Cash Build Doubled to a Record $365M
Westgold is a leading, ASX200 Australian gold producer, with a clear purpose - to unearth enduring Perth, Western Australia, 21 January 2026: Westgold value for all our stakeholders.
Resources Limited (ASX | TSX: WGX - Westgold or the Our vision is to become the leading Company) is pleased to report results for the period ending Australian gold company, sustaining
31 December 2025 (Q2 FY26), with record gold production, safe, responsible and profitable
higher volume third-party ore purchase, and a record production.
achieved gold price effectively doubling the underlying cash Our operations comprise four mining
build compared to Q1 FY26.
hubs, with combined processing capacity of ~6Mtpa across the
HIGHLIGHTS
Murchison and Southern Goldfields, two of Western Australia’s most SAFETY prolific gold-producing regions.
Total Recordable Injury Frequency Rate (TRIFR) increased to
9.32 / million hours worked
PRODUCTION Record Group gold production of 111,418oz Au @ AISC of $3,500/oz - excluding ore purchases, Westgold produced 89,101oz at AISC of $2,945/oz
- 33% increase in gold produced quarter on quarter
- Reef mining recommenced at Great Fingall Mine
- Higher volume of HG oxide ore purchased from NMG
TREASURY
Gold sales of 115,200oz - at an average price of A$6,356/oz generating revenue of A$732M
Underlying cash build of $365M - before outflows of stamp duty on Karora transaction ($76M), debt repayments ($50M), investments in growth ($48M), dividends and buybacks ($29M) and exploration ($6M) and inflows from asset sales of $26M Financial values are reported in A$ unless otherwise specified.
$654M in closing cash, bullion, and liquid investments @ 31 December 2025 - a $182M increase Q on Q
This announcement is authorized for Westgold is 100% debt free and remains unhedged release to the ASX by the Board.
CORPORATE Investor Relations Ongoing portfolio optimisation to unlock shareholder value: Kasun Liyanaarachchi Group Manager IR & Communications [email protected] • Mt Henry-Selene divested for $64.6M +61 458 564 483
- Reedy’s and Comet assets to demerge into a new ASX‑listed company, Valiant Gold Limited
Media FY25 dividends paid and FY26 share buyback continues Annette Ellis [email protected] +61 458 200 039 FY26 Guidance Maintained
Westgold Resources Limited westgold.com.au Level 13, 200 St Georges Terrace ASX: WGX | TSX: WGX T: +61 8 9462 3400 Perth WA 6000 / PO Box 7068 ABN 60 009 260 306 E: [email protected] Cloisters Square WA 6850
Westgold Managing Director and CEO Wayne Bramwell commented:
“In Q2, FY26 Westgold delivered record quarterly cash build of $365M and production of 111,418 ounces.
Continued operational improvement from our assets continued and we had the opportunity to super charge our cash build by purchasing a higher volume of third-party ore. This third party ore delivered 22,317 ounces and monetising it further strengthened our balance sheet. These factors culminated in the Group closing the quarter with a treasury of $654M.
Costs this quarter, reflected deliberate choices made to maximise value.
Operational outputs continued to improve in the Murchison, whilst the Southern Goldfields were stable. The election to process higher volumes of softer, higher-grade oxide in the Murchison allowed us to significantly increase milling throughput at Meekatharra and accelerated cash generation, even though this third‑party ore carries a higher unit cost.
Looking ahead, our 3‑Year Outlook (3YO) clearly maps a pathway to structurally lower our cost base.
The ramp up of our Bluebird–South Junction mine at Meekatharra, Great Fingall at Cue and increasing outputs from Beta Hunt in Kambalda will underpin higher grade ore replacing the low‑grade stockpiles milled to maintain processing throughputs at our largest processing hubs. In parallel we are actively advancing a range of Westgold owned open pit targets to bring value forward in the 3YO.
As we enter the second half of FY26 our focus remains on more consistent operational delivery. Our key growth projects are advancing to plan and alongside a non-core divestment programme, the planned demerger and IPO of Valiant Gold during H2, FY26 can create additional ore supply for our Murchison processing hubs and unlock latent value for our shareholders.
Westgold’s momentum continues to build. The business has scale, is debt free, unhedged and with a clear plan to reduce our cost structure, this team is committed to unlocking greater value from our portfolio.”
Executive Summary
Cash Position as of 31 December 2025
Westgold closed Q2, FY26 with cash, bullion and liquid investments of $654M – representing a build of $182M in total cash, bullion and liquid investments.
Underlying cash build was $365M before one off payments (stamp duty ($76M), debt repayments ($50M), dividends and share buy backs ($29M), growth and exploration spend (invested $48M on non-sustaining capital and $6M on exploration), and one off cash inflows of $26M (proceeds from asset sales).
This result was driven by a substantial increase in Group gold production and an increase in realised gold price to $6,356/oz.
+$182
Figure 1: Cash, Bullion, and Liquid Investments Movement (A$M) – Q2 FY26
Notes for Q2 Cash, Bullion and Liquid Investment Movements
- Proceeds from Asset Sales of $26M - relating to the Lakewood Sale and Alicanto deposit received in the quarter.
- The FY25 dividend payment to shareholders (3cps) of $28M was declared during Q1 FY26.
- Stamp duty of $76M paid for the Karora transaction.
- Debt repayment of $50M - resulting in Westgold being debt free.
- Closing Q2, FY26 investments include 1.7B NMG shares - but exclude 19.8M shares in Blackcat Syndicate Limited (ASX: BC8 - under escrow until 31/03/2026) and 31.8M shares in Kali Metals Limited (ASX:KM1 - under escrow until 8/01/2026).
- Westgold remains unhedged and fully exposed to the spot gold price.
Group Production Highlights – Q2, FY26
Westgold is pleased to report a record quarterly Group gold production for Q2, FY26 of 111,418oz (Q1 FY26: 83,937oz). The Murchison produced 80,934oz (Q1 FY26: 53,140oz) and the Southern Goldfields produced 30,484oz (Q1 FY26: 30,797oz).
Q2, FY26 production was significantly higher than Q1, FY26 driven by improving output in the Murchison, largely as a result of higher grades at Fortnum and higher grade and production sourced from Westgold's Ore Purchase Agreement (OPA) with New Murchison Gold (ASX:NMG) at Meekatharra.
All-In Sustaining Cost (AISC) for Q2, FY26 was $390M (Q1 FY26: $240M), and on a per ounce basis was $3,500/oz (Q1 FY26: $2,861/oz). The higher quarter-on-quarter costs primarily reflect the decision to maximise cash generation. In particular, the election to purchase a higher volume of high grade oxide ore under the OPA provided an opportunity to increase milled grade at Meekatharra, which, while carrying a higher unit cost to Westgold, delivered stronger Group cash flow.
The OPA added $14M to the cash build in Q2 FY26.
The softer OPA ore also served to increase milling throughputs at our Meekatharra processing hub - lifting the run rates to over 2Mtpa. With short-term ventilation constraints at Cue restricting ore flow from Big Bell, the expanded capacity of the Meekatharra Hub was supplemented with additional low margin stockpile ore. While these factors elevated AISC for Q2, FY26 - they were deliberate, value-accretive choices that further strengthened the Group’s cash flow.
Westgold’s 3-Year Outlook outlines a clear pathway to structurally lower costs as lower-grade stockpile feed is progressively replaced with higher-grade sources across the portfolio. Westgold is also actively advancing organic opportunities to bring value forward in the 3YO and this includes a range of Westgold owned open pit targets.
Excluding gold production from ore purchased under the OPA, Group AISC was $2,945/oz with higher royalty payments linked to gold price contributing to the increased cost.
For the first half of FY26, Westgold produced 195Koz of gold at an AISC of $3,225/oz inclusive of the OPA.
Westgold maintains its production guidance for FY26 of 345 – 385koz.
Production from Westgold's assets was in line with expectations over the half and while the Company continues to expect progressive efficiency improvement across its portfolio in H2 FY26, Q3 FY26 will see increased planned maintenance at all four (4) processing hubs. Despite production from the OPA having outperformed in Q2 FY26, Westgold maintains a conservative outlook on OPA production for the remainder of the year.
Westgold maintains its cost guidance of $2,600 – $2,900/oz, exclusive of the gold price linked OPA costs.
While Westgold maintains its margin, the OPA costs have dramatically increased in conjunction with the rising gold price, driving the ASIC inclusive of the OPA higher. Westgold's OPA margin will increase in Q3 FY26 in accordance with the OPA terms.
Across the gold industry, the rising gold price is also increasing the impact of royalty cost in AISC. Year to date this has added $12M to Westgold's AISC expectations.
Gold production (oz)
Achieved gold price ($/oz)
AISC inc. OPA ($/oz)
AISC ex. OPA ($/oz)
AISC inc. OPA ($M)
Figure 2: Westgold Quarterly Production (oz), Achieved Gold Price and AISC ($/oz)
The Company sold 115,200oz of gold for the quarter achieving a record price of $6,356/oz, generating $732M in revenue. With Westgold hedge free, operations generated $319M of mine operating cashflows and a strong AISC margin of $2,856/oz.
Total non-sustaining capital expenditure during Q2 FY26 of $48M (Q1 FY26: $60M) includes $35M of investment in growth projects (Bluebird-South Junction and Great Fingall development) and $13M in plant and equipment (processing facilities, ventilation, water, power and paste infrastructure across the Group).
Investment in exploration and resource development of $6M (Q1 FY26: $12M) 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 invest the FY26 exploration guidance of $50M with a ramp up in exploration activity focused on Bluebird South Junction and the Fletcher Zone in H2 FY26.
The net mine cash inflow for Q2 FY26 was $265M (refer Table 1 under Group Performance Metrics).
3-Year Outlook
Building on the FY26 guidance, Westgold released a detailed 3-Year Outlook (3YO) on 1 October 2025 that presents a high-confidence, executable plan to increase the Group’s annual gold production to ~470,000oz per annum by FY28, while reducing AISC to around $2,500/oz from FY27 onwards.
This organic growth plan is modelled on Westgold’s existing portfolio of operating assets, 2025 Ore Reserves (56Mt at 1.93g/t for 3.5Moz of gold), and four processing hubs with a combined current processing capacity of approximately 6Mtpa.
Importantly, the 3YO excludes tangible opportunities which, if realised, represent further upside to the plan.
These opportunities are being actively advanced to bring value forward into the 3YO.
Figure 3: Growing production, reducing costs – with forecast capital and exploration investment
For more information, refer to “Westgold Provides 3-Year Outlook” lodged on the ASX on 1 October 2025.
Group Performance Metrics
Westgold’s quarterly physical and financial outputs for Q2 FY26 are summarised below.
Table 1: Westgold Q2 FY26 Performance
| Southern | ||||
|---|---|---|---|---|
| Physical Summary | Units | Murchison | Group | |
| Goldfields | ||||
| ROM - Ore Mined | t | 706,987 | 481,127 | 1,188,114 |
| Grade Mined | g/t | 2.5 | 2.4 | 2.4 |
| Ore Processed | t | 1,084,704¹ | 444,722 | 1,529,426 |
| Head Grade | g/t | 2.5¹ | 2.3 | 2.4 |
| Recovery | % | 92 | 94 | 93 |
| Gold Produced | oz | 80,934¹ | 30,484 | 111,418 |
| Gold Sold | oz | 84,077 | 31,123 | 115,200 |
| Achieved Gold Price | A$/oz | 6,356 | 6,356 | 6,356 |
| Southern | ||||
| Cost Summary | Units | Murchison | Group | |
| Goldfields | ||||
| Mining | A$’M | 203¹ | 60 | 263 |
| Processing | A$’M | 40¹ | 18 | 58 |
| Admin | A$’M | 8 | 9 | 17 |
| Stockpile Movements | A$’M | 2 | 2 | 4 |
| Royalties | A$’M | 16 | 19 | 35 |
| Sustaining Capital | A$’M | 11 | 2 | 13 |
| All-in Sustaining Costs | A$M | 280 | 110 | 390 |
| All-in Sustaining Costs | A$/oz | 3,457 | 3,614 | 3,500 |
| All-in Sustaining Costs – Excluding OPA | A$’M | 152 | 110 | 262 |
| All-in Sustaining Costs – Excluding OPA | A$/oz | 2,597 | 3,614 | 2,945 |
| Southern | ||||
| Notional Cashflow Summary | Units | Murchison | Group | |
| Goldfields | ||||
| Notional Revenue (produced oz) | A$’M | 515 | 194 | 709 |
| All-in Sustaining Costs | A$’M | 280 | 110 | 390 |
| Mine Operating Cashflow | A$’M | 235 | 84 | 319 |
| Growth Capital | A$’M | (29) | (6) | (35) |
| Plant and Equipment | A$’M | (8) | (5) | (13) |
| Exploration Spend | A$’M | (2) | (4) | (6) |
| Net Mine Cashflow | A$’M | 196 | 69 | 265 |
| Net Mine Cashflow | A$/oz | 2,421 | 2,247 | 2,373 |
1. Includes 181kt of OPA ore processed at 4.0g/t for 22,317oz. The OPA added $128M to Westgold's group AISC.
Q2 FY26 Group Performance Overview
Westgold processed 1,529 kt (Q1 FY26: 1,355kt) of ore in total at an average grade of 2.4g/t Au (Q1 FY26: 2.1g/t Au), producing 111,418oz of gold (Q1 FY26: 83,937oz). Processing improvements were driven predominantly by the exceptional performance at the Meekatharra hub influenced by the higher percentages of soft oxide material in the blend and incremental improvements in throughput rates at other operations driven by systematic work to optimise productivity.
Group AISC in Q2 FY26 was $390M, higher than the previous quarter (Q1 FY26: $240M).
Westgold mined a total of 1,188kt at 2.4g/t Au (Q1 FY26: 1,225kt at 2.2g/t Au) declining slightly quarter on quarter as expected, driven by the completion of Lake Cowan open pits (~73kt lower quarter on quarter) and scheduled slower mining rates at Fender (~24kt lower quarter on quarter). All other mines were steady or slightly improved compared to the prior quarter.
MURCHISON
The Murchison hubs produced 80,934oz of gold (Q1 FY26: 53,140oz). Quarterly production increased significantly due to improved throughput and grade at the three Murchison processing hubs.
The Fortnum Hub contributed to the production improvement with strong production from higher grade stoping areas at the Starlight mine. The Meekatharra Hub also significantly improved, with Bluebird UG performing to plan and OPA oxide material outperforming. The blending of soft oxide ore from the OPA enabled the Meekatharra Hub to process at rates well above historical averages, unlocking capacity to purchase and process extra OPA ore, whilst also continuing to feed fresh UG ore from Bluebird UG and low grade stockpiles.
The Cue Hub also lifted quarter on quarter with fewer planned shutdowns in Q2 and grade increasing with the addition of Great Fingall main reef ore.
Total AISC of $280M (Q1 FY26: $163M) was higher than the prior quarter, mainly due to the gold price linked OPA ($128M). While OPA ore carries a higher unit cost, Westgold consciously elected to process increased volumes given the opportunity it provided to maximise cash flow.
AISC per ounce of $3,457/oz (Q1 FY26: $3,061/oz) increased primarily due to the OPA purchases. Excluding the OPA, the Murchison AISC per ounce was $2,597/oz.
Total Non-Sustaining Capital Expenditure of $37M, includes Growth Capital ($29M) and Plant and Equipment ($8M) across the Murchison. Growth Capital mainly related to the continuation of Great Fingall development and expansions to the Bluebird UG.
SOUTHERN GOLDFIELDS
The Southern Goldfields hub produced 30,484oz of gold in Q2 FY26 (Q1 FY26: 30,797oz).
Higginsville throughput was in line with expectations for the quarter with the small Two Boys underground outperforming on both grade and ounce production.
Beta Hunt also delivered steady mining outputs in line with expectations. With major ventilation and pumping infrastructure completed in Q1, mine development rates improved in Q2, positioning Beta Hunt to increase mining rates from Q3, FY26 onwards.
The total AISC in the Southern Goldfields increased quarter on quarter (Q2 FY26 AISC: $110M vs Q1 FY26 AISC: $77M). On a per ounce basis, AISC was higher at $3,614/oz in Q2 FY26 (Q1 FY26: $2,516/oz). This is due predominantly to gold price linked royalties, and increased development positioning the operation for a ramp up in production in Q3.
Total Non-Sustaining Capital Expenditure of $11M, includes Growth Capital ($6M) and Plant and Equipment ($5M) across the Southern Goldfields Operations mainly relating to water management, primary ventilation and underground infrastructure at the Beta Hunt mine.
.Table 2: Q2 FY26 Group Mining Physicals
| Ore Mined | Mined Grade | Contained ounces | |
|---|---|---|---|
| (‘000 t) | (g/t) | (Oz) | |
| Murchison | 707 | 2.5 | 56,688 |
| Bluebird | 171 | 2.5 | 13,827 |
| Fender | 34 | 2.7 | 2,989 |
| Big Bell | 280 | 1.8 | 16,379 |
| Great Fingall | 10 | 2.4 | 749 |
| Starlight | 212 | 3.3 | 22,744 |
| Southern Goldfields | 481 | 2.3 | 35,219 |
| Beta Hunt | 396 | 2.2 | 27,603 |
| Two Boys | 36 | 4.3 | 5,029 |
| Lake Cowan OP | 49 | 1.7 | 2,587 |
| GROUP TOTAL | 1,188 | 2.4 | 91,907 |
Table 3: Q2 FY26 Group Processing Physicals
| Ore Milled | Head Grade | Recovery (%) | Gold Production | |
|---|---|---|---|---|
| (‘000 t) | (g/t) | (Oz) | ||
| Murchison | 1,085 | 2.5 | 92 | 80,934 |
| Bluebird | 180 | 2.5 | 95 | 13,840 |
| Fender | 3 | 2.2 | 88 | 182 |
| Ore Purchase | 181 | 4.0 | 96 | 22,317 |
| Open Pit & Low Grade | 151 | 1.0 | 89 | 4,391 |
| Meekatharra Hub | 515 | 2.6 | 95 | 40,730 |
| Big Bell | 271 | 1.8 | 86 | 13,775 |
| Fender | 58 | 2.4 | 86 | 3,909 |
| Great Fingall | 10 | 2.2 | 86 | 625 |
| Open Pit & Low Grade | 3 | 0.6 | 85 | 55 |
| Cue Hub | 342 | 1.9 | 86 | 18,364 |
| Starlight | 199 | 3.5 | 95 | 21,063 |
| Open Pit & Low Grade | 29 | 0.9 | 97 | 777 |
| Fortnum Hub | 228 | 3.1 | 95 | 21,840 |
| Southern Goldfields | 444 | 2.3 | 94 | 30,484 |
| Beta Hunt | 365 | 2.2 | 94 | 24,192 |
| Two Boys | 33 | 4.6 | 92 | 4,455 |
| Lake Cowan | 39 | 1.3 | 93 | 1,494 |
| Open Pit & Low Grade | 7 | 1.6 | 92 | 343 |
| GROUP TOTAL | 1,529 | 2.4 | 93 | 111,418 |
Operations Safety
Strategic Focus
Westgold is committed to enhancing our safety systems to keep our people safe. Our current focus addresses three key priorities: Fatality Prevention, Injury Reduction and Leadership. Continued investment in these areas will have integrated benefits to our operations while keeping our people’s safety front of mind. During the quarter, our Critical Risk Management (CRM) framework was reviewed and refreshed, with rollout on track to commence in H2 to ensure our frontline employees understand what they need to do to keep themselves and their workmates safe.
The refreshed CRM approach covers risk identification, ensuring controls are in place, and importantly, stopping working if and when the controls are not effective. This approach is empowering. It supports our people to make the right decisions with the right information, and promotes the integration of sustainable, effective controls across the business.
TRIFR
During the quarter, Westgold recorded a Total Recordable Injury Frequency Rate (TRIFR) of 9.32 injuries per million hours worked. This represents an increase compared to the previous quarter attributed primarily to a rise in restricted work injuries, with approximately half of these involving hand and finger incidents.
In response, targeted hand safety education was delivered in November, reinforcing our ongoing commitment to operational safety and risk management.
During the quarter, an audit of all injuries was undertaken for H1 FY26 as part of our enhanced governance process. The audit identified four injuries in Q1 FY26 that were reclassified as recordable injuries resulting in a restatement of Q1 FY26 TRIFR from 5.04 to 6.01 injuries per million hours worked.
As part of this review, we updated our Incident Reporting Procedure and Injury Classification Guidelines and strengthened monitoring and verification processes to enhance the accuracy and consistency of safety reporting. This uplift in data quality, combined with an increased focus on positive reporting and deeper analysis of injury mechanisms, will support more targeted and effective injury‑prevention programs for our workforce.
Figure 4: Quarterly TRIFR
The Murchison
Figure 5: Westgold’s Murchison Assets