March 2026 Quarterly Report
29 April 2026
ASX Release $285M Underlying Quarterly Cash Build Westgold is a leading, ASX100
Perth, Western Australia, 29 April 2026: Westgold Resources Australian gold producer, with a clear
Limited (ASX | TSX: WGX - Westgold or the Company) is pleased to purpose - to unearth enduring value for
report results for the period ending 31 March 2026 (Q3 FY26). all our stakeholders.
Our vision is to become the leading
HIGHLIGHTS
Australian gold company, sustaining safe, responsible and profitable
SAFETY
production.
Lost Time Injury Frequency Rate (LTIFR) improved to 1.29 / million Our operations comprise four mining hours worked hubs, with combined processing capacity of ~6Mtpa across the PRODUCTION Murchison and Southern Goldfields, Gold production of 93,145oz Au - 288,500oz to the end of Q3, FY26 two of Western Australia’s most prolific gold-producing regions. All in Sustaining Cost (AISC) of $2,931/oz (excl. ore purchase agreement (OPA)) – with AISC including OPA of $3,338/oz
FY26 Guidance maintained
TREASURY
Gold sales of 69,900oz at $7,080/oz generating $495M revenue; gold bullion inventory of 33.4koz valued at $225M at quarter end
Underlying cash build of $285M - before investments in growth ($81M), share buybacks ($3M), proceeds from asset sales $14M, and exploration ($13M)
$856M in closing cash, bullion, and liquid investments @ 31 March 2026 - a $202M increase Q on Q
Westgold is 100% debt free and remains unhedged
EXPLORATION
23 drill rigs operating - across the Murchison and Southern Goldfields Financial values are reported in A$ unless otherwise specified.
CORPORATE This announcement is authorised for
release to the ASX by the Board. Westgold enters the ASX 100
Investor Relations
FID for Higginsville Expansion to 2.6Mtpa approved Kasun Liyanaarachchi Group Manager IR & Communications Portfolio optimisation delivers ~$140M of immediate shareholder [email protected] +61 458 564 483 value - with up to ~$30M of additional deferred value
Media
$600M Unsecured Credit Facility strengthens balance sheet flexibility Annette Ellis [email protected] Share buyback continues +61 458 200 039
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:
“Westgold delivered another strong quarter in Q3 FY26, with cash generation lifting treasury to $856M. Underlying quarterly cash build of $285M underpins a business that is continually building strength to internally fund growth and return capital to shareholders.
FY26 production guidance has been maintained. While full year costs are expected to finish toward the top end of guidance, this reflects both broader industry inflationary pressures and deliberate operational decisions taken to maximise cashflow.
Operationally, Bluebird–South Junction and Beta Hunt remain the two cornerstone assets underpinning Westgold's growth over the next three years. At Bluebird–South Junction, mining performance has continued to improve quarter-onquarter. With a consistent lift in mining outputs and additional working areas available within the mine, we expect Bluebird–South Junction to achieve mining rates of 1.0–1.2Mtpa by the end of the financial year.
At Beta Hunt, underground development rates continued to improve throughout the quarter, enabling the opening of additional working areas deeper in the mine. While ventilation constraints temporarily impacted Q3 production, the subsequent restart of the ventilation fans positions Beta Hunt strongly for Q4, where we expect the operation to ramp up to a 2.0Mtpa mining rate by quarter end.
Open pit mining recommenced in the Murchison during the quarter — three months ahead of schedule. This program will enhance ore blend and more consistent mill utilisation, underpinning our strategy to transition the Murchison from mine-constrained to mill-constrained over time.
With respect to organic growth, the Board approved the Higginsville Expansion Plan — a staged, capital-efficient investment that will materially increase processing capacity in the Southern Goldfields. The expansion is expected to lower unit processing costs and underpin higher gold output from the Southern Goldfields as Beta Hunt continues to ramp up through FY27.
Simplification of our portfolio continued with the divestment of the Mt Henry–Selene Gold Project to Alicanto Minerals and the spin-out of our Reedy and Comet assets through the ASX listing of Valiant Gold. These two corporate deals unlocked ~$140M of immediate value for Westgold shareholders, whilst retaining exposure to future upside through strategic equity shareholdings.
Treasury strength remains key to mitigating market volatility. We strengthened our balance sheet through the upsizing and refinancing of our credit facilities - increasing total available liquidity. Combined with our growing cash position, Westgold has enhanced optionality to both fund internal growth and return capital to our shareholders, via dividends and on-market share buybacks (when not in Blackout periods).
Westgold did not experience any fuel supply disruptions during the period. Our exposure to diesel remains moderate as a result of previous investment in the hybrid power infrastructure across the Murchison. We continue to monitor the situation in the Middle East and have the appropriate plans in place should fuel supply risks escalate.
Our elevation into the ASX 100 during the quarter is a significant milestone for Westgold. It reflects the growing scale, quality and resilience of the business, but most importantly the continued efforts of our people, who continue to build it."
Executive Summary
Cash Position as of 31 March 2026
Westgold closed Q3, FY26 with cash, bullion and liquid investments of $856M – representing a build of $202M in total cash, bullion and liquid investments.
Underlying cash build was $285M before one off payments (Share buy backs $3M), growth and exploration spend (invested $81M on non-sustaining capital and $13M on exploration), and one-off cash inflows (proceeds from asset sales totalled $14M).
This result was driven by an increase in realised gold price to $7,080/oz and a competitive AISC margin of $3,742/oz.
+$202
Figure 1: Cash, Bullion, and Liquid Investments Movement (A$M) – Q3 FY26
Notes for Q3 Cash, Bullion and Liquid Investment Movements
- Total FY25 tax and FY26 tax instalments of $34M.
- Proceeds from Asset Sales of $14M relating to the Mt Henry-Selene Gold Project Divestment consideration received in the quarter.
- Closing Q3, FY26 liquid investments exclude investment in Valiant Gold Limited (escrow ends 27 March 2028).
- Westgold remains unhedged and fully exposed to the spot gold price.
Group Production Highlights – Q3, FY26
Westgold produced 93,145oz of gold (Q2 FY26: 111,418oz), processing 1,481 kt (Q2 FY26: 1,529kt) of ore in total at an average grade of 2.1g/t Au (Q2 FY26: 2.4g/t Au). The lower production was driven predominantly by lower head grades from the Starlight mine and the New Murchison OPA in the Murchison and from Beta Hunt in the Southern Goldfields.
Westgold mined a total of 1,148kt at 2.2g/t Au (Q2 FY26: 1,188kt at 2.4g/t Au). Total tonnes mined declined modestly quarter on quarter due to the Lake Cowan open pit completion in Q2 and mining rates at Beta Hunt being temporarily impacted by ventilation capacity constraints. Despite this, underground equipment productivity increased by approximately 15% compared to Q1 FY26, supporting steady or improved mining performance across most other mines, allowing material ore stockpiles to be built across the Murchison operations. Mining rates at Beta Hunt are expected to reach the targeted 2Mtpa run rate by the end of Q4, following the recent restart of the fans.
Westgold maintains its production guidance for FY26 of 345,000 – 385,000oz, having produced 288,500oz for the financial year to the end of Q3 FY26.
Production from Westgold's assets was in line with expectations in Q3 FY26. With no immediate impediments to the ramp up in mining rates at Bluebird and Beta Hunt, ventilation upgrades at Big Bell completed, and no major plant shutdowns scheduled for Q4, the Company is in a strong position to achieve its production targets for the year.
Excluding gold production from ore purchased under the OPA, Group All-In Sustaining Cost (AISC) was $2,931/oz which was in-line with the prior quarter (Q2 FY26: $2,902/oz). AISC inclusive of the OPA for Q3, FY26 was $311M (Q2 FY26: $386M), and on a per ounce basis was $3,338/oz (Q2 FY26: $3,466/oz).
The reduction was primarily driven by lower OPA costs quarter-on-quarter, reflecting two key factors. First, Westgold’s OPA margin lifted to 17% on the prevailing gold price (following the expiry of a margin reduction holiday, under which the margin had been temporarily reduced to 8.5% for much of the previous quarter). Second, Westgold elected to purchase additional OPA material during Q2 (compared to Q3), accepting higher absolute costs in return for increased cash flow. The OPA added $22M to the cash build in Q3 FY26.
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 from across our portfolio. Westgold is also actively advancing organic opportunities such as the Murchison Open Pit Program, to bring value forward in the 3YO.
Westgold maintains its cost guidance of $2,600 – $2,900/oz, exclusive of the gold price linked OPA costs, though costs are expected to be at the top end of the guidance range for the full year. While Westgold maintains its margin, the OPA costs increase with the higher gold price, driving the AISC, inclusive of the OPA, higher.
Across the gold industry, the rising gold price increases the impact of royalty payments on the AISC. Year to date this escalation has added $18M or $62/oz to Westgold's AISC expectations.
Importantly, Westgold has not experienced any diesel supply disruptions. The Company maintains long-term supply agreements with a global major diesel producer, providing security of supply across its operations. Westgold continues to actively monitor geopolitical developments in the Middle East and retains contingency plans to manage potential supply disruptions, ensuring operational continuity and the protection of shareholder value.
Diesel prices had no material impact on Westgold’s cost performance in Q3 FY26, with diesel accounting for approximately 4% of Group AISC. The Company has significantly reduced its exposure to diesel through the development of hybrid solar, gas and battery power infrastructure at its Murchison hubs, materially lowering reliance on dieselgenerated power.
While no appreciable cost impact was observed during the quarter, Westgold is now forecasting elevated diesel prices and associated operating expenses to begin flowing through in Q4 FY26, which could result in an approximate AISC impact of $13M, should elevated conditions persist.
Gold production (oz)
Achieved gold price ($/oz)
AISC inc. OPA ($/oz)
AISC ex. OPA ($/oz)
OPA Cost ($M)
AISC ex. OPA ($M)
*Q1 and Q2 FY26 AISC adjusted post Half-Year Financial Report for the period ended 31 December 2025
Figure 2: Westgold Quarterly Production (oz), Achieved Gold Price and AISC ($/oz)
The Company sold 69,900oz of gold for the quarter achieving a record price of $7,080/oz, generating $495M in cash. At the end of the quarter, Westgold retained a gold bullion inventory of 33.4koz valued at $225M. With Westgold hedge free, operations generated $348M of mine operating cashflows and a strong AISC margin of $3,742/oz.
Total non-sustaining capital expenditure during Q3 FY26 of $81M (Q2 FY26: $52M) includes $55M of investment in growth projects (Bluebird-South Junction and Great Fingall development) and $26M in plant and equipment (camp expansion and upgrades, ventilation, power and processing facilities across the Group).
Investment in exploration and resource development of $13M (Q2 FY26: $6M) 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.
The net mine cash inflow for Q3 FY26 was $254M (refer Table 1 under Group Performance Metrics).
Group Performance Metrics
Westgold’s quarterly physical and financial outputs for Q3 FY26 are summarised below.
Table 1: Westgold Q3 FY26 Performance
| Southern | ||||
|---|---|---|---|---|
| Physical Summary | Units | Murchison | Group | |
| Goldfields | ||||
| ROM - Ore Mined | t | 772,877 | 375,545 | 1,148,422 |
| Grade Mined | g/t | 2.2 | 2.1 | 2.2 |
| Ore Processed | t | 1,023,484¹ | 457,532 | 1,481,016 |
| Head Grade | g/t | 2.1¹ | 2.1 | 2.1 |
| Recovery | % | 92 | 94 | 93 |
| Gold Produced | oz | 64,132¹ | 29,013 | 93,145 |
| Gold Produced - Excluding OPA | oz | 49,693 | 28,888 | 78,581 |
| Gold Produced - OPA | oz | 14,439 | 125² | 14,564 |
| Gold Sold | oz | 49,553 | 20,347 | 69,900 |
| Achieved Gold Price | A$/oz | 7,080 | 7,080 | 7,080 |
| Southern | ||||
| Cost Summary | Units | Murchison | Group | |
| Goldfields | ||||
| Mining | A$’M | 162¹ | 55 | 217 |
| Processing | A$’M | 34¹ | 18 | 52 |
| Admin | A$’M | 9 | 9 | 18 |
| Stockpile Movements | A$’M | (20) | 7 | (13) |
| Royalties | A$’M | 14 | 12 | 26 |
| Sustaining Capital | A$’M | 9 | 2 | 11 |
| All-in Sustaining Costs | A$M | 208 | 103 | 311 |
| All-in Sustaining Costs | A$/oz | 3,236 | 3,560 | 3,338 |
| All-in Sustaining Costs – Excluding OPA | A$’M | 128 | 103 | 231 |
| All-in Sustaining Costs – Excluding OPA | A$/oz | 2,584 | 3,546 | 2,931 |
| Southern | ||||
| Notional Cashflow Summary | Units | Murchison | Group | |
| Goldfields | ||||
| Notional Revenue (produced oz) | A$’M | 454 | 205 | 659 |
| All-in Sustaining Costs | A$’M | 208 | 103 | 311 |
| Mine Operating Cashflow | A$’M | 246 | 102 | 348 |
| Growth Capital | A$’M | (47) | (8) | (55) |
| Plant and Equipment | A$’M | (20) | (6) | (26) |
| Exploration Spend | A$’M | (8) | (5) | (13) |
| Net Mine Cashflow | A$’M | 171 | 83 | 254 |
| Net Mine Cashflow | A$/oz | 2,669 | 2,861 | 2,729 |
1. Includes 152kt of New Murchison OPA ore processed at 3.1g/t for 14,439oz. The OPA added $80M to Westgold's group AISC.
2. Forrestania Resources OPA.
Q3 FY26 Group Performance Overview
MURCHISON
The Murchison hubs produced 64,132oz of gold in the quarter (Q2 FY26: 80,934oz), and whilst higher than Q1, production was lower compared to Q2, primarily due to lower volumes and grade from the New Murchison OPA material, planned shutdowns across the Murchison processing hubs and lower milled grades at Starlight following an exceptional Q2.
Improved quarter on quarter mining performance in the Murchison combined with the planned mill shutdowns which reduced tonnes processed quarter on quarter, resulted in a stockpile build of 200kt at an average grade of 2g/t at the Murchison processing facilities. These are expected to be largely consumed in Q4 FY26.
The OPA with New Murchison produced 14koz at 3.1g/t in Q3 FY26, down from 22koz at 4.0g/t in Q2 FY26. The higher OPA contribution in the prior quarter reflected a deliberate decision to take advantage of an opportunity to purchase a larger volume of high-grade oxide ore, lifting mill feed grades at Meekatharra and driving higher production in Q2.
Processed grades at the Fortnum Hub moderated, dropping to 2.4g/t in Q3 FY26 from 3.1g/t in Q2 FY26, reflecting a return to modelled grades from mining at Starlight in Q3 following the outperformance of several high-grade stopes in Q2.
Importantly, Westgold continued to see improvement quarter on quarter from Bluebird - South Junction, the key growth asset in the Murchison. Mining and development rates continued to improve in-line with the latest ramp up plans. Development rates have increased significantly quarter on quarter (+10%) outperforming internal targets, and paste fill continues to perform well, opening more work areas in the mine. This progress during Q3 FY26 at Bluebird - South Junction puts the mine in a strong position to deliver against the target of 1 - 1.2Mtpa mining rates by the end of Q4 FY26 and to consistently deliver in FY27.
At Big Bell, the ventilation works which constrained mined tonnes and grades through Q2 and Q3, were completed at the end of March. With these ventilation limitations now removed, increased ore supply from Big Bell is expected to displace lower-grade stockpile haulage to the Meekatharra Hub, reducing haulage costs while improving feed grades and production outcomes.
Excluding the OPA, the Murchison AISC per ounce was $2,584/oz which was in-line with the prior quarter (Q2 FY26: $2,532/oz).
AISC inclusive of OPA was $208M (Q2 FY26: $276M) or $3,236/oz (Q2 FY26: $3,410/oz), lower than the prior quarter due to a lower contribution from the gold price linked OPA ($80M).
Total Non-Sustaining Capital Expenditure of $67M, includes Growth Capital ($47M) and Plant and Equipment ($20M) across the Murchison. Growth Capital mainly related to the continuation of Great Fingall development and expansions to the Bluebird UG.
March 2026 Quarterly Report
SOUTHERN GOLDFIELDS
The Southern Goldfields operations produced 29,013oz of gold in Q3 FY26, marginally lower than the prior quarter (Q2 FY26: 30,484oz).
Production from Beta Hunt was impacted by bearing and drive shaft coupling failures in the recently commissioned primary ventilation fans, which resulted in ventilation constraints through March. However, the impact of this on gold production was mitigated through the drawdown of available ore stockpiles at the Higginsville Hub, demonstrating the effectiveness of Westgold’s strategy to transition from mine-constrained to mill-constrained operations.
The ventilation fans were recently repaired, with Beta Hunt now ramping back up towards the planned 2.0Mtpa mining rates. Further engineering improvements to the fan installation will be completed in Q4 to ensure long term performance.
Critically, development rates continued to further improve during the quarter (+25%), ensuring sufficient active mining areas to support the ramp-up at Beta Hunt. With ventilation capacity improved and mining areas available, deferred mining and stockpile build are expected to be progressively recovered through Q4 FY26.
The total AISC in the Southern Goldfields decreased quarter on quarter (Q3 FY26 AISC: $103M vs Q2 FY26 AISC: $110M). On a per ounce basis, AISC was lower at $3,546/oz in Q3 FY26 (Q2 FY26: $3,614/oz). This is predominantly due to lower mining costs as a result of lower mining activity.
Total Non-Sustaining Capital Expenditure of $14M, includes Growth Capital ($8M) and Plant and Equipment ($6M) across the Southern Goldfields Operations mainly relating to primary ventilation, power distribution equipment at the Beta Hunt mine and tailing facility infrastructure in Higginsville.
Table 2: Q3 FY26 Group Mining Physicals
| Ore Mined (‘000 t) | Mined Grade | Contained ounces | |
|---|---|---|---|
| (g/t) | (Oz) | ||
| Murchison | 773 | 2.2 | 55,339 |
| Bluebird | 195 | 2.7 | 16,916 |
| Fender | 40 | 2.3 | 2,980 |
| Big Bell | 287 | 1.7 | 15,440 |
| Great Fingall | 18 | 2.0 | 1,146 |
| Starlight | 233 | 2.5 | 18,857 |
| Southern Goldfields | 375 | 2.1 | 25,470 |
| Beta Hunt | 342 | 2.0 | 21,982 |
| Two Boys | 33 | 3.2 | 3,488 |
| GROUP TOTAL | 1,148 | 2.2 | 80,809 |
Table 3: Q3 FY26 Group Processing Physicals
| Ore Milled | Head Grade | Recovery (%) | Gold Production | |
|---|---|---|---|---|
| (‘000 t) | (g/t) | (Oz) | ||
| Murchison | 1,024 | 2.1 | 92 | 64,132 |
| Bluebird | 162 | 2.6 | 94 | 12,796 |
| Fender | 0.2 | 2.2 | 88 | 13 |
| Ore Purchase | 152 | 3.1 | 97 | 14,439 |
| Open Pit & Low Grade | 163 | 0.9 | 89 | 4,146 |
| Meekatharra Hub | 477 | 2.2 | 94 | 31,394 |
| Big Bell | 261 | 1.7 | 87 | 12,598 |
| Fender | 39 | 2.3 | 87 | 2,538 |
| Great Fingall | 17 | 2.1 | 86 | 946 |
| Open Pit & Low Grade | 12 | 1.4 | 87 | 481 |
| Cue Hub | 329 | 1.8 | 87 | 16,563 |
| Starlight | 197 | 2.6 | 95 | 15,706 |
| Open Pit & Low Grade | 21 | 0.8 | 91 | 469 |
| Fortnum Hub | 218 | 2.4 | 95 | 16,175 |
| Southern Goldfields | 457 | 2.2 | 91 | 29,013 |
| Beta Hunt | 382 | 2.1 | 94 | 24,205 |
| Two Boys | 33 | 3.3 | 92 | 3,222 |
| Lake Cowan | 29 | 1.3 | 93 | 1,094 |
| Ore Purchase | 4 | 1.1 | 92 | 125 |
| Open Pit & Low Grade | 9 | 1.4 | 93 | 367 |
| GROUP TOTAL | 1,481 | 2.1 | 93 | 93,145 |
Operations
Safety & Sustainability
During the quarter there was a positive upward trend across key leading indicators along with notable improvement in year-to-date lagging indicators, reflecting consistency of frontline engagement and control verification effort in fatality prevention, injury reduction, and leadership activities.
No Lost Time Injuries were reported in the quarter, with the LTIFR at 1.29.
For the quarter, the Total Recordable Injury Frequency Rate (TRIFR) was 11.8.
There were no significant environmental non-compliance events during the quarter.
The Murchison
Figure 3: Westgold’s Murchison Assets
- Fortnum Hub
In Q3, the Fortnum Hub produced 16,175oz, processing 218kt at 2.4g/t with 95% recovery (Q2 FY26: 21,840oz, processing 228kt at 3.1g/t with 95% recovery).
Fortnum continues to perform well, the lower production outcome was primarily driven by sequencing, following the mining of several higher-grade stopes in Q2.
- Meekatharra Hub
In Q3 the Meekatharra Hub produced 31,394oz, processing 477kt at 2.2g/t with 94% recovery (Q2 FY26: 40,730oz, processing 515kt at 2.6g/t with 95% recovery).
The lower production outcome was primarily driven by increased planned shutdowns for maintenance, as flagged in the prior quarter, alongside reduced tonnes and grade sourced under the Ore Purchase Agreement (OPA) with New Murchison. During the quarter, Westgold processed 152kt at 3.1g/t for 14,439oz from the OPA. In Q2, Westgold elected to process additional ore from the Crown Prince deposit above OPA terms, following exceptional mill performance that created surplus processing capacity.
The reduction in this additional third-party feed in Q3 also contributed to the lower throughput and head grade.
Operationally, the Meekatharra Hub continues to benefit from the strong ramp-up of the Bluebird–South Junction underground mine. Mined production increased to 195kt at 2.7 g/t for 16,916oz (Q2 FY26: 171kt at 2.5 g/t for 13,827oz). The updated mine design methodology and enhanced ground control regimes have continued to perform well, effectively managing ground conditions and supporting higher productivity.
As a result, Bluebird–South Junction has delivered record mining rates approaching an annualised 800ktpa and remains on track to achieve sustained run rates of +1.0Mtpa by the end of FY26.
- Cue Hub
In Q3 the Cue Hub produced 16,563oz, processing 329kt at 1.8g/t with 87% recovery (Q2 FY26: 18,364oz, processing 342kt at 1.9g/t with 86% recovery).
The reduction in production was primarily driven by increased planned maintenance downtime of the Cue processing hub during the quarter, alongside lower grades from Big Bell due to a higher proportion of ore sourced from the Upper Cave. Mining in the higher-grade Lower Cave was constrained following the commencement of the Big Bell ventilation fan upgrade1 late in Q2, which limited access to those areas during Q3.
The ventilation upgrade was completed ahead of plan in late March, and with improved airflow now available, Westgold expects increased production from Big Bell going forward. The additional ore will displace lower-grade Fortnum stockpile haulage to the Meekatharra Hub, reducing haulage costs while improving feed grades and overall production outcomes.
Mining of virgin stopes at Great Fingall continued to ramp up during the quarter, delivering 18kt at 2g/t for 1,146oz. Ongoing development and the geometry of the upper virgin zones mean subsequent stopes will take time to access, and as a result, mining rates from these areas are not expected to materially contribute during FY26.
1 See ASX announcement titled "December 2025 Quarterly Results" - 21 January 2026
- Murchison Open Pit Program
The Murchison Open Pit Program has commenced, with pre-stripping three months ahead of schedule. Early mobilisation of the contract mining fleet enabled Westgold to bring forward access to shallow, cash-generative ounces at both Meekatharra and Cue, improving near-term operational flexibility and mill feed optionality across the Murchison hubs.
Westgold does not expect material gold production from the open pit program in FY26, but at steady state, the open pits will produce approximately 1.1Mtpa of mined ore at 1.4g/t, for an estimated 3 years.
The Southern Goldfields
Figure 4: Westgold’s Southern Goldfields Assets