ASX Announcement Westgold Resources Limited

21 August 2024

Outstanding Drill Results From Fletcher Zone At Beta Hunt

Two additional drill rigs to be deployed to accelerate program

Perth, Western Australia, 21 August 2024: Westgold Resources Limited (ASX: WGX, TSX: WGX, OTCQX: WGXRF) (Westgold or the Company) is pleased to provide an overview of the Beta Hunt mine and update in relation to the ongoing Stage 3 Resource Definition drilling program being undertaken at the Fletcher Zone discovery (Fletcher) within the Beta Hunt operation at the Company’s Southern Goldfields Operations.

Highlights

Assays from the next 8 holes of the Fletcher Stage 3 program at Beta Hunt have been received.

Significant intersections include:



4.00m @ 22.45g/t Au in hole WF440N1-01AR

• 5.00m @ 10.95g/t Au in hole WF440N1-21AE
• 5.20m @ 10.13g/t Au in hole WF440N1-02AR
• 8.00m @ 5.26g/t Au in hole WF440N1-01AR
• 7.00m @ 7.97g/t Au in hole WF440N1-21AE
• 6.00m @ 6.39g/t Au in hole WF440N1-04AR
• 15.00m @ 3.07g/t Au in hole WF440N1-3AR

Resource Definition program to be accelerated - an additional two drill rigs to be deployed taking fleet to three at Fletcher.

Maiden Mineral Resource Estimate targeted for late Q2 / early Q3 FY25.

Westgold Managing Director and CEO Wayne Bramwell commented:

“The Fletcher Zone is key to expanding gold production at Beta Hunt. It is a proximate, parallel lode to the existing 1.6Moz Western Flanks system and Westgold is currently advancing decline development from Western Flanks towards Fletcher to access a new mining front.

Accelerating drilling will rapidly unlock value at Fletcher. To date Fletcher has only 32 drill holes into this emerging 2km long target and Westgold is now mobilising an additional 2 drill rigs to Beta Hunt to accelerate this program.

Westgold looks forward to expanding production at Beta Hunt and delivering a maiden Mineral Resource Estimate for the emerging Fletcher Zone in late Q2 / early Q3 FY25.”

Westgold Resources Limited westgold.com.au Level 6, 200 St Georges Terrace ABN 60 009 260 306 T: +61 8 9462 3400 Perth WA 6000 ASX:WGX | TSX:WGX | OTC:WGXRF E: [email protected] PO Box 7068, Cloisters Square WA 6850

Beta Hunt – Overview

The Beta Hunt operation, located at Kambalda 600km east of Perth, was acquired by Westgold as part of the August 2024 merger with TSX listed Karora Resources Inc.

Beta Hunt was originally developed as a nickel mine and operated by Western Mining Corporation (WMC) in the 1970's. The mine was sold to Gold Fields in 2001 as part of the St Ives Operations sale. In 2003 a “sub-lease” covering Beta Hunt was sold to Reliance Mining Limited and through various transactions the gold and nickel rights to the sub-lease were separated. Salt Lake Mining Pty Ltd (SLM) subsequently acquired the property in 2013 and succeeded in recombining the nickel and gold rights. Gold production commenced in mid-2014. Karora Resources acquired 100% of SLM in 2016 under its previous business name of Royal Nickel Corporation Minerals (RNC).

Karora has mined both gold and nickel at Beta Hunt. However, nickel operations were suspended in mid-2024 in response to falling nickel prices. Western Flanks is currently the mainstay gold ore source for the Beta Hunt operation.

The Fletcher Zone – An Emerging Target of Scale within Beta Hunt

Fletcher is a substantial new discovery made by Karora Resources at Beta Hunt and has been drilled in a series of stages. Importantly, Fletcher is interpreted to represent a new gold mineralised structure paralleling the ~1.6Moz Western Flanks deposit, approximately 300m to the west (Figure 1).

In 2016, an exploration hole drilled by Karora Resources (then RNC) first intersected the Fletcher Shear Zone returning two significant intersections including 8.90m @ 2.68g/t Au and 15.00m @ 2.32g/t Au in hole WF14-98³ (Appendix B). These holes were drilled to test a conceptual gold target using the A-Zone and Western Flanks shear zones as structural analogues and the presence of some +1g/t Au gold assays reported in a historic surface nickel exploration hole (KD1237W1) drilled during the WMC era.

1 Refer Karora TSX Announcement dated 21 November 2023 “Karora Announces Strong Increases In Beta Hunt Gold Mineral Resources, Grades and Gold Mineral Reserves” available on SEDAR+ (www.sedar.com)

2 Refer Westgold ASX Announcement dated 8th April 2024 “Westgold & Karora To Merge To Create A New 400kozpa Australian Gold Producer”

3 Refer Royal Nickel Corp TSX Announcement dated 6 July 2016 “RNC Discovers Third Major Gold Zone at Beta Hunt” available on SEDAR+ (www.sedar.com)

The success of this program confirmed the existence of a third significant mineralised shear zone within the Beta Hunt sub-lease.

Follow-up drill testing of the Fletcher Zone did not recommence until 2019 and was sporadic until 2023 when a more comprehensive multi-stage program commenced. Notwithstanding this, to date, only 32 holes have been drilled into the +2km long mineralised system.

Mineralisation at Fletcher is similar to the parallel 1.6Moz Western Flanks deposit and comprises foliated albite-biotite-pyrite altered and irregularly quartz veined basalt (Figure 1).

Figure 1: Fletcher Zone drill hole 405ACC-48AE – Drill core from part of 32.0m @ 4.75g/t Au intersection showing component sample gold grades (refer to Appendix B for details)

Fletcher Zone - Stage 3 Drilling Results

A total of 24 holes were drilled between 2016 and 2023 as part of Stage 1 & 2 Fletcher exploration programs with the majority of these holes returning highly encouraging results (refer Figure 2 and Appendix B for details).

Figure 2: Fletcher Zone hole plan showing Fletcher Stage 1 & 2 exploration drill results & location of Stage 3 Resource Definition area shown in Figure 3

The aim of the Stage 3 program is to further define Mineral Resources in the southern half of the currently defined ~2km long gold mineralised shear. Encouragingly, the results for 8 recently completed holes have continued to return significant results and include:

• 4.00m @ 22.45g/t Au in hole WF440N1-01AR
• 5.00m @ 10.95g/t Au in hole WF440N1-21AE
• 5.20m @ 10.13g/t Au in hole WF440N1-02AR
• 8.00m @ 5.26g/t Au in hole WF440N1-01AR
• 7.00m @ 7.97g/t Au in hole WF440N1-21AE



6.00m @ 6.39g/t Au in hole WF440N1-04AR

• 15.00m @ 3.07g/t Au in hole WF440N1-3AR



4.65m @ 7.52g/t Au in hole WF440N1-01AR

Full drilling results are presented in Appendix A with hole positions shown on Figure 3.

Figure 3: Plan of Fletcher Zone Stage 3 Resource Definition area drill hole details

Like Western Flanks, mineralisation at Fletcher is related to a sub-vertical northwest trending shear system. Mineralisation is hosted within the Lunnon Basalt beneath the Kambalda Ultramafics.

Figures 4 & 5 show the deportment of mineralisation in fans of Stage 3 drill holes.

Importantly, while the Fletcher Zone has been broadly defined over ~2km, it has only seen limited drilling down dip at depth to around 200-250m below the ultramafic contact and remains open at depth. In comparison, Western Flanks has been drilled down dip to depths greater than 500m (see Figures 4 & 5).

Figure 4: Fletcher example schematic drill Cross Section A-A’ (refer Figure 3 for position)

Figure 5: Fletcher example schematic drill Cross Section B-B’ (refer Figure 3 for position)

Looking Forward Fletcher Resource Definition Drilling Program To be Accelerated

Currently the Fletcher Resource Definition drilling program is being executed with a single underground drill rig. Westgold sees the Fletcher deposit as a short range opportunity to bring an additional mining front on-line to further expand the Beta Hunt production rates towards the 2Mtpa run rate target.

The Company intends to accelerate the Fletcher drill program over coming weeks by adding an additional two drill rigs from its in-house drilling division. The aim of this acceleration is to bring Fletcher to a maiden Mineral Resource Estimation during late Q2/early Q3 FY25.

This announcement is authorised for release to the ASX and TSX by the Board. Investor and media relations enquiries

Investor Relations Media Kasun Liyanaarachchi | Investor Relations Manager Peter Knight | Communications Manager [email protected] [email protected] +61 458 564 483 +61 459 980 481

Competent/Qualified Person Statements

Exploration Results

The information in this release that relates to Exploration results was compiled by Westgold technical employees and contractors under the supervision of Mr. Simon Rigby B.Sc. (Hons), who is a member of the Australian Institute of Geoscientists and who has verified, reviewed and approved such information. Mr Rigby is a full-time employee of 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. Rigby is an employee of the Company and, accordingly, is not independent for purposes of NI 43-101. Mr Rigby consents to and approves the inclusion in this release of the matters based on his information in the form and context in which it appears. Mr Rigby is eligible to participate in short- and long-term incentive plans of the company.

General

Mineral Resources, Ore Reserve Estimates and Exploration Targets and Results are calculated in accordance with the JORC Code. The other technical and scientific information in this release 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.

Forward looking statements

These materials prepared by Westgold Resources Limited 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 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 forwardlooking 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.

Appendix A – Fletcher Zone Stage 3 Drilling - Significant Intersections

Appendix B – Fletcher Zone Previously Reported Stages 1 & 2 Drilling - Significant Intersections