ASX Announcement Westgold Resources Limited
18 August 2026
1.1Moz Maiden Fletcher Ore Reserve
30% increase in Fletcher Total Resource with a 426% increase in the Indicated Resource classification
Westgold Resources Limited (ASX | TSX: WGX – Westgold or the Company) is pleased to announce a maiden Ore Reserve and an updated Mineral Resource for the Fletcher deposit. Fletcher is an emerging mining opportunity and is one of three major mineralised systems within Westgold’s Beta Hunt mining complex at Kambalda, Western Australia.
Highlights
Maiden Fletcher Ore Reserve of 13.5Mt at 2.6g/t Au for 1.1Moz establishes a
substantial new mineable inventory at Beta Hunt - supported by completed mine planning, commercial evaluation and a Pre-Feasibility Study.
Fletcher’s Mineral Resource has increased by approximately 30% to 40.1Mt at
2.3g/t Au for 3.0Moz - including a 426% increase in Indicated Mineral Resource ounces to 1.55Moz at 2.7g/t Au.
Approximately 74% of the updated Indicated Mineral Resource ounces have
converted into the maiden Ore Reserve for Fletcher - materially enhancing the confidence and potential scale for Fletcher to become a third mining front at Beta Hunt.
Total Beta Hunt Ore Reserve now stands at 21.7Mt at 2.34g/t Au for 1.6Moz and
Mineral Resource at 74.6Mt at 2.25g/t Au for 5.4Moz - representing 201% increase in Ore Reserve and 104% increase in Mineral Resource since acquisition in August 20241.
Increasing scale of Fletcher now underpins assessment of a 4Mtpa processing
case - with the Definitive Feasibility Study now being advanced ahead of the 2.6Mtpa Higginsville expansion.
Upcoming catalysts include:
- completion of the 4Mtpa processing expansion study,
an underground mass-haulage study for Fletcher, and
- continued drilling of Fletcher’s open northern extension - with the Mason target providing additional longer-term growth potential to the south.
1 Refer to ASX announcement titled “2024 Mineral Resource Estimate and Ore Reserves” - 16 September 2024 for more information
Westgold Resources Limited westgold.com.au Level 13, 200 St Georges Terrace ABN 60 009 260 306 T: +61 8 9462 3400 Perth WA 6000 ASX | TSX: WGX E: [email protected] PO Box 7068, Cloisters Square WA 6850
Westgold Managing Director and CEO Wayne Bramwell commented: “Westgold’s corporate strategy remains clearly focused on expanding and optimising our largest mining and processing assets to maximise free cash flow. Drilling at Beta Hunt continues to unlock material value for shareholders, with the emerging Fletcher Zone now contributing more than 1Moz of Ore Reserve and 3Moz of Mineral Resource growth.
Beta Hunt is the key growth driver in our Southern Goldfields business, with our capital investment focussed on lifting mine productivity. Westgold is currently mining from two established mining fronts with mine output scheduled to increase from 1.7Mtpa to 2Mtpa during FY27. This planned uplift excludes any contribution from the emerging Fletcher and Mason orebodies.
The increasing scale of Fletcher, and the growing confidence in its mineable inventory, now support a detailed evaluation of a 4Mtpa processing solution. Drilling will continue at Fletcher and commence at Mason, with Westgold advancing related studies, alongside key debottlenecking activities at Higginsville to support a larger processing facility.”
Figure 1 – Southern Goldfields Operations
Resource Growth into Ore Reserve
Fletcher has become one of the most significant value drivers within Westgold's Southern Goldfields business.
Beta Hunt was the cornerstone asset in the 2024 transaction, containing 0.5Moz of Ore Reserve and 2.6Moz of Mineral Resource2. Since then, Westgold has completed more than 85km of drilling across the Fletcher zone, substantially improving geological confidence and increasing the scale of the broader Beta Hunt mining complex.
Much of this drilling was completed from within an active underground mining environment, where existing infrastructure often constrained optimal resource definition drill positioning. Despite these challenges, drilling has consistently expanded and upgraded the Fletcher inventory, culminating in the declaration of a maiden Fletcher Mineral Resource of 2.3Moz in June 20253, which has now increased by 30% to 3.0Moz and supported the declaration of a maiden Ore Reserve of 1.1Moz (refer Table 1 and Figure 2).
Importantly, the drilling has demonstrated Fletcher to be a large mineralised system with many geological similarities to the nearby Western Flanks orebody.
The substantial increase in Indicated Resources and successful conversion to Ore Reserve materially strengthens confidence in Fletcher's ability to become a long-life contributor to the future growth of the Beta Hunt operation.
| Classification | June 2025 Fletcher MRE3 | June 2026 Fletcher MRE | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Tonnes | Grade | Ounces | Tonnes | Grade | Ounces | ||||||
| (g/t Au) | (g/t Au) | ||||||||||
| Measured | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Indicated | 3,708,000 | 2.5 | 295,000 | 18,029,000 | 2.7 | 1,553,000 | |||||
| Inferred | 27,266,000 | 2.3 | 2,030,000 | 22,117,000 | 2.1 | 1,472,000 | |||||
| Total | 30,974,000 | 2.3 | 2,325,000 | 40,146,000 | 2.3 | 3,025,000 |
Table 1 – Fletcher MRE comparison: June 2025 and June 2026 (reported above 1.2g/t Au).
2 Refer to ASX announcement titled “2024 Mineral Resource Estimate and Ore Reserves” - 16 September 2024 for more information.
3 Refer to the ASX announcement titled "Fletcher Zone Maiden Mineral Resource of 2.3Moz" - 23 June 2025 for further information.
4,000,000
3,500,000 -558,000 3,000,000 1,258,000
2,500,000
2,000,000
1,500,000 3,025,000 2,325,000 1,000,000
500,000
2025 MRE 2026 Indicated 2026 Inferred 2026 MRE
Figure 2 - Substantial growth and improvement in Fletcher MRE quality between 2025 and 20264
Mine planning and commercial evaluation have been completed by Westgold and resulted in the maiden Fletcher Ore Reserve (refer Table 2 and Figure 3).
| Classification | Tonnes | Grade | Ounces | |||
|---|---|---|---|---|---|---|
| (g/t Au) | ||||||
| Proven | 0 | 0 | 0 | |||
| Probable | 13,474,000 | 2.6 | 1,145,000 | |||
| Total | 13,474,000 | 2.6 | 1,145,000 |
Table 2 – Fletcher Maiden Ore Reserve June 2026
4 Refer to the ASX announcement titled "Fletcher Zone Maiden Mineral Resource of 2.3Moz" - 23 June 2025 for further information regarding the maiden Mineral Resource for the Fletcher Zone.
Figure 3 – Beta Hunt Long section inclusive of Fletcher mine plan
Background to the Ore Reserve Estimation
The Fletcher Ore Reserve estimation is based on the Fletcher Pre-Feasibility study completed by Westgold Resources to assess the economic viability of the Fletcher orebody.
Economic Assumptions
The Pre-Feasibility Study used cost assumptions based on current Beta Hunt rates, given Fletcher’s proximity and expected operating conditions. Westgold’s experience operating six underground mines in Western Australia also provides confidence in the economic assumptions underpinning the Fletcher study.
These cost profiles were used to determine the Fletcher cut-off grades and define the economic blocks within the mine plan. The cut-off grades are shown in Table 3 below.
| Parameter | Value | Comments |
|---|---|---|
| Full Costed COG | 2.1g/t | Incorporates initial and sustaining capital |
| Mine Operating COG | 1.4g/t | Assumes development complete |
| Development COG | 1.0g/t | Non-mining costs, assuming material hauled to surface |
Table 3 – Economic Assumptions
Input Modifying Factors
The Fletcher Ore Reserve was estimated using Deswik Shape Optimiser (DSO). These were run against gradient strings reflective of the potential location for ore drives. The settings used as part of the DSO run were as follows in Table 4:
| Parameter | Units | Value |
|---|---|---|
| Optimisation Field | Input | gc au _ |
| Stope Orientation | Direction | YZ |
| Pillar Between Stopes | M | 0 |
| Stope Length | M | 20 |
| Minimum Mining Width | M | 5 |
| Default Dip | Degree | 90 |
| Wall Dilution | M | 0.5 |
| Local Wall Angles | Degree | 75, 130, 20 |
| Strike Angles | Degree | -30, 30, 20 |
| Side Length Ratio | M | 2.25, 2.25 |
Table 4 – Input Modifying Factors
The DSO parameters were selected to reflect a practical longhole stoping framework for the Fletcher orebody and to ensure the optimised shapes were aligned with the expected mining geometry. The optimisation was undertaken using the gold grade field and constrained by selected stope orientation, minimum mining width, wall dilution and local wall-angle assumptions. These inputs provide a consistent basis for converting the Mineral Resource model into mineable stope shapes while recognising the geometry, dip and continuity of the mineralised zones.
The resulting DSO shapes were then reviewed and adjusted through the mine planning process to remove impractical shapes, rationalise stope continuity and ensure the final design reflected operationally achievable development access, extraction sequencing and geotechnical constraints. This process provides the link between the resource model, the optimisation outputs and the final modifying factors applied in the Ore Reserve estimate.
Output Modifying Factors
The output modifying factors, or production factors, are shown in Table 5 below. These are used throughout the mine planning and scheduling process as part of the study and are used as inputs into the production rates and cost drivers.
| Parameter | Units | Value |
|---|---|---|
| Stope Dilution | % | 12 |
| Stope Recovery | % | 90 |
| Tonnes per Drill Metre (102mm) | TPD | 10 |
| Tonnes per Drill Metre (89mm) | TPD | 7 |
| Loose fill density | T/m³ | 1.7 |
| Cement density | - | 1.3 |
| Tails density | - | 1.8 |
| Paste solids content | % | 68 |
| Stope Dilution Grade | g/t | 0 |
| Free bogging | % | 30 |
| Remote bogging | % | 70 |
Table 5 – Modifying factors used for Fletcher Ore Reserve
The production modifying factors were applied to the optimised stope inventory to derive the practicable mineable tonnes, grade and contained ounces used in the Fletcher Ore Reserve estimate. These factors reflect expected mining performance for longhole open stoping at Beta Hunt, including dilution, recovery, production drilling productivity, bogging assumptions and backfill design inputs. Together, they provide the operational bridge between the DSO-generated shapes and the final scheduled mining inventory.
The dilution and recovery assumptions were incorporated into the reserve model prior to scheduling, ensuring that the tonnes and grade reported in the Ore Reserve reflect expected mine call factors rather than theoretical in-situ volumes. Similarly, the drill metre productivity and fill density assumptions were used to inform production rates, backfill requirements and sequencing constraints within the mine plan. These parameters are consistent with observed underground performance and provide a reasonable basis for estimating the physical and cost drivers of the Fletcher mining schedule.
Mining Assumptions
The Fletcher Ore Reserve has been evaluated using ore haulage to Westgold’s Higginsville processing hub. Processing cost assumptions are based on current Higginsville operating cost profiles, with capital and infrastructure assumptions incorporated where they are specifically required to support Fletcher development.
Potential future processing cost benefits from a larger Higginsville plant, gas and solar conversion or other infrastructure optimisation have not been included in the Ore Reserve economic assessment and therefore represent potential upside rather than base-case assumptions.
Fletcher has been modelled to be a complete load-haul-dump (LHD) operation.
Multiple declines will be installed from the surface (one ventilation and one haulage) separate from the Beta Hunt mine. LHD operations will exist within Fletcher with a mixture of longitudinal and transverse production areas. Ventilation throughout Fletcher will be linked via the surface decline developed as part of the haulage route, additional ventilation will be linked throughout the Beta Hunt primary system.
Next Steps
4Mtpa Expansion Study
The material increase in the Fletcher Ore Reserve and Mineral Resource has changed the scale and sequencing of Westgold’s Higginsville expansion pathway.
When Westgold approved the Higginsville Expansion Plan in March 20265, the 2.6Mtpa flowsheet was deliberately engineered to support a potential future expansion to 4Mtpa, ensuring milling capacity would not constrain growth from Beta Hunt and Fletcher. The increased Fletcher scale now provides a stronger Ore Reserve and Mineral Resource base from which to assess that larger 4Mtpa case in detail.
As a result, Westgold has accelerated definitive design work on a 4Mtpa expansion case and is reviewing the optimal timing and scope of the previously approved 2.6Mtpa stage. This does not reflect a reduction in confidence in Higginsville, rather, it reflects a higher-confidence production base at Beta Hunt and Fletcher, and an opportunity to simplify the expansion pathway by assessing whether a direct 4Mtpa development provides a better long-term outcome than a staged 1.6Mtpa to 2.6Mtpa to 4Mtpa sequence.
While this approach may extend the period that Higginsville operates at its current 1.6Mtpa capacity, Westgold does not expect this to materially impact the Group production outlook.
The planned uplift in Higginsville milling capacity assumed in the 3-Year Outlook released in October 2025, is expected to be achieved from additional milling capacity committed in, or planned for the Murchison, where mining performance has exceeded expectations and stockpiles are building faster than the Southern Goldfields.
The accelerated growth of ore stockpiles in the Murchison in combination with Westgold’s treasury strength, now provides the imperative and resources to prioritise capital to expand the Murchison processing capacities first.
Doing so brings value forward by monetising those stockpiles more rapidly than planned and reflects the flexibility Westgold has to sequence capital across the broader portfolio.
5 Refer to the ASX announcement titled "Board Approves Higginsville Expansion Plan" - 10 March 2026 for further information.
Westgold has not slowed ancillary works at Higginsville that support both the current operation and the longer-term expansion pathway.
This includes continuation of works associated with a hybrid solar and gas power solution for Higginsville, a tailings lift, and progression of an in-pit tailings solution located proximate to the Higginsville processing infrastructure. Together with other plant and infrastructure works, these investments are designed to maintain safe and reliable operations, de-constrain and de-risk the development timeline and execution risk of the 4Mtpa expansion and improve the resilience of Higginsville as a long-term processing hub.
Importantly, this revised sequencing lowers execution risk materially for the Group.
By deferring the two-stage Higginsville expansion, Westgold can prioritise the 4Mtpa design case. In conjunction with the resequencing of expansion options to focus on the Murchison, this approach supports increased Murchison production while the Southern Goldfields is engineered to incorporate a single step, optimised final processing solution for the larger Fletcher / Beta Hunt production base.
The result is a more balanced capital allocation pathway that prioritises milling capacity where ore availability is most immediate. It also provides the time to advance Higginsville toward a larger, more efficient and better-supported long-term expansion case.
With the Higginsville 4Mtpa Expansion Study to commence shortly it would be premature to provide a definitive timeline for expected production increase to 4Mtpa as optimisation work is ongoing. This study will be completed toward the end of FY27 where Westgold will align the project plan within the DFS to the haulage studies to form the optimised regional schedule.
Importantly, Westgold intends to incorporate a preliminary assessment of the 4Mtpa expansion opportunity, including indicative timing and sequence assumptions into the next iteration of its Strategic Outlook, now expected to be released in early September 2026.
Mine Haulage Study
The Fletcher Ore Reserve has been evaluated and designed based on a conventional underground trucking fleet hauling ore from underground to surface. This provides a practical and executable basis for the maiden Ore Reserve, using mining and cost assumptions aligned with current Beta Hunt operating parameters.
In parallel with the Higginsville 4Mtpa definitive design work, Westgold will commence an underground haulage study to assess materials handling options that could improve the longterm cost and productivity profile of Fletcher and the broader Beta Hunt system. The study, expected to be completed in H2 FY27, will evaluate potential alternatives to truck haulage with the objective of reducing unit mining costs, improving haulage efficiency and better aligning the mine plan with the larger Higginsville processing pathway.
Fletcher remains open to the North and South
The maiden Fletcher Ore Reserve and updated Mineral Resource represent an important step in defining the scale of the orebody, however significant exploration potential remains.
Drilling is continuing to test the northern strike extension of Fletcher (Figures 4, 5 and 6), where mineralisation remains open toward the northern sublease boundary – a distance of some 500 – 700m.
Beyond the current drilling program, Westgold sees further opportunity to expand the broader Fletcher system to the south – a target known as Mason, across the Alpha Island Fault. Continued testing of these areas represents the next logical step in evaluating the full scale and long-term growth potential of the Fletcher-Beta Hunt mining complex, with drilling currently underway at Mason to this end.
Figure 4 – Current Fletcher MRE footprint and highlighting expansion potential to the north and at depth, with Mason target to the south.
Figure 5 – Beta Hunt Mineral Resource Schematic FY26.
Figure 6 – Beta Hunt Gold Mineral Resources spatial overview (plan view).
This announcement is authorised for release to the ASX by the Board.
Investor and media relations enquiries
Investor Relations Media Kasun Liyanaarachchi Annette Ellis Group Manager Investor Relations & Manager Communications & Corporate Affairs Communications [email protected] [email protected] +61 458 200 039 +61 458 564 483