ASX | TSX: WGX T: +61 8 9462 3400
3 September 2025
WESTGOLD 2025 MINERAL RESOURCE ESTIMATE AND ORE RESERVES
With current milling capacity of 5.7 Mtpa, Westgold has an estimated Reserve life of approximately 10 years
Perth, Western Australia, 3 September 2025: Westgold Resources Limited (ASX | TSX: WGX, Westgold or the Company) is pleased to provide its updated Mineral Resource Estimate and Ore Reserve Statement calculated as at 30 June 2025.
| Group Gold Mineral Resource Estimate and | |
| At 30 June 2025 | |
| Ore Reserves | |
| Total Measured and Indicated Resources | 137 Mt at 2.09 g/t Au for 9.2 Moz of gold |
| Total Inferred Resources | 94 Mt at 2.33 g/t Au for 7.1 Moz of gold |
| Total Ore Reserves | 56 Mt at 1.93 g/t Au for 3.5 Moz of gold |
Highlights
24% increase in Mineral Resource from FY24 – growing to 9.2 Moz Measured and Indicated and 7.1Moz Inferred Resources post mining depletion.
5% increase in Ore Reserves – lifting to 3.5 Moz post mining depletion.
Ore Reserves Increase at Major Murchison mines: Bluebird – South Junctions Ore Reserve up 90% to 528 koz and Starlight up 94% to 250 koz post mining depletion.
Reserve life continues to grow - with a total milling capacity of 5.7 Mtpa, Westgold has an estimated Reserve life of approximately 10 years
Nineteen drill rigs operating - on surface and underground across the 3,200km2 portfolio
$50M to be invested in exploration and resource development in FY26.
Westgold Resources Limited T: +61 8 9462 3400 Level 6, 200 St Georges Terrace ABN 60 009 260 306 E: [email protected] Perth WA 6000 ASX | TSX: WGX W: westgold.com.au PO Box 7068, Cloisters Square WA 6850
Westgold Managing Director and CEO Wayne Bramwell commented:
“In FY25 Westgold invested $43M in resource development and exploration across our portfolio. This investment delivered significant growth in Group Mineral Resources, most notably with the maiden Fletcher Mineral Resource1, and a material uplift in Group Ore Reserves.
Importantly, our Mineral Resource and Ore Reserve growth has been created whilst concurrently investing in critical mine infrastructure across our Murchison and Southern Goldfields mines. This investment has now established a sustainable platform for long term cashflow generation over a 10-year Group Ore Reserve life.
Westgold will continue to drill and invest in organic growth through exploration, resource definition and Mineral Resource conversion across our portfolio. We unlocked value for our shareholders and stakeholders in FY25 and are confident in our team’s ability to create additional value from two of Western Australia’s most productive goldfields.”
2025 Mineral Resource Estimate
As of 30 June 2025, the total gold Measured and Indicated Mineral Resource Estimate for the Westgold business was 137 Mt at 2.09 g/t Au for 9.2 Moz and the Inferred Mineral Resource estimate was 94 Mt at 2.33 g/t Au for 7.1 Moz of gold.
This represents 24% growth in the Company’s gold Mineral Resource base year on year underpinned by a focused campaign of exploration and resource definition drilling over FY25, where Westgold invested $43M on top of the $25M invested in FY24.
16,257
3,349 13,160 1,521 3,239 9,857 9,345 9,118 3,129 8,799 8,250 7,947 7,940 3,700 3,504
5,968 5,006
FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Southern Goldfields - Inferred (Koz) Murchison - Inferred (Koz)
Southern Goldfields - Measured & Indicated (Koz) Murchison - Measured & Indicated (Koz)
Murchison Resources (previously reported) (Koz)
Figure 1 – Westgold annual Mineral Resource progression.2
The entire 3.1 Moz increase in Westgold’s reportable Mineral Resource Estimate has been driven by resource development activities in both Westgold’s current mines and across its broader asset package.
1 Refer to ASX release titled “Fletcher Zone Maiden Mineral Resource of 2.3Moz” – 23 June 2025 2 FY17 – FY23 Resources completed under JORC Code only This significant growth highlights the latent potential of Westgold’s Western Australian land holdings.
The Murchison Operations incorporate the Bluebird, Tuckabianna and Fortnum processing hubs and associated mines, while the Southern Goldfields Operations consists of the Higginsville processing plant and the Beta Hunt and Two Boys mines.
Tables 1, 2 and 3 below depict the FY25 Mineral Resource Estimates for the Murchison and Southern Goldfields Operations.
Table 1 – Gold Mineral Resource Estimates at 30 June 2025 for Westgold Operating Mines.
| Murchison Gold Operations | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mineral Resource Statement - Rounded for Reporting | |||||||||||||
| 30/06/2025 | |||||||||||||
| Measured | Indicated | Measured and Indicated | Inferred | ||||||||||
| Operating Mine | Tonnes ('000s) | Grade | Ounces Au ('000s) | Tonnes ('000s) | Grade | Ounces Au ('000s) | Tonnes ('000s) | Grade | Ounces Au ('000s) | Tonnes ('000s) | Grade | Ounces Au ('000s) | |
| Big Bell UG | 5,010 | 2.51 | 405 | 8,216 | 3.10 | 819 | 13,226 | 2.88 | 1,224 | 7,414 | 2.90 | 691 | |
| Big Bell Cave | 6,553 | 1.09 | 229 | 0 | 0 | 0 | 6,553 | 1.09 | 229 | 0 | 0 | 0 | |
| Fender UG | 111 | 2.91 | 10 | 168 | 2.62 | 14 | 280 | 2.74 | 25 | 157 | 2.54 | 13 | |
| Great Fingall UG | 0 | 0.00 | 0 | 2,202 | 4.25 | 301 | 2,202 | 4.25 | 301 | 955 | 2.96 | 91 | |
| Golden Crown UG | 0 | 0.00 | 0 | 540 | 5.25 | 91 | 540 | 5.25 | 91 | 2,279 | 3.05 | 224 | |
| Bluebird Group UG | 334 | 3.94 | 42 | 7,251 | 2.99 | 697 | 7,585 | 3.03 | 739 | 6,644 | 2.59 | 553 | |
| Starlight UG | 3,898 | 3.04 | 381 | 2,702 | 2.65 | 230 | 6,600 | 2.88 | 611 | 2,625 | 3.02 | 255 | |
| Total | 15,906 | 2.09 | 1,067 | 21,079 | 3.18 | 2,152 | 36,986 | 2.71 | 3,220 | 20,075 | 2.83 | 1,827 |
| Southern Goldfields Gold Operations | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mineral Resource Statement - Rounded for Reporting | |||||||||||||||||
| 30/06/2025 | |||||||||||||||||
| Measured | Indicated | Measured and Indicated | Inferred | ||||||||||||||
| Operating Mine | Tonnes ('000s) | Grade | Ounces Au ('000s) | Tonnes ('000s) | Grade | Ounces Au ('000s) | Tonnes ('000s) | Grade | Ounces Au ('000s) | Tonnes ('000s) | Grade | Ounces Au ('000s) | |||||
| Two Boys | 94 | 5.94 | 18 | 256 | 3.15 | 26 | 349 | 3.90 | 44 | 163 | 5.75 | 30 | |||||
| Lake Cowan | 180 | 1.90 | 11 | 129 | 1.29 | 5 | 309 | 1.65 | 16 | 19 | 1.60 | 1 | |||||
| Beta Hunt | 10,435 | 2.37 | 795 | 13,140 | 2.23 | 944 | 23,575 | 2.29 | 1,739 | 39,975 | 2.27 | 2,914 | |||||
| Total | 10,709 | 2.39 | 824 | 13,525 | 2.24 | 975 | 24,234 | 2.31 | 1,800 | 40,158 | 2.28 | 2,944 |
2025 Mineral Resource Estimate and Ore Reserves
Table 2 – Gold Mineral Resource Estimates at 30 June 2025 for Westgold Non-Operating Projects.
| Murchison Gold Operations | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mineral Resource Statement - Rounded for Reporting | |||||||||||||
| 30/06/2025 | |||||||||||||
| Measured | Indicated | Measured and Indicated | Inferred | ||||||||||
| Project | Tonnes ('000s) | Grade | Ounces Au ('000s) | Tonnes ('000s) | Grade | Ounces Au ('000s) | Tonnes ('000s) | Grade | Ounces Au ('000s) | Tonnes ('000s) | Grade | Ounces Au ('000s) | |
| Big Bell District | 38 | 2.82 | 3 | 771 | 2.61 | 65 | 809 | 2.62 | 68 | 1,843 | 2.94 | 174 | |
| Cuddingwarra | 85 | 1.66 | 5 | 1,600 | 1.63 | 84 | 1,685 | 1.63 | 88 | 597 | 1.50 | 29 | |
| Day Dawn District | 58 | 1.73 | 3 | 1,054 | 1.99 | 68 | 1,112 | 1.98 | 71 | 1,036 | 1.82 | 60 | |
| Tuckabianna | 267 | 3.54 | 30 | 3,448 | 2.78 | 308 | 3,715 | 2.84 | 339 | 2,899 | 2.63 | 245 | |
| Tuckabianna Stockpiles | 83 | 2.76 | 7 | 3,648 | 0.71 | 83 | 3,731 | 0.75 | 90 | 0 | 0.00 | 0 | |
| Meekatharra North | 0 | 0.00 | 0 | 97 | 1.98 | 6 | 97 | 1.98 | 6 | 75 | 2.11 | 5 | |
| Nannine | 68 | 2.55 | 6 | 859 | 2.06 | 57 | 927 | 2.09 | 62 | 340 | 2.26 | 25 | |
| Paddy's Flat | 376 | 3.67 | 44 | 10,641 | 1.65 | 564 | 11,017 | 1.72 | 608 | 2,574 | 1.93 | 160 | |
| Reedy's | 430 | 3.77 | 52 | 3,225 | 2.58 | 267 | 3,656 | 2.72 | 319 | 9,191 | 2.54 | 750 | |
| Yaloginda District | 53 | 2.62 | 4 | 4,237 | 1.48 | 202 | 4,290 | 1.50 | 206 | 5,808 | 1.38 | 257 | |
| Bluebird Stockpiles | 132 | 3.13 | 13 | 0 | 0.00 | 0 | 132 | 3.13 | 13 | 0 | 0.00 | 0 | |
| Fortnum District | 1,707 | 2.56 | 141 | 4,062 | 1.89 | 246 | 5,769 | 2.09 | 387 | 1,172 | 1.44 | 54 | |
| Horseshoe | 0 | 0.00 | 0 | 1,266 | 2.09 | 85 | 1,266 | 2.09 | 85 | 183 | 1.43 | 8 | |
| Peak Hill | 0 | 0.00 | 0 | 7,547 | 1.55 | 376 | 7,547 | 1.55 | 376 | 1,838 | 1.78 | 105 | |
| FGO Stockpiles | 559 | 1.01 | 18 | 481 | 0.69 | 11 | 1,039 | 0.86 | 29 | 16 | 0.54 | 0 | |
| Total | 3,857 | 2.64 | 328 | 42,937 | 1.75 | 2,421 | 46,794 | 1.83 | 2,749 | 27,572 | 2.11 | 1,873 |
| Southern Goldfields Gold Operations | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mineral Resource Statement - Rounded for Reporting | |||||||||||||||||
| 30/06/2025 | |||||||||||||||||
| Measured | Indicated | Measured and Indicated | Inferred | ||||||||||||||
| Project | Tonnes ('000s) | Grade | Ounces Au ('000s) | Tonnes ('000s) | Grade | Ounces Au ('000s) | Tonnes ('000s) | Grade | Ounces Au ('000s) | Tonnes ('000s) | Grade | Ounces Au ('000s) | |||||
| HGO Central | 931 | 2.94 | 88 | 2,442 | 2.74 | 215 | 3,373 | 2.80 | 303 | 1,519 | 2.91 | 142 | |||||
| HGO Greater | 414 | 3.16 | 42 | 2,871 | 2.78 | 257 | 3,286 | 2.83 | 299 | 2,128 | 2.29 | 157 | |||||
| Mt Henry | 11,042 | 1.19 | 424 | 10,172 | 1.16 | 378 | 21,214 | 1.18 | 802 | 2,565 | 1.28 | 106 | |||||
| HGO Stockpiles | 1,162 | 0.77 | 29 | 276 | 0.74 | 7 | 1,439 | 0.77 | 36 | 0 | 0.00 | 0 | |||||
| BHO Stockpiles | 9 | 1.88 | 1 | 0 | 0.00 | 0 | 9 | 1.88 | 1 | 0 | 0.00 | 0 | |||||
| Total | 13,559 | 1.34 | 583 | 15,761 | 1.69 | 856 | 29,320 | 1.53 | 1,440 | 6,212 | 2.03 | 405 |
Table 3 – Nickel Mineral Resource Estimates at 30 June 2025 for Beta Hunt.
| Beta Hunt Nickel Operations | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mineral Resource Statement - Rounded for Reporting | |||||||||||||||||||||||
| 30/06/2025 | |||||||||||||||||||||||
| Measured | Indicated | Measured and Indicated | Inferred | ||||||||||||||||||||
| Project | Tonnes ('000s) | Ni (%) | NiT ('000s) | Tonnes ('000s) | Ni (%) | NiT ('000s) | Tonnes ('000s) | Ni (%) | NiT ('000s) | Tonnes ('000s) | Ni (%) | NiT ('000s) | |||||||||||
| Beta Hunt | 0 | 0.0 | 0 | 749 | 2.8 | 21 | 749 | 2.8 | 21 | 499 | 2.7 | 13 | |||||||||||
| Total | 0 | 0.0% | 0 | 749 | 2.8% | 21 | 749 | 2.8% | 21 | 499 | 2.7% | 13 |
See Figure 2, Figure 3 and Figure 4 for location details. Additional detailed information relating to generation of the Mineral Resource Estimates is attached in Appendix B & C Table 1 – JORC 2012 Reporting Criteria.
Figure 2 - Murchison Project Areas (Bluebird & Tuckabianna Processing Hubs).
Figure 3 - Murchison Project Areas (Fortnum Processing Hub)
Figure 4 – Southern Goldfields Project Area (Higginsville Processing Hub).
Geology Murchison
The Meekatharra Gold operation is in the Archean Murchison Province, a granite-greenstone terrane in the northwest of the Yilgarn Craton. Greenstone belts trending north-northeast are separated by granite-gneiss domes, with smaller granite plutons also present within or on the margins of the belts.
The Paddy’s Flat area is located on the western limb of a regional fold, the Polelle Syncline, within a sequence of mafic to ultramafic volcanics with minor interflow sediments and banded ironformation. The sequence has also been intruded by felsic porphyry dykes prior to mineralisation.
Mineralisation is located along four sub-parallel trends at Paddy’s Flat and can be comprised of sulphide replacement BIF hosted gold, quartz vein hosted shear-related gold and quartzcarbonate-sulphide stockwork vein and alteration related gold.
The Yaloginda area which hosts Bluebird – South Junction, is a gold-bearing Archean greenstone belt situated ~15km south of Meekatharra. The deposits in the area are hosted in a strained and metamorphosed volcanic sequence that consists primarily of ultramafic and high-magnesium basalt with minor komatiite, peridotite, gabbro, tholeiitic basalt and interflow sediments.
The sequence was intruded by a variety of felsic porphyry and intermediate sills and dykes.
The Reedy’s mining district is located approximately 50 km to the south-east to Meekatharra and to the south of Lake Annean. The Reedy gold deposits occur within a north-south trending greenstone belt, two to five kilometres wide, composed of volcano-sedimentary sequences and separated multiphase syn- and post-tectonic granitoid complexes.
The Cue Gold Operations are in the Archean Murchison Province, a granite-greenstone terrane in the northwest of the Yilgarn Craton. Greenstone belts trending north-northeast are separated by granite-gneiss domes, with smaller granite plutons also present within or on the margins of the belts.
Mineralisation at Big Bell is hosted in the shear zone (Mine Sequence) and is associated with the post-peak metamorphic retrograde assemblages. Stibnite, native antimony and trace arsenopyrite are disseminated through the K-feldspar-rich lode schist. These are intergrown with pyrite and pyrrhotite and chalcopyrite. Mineralisation outside the typical Big Bell host rocks (KPSH), for example 1,600N and Shocker, also display a very strong W-As-Sb geochemical halo.
Numerous gold deposits occur within the Cuddingwarra Project area, the majority of which are hosted within the central mafic-ultramafic ± felsic porphyry sequence. Within this broad framework, mineralisation is shown to be spatially controlled by competency contrasts across, and flexures along, layer-parallel D2 shear zones, and is maximised when transected by corridors of northeast striking D3 faults and fractures.
The Great Fingall Dolerite hosts the majority gold mineralisation within the portion of the greenstone belt proximal to Cue (the Day Dawn Project Area). Unit AGF3 is the most brittle of all the five units and this characteristic is responsible for its role as the most favourable lithological host to gold mineralisation in the Greenstone Belt.
The Fortnum deposits are Paleoproterozoic shear-hosted gold deposits within the Fortnum Wedge, a localised thrust duplex of Narracoota Formation within the overlying Ravelstone Formation. Both stratigraphic formations comprise part of the Bryah Basin in the Capricorn Orogen, Western Australia.
The Horseshoe Cassidy deposits are hosted within the Ravelstone Formation (siltstone and argillite) and Narracoota Formation (highly altered, moderate to strongly deformed mafic to ultramafic rocks). The main zone of mineralisation is developed within a horizon of highly altered magnesian basalt.
Gold mineralisation is associated with strong vein stock works that are confined to the altered mafic. Alteration consists of two types: stockwork proximal silica-carbonate-fuchsitehaematite-pyrite and distal silica-haematite-carbonate+/- chlorite.
The Peak Hill district represents remnants of a Proterozoic fold belt comprising highly deformed trough and shelf sediments and mafic / ultramafic volcanics, which are generally moderately metamorphosed (except for the Peak Hill Metamorphic Suite).
Southern Goldfields
The Beta Hunt Gold Operations are situated within the central portion of the Norseman-Wiluna greenstone belt in a sequence of mafic / ultramafic and felsic rocks on the southwest flank of the Kambalda Dome. Gold mineralisation occurs mainly in sub-vertical shear zones in the Lunnon Basalt and is characterised by shear and extensional quartz veining within a halo of biotite / pyrite alteration.
Within these shear zones, coarse gold sometimes occurs where the shear zones intersect ironrich sulphidic metasediments in the Lunnon Basalt or nickel sulphides at the base of the Kambalda Komatiite (ultramafics). The mineralised shears are represented by the A-Zone, Western Flanks, Fletcher, Larkin and Mason zones.
The Higginsville Gold Operation is in the Eastern Goldfields Superterrane of the Archean Yilgarn Craton. The bulk of the Higginsville tenement package is located almost entirely within the wellmineralised Kalgoorlie Terrane, between the gold mining centres of Norseman and St. Ives. HGO can be sub-divided into seven major geological domains: Trident Line of Lode, Chalice, Lake Cowan, Southern Paleo-channels, Mount Henry, Polar Bear Group and Spargo’s Project area.
The majority of mineralisation along the Trident Line of Lode are hosted within the Poseidon gabbro and high-MgO dyke complexes in the south. The Poseidon Gabbro is a thick, weaklydifferentiated gabbroic sill, which strikes north-south and dips 60° to the east, is over 500 m thick and 2.5 km long. The mineralisation is hosted within or marginal to quartz veining and is structurally and lithologically controlled.
The Chalice deposit is located within a north-south trending, 2 km to 3 km wide greenstone terrane, flanked on the west by calc-alkaline granitic rocks of the Boorabin Batholith and to the east by the Pioneer Dome Batholith. The dominant unit that hosts gold mineralisation is a finegrained, weak to strongly-foliated amphibole-plagioclase amphibolite, with a typically lepidoblastic (mineralogically aligned and banded) texture. It is west-dipping and generally steeply oriented (approximately 60° to 75°).
The Lake Cowan project area is situated near the centre of a regional anticline between the Zuleika and Lefroy shears, with the local geology of the area made more complex by the intrusion of the massive Proterozoic Binneringie dyke. The majority of mineralisation at the Lake Cowan Mining Centre is hosted within an enclave of Archaean material surrounded by the Binneringie dyke.
Mineralised zones within the Southern Paleo Channels network comprise both placer gold, normally near the base of the channel-fill sequences, and chemically precipitated secondary gold within the channel-fill materials and underlying saprolite. These gold concentrations commonly overlie, or are adjacent to, primary mineralised zones within Archaean bedrock. The Mount Henry Project covers 347km2 of the prolific South Norseman‐Wiluna Greenstone belt of the Eastern Goldfields in Western Australia. Although the greenstone rocks from the Norseman area can be broadly correlated with those of the Kalgoorlie – Kambalda region, they form a distinct terrain which is bounded on all sides by major regional shears.
The Norseman Terrane has prominent Banded Iron Formations (BIF) which distinguish it from the Kalgoorlie– Kambalda Terrane. The Mount Henry gold deposit is hosted by a silicate facies BIF unit but is also associated with minor meta‐basalt and dolerite units that were mostly emplaced unit within the Noganyer Formation. Gold mineralisation is predominantly hosted within the BIF
prior to mineralisation. The footwall to the BIF is characterised by a sedimentary schistose unit and the hanging wall by the overlying dolerites of the Woolyeener Formation. The Mount Henry elongated, shear‐hosted body, 1.9 km long by 6 – 10 metres wide and dips 65‐75 degrees towards gold deposit is classified as an Archean, orogenic shear hosted deposit. The main lode is an
the west.
The Polar Bear project is situated within the Archaean Norseman-Wiluna Belt which locally includes basalts, komatiites, metasediments, and felsic volcaniclastics. The primary gold mineralisation is related to hydrothermal activity during multiple deformation events. Indications are that gold mineralisation is focused on or near to the stratigraphic boundary between the Killaloe and Buldania Formation.
The Spargo’s Project occurs within Coolgardie Domain of the Kalgoorlie Terrane. The area is bounded by the Zuleika Shear to the east and the Kunanalling Shear to the west. The geological setting comprises tightly-folded, north-south striking ultramafic and mafic volcanic rocks at the northern closure Widgiemooltha Dome.
The project lies on the general trend of the Kunanalling / Karramindie Shear corridor, a regional shear zone that hosts significant mineralisation to the north at Ghost Crab (Mount Marion), Wattle Dam to the south, the Penfolds group and Kunanalling. The regional prospective Zuleika Shear lies to the east of the project. The tenements are prospective for vein and shear-hosted gold deposits as demonstrated by Spargo’s Reward and numerous other gold workings and occurrences.
Gold mineralisation at Spargo’s Reward is hosted by a coarse-grained pyrite-arsenopyrite lode in quartz-sericite schists, between strongly biotitic altered greywacke to the east and quartzsericite-fuchsite-pyrite altered felsic tuff to the west. Gold mineralisation is associated with very little quartz veining which is atypical for many deposits in region. The Spargo’s Reward setting has been described variously as a low-quartz sulphidic mesothermal gold system or as a Hemlo style syn-sedimentary occurrence.