WGX.TO · 2024-09-16

Ore Reserve and Mineral Resource growth by drilling and through merger

Resource Estimates Mergers & Acquisitions

16 September 2024

WESTGOLD 2024 MINERAL RESOURCE ESTIMATE AND ORE RESERVES

Ore Reserve and Mineral Resource growth by drilling and through merger

Perth, Western Australia, 16 September 2024: Westgold Resources Limited (ASX: WGX, TSX: WGX, OTCQX: WGXRF – Westgold or the Company) is pleased to provide its updated Mineral Resource Estimate and Ore Reserve Statement calculated as of 30 June 2024¹.

Group Gold Mineral Resource Estimate
	At 30 June 20242
and Ore Reserves
Total Measured and Indicated Resources	116Mt at 2.19g/t Au for 8.1 Moz of gold
Total Inferred Resources	63Mt at 2.47g/t Au for 5.0 Moz of gold
Total Ore Reserves	50Mt at 2.05g/t Au for 3.3Moz of gold

Highlights

Investment in Murchison exploration in FY23 and FY24 has delivered the first increase in Ore Reserves post depletion since FY17.

60% increase in Group Mineral Resource Estimate from FY23 - now 8.1Moz Measured and Indicated and 5.0Moz Inferred Resources post-merger and mining depletion.

69% increase in Group Ore Reserve Estimate from FY23 - now 3.3Moz post- merger and mining depletion.

10% increase year on year in the Ore Reserves of operating gold mines in the Murchison including:

133% increase at Bluebird – South Junction to 277koz.

Nineteen drill rigs operating across the 3200km² portfolio

1 Southern Goldfields Ore Reserves and Mineral Resources are as at 1 August 2024, corresponding to the merger completion 2 Southern Goldfields Ore Reserves and Mineral Resources are as at 1 August 2024, corresponding to the merger completion

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: WGX | TSX: WGX | OTC: WGXRF W: westgold.com.au PO Box 7068, Cloisters Square WA 6850

Westgold Managing Director Wayne Bramwell commented:

“Westgold is growing our business both organically and inorganically.

Drilling investment over FY23 and FY24 has delivered the first increase in Murchison Ore Reserves since 2017. On an inorganic basis the integration of the Southern Goldfields assets has lifted our Measured and Indicated Resource base to 8.1Moz, Inferred Resource base to 5.0Moz and Ore Reserves to 3.3Moz.

Resource conversion across the portfolio is our focus and opportunities are abundant. The Starlight mine continues to grow in stature, the Bluebird-South Junction complex continues to grow in scale, and through drilling, the emerging Fletcher Zone at Beta Hunt will reveal its true potential. On an exploration front, the Higginsville area has seen limited attention for over a decade and is wide open for exploration success.

Westgold today has 19 drill rigs operating across our portfolio and this investment will continue to unlock value from our 3,200km²of tenure across two of Western Australia’s most productive goldfields.”

2024 Mineral Resource Estimate

As of 30 June 2024³, the total gold Measured and Indicated Mineral Resource estimate for the Westgold business was 116Mt at 2.19g/t Au for 8.1 Moz of gold and the Inferred Mineral Resource estimate was 63Mt at 2.47g/t Au for 5.0 Moz of gold.

This represents 60% growth in the Company’s gold Mineral Resource base year on year underpinned by both a continued significant campaign of exploration and resource definition drilling over FY24 (investing $25M on top of the $19M invested in FY23) and the integration of the Southern Goldfields assets of Karora Resources Inc. (Karora) into the enlarged Westgold (refer Figure 1).

13,160

1,521 9,857 9,345 9,118 3,129 8,799 8,250 7,947 7,940 3,504

5,006

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 Southern Goldfields - Measured & Indicated (Koz) Murchison - Measrued & Indicated (Koz)

Southern Goldfields - Inferred (Koz) Murchison - Inferred (Koz)

Murchison Resources (previously reported) (Koz)

Figure 1 – Westgold has achieved Mineral Resource growth in FY23 and FY24.⁴

3 Southern Goldfields Ore Reserves and Mineral Resources are as at 1 August 2024, corresponding to the merger completion 4 FY17 – FY23 Resources completed under JORC Code only The Murchison Operations incorporate the Bluebird, Tuckabianna and Fortnum processing hubs while the Southern Goldfields Operations incorporate the Lakewood and Higginsville processing hubs.

Tables 1, 2 and 3 below depict the FY24 Mineral Resource Estimates for the Murchison and Southern Goldfields Operations.

Table 1 – Gold Mineral Resource Estimates at 30 June 2024 for Westgold Operating Mines.

	Murchison Gold Operations
	Mineral Resource Statement - Rounded for Reporting
	30/06/2024
		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		4,022	3.07		397		7,965		3.33		853		11,988		3.24		1,250		5,927		3.11		593
Fender UG		95	3.22		10		201		3.05		20		297		3.10		30		345		3.33		37
Great Fingall UG		0	0.00		0		1,616		5.25		273		1,616		5.25		273		883		3.51		100
Golden Crown UG		0	0.00		0		333		6.18		66		333		6.18		66		944		5.14		156
Bluebird Group UG		304	4.09		40		4,368		3.03		425		4,672		3.10		465		6,032		2.55		495
Starlight UG		881	4.01		114		1,973		3.44		218		2,854		3.62		332		2,588		3.13		260
	Total	5,303		3.29		561		16,457		3.51		1,855		21,760		3.45		2,415		16,719		3.05		1,641

	Southern Goldfields Gold Operations
	Mineral Resource Statement - Rounded for Reporting
	1/08/2024
		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		24	1.55		1		1,141		2.32		85		1,165		2.30		86		184		2.78		16
Pioneer		0	0.00		0		519		2.11		35		519		2.11		35		345		1.50		17
Beta Hunt		1,142	2.79		102		16,581		2.74		1,458		17,723		2.74		1,561		12,860		2.63		1,086
	Total	1,166		2.76		104		18,241		2.69		1,579		19,407		2.70		1,682		13,388		2.60		1,119

Westgold 2024 Mineral Resource Estimate and Ore Reserves 16 September 2024

Table 2 – Gold Mineral Resource Estimates at 30 June 2024 for Westgold Non-Operating Projects.

	Murchison Gold Operations
	Mineral Resource Statement - Rounded for Reporting
	30/06/2024
		Measured						Indicated						Measured and Indicated						Inferred
Project		Tonnes ('000s)		Grade			Ounces	Tonnes ('000s)		Grade		Ounces Au ('000s)		Tonnes ('000s)		Grade		Ounces Au ('000s)		Tonnes ('000s)		Grade		Ounces Au ('000s)
							Au
							('000s)
Big Bell District		60		2.81		5		802		2.64		68		861		2.65		73		1,848		2.94		175
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		1,068		2.04		70		1,126		2.02		73		1,043		1.78		60
Tuckabianna		267		3.54		30		3,448		2.78		308		3,715		2.84		339		2,899		2.63		245
Tuckabianna Stockpiles		81		2.09		5		3,627		0.70		81		3,709		0.73		87		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		2.59		4		4,128		1.47		195		4,181		1.49		200		5,879		1.40		265
Bluebird Stockpiles		350		1.34		15		0		0.00		0		350		1.34		15		0		0.00		0
Fortnum District		332		2.67		28		2,951		2.08		197		3,282		2.14		226		618		1.88		37
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		723		0.95		22		481		0.69		11		1,204		0.85		33		16		0.54		0
	Total		2,884		2.39		221		41,741		1.77		2,370		44,625		1.81		2,591		27,100		2.14		1,864

	Southern Goldfields Gold Operations
	Mineral Resource Statement - Rounded for Reporting
	1/08/2024
			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		466		3.00		45		2,799		2.79		251		3,265		2.82		296		1,999		2.39		154
Mt Henry		11,042		1.19		424		10,172		1.16		378		21,214		1.18		802		2,565		1.28		106
HGO Stockpiles		373		0.40		5		1,568		0.76		38		1,940		0.69		43		0		0.00		0
BHO Stockpiles		47		2.09		3		0		0.00		0		47		2.09		3		0		0.00		0
	Total		12,859		1.37		565		16,981		1.62		882		29,840		1.51		1,447		6,083		2.05		402

Table 3 – Nickel Mineral Resource Estimates at 1 August 2024 for Beta Hunt.

	Beta Hunt Nickel Operations
	Mineral Resource Statement - Rounded for Reporting
	1/08/2024
			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 Operations Project Areas (Bluebird & Tuckabianna).

Westgold 2024 Mineral Resource Estimate and Ore Reserves 16 September 2024

Figure 3 - Murchison Operations Project Areas (Fortnum)

Figure 4 – Southern Goldfields Operations Project Area.

Geology

Murchison

The Meekatharra Gold operation is located in the Achaean Murchison Province, a granitegreenstone terrane in the northwest of the Yilgarn Craton. Greenstone belts trending northnortheast 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 Archaean 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 with- in 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. Structurally controlled the gold occur.

The Cue Gold Operations are located in the Achaean 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 silicacarbonate-fuchsite-haematite-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 subvertical 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 iron-rich sulphidic metasediments in the Lunnon Basalt or nickel sulphides at the base of the Kambalda Komatiite (ultramafics). The mineralised shears are represented by A-Zone, Western Flanks, Larkin and Mason zones.

The Higginsville Gold Operation is located in the Eastern Goldfields Superterrane of the Archean Yilgarn Craton. The bulk of the Higginsville tenement package is located almost entirely within the well-mineralised 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, Mt Henry, Polar Bear Group and Spargo’s Project area.

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 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 fine grained, weak to strongly foliated amphibole-plagioclase amphibolite, with a typically lepidoblastic (mineralogically aligned and banded) texture. It is west-dipping and generally steep, approximately 60° to 75°.

The Lake Cowan project area is situated near the centre of a regional anticline between the Zuleika and Lefroy faults, 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 347km²of 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 which distinguish it from the Kalgoorlie– Kambalda Terrane. The Mount Henry gold deposit is hosted by a silicate facies BIF unit within the but is also associated with minor meta‐basalt and dolerite units that were mostly emplaced in Noganyer Formation. Gold mineralisation is predominantly hosted by the silicate facies BIF unit

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 lode is an elongated, shear‐hosted body, 1.9km long by 6 – 10 metres wide and dips 65‐75 Mount Henry gold deposit is classified as an Archean, orogenic shear hosted deposit. The main

degrees towards 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 quartz-sericite-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.

Background to the Mineral Resource Estimate

Geological interpretation of individual deposits is carried out using a systematic approach to ensure that the resultant estimated Mineral Resource Estimate was both sufficiently constrained, and representative of the expected sub-surface conditions. In all aspects of Mineral Resource Estimation, the factual and interpreted geology was used to guide the development of the interpretation. Geological matrixes were established to assist with interpretation and construction of the estimation domains.

A significant portion of the data used in Mineral Resource Estimations has been gathered from diamond core. Multiple sizes have been used. This core is geologically logged and subsequently halved for sampling. Grade control holes may be whole-cored to streamline the core handling process if required. Face sampling data is also utilised, where each development face / round is horizontally chip sampled. The sampling intervals are domained by geological constraints (e.g. rock type, veining and alteration / sulphidation etc.).

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