WESTGOLD 2023 MINERAL RESOURCE AND ORE RESERVES FY23 Drilling Builds Scale and Enhances Quality

Westgold Resources Limited (ASX: WGX - Westgold or the Company) is pleased to provide its updated Mineral Resource and Ore Reserve Statement as of 30 June 2023.

HIGHLIGHTS Group Mineral Resource grows by 311koz - post mining depletion of 282koz in FY23H 6% increase in Ore Reserve grade and 7% increase in Mineral Resource grade 55% increase in Big Bell Mineral Resource Estimate 49% increase in Great Fingall Mineral Resource Estimate Exploration budget of $25M for FY24 Eight (8) drill rigs currently operating - with further expansion of the Mineral Resource and subsequent conversion to Ore Reserve expected during FY24.

Westgold Managing Director Wayne Bramwell commented: 'Westgold committed $19M to drilling across our operating assets in FY23. This investment saw our Mineral Resource and Ore Reserve improve in quality, with our Mineral Resource base growing by over 300koz. In short order we also replaced 42% of depleted Ore Reserves in this year. Systematic drilling delivered large Mineral Resource increases at both Big Bell and Great Fingall. Group grade increases across Mineral Resources and Ore Reserves gives us confidence that the quality of the Group Resource and Reserve statement will continue to be enhanced as we continue to drill. There is still untapped opportunity across our Murchison tenure that can be unlocked. In FY24 Westgold is investing $25M towards exploration and resource definition drilling and we are confident that will deliver additional Ore Reserves from our existing Mineral Resources. Importantly, with increasing free cash flow and industry leading inhouse drilling capability, Westgold is now internally funded, resourced and confident our team can build scale and add value through the drill bit.'

All defined Mineral Resources are based upon a combination of reverse circulation (RC) and diamond drillholes. Face sampling data is used in underground mines. Drill sampling is via rotary cone splitter or sawn half core depending on drilling technique. Assays are completed by a third-party commercial laboratory and analysed via fire assay. Historical drilling has previously used fire assay, aqua regia and PAL analysis, with all methodologies used being relevant for the style of resources reported

Westgold generates its Mineral Resource Estimates using a three-dimensional solid model (3DM) of the orebody (in GEOVIA SurpacTM or Seequent LeapfrogTM for Westgold generated Mineral Resources - a mixture of Surpac, Maptek VulcanTM and DatamineTM for legacy Mineral Resources). Interpretation is undertaken in a combination of section, plan and 3D space in an attempt to create the most accurate approximation of mineralisation spatial distribution. Once complete, available sample data (aside from open hole drilling) is intersected with the solids to extract assay composites. From this point appropriate estimation techniques, such as ordinary kriging are used to fill a block model using parameters guided by geological understanding and geostatistical review of the constituent data. This modelling considers potential mining methods and minimum mining widths whilst resource classifications align with drillhole spacings, data quality and geological and grade continuity.

Ore Reserve Commentary

Ore Reserves are a subset of Measured and Indicated Mineral Resources only. All open pit and underground operations were depleted to 30 June 2023. Ore Reserves have been generated from design studies at a Pre-Feasibility or Feasibility stage using appropriate cost, geotechnical, slope angle, stope span, dilution, cut-off grade and mining and metallurgical recovery parameters which are specific to each mine. Mining methods applied are resource specific and based upon experience with similar orebodies. DeswikTM (underground) along with GEOVIA WhittleTM and GEOVIA SurpacTM (open pit) mining software was used to create mine designs. A maximum A$2,600/oz gold price has been used to establish Ore Reserves and determine appropriate cut-off grades. Mining, milling and additional overhead costs are based on currently contracted and budgeted operating costs. Mill recoveries for all ore types are based upon operating experience or metallurgical test work. Ore Reserves consider environmental, tenement, government and infrastructure approvals along with transportation requirements to market.

FORWARD LOOKING STATEMENTS

These materials prepared by Westgold Resources Limited (or 'the Company') 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', '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. 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

Contact:

Tel: [phone]

Email: [e-mail]

(C) 2023 Electronic News Publishing, source ENP Newswire