Westgold Resources Limited (ASX: WGX - 'Westgold' or 'Company') is pleased to provide an update on Exploration and Growth ('E&G') initiatives across the group.

As previously announced, Westgold has reenergised its exploration team and is committed to a systematic yet aggressive organic exploration effort across its extensive and highly prospective Murchison tenure portfolios.

Westgold's Executive Director, Wayne Bramwell commented: 'The Board of Westgold initiated a double-barrelled strategy to grow the business. Our Exploration and Growth Team now has the resources and budget to find the next Great Fingall, Big Bell or Paddy's Flat and in parallel, the Corporate business development Team continues to evaluate other opportunities that can leverage our regional infrastructure and push Westgold upwards from 300,000 oz per annum. The Murchison has much more to give Westgold shareholders as is evidenced by the definition of 86 new targets with 14 ready to be drilled. As such the Company now has the team, the targets and the time to make the next major discovery in this prolific goldfield.'

Exploration and Growth Strategy

With increasing operational momentum across the Westgold operations at Cue ('CGO'), Meekatharra ('MGO') and Fortnum ('FGO') the Company can now accelerate its broader regional growth strategy. With the Murchison Province hosting >35Moz of gold endowment (historic production plus current resources) and the Company holding >1,300 km2 of tenure covering >20Moz of this gold endowment, prospectivity is high and there is significant potential for organic growth through exploration. In addition, as the major producer in the province and operator of three processing hubs with a total milling capacity of >4Mtpa, Westgold is in a strong position to leverage its infrastructure through corporate acquisitions

Based on these recognised opportunities, earlier this year the Company commenced strengthening its E&G Team with the addition of a number of technical specialists and an experienced GM reporting directly to the CEO. This refreshed multidisciplinary team has been charged with developing and testing a prioritised pipeline of exploration targets, along with identifying and ranking relevant corporate business development opportunities

The aim being to accelerate Westgold's growth aspirations and define the next suite of deposits to support a production profile +300,000 oz pa. The exploration team has been backed with an initial FY2021 budget of $14M. In addition, the Company has an active corporate development strategy evidenced by the recent takeover bid for Gascoyne Resources Limited and strategic investment in Sandstone explorer Alto Metals Limited.

Exploration Targeting

Organic growth through exploration of the large Westgold Murchison tenement portfolio (1,300km2) is the priority focus for the new E&G Team. Westgold's previous focus has been on resource definition activities within and immediately adjacent to historically mined deposits, and as such, a new multidisciplinary and multiyear dedicated exploration approach was required to unlock the recognised potential outside of these near-mine areas. With the new team assembled, work to date has focussed on the compilation of available historic exploration data, assessing its effectiveness, and identifying new target opportunities.

Looking Forward

With operational momentum building and new mines such as Fender coming on-stream, the Company looks forward to accelerating exploration and growth activities to feed the broader Company project pipeline.

Contact:

Wayne Bramwell

Tel: +61 8 9462 3400

Email: wayne.bramwell@westgold.com.au

Web: www.westgold.com.au

FORWARD LOOKING STATEMENTS

Certain statements in this report relate to the future, including forward looking statements relating to Westgold's financial position and strategy. These forward-looking statements involve known and unknown risks, uncertainties, assumptions and other important factorsthat could cause the actual results, performance or achievements of Westgold to be materially different from future results, performance or achievements expressed or implied by such statements. Actual events or results may differ materially from the events or results expressed or implied in any forward-looking statement and deviations are both normal and to be expected.

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