Westgold Resources Limited (Westgold) (ASX: WGX) refers to the bidder's statement dated 15 October 2021 in relation to the offer by Westgold to acquire 100% of the shares in Gascoyne Resources Limited (Gascoyne) despatched on 29 October 2021, as supplemented by the supplementary bidder's statement dated 29 October 2021 (Offer).

Westgold advises that, having received ASIC consent, the Offer is withdrawn effective at 5.00pm (AWST) on 9 November 2021.

Attached is a letter to Gascoyne shareholders and a notice of withdrawal of today's date in respect of the Offer. The notice has today been lodged with ASIC and provided to Gascoyne. The notice and the attached letter will be dispatched to Gascoyne shareholders by 5.00pm (AWST) on 11 November 2021

Contact:

Wayne Bramwell

Tel: +61 8 9462 3400

Email: wayne.bramwell@westgold.com.au

As you are aware, Westgold's Offer was conditional on, amongst other matters, the Firefly Scheme not proceeding. As the Firefly Scheme has now become effective, that condition of the Offer cannot be satisfied and Westgold announced to the ASX on 3 November 2021 that it will not waive this condition of the Offer and had sought ASIC consent to withdraw the Offer. Westgold advises that it has obtained consent from ASIC to withdraw its Offer under section 625B of the Corporations Act. Enclosed with this letter is a notice under which Westgold withdraws its Offer, effective as at 5.00pm (AWST) on 9 November 2021. Westgold is disappointed in not being able to deliver a superior outcome for the Gascoyne shareholders, particularly as approximately 50% of the shareholder base and the Gascoyne Board agreed it was a superior offer to that agreed with the counterparty in the Firefly Scheme.

To that end, Westgold thanks the many Gascoyne holders who were prepared to become part of a significant, growth oriented Australian gold producer and welcomes those who, separate to our Offer, joined Westgold's register during these recent weeks.

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