Westgold Resources Limited [ASX: WGX - Westgold or the Company] is pleased to announce new estimates of Mineral Resources and Ore Reserves after mining depletion as of 30 June 2021.

Chief Executive Officer Debbie Fullarton commented: 'Westgold has consolidated an impressive resource base across the Murchison and Bryah regions. During financial year 2020-21 [FY21] our focus has been on sustaining output from our mining operations over resource development activities. The short-term consequence of this decision resulted in a modest reduction in our overall reported Mineral Resources and Ore Reserves. In financial year 2021-22 [FY22] our focus returns to growth with a new Exploration and Growth team driving resource to reserve conversion and testing new green and brownfields targets across our 1,300km2 of prospective tenure. Currently nine rigs are active across Westgold sites, with two more arriving at the start of the next quarter to accelerate our FY22 resource development and exploration programme.'

Mineral Resource Overview

Westgold's Mineral Resources are located in two distinct geological Terranes. The Archean Murchison Province and the Proterozoic Bryah Basin. The combined districts boast over 100 individual reported resources, across twelve major mineral fields. These deposits feed three Processing Plants which were opened sequentially commencing with Bluebird in 2015, Fortnum in 2017 and Tuckabianna in 2018. The total Mineral Resource estimate is 111 Mt @ 2.22 g/t Au for 7.9 Moz Au.

Westgold generates its mineral estimates using a three dimensional solid model (3DM) of the orebody (in Surpac or Leapfrog for WGX generated resources - a mixture of Surpac, Vulcan and Datamine for legacy resources). These models are guided by relevant geological information including mapping, face sample and drilling data. Interpretation is undertaken in a combination of sectio and 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 are used to fill a block model using parameters guided by geological understanding and geostatistical review of the constituent data. Mineral Resource estimates are reported using cut-offs approximating a circa $2,000/oz gold price. In individual cases this cut-off price may be higher or lower dependent upon the likely mining and processing route envisage

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 factors that 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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