Westgold Resources : Exploration and Growth Update

[phone] [e-mail] www.westgold.com.au

Westgold Resources Limited (ASX: WGX) ACN 009 260 306

Level 6, 197 St Georges Terrace, Perth WA 6000

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.

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."

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 Board of Westgold initiated a double-barrelledstrategy to grow the business.

Active corporate business development programme

86 new exploration targets generated - with 35 shortlisted for priority evaluation and 14 deemed immediate priority for drill testing commencing in early 2022

$14M exploration budget committed for FY2022

Initial focus has been geoscientific data consolidation and acquisition - to identify and rank new targets and enhance the effectiveness of the exploration investment

Revitalised multidisciplinary exploration and growth team established - focussed on the discovery of new, greenfield gold resources across Westgold tenure

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Westgold's Executive Director, Wayne Bramwell commented:

ForExploration 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 (Figure 1).

ASX ANNOUNCEMENT

18 November 2021

WESTGOLD EXPLORATION AND GROWTH UPDATE

only DRILL TESTING OF 14 NEW TARGETS TO COMMENCE

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 re- energised its exploration team and is committed to a systematic yet aggressive organic exploration effort across its extensive and highly prospective Murchison tenure portfolios.

HIGHLIGHTS

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For	Figure 1 - Westgold Murchison Tenure, Infrastructure & Gold Endowment

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.

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EXPLORATION UPDATE	2

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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

onlyand 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-mineuseareas.

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.

Key observations from this work include:

•	Exploration "maturity" although variable, is lower than expected
personal	There has been little real greenfield exploration in the last 10 years with large areas having only ever been
	subjected to first pass regional exploration activities conducted predominantly in the 1990's. Importantly,
	significant areas have only seen basic shallow geochemical drilling, an example of which for the MGO
	region is shown in Figure 2 where "all historic drilling" is compared with areas with drill holes >100m
	deep.
•	There are considerable opportunities to apply new or improved exploration tools
	Important geophysical datasets, such as gravity or high resolution aeromagnetics, are missing and many
	newer exploration tools, such as lithogeochemistry, to identify alteration systems, have never been
	applied.

New Datasets

The Company has immediately commenced building on these opportunities and has recently completed three Fornew aeromagnetic surveys (Day Dawn, Cuddingwarra & Reedy's) and four new gravity surveys (Day Dawn, Cuddingwarra, Bluebird/Yaloginda and Banjo Bore). Geophysical datasets are the main targeting tools available to geologists in the Yilgarn and the results of these surveys, particularly the gravity data, have been outstanding.

These new datasets, in conjunction with historic data, has been used to generate 86 new targets in three pipeline stages across the tenement portfolio by the application of Targeting Models which use target selection criteria based on the geological understanding of the controls to the currently known mineralsiation, and also from similar mineralised systems elsewhere in the gold prolific Yilgarn Craton.

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EXPLORATION UPDATE	3

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Peer review of these targets has resulted in 35 being shortlisted for priority evaluation (Table 1) with 14 deemed as Priority 1 for subsequent drill testing commencing in early 2022. Importantly, these targets are spread across the MGO, CGO and FGO business units (Figures 2-5).

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Table 1 - Priority Exploration Target Pipeline By Stage And Region

Pipeline Stage	CGO	MGO	FGO	Totals
Advanced Exploration	0	3	0	3
Target Evaluation	3	3	2	8
Target Delineation	11	10	3	24
Totals	14	16	5	35

Figure 2 - MGO Region - "A" Showing All Drilling By Depth, and "B" Showing Only Holes >100m Deep &

Priority Exploration Targets

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Figure 3 - MGO Region - Reedy Block Showing All Drilling >100m

Deep & Priority Exploration Targets

18 NOVEMBER 2021 EXPLORATION UPDATE

Figure 4 - CGO Region - Day Dawn & Cuddingwarra Blocks Showing All

Drilling >100m Deep & Priority Exploration Targets

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