Westgold Resources Limited announced new estimates of Mineral Resources and Ore Reserves as of 30 June 2022, with the grade of total Ore Reserves improving by 7.6% and the Reserve base remaining above 2 million ounces of gold. Westgold's Mineral Resources are in two distinct geological terranes. The Archean Murchison Province and the Proterozoic Bryah Basin.

These deposits feed three processing hubs which were opened sequentially by Westgold commencing with Bluebird in 2015, Fortnum in 2017 and Tuckabianna in 2018. As at 30 June 2022 the total Mineral Resource estimate is 110 Mt at 2.24 g/t for 7.9 Moz Au. Westgold generates its Mineral Resource Estimates using a three-dimensional solid model (3DM) of the orebody (in GEOVIA SurpacTM or Seequent LeapfrogTM for WGX generated resources - a mixture of Surpac, Maptek VulcanTM and DatamineTM 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 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 are used to fill a block model using parameters guided by geological understanding and geostatistical review of the constituent data. As at 30 June 2022 the total Ore Reserve is 26 Mt at 2.54 g/t for 2.1 Moz Au. Ore Reserves are a subset of Measured and Indicated Mineral Resources only.

All open pit and underground operations were depleted to 30 June 2022. Ore Reserves have been generated from design studies using appropriate cost, geotechnical, slope angle, stope span, dilution, cut-off grade and mining and metallurgical recovery parameters which are specific to each mine. A maximum AUD 2,400/oz gold price has been used to estimate Ore Reserves and determine appropriate cut-offs.

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. Stockpiles consist of ROM stocks and low-grade stocks both mined by Westgold and accumulated by previous owners.

The minor reduction in Ore Reserves outside of mining depletion was driven by: change in stocks, removal of the Enigma reserve at Peak Hill from the Ore Reserve statement until further work can be completed and removal of the 1600 /Shocker underground Ore Reserve at Big Bell from the reserve statement until further work can be completed.