Westgold Resources : March Quarterly - Investor Update

WESTGOLD RESOURCES LIMITED

[ ASX: WGX ]

MARCH QUARTERLY OVERVIEW

28 April 2022

Debbie Fullarton - Chief Executive Officer

Wayne Bramwell - Executive Director

Disclaimer

COMPLIANCE STATEMENT

Exploration targets, exploration results the information in this report that relates to exploration targets and exploration results is compiled by Westgold technical employees and contractors under the supervision of Mr. Jake Russell B. Sc. (Hons), who is a member of the Australian Institute of Geoscientists. Mr Russell is a full time employee of the Company, and has sufficient experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activities which he is undertaking to qualify as a competent person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Russell consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. Mr Russell is eligible to participate in short and long term incentive plans of the company.

MINERAL RESOURCES ESTIMATES

The information in this report that relates to Mineral Resource Estimates is compiled by Westgold technical employees and contractors under the supervision of Mr. Jake Russell B.Sc. (Hons), who is a member of the Australian Institute of Geoscientists. Mr Russell is a full time employee of the Company, and has sufficient experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activities which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Russell consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. Mr Russell is eligible to participate in short and long term incentive plans of the company.

ORE RESERVE ESTIMATES

The information in this report that relates to Ore Reserve Estimates is based on information compiled by Mr. Anthony Buckingham B.Eng (Mining Engineering) MAusIMM. Mr. Buckingham has sufficient experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activities which they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Buckingham consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. Mr. Buckingham is a full time senior executive of the Company and is eligible to, and may participate in short-term and long-term incentive plans of the Company as disclosed in its annual reports and disclosure documents.

FORWARD-LOOKING STATEMENTS

These materials prepared by Westgold Resources Limited (or "the Company") include forward-looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "continue", and "guidance", or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.

Forward-looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.

Forward looking statements are based on the Company and its management's good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company's business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company's business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company's control.

Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances.

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Q3 FY22 Results

Established Australian producer: Tier 1 jurisdiction and a +35M oz gold provinceOperational flexibility: 4Mt milling capacity and 2.2M oz reserveOwner miner: Cost effective and efficient miner with stable costsYTD FY22: Production tracking to guidance: 198,288oz @ AISC of A$1,684/oz

Closing Cash and Bullion: A$189M

Focus

• ▪ FY22 production guidance:

• ▪ Consistency in operational delivery:

• ▪ Increasing free cash flow:

• ▪ Advancing ESG initiatives:

• ▪ Future proofing the business:

+270,000 oz @ AISC A$1500-1700/oz grade, ounces and cost management

increased operating margin and return on investment increasing use of renewable energy and reduction in emissions

Successful A$100m placement to fund organic and inorganic growth

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Year to Date Performance

FY22 Guidance	FYTD
Production Oz Au	+270,000	198,288
AISC A$/oz	1,500 - 1,700	1,684
Achieved gold price	$2,366 / oz

Cash Flow Movement

Analysis of cash movement of A$79M

• ▪ Net proceeds from placement A$97M

• ▪ Cash Margin A$44M made up of:

  • ▪ Revenue A$132M

  • ▪ Unsold gold A$27M

  • ▪ Operating Costs (A$103M)

  • ▪ Sustaining Capital (A$12M)

• ▪ Capital Expenditure of (A$39M) comprises:

  • ▪ Growth Capital (A$25M)

  • ▪ Plant & Equipment (A$10M)

  • ▪ Exploration (A$4M)

• ▪ Other Movements of (A$23M) comprise of :

  • ▪ Build of Stockpiles (A$10M)

  • ▪ Lease payments (A$6M)

  • ▪ Changes in working capital (A$6M)

  • ▪ Changes in Investments (A$1M)

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