Westgold Resources : WGX Equity Raise Presentation (ASX)

WESTGOLD RESOURCES LIMITED

[ ASX: WGX ] only EQUITY RAISING TO

useACCELERATE GROWTH

ersonal- The pathway to 400Koz pa

Ma ch 2022

Disclaimer

IMPORTANT: YOU MUST READ THE FOLLOWING BEFORE CONTINUING.

The following notice and disclaimer apply to this presentation (Presentation) and you are therefore advised to read this carefully before reading or making any other use of this Presentation or any information contained in this Presentation.

By accepting this Presentation, you represent and warrant that you are entitled to receive this Presentation in accordance with the restrictions, and agree to be bound by the limitations, contained within it. This Presentation is dated 10 March 2022 and has been prepared by management of Westgold Resources Limited (WGX or Company) in relation its proposed placement of new fully paid ordinary shares in WGX (New Shares) to certain strategic investors, institutions and other sophisticated and professional investors in accordance with section 708A of the Corporations Act 2001 (Cth) (Corporations Act) to raise up to approximately $100 million (before costs) (Placement). The Placement is referred to as the Offer.

onlyThis Presentation has been authorised for release to ASX by the Board of Directors of WGX (WGX Board).

SUMMARY INFORMATION

This Presentation is a summary only and contains summary information about WGX and its subsidiaries and their activities, which is current as at the date of this Presentation (unless otherwise indicated), and the information in this Presentation remains subject to

cha ge without notice. The information in this Presentation is general in nature and does not purport to be accurate nor complete, nor does it contain all of the information that an investor may require in evaluating a possible investment in WGX, nor does it

co tain all the information which would be required in a disclosure document or prospectus prepared in accordance with the requirements of the Corporations Act. It has been prepared by WGX with due care but no representation or warranty, express or implied,

is pr vided in relation to the accuracy, reliability, fairness or completeness of the information, opinions or conclusions in this Presentation by WGX or any other Party (defined below). Reliance should not be placed on information or opinions contained in this

Presentation and, WGX does not have any obligation to finalise, correct or update the content of this Presentation. Certain data used in this Presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications.

To the maximum extent permitted by law, WGX is not responsible for updating, nor undertakes to update, this Presentation. It should be read in conjunction with WGX's other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.asx.com.au or at https://westgold.com.au/site/investor-centre/asx-announcements

useany State or other jurisdiction of the United States. The New Shares may not be offered or sold, in the United States unless they have been registered under the U.S. Securities Act, or are offered and sold in a transaction exempt from, or not subject to, the registration requirements of the U.S. Securities Act and any other applicable U.S. state securities laws. The distribution of this Presentation (including an electronic copy) in the United States and elsewhere outside Australia may be restricted by law. If you come into possession of this Presentation, you should observe such restrictions. Any non-compliance with these restrictions may contravene applicable securities laws. Refer to the "International Offer Restrictions" section in this Presentation for more information.

NOT AN OFFER

Neither this Presentation nor any of its contents will form the basis of any understanding, proposal, offer, invitation, contract or commitment. This document does not constitute or contain an offer, invitation, solicitation or recommendation to subscribe for,

acquire or sale of any securities in WGX (including New Shares), or any other financial products or securities, in any place or jurisdiction. This document is not a prospectus, product disclosure statement or other offering document under Australian law or any

other law, and will not be lodged with the Australian Securities and Investments Commission. This Presentation may not be released to US wire services or distributed in the United States. This Presentation does not constitute an offer to sell, or the solicitation of

an offer to buy, any securities in the United States or any other jurisdiction in which such an offer would be unlawful. The New Shares have not been, and will not be, registered under the U.S. Securities Act of 1933, ("U.S. Securities Act") or the securities laws of

By accessing this Presentation you represent and warrant that you are entitled to receive such presentation in accordance with these restrictions and agree to be bound by the limitations contemplated by them. ersonalNOT FINANCIAL PRODUCT ADVICE

This Presentation, and the information provided in it, does not constitute, and is not intended to constitute, financial product or investment advice, financial, legal, tax accounting or other advice, or a recommendation to acquire New Shares (or any other securities of WGX) and does not and will not form any part of any contract for the acquisition of New Shares. It has been prepared without taking into account the objectives, financial or tax situation or particular needs of any individual. Before making an i vestment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial and tax situation and needs and seek professional advice from their legal, financial, taxation or other independent adviser (having regard to the requirements of all relevant jurisdictions). WGX is not licensed to provide financial product advice in respect of an investment in shares. Cooling off rights do not apply to the acquisition of New Shares.

INDUSTRY DATA

Certain market and industry data used in connection with or referenced in this Presentation may have been obtained from public filings, research, surveys or studies made or conducted by third parties, including as published in industry-specific or general publications. Neither WGX nor its advisers, or their respective representatives, have independently verified any such market or industry data.

FINANCIAL DATA

All dollar values are in Australian dollars (A$ or AUD) unless otherwise stated. Amounts, totals and change percentages are calculated on whole numbers and not the rounded amounts presented. This Presentation includes certain historical financial information ext acted from WGX's audited consolidated financial statements and information released to ASX (collectively, the Historical Financial Information). The Historical Financial Information is presented in an abbreviated form insofar as it does not include all the p esentation and disclosures, statements or comparative information as required by the Australian Accounting Standards (AAS) and other mandatory professional reporting requirements applicable to general purpose financial reports prepared in accordance with the Corporations Act.

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Disclaimer

PAST PERFORMANCE

Past performance metrics and figures (including past share price performance of WGX), as well as pro forma financial information, included in this Presentation are given for illustrative purposes only and should not be relied upon as (and is not) an indication of WGX's or any other Party's (as defined below) views on WGX's future financial performance or condition or prospects. Investors should note that past performance of WGX, including in relation to the historical trading price of WGX shares, production, mineral resources and ore reserves, costs and other historical financial information cannot be relied upon as an indicator of (and provides no guidance, assurance or guarantee as to) future WGX performance, including the future trading price of New Shares. The historical information included in this Presentation is, or is based on, information that has previously been released to the market.

onlymay involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct.

FORWARD-LOOKING STATEMENTS AND FORECASTS

This Presentation contains certain "forward-looking statements" and comments about future matters. Forward-looking statements can generally be identified by the use of forward-looking words such as, "expect", "anticipate", "likely", "intend", "should", "cou d", "may", "predict", "plan", "propose", "will", "believe", "forecast", "estimate", "target" "outlook", "guidance" and other similar expressions within the meaning of securities laws of applicable jurisdictions and include, but are not limited to, the outcome a d effects of the Offer and the use of proceeds. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements. A y such statements, opinions and estimates in this Presentation speak only as of the date hereof, are preliminary views and are based on assumptions and contingencies subject to change without notice, as are statements about market and industry trends, projections, guidance and estimates. Forward-looking statements are provided as a general guide only.

The f rward-looking statements contained in this Presentation are not indications, guarantees or predictions of future performance and involve known and unknown risks and uncertainties and other factors, many of which are beyond the control of WGX, and

There can be no assurance that actual outcomes will not differ materially from these forward-looking statements. Any such forward looking statement also inherently involves known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements to be materially greater or less than estimated (refer to the "Key Risks" section of this Presentation). These factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general conomic factors, increased capital costs and operating costs, the speculative nature of exploration and project development (including the risks of obtaining necessary licenses and permits, diminishing quantities or grades of reserves and the ability to exploit succ ssful discoveries), general mining and development operation risks, closure and rehabilitation risks, changes to the regulatory framework within which WGX operates or may in the future operate, environmental conditions including extreme weather conditions, geological and geotechnical events, and environmental issues, and the recruitment and retention of key personnel, industrial relations issues and litigation. Any such forward looking statements are also based on assumptions and contingencies which

usencertainties and other factors, many of which are outside the control of WGX. Except as required by law or regulation WGX undertakes no obligation to finalise, check, supplement, revise or update forward-looking statements or to publish prospective financial information in the future, regardless of whether new information, future events or results or other factors affect the information contained in this Presentation.

are ubject to change and which may ultimately prove to be materially incorrect, as are statements about market and industry trends, which are based on interpretations of current market conditions. Investors should consider the forward looking statements contained in this Presentation in light of those disclosures and not place undue reliance on such statements (particularly in light of the current economic climate and significant volatility, uncertainty and disruption caused by the COVID-19 pandemic).

The forward looking statements in this Presentation are not guarantees or predictions of future performance and may involve significant elements of subjective judgment, assumptions as to future events that may not be correct, known and unknown risks,

JORC CODE

It is requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply with the Joint Ore Reserves Committee's Australasian Code for Reporting of Mineral Resources and Ore Reserves ("JORC Code"). Investors outside Australia should note that while ore reserve and mineral resource estimates of WGX in this document comply with the JORC Code (such JORC Code-compliant ore reserves and mineral resources being "Ore Reserves" and "Mineral Resources" respectively), they may not comply with the relevant guidelines in other countries and, in particular, do not comply with (i) National Instrument 43-101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators (the "Canadian NI 43-101 Sta dards"); or (ii) Item 1300 of Regulation S-K, which governs disclosures of mineral reserves in registration statements filed with the SEC. Information contained in this document describing mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of Canadian or US securities laws.

MINERAL RESOURCES

This presentation contains estimates of WGX's Mineral Resources. The information in this presentation that relates to the mineral resources of WGX has been extracted from:

1. WGX's 2021 Mineral Resources and Reserve Update issued to the ASX on 29 September 2021;

2. ASX Announcement, Screen Fire Assays Further Up-grade Great Fingall Intercepts dated 21 January 2020 and

3. ASX Announcement, Progress Report "High Grade gold to 1.5 km deep at Great Fingall Mine" dated 17 January 2020.

Copies of these announcements are available at www.asx.com.au or https://westgold.com.au/site/investor-centre/asx-announcements. WGX confirms that it is not aware of any new information or data that materially affects the information included in those

announcements and, in relation to the estimates of WGX's mineral resources, that all material assumptions and technical parameters underpinning the estimates in the announcement continue to apply and have not materially changed. WGX confirms that the
form and context in which the Competent Person's findings are presented have not been materially modified from those announcements.	3
ersonal

Disclaimer

EXPLORATION RESULTS

This presentation contains WGX Exploration Results. Copies of these announcements are available at www.asx.com.au or https://westgold.com.au/site/investor-centre/asx-announcements. WGX confirms that it is not aware of any new information or data that materially affects the information included in those announcements.

PRODUCTION TARGETS

This presentation contains WGX Production Targets and forecast financial information derived from those. For full details of the Mineral Resources estimate, please refer to Westgold ASX release dated 29 September 2021. The Company confirms that it is not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical parameters underpinning the estimates in that ASX release continue to apply and have not materially changed.

Copies of this announcement are available at www.asx.com.au or https://westgold.com.au/site/investor-centre/asx-announcements/. WGX confirms that all the material assumptions underpinning those Production Targets and that forecast financial information co ti ue to apply and have not materially changed. WGX confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from those announcements.

NO LIABILITY

The information contained in this document has been prepared in good faith by WGX. Neither WGX, nor any of its advisers or any of their respective affiliates, related bodies corporate, directors, officers, partners, advisers, employees and agents have authorised,

permitted or caused the issue, lodgement, submission, dispatch or provision of this Presentation in a final form and none of them makes or purports to make any binding statement in this Presentation and there is no statement in this Presentation which is based
onlyn any statement by them.
To the maximum extent permitted by law, WGX and its advisers, affiliates, related bodies corporate, directors, officers, partners, employees and agents:
use
a.	xpressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of or reliance on information contained in this document including representations or warranties or in relation
	to the accuracy or completeness of the information, statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out of or derived from, or for omissions from, this document including, without limitation, any financial
	information, any estimates or projections and any other financial information derived therefrom, whether by way of negligence or otherwise; and
b.	expressly exclude and disclaim all liabilities in respect of, make no representations regarding, any part of this Presentation and make no representation or warranty as to the currency, accuracy, adequacy, reliability or completeness or fairness of any
	tatements, estimates, options, conclusions or other information contained in this Presentation.

DISCLAIMER

Neither Canaccord Genuity (Australia) Limited (the "Lead Manager") nor any of their or the Company's respective advisers or any of their respective affiliates, related bodies corporate, directors, officers, partners, employees and agents, have authorised, permitted or caused the issue, submission, dispatch or provision of this document and, except to the extent referred to in this document, none of them makes or purports to make any statement in this document and there is no statement in this document which

is based on any statement by any of them.

ersonalFor the avoidance of doubt, the Lead Manager and its advisers, affiliates, related bodies corporate, directors, officers, partners, employees and agents have not made or purported to make any statement in this document and there is no statement in this

document which is based on any statement by any of them. To the maximum extent permitted by law, the Company, the Lead Manager and each of their respective advisers, affiliates, related bodies corporate, directors, officers, partners, employees and agents exclude and disclaim all liability, for any expenses, losses, damages or costs incurred by you as a result of your participation in the Offer and the information in this document being inaccurate or incomplete in any way for any reason, whether by negligence or otherwise. To the maximum extent permitted by law, the Company, the Lead Manager and its respective advisers, affiliates, related bodies corporate, directors, officers, partners, employees and agents make no representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of information in this document and, with regards to the Lead Manager, it and its advisers, affiliates, related bodies corporate, directors, officers, partners, employees and agents take no responsibility for any part of this document or the Offer.

The Lead Manager and its advisers, affiliates, related bodies corporate, directors, officers, partners, employees and agents make no recommendations as to whether you or your related parties should participate in the Offer nor do they make any representations r warranties to you concerning the Offer, and you represent, warrant and agree that you have not relied on any statements made by the Lead Manager, or its advisers, affiliates, related bodies corporate, directors, officers, partners, employees or agents in relation to the Offer and you further expressly disclaim that you are in a fiduciary relationship with any of them.

Statements made in this document are made only as at the date of this document. The information in this document remains subject to change without notice. WGX reserves the right to withdraw the Offer or vary the timetable for the Offer at any time before the i ue of the relevant securities without notice.

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Investment Highlights

Established, Multi-Asset,
Australian Gold Producer
only	Continued Production
use	Stability in FY22
ersonal	Pathway to +400,000

Profitable Ounces from FY24

Equity Raising to Accelerate

Growth Strategy

• Australia is Tier 1 jurisdiction - Murchison is a +35M oz gold province
• Owner miner - operating six underground mines, several open pits and three processing plants
• Operational flexibility - 2.2Moz Ore Reserve and ≈4 Mtpa installed processing capacity
• FY22 production guidance - +270,000 oz @ AISC A$1500-1700/oz

FY21 capital investments now delivering results

• FY21 - paid maiden cash dividend [A$8.5M value returned to shareholders]
• H1 FY22 Record gold production - 132,861 oz
• H1 FY22 Revenue up 3% - to A$311M

Organic growth

• Expand existing Murchison production [Bluebird Underground expansion to ≈50Koz pa]
• Accelerate new Murchison production [Fender Underground development ≈30Koz pa]
• Accelerate Murchison strategic assets [Day Dawn and Tuckabianna opportunities]
• Expand Murchison and Bryah processing hubs milling capacities in FY23
• Increase Murchison and Bryah FY23 reserves

Inorganic growth

• Advance regional corporate opportunities
• A$100 million Equity Raising provides Westgold with the funding required to accelerate its growth strategy and provide a systematic pathway to +400,000 profitable ounces per annum from FY24

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