June 2025 Quarterly Exploration Results

• MURCHISON
  
  The Starlight mine continues to deliver impressive drilling results from both the Nightfall and Starlight lodes:
  • 10.00m at 26.42g/t Au from 149.00m in NF1050GC01;
  • 4.43m at 264.37g/t Au from 111.00m and 15.15m at 17.11g/t Au from 173.00m in NF1050GC42;
  • 14.05m at 11.43g/t Au from 214.00m in ST825RD06;
  • 4.00m at 34.69g/t Au from 180.00m in ST840RD12; and
  • 7.50m at 17.04g/t Au from 123.00m in ST840RD22.
• Exciting results from the emerging Polar Star lode at the Bluebird - South Junction mine include:
  • 3.03m at 157.10g/t Au from 270.00m in 25BLDD001.
• Drilling at the high-grade Great Fingall mine shows the potential of the Golden Crown and Great Fingall Reefs along with that of newer discoveries such as Sovereign:
  • 7.23m at 12.25g/t Au from 312.00m in 24GCDD017;
  • 7.76m at 6.56g/t Au from 312.00m in 24GFDD093; and 
  • 15.96m at 23.17g/t Au from 264.00m in 24SVDD038A.
    
    
• SOUTHERN GOLDFIELDS
  
  At Beta Hunt, the maiden Mineral Resource Estimate for Fletcher zone Stage 1 exceeded expectations, delivering 2.3Moz from 1km of the known 2km strike
  
  Drilling within the Western Flanks zone at Beta Hunt reinforces Westgold's view of the upside across this under-drilled yet extensive gold system, with exceptional results including:
  • 8.03m at 101.72g/t Au from 8.00m in AWLINKDD-15AG;
  • 55.50m at 4.51g/t Au from 179.00m in AWLINKDD-24AG; and
  • 6.90m at 372.32g/t Au from 8.00m in WWSP4-31AG.
• $9M spent on exploration and resource development in Q4 FY25 - with $43M invested for full FY25.
• 16 underground and 2 surface drill rigs operating.

Westgold Managing Director and CEO Wayne Bramwell commented:

"This quarter Westgold completed 82km of drilling and invested $9M in resource development and exploration. The delivery of a maiden Mineral Resource Estimate of 2.3Moz from Stage 1 of the Fletcher Zone at Beta Hunt was a major milestone and double the mid-point of the Stage 1 Exploration Target for Fletcher from just 1km of the known 2km strike length.

The flow of strong drill results from our largest and emerging mines continues  and shows the untapped value within our existing Mineral Resource base. The results from Starlight, South Junction, Great Fingall and Beta Hunt are outstanding and continue to build confidence in our portfolio .

Westgold will build on the $43M invested in exploration and resource development in FY25. In FY26 our drill teams will continue to extend mine lives across the portfolio, test our best emerging exploration targets and unlock the inherent value we hold across two of Western Australia's most prolific goldfields."

Overview

In Q4 FY25, Westgold invested $9M in exploration and resource definition across its portfolio. The Company drilled a total of 81,561m, as summarised by the table below.

Table 1: Group Drilling Statistics - Q4 FY25

Exceptional intercepts returned this quarter from drilling activities are listed below:

Table 2: Exceptional drilling intercepts returned in Q4 FY25 (+100 gram metre intervals)

Westgold had 16 underground drill rigs and 2 surface drill rigs operating at the end of the quarter. The surface drill rigs were operating at Fortnum and Reedy, and the underground rigs were operating at Starlight (3), Bluebird (3), Great Fingall (2), Big Bell (1), Beta Hunt (6) and Two Boys (1).

Murchison

Westgold drilled 48,405m in the Murchison in Q4 FY25.

Resource Development Activities

Starlight (Fortnum)

Given the ongoing Resource Definition and production success at Nightfall, the Company has continued to prioritise geology work in this area at its Starlight mine. This quarter Nightfall has once again provided a string of high-grade results ahead of the production front of the mine, some of the most specular being:

• 10.00m at 26.42g/t Au from 149.00m in NF1050GC01; and
• 4.43m at 264.37g/t Au from 111.00m and 15.15m at 17.11g/t Au from 173.00m in NF1050GC42.

Despite the ongoing prominence of Nightfall, the Starlight lodes continue to make a strong contribution to output from the mine, with better results from Starlight this quarter including:

• 14.05m at 11.43g/t Au from 214.00m in ST825RD06;
• 4.00m at 34.69g/t Au from 180.00m in ST840RD12; and
• 7.50m at 17.04g/t Au from 123.00m in ST840RD22.

At Bluebird - South Junction, the focus of drilling works has reflected the expanding mine scale. Drilling has targeted the Bluebird lodes, the large-scale South Junction Mineral Resource and the growing Polar Star lodes, with highlights including:

• 6.71m at 15.50g/t Au from 100.00m in 25BLDD066 (Bluebird);
• 3.03m at 157.10g/t Au from 270.00m in 25BLDD001 (Polar Star); and
• 21.50m at 7.16g/t Au from 185.00m in 25BLDD017 (South Junction).

At Cue, the ongoing success of re-accessing the Big Bell Upper Cave (Upper Cave) has allowed Westgold to allocate more focus to this area of the mine in the FY26 Big Bell mine plan. In Q4 FY25, production from the Upper Cave totalled 60% of total mine output from Big Bell, validating this approach.

Given the Upper Cave's increasing importance to the medium-term plan, Westgold has recommenced drilling in this area of the mine, providing the data required for consistent and elevated rates of profitable production. Results such those presented below highlight the significant opportunity that exists in the Upper Cave, which is independent from the Lower Cave, located higher in the mine, and critically, already capitally and operationally developed.

• 21.20m at 3.20g/t Au from 19.00m in 25BBDD0003;
• 12.03m at 5.68g/t Au from 25.00m in 25BBDD0015; and
• 14.67m at 3.83g/t Au from 24.00m in 25BBDD0016.

The early mining opportunity at Great Fingall was executed this quarter, with production starting from the Great Fingall Flats, an area outside the scope of the Great Fingall Feasibility Study mine plan.

With the initial production milestone reached, Westgold has stepped up its drilling effort, with multiple rigs defining and infilling early production areas from the Golden Crown and Great Fingall virgin stopes, as well as advancing opportunities outside of the current mine plan such as the Sovereign Reef.

Better results returned from this work at Golden Crown in the current quarter include:

• 7.23m at 12.25g/t Au from 312.00m in 24GCDD017; and
• 8.22m at 6.68g/t Au from 194.00m in 25GCDD013.

At Great Fingall the high-grade nature of the primary orebody is demonstrated by results such as:

• 7.76m at 6.56g/t Au from 312.00m in 24GFDD093; and
• 6.27m at 7.75g/t Au from 270.00m in 24GFDD096.

Whilst at Sovereign, the significant exploration upside of the mine complex is highlighted by:

• 4.85m at 3.37g/t Au from 71.00m in 24SVDD023; and
• 15.96m at 23.17g/t Au from 264.00m in 24SVDD038A.

Westgold is following up on this drilling success with two rigs active and a third to be deployed into Great Fingall in Q1, FY26.

Greenfields Exploration Activities

Greenfields activities in the Murchison included:

• The completion of the Murphy Creek Aircore (AC) drilling program at Peak Hill (Fortnum);
• Commencement of the Labouchere RC program (Fortnum); and
• Commencement of the Triton – Rand Gap diamond drilling program at Reedy (Meekatharra).

The Labouchere and Triton – Rand Gap programs were ongoing at the end of the quarter, with results expected in Q1 FY26. Drill planning was ongoing throughout the quarter, with priority targets at Jubilee (Peak Hill) and Meekatharra North (Meekatharra) ready for execution.

Fortnum – Labouchere RC Program

During the quarter, the Labouchere RC program at Fortnum commenced with 21 holes for 3,167m drilled by the end of the period. The program is targeting potential structural repeats south of the historic Labouchere mine which produced 1.2Mt at 2.47g/t Au for 95.4Koz, as well as follow-up testing of targets defined by recent aircore drilling.

Assay results for the program were pending at the end of the quarter.

Peak Hill - Murphy Creek AC Program

The Murphy Creek AC drill program was completed early in the quarter with 28 holes for 1,416m drilled during the current quarter and 56 holes for 3,315m drilled across the program. The program tested identified targets along strike to the northwest of the Company's Durack deposit which currently hosts an Indicated and Inferred Resource of 2.9Mt at 1.2g/t Au for 111Koz[1]. This potential strike extension has not previously been effectively tested due to the presence of very shallow Bryah Basin volcanic "cover".

Significant results from this program included:

• 6.00m at 1.76g/t from 52.00m to EOH including 1.00m at 5.96g/t in hole 25MCAC045.
• 13.00m at 0.93g/t from 39.00m including 4.00m at 2.22g/t from 45.00m in hole 25MCAC012.
• 5.00m at 1.20g/t from 59.00m to EOH in hole 25MCAC020.

These early-stage results are very encouraging, and a follow-up drill program is being designed to assess the potential for basement mineralisation.

Reedy – Triton – Rand Gap DD Program

The Triton – Rand Gap diamond drilling program at Reedy's commenced during the quarter, with 2 holes completed for 1,142.1m, and two holes in progress for a further 459.2m of drilling to the end of the quarter.

The Triton and Rand mines have produced 1.90Mt at 6.20g/t Au for 379Koz from past open pit and underground mining. This program is targeting the plunge intersection between high-grade lodes plunging north from Triton and high-grade lodes plunging south from Rand.

Assay results for 25REDD002 were received during the quarter, with a single significant intersection returned from a narrow zone of silica-biotite alteration in the Reedy Dolerite. The remainder of the program is still being completed, and assays are pending.

Southern Goldfields

Westgold drilled 33,156m in the Southern Goldfields in Q4 FY25.

Resource Development activity

Six drill rigs have remained active at Beta Hunt throughout Q4, focused on continuing to expand the Mineral Resource base and provide the necessary definition to allow for efficient mining execution.

Across the Company, the most significant event in the Resource Definition space during the quarter was the delivery of the maiden Mineral Resource Estimate for Stage 1 of the Fletcher zone, totalling 31Mt at 2.3g/t Au for 2.3Moz Au. Fletcher is a gold-bearing shear zone located approximately 50 metres west of the Western Flanks vein system, within the Hunt Block of the Beta Hunt Mine at Kambalda. It is interpreted as a parallel, structural analogue to the Western Flanks and A Zone deposits, and is considered the third major mineralised shear zone system hosted in the Hunt Block.

Table 3: Stage 1 Fletcher Zone Mineral Resource Estimate

In September 2024, Westgold declared a global Fletcher Zone Exploration Target of 23-27Mt at 2.1-2.5g/t Au for 1.6-2.1Moz, including a Stage 1 Exploration Target of 12–16Mt at 2.1-2.5g/t Au for 0.8-1.2Moz Au. An aggressive drilling campaign has resulted in a Mineral Resource Estimates that has doubled the mid-point of the Stage 1 Exploration Target[2]. Westgold is continuing to capitalise on this success with drilling ongoing at Fletcher, producing results during the current quarter such as:

• 27.00m at 4.24g/t Au from 472.00m, 10.00m at 4.48g/t Au from 725.00m and 10.00m at 3.56g/t Au from 742.00m in FF475SP-61AEA;
• 21.00m at 2.03g/t Au from 210.00m, 32.40m at 1.79g/t Au from 292.00m, 2.05m at 34.41g/t Au from 335.00m and 31.00m at 1.69g/t Au from 709.00m in WF440DD-37AE; and
• 16.00m at 5.56g/t Au from 245.00m, 22.00m at 2.64g/t Au from 368m and 50.00m at 2.83g/t Au from 661.00m in WF490DD-47AE.

Whilst the Fletcher MRE was the highlight of Resources Definition activities at Beta Hunt this quarter, the most spectacular Resource Definition drilling results received during the reporting period have been from the production mainstay Western Flanks area.

Western Flanks is one of two main production zones and currently the major driver of mine output at Beta Hunt. Results such as those received this quarter will ensure that Western Flanks remains integral to the success of Beta Hunt well into the future.

• 8.03m at 101.72g/t Au from 8.00m in AWLINKDD-15AG;
• 55.50m at 4.51g/t Au from 179.00m in AWLINKDD-24AG; and
• 6.90m at 372.32g/t Au from 8.00m in WWSP4-31AG.

Additionally, A Zone and Cowcill have continued to see significant drilling effort this quarter in keeping with Westgold's strategy to develop independent production zones which complement the current mine plan, and take advantage of existing capital infrastructure.

Whilst A Zone is already a key constituent of the Beta Hunt mine plan, lifting the contribution from A Zone and integrating deposits such as Cowcill will significantly de-risk Westgold's plans to lift outputs at Beta Hunt.

Higginsville

At Higginsville, Westgold is continuing to have success at its small-scale Two Boys mine, with ongoing drilling defining a clear high-grade trend within the broader Two Boys system as demonstrated by recent results such as:

• 3.00m at 4.1g/t Au from 61.00m in 25TBDDG007;
• 1.00m at 10.8g/t Au from 79.00m in 25TBDDG008; and
• 1.60m at 11.1g/t Au from 133.00m in 25TBDDG021.

This definition directs Westgold to focus mining efforts within the highest value part of the orebody, which in-turn has ensured Two Boys has consistently generated free cash flow month-on-month under Westgold management.

The current Two Boys mine plan has development continuing to advance to the north, creating a drilling horizon from Two Boys to target opportunities at the Poseidon South zone of the 1.2Moz Trident Mine.

Greenfields Exploration Activities

Greenfields exploration activities in the Southern Goldfields included ongoing target assessment and drill program design, heritage survey planning and the completion of the Spargo's RC drilling program.

Higginsville - Greater Spargo's RC Drill Program Results

During the quarter an RC drill program was undertaken testing two targets in the Greater Spargo's area with a total of 19 holes for 2,454m completed. The program targeted a RAB anomaly and an area of elevated pathfinder elements in association with a sheared stratigraphic contact. Assay results from this program did not warrant further investigation, and no further work is currently planned for this anomaly.

Beta Hunt – Mason Target

As detailed in the Q3 Quarterly Report, the Mason target is considered to be the fault-offset extension of Fletcher to the south of the Alpha Island Fault (refer Figure 9 above).

Preparation for the Mason Target UG drill program was completed in the quarter with work planned to commence early in Q1 FY26. This drill program has increased prospectivity given the results of the maiden Fletcher MRE outlined above.

Compliance Statements

Exploration Targets, Exploration Results, Mineral Resources and Ore Reserves

The information in this report that relates to Mineral Resources is compiled by Westgold technical employees and contractors under the supervision of the General Manager of Technical Services, Mr. Jake Russell B.Sc. (Hons), who is a member of the Australian Institute of Geoscientists and who has verified, reviewed, and approved such information. Mr Russell is a full-time employee to 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 (the "JORC Code") and as a Qualified Person as defined in the CIM Guidelines and National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr. Russell is an employee of the Company and, accordingly, is not independent for purposes of NI 43-101. Mr Russell consents to and approves 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.

The information in this report that relates to Ore Reserve Estimates is based on information compiled by Mr. Leigh Devlin, B. Eng MAusIMM, who has verified, reviewed and approved such information. Mr. Devlin 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 JORC Code and as a Qualified Person as defined in the CIM Guidelines and NI 43-101. Mr. Devlin is an employee of the Company and, accordingly, is not independent for purposes of NI 43-101. Mr. Devlin consents to and approves the inclusion in this report of the matters based on his information in the form and context in which it appears. Mr. Devlin 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.

The information in this report that relates to Exploration Targets and Results is compiled by the Westgold Exploration Team under the supervision of Chief Growth Officer, Mr. Simon Rigby B.Sc. (Hons), who is a member of the Australian Institute of Geoscientists and who has verified, reviewed, and approved such information. Mr Rigby 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 JORC Code and as a Qualified Person as defined in the CIM Guidelines and NI 43-101. Mr. Rigby is an employee of the Company and, accordingly, is not independent for purposes of NI 43-101. Mr Rigby consents to and approves the inclusion in this report of the matters based on his information in the form and context in which it appears. Mr Rigby is eligible to participate in short-term and long-term incentive plans of the Company.

Mineral Resources, Ore Reserve Estimates and Exploration Targets and Results are calculated in accordance with the JORC Code. Investors outside Australia should note that while Ore Reserve and Mineral Resource estimates of the Company in this report 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. The JORC Code is an acceptable foreign code under NI 43-101. Information contained in this announcement describing mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of US securities laws, including Item 1300 of Regulation S-K. All technical and scientific information in this release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and has been reviewed on behalf of the Company by Qualified Persons, as set forth above.

This report contains references to estimates of Mineral Resources and Ore Reserves. The estimation of Mineral Resources is inherently uncertain and involves subjective judgments about many relevant factors. Mineral Resources that are not Ore Reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. Mineral Resource estimates may require re-estimation based on, among other things: (i) fluctuations in the price of gold; (ii) results of drilling; (iii) results of metallurgical testing, process and other studies; (iv) changes to proposed mine plans; (v) the evaluation of mine plans subsequent to the date of any estimates; and (vi) the possible failure to receive required permits, approvals and licenses.

Technical reports

NI 43-101 compliant technical reports for each of Fortnum, Meekatharra, Cue, Beta Hunt and Higginsville operations are available under the Company's SEDAR+ profile at www.sedarplus.ca and the Company's website at www.westgold.com.au. 

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", "believe", "forecast", "predict", "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. In addition, the Company's actual results could differ materially from those anticipated in these forward looking statements as a result of the factors outlined in the "Risk Factors" section of the Company's continuous disclosure filings available on SEDAR+ or the ASX, including, in the company's current annual report, half year report or most recent management discussion and analysis.

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.

This announcement is authorised for release to the ASX by the Board.

Appendix A - Q3 FY25 Drill Intersections Not Previously Reported

SOUTHERN GOLDFIELDS

All widths are downhole. Coordinates are collar. Grid is MGA 1994 Zone 51 Significant = >5g/m for resources.