ASX Announcement - March 2025 Quarterly Exploration Results

MURCHISON

At Bluebird-South Junction, the key production growth driver in the Murchison, new drilling results include:

• 8.11m at 12.66 g/t Au from 166.00m in 24BLDD203A, 6.72m at 8.30 g/t Au from 163.00m in 24BLDD205 and 6.57m at 9.41 g/t Au from 170.00m in 24BLDD208

The high-grade Nightfall orebody within the Starlight UG continues to deliver consistently strong results, with many showing grades and widths exceeding those modelled in the current mine plan, including: 

• 25.00m at 17.66g/t Au from 169.00m in NF1090GC14, 15.47m at 23.53g/t Au from 82.00m in NF1120GC100 and 9.47m at 25.56g/t Au from 68.00m in NF1120GC89

Drilling at the Fender UG mine shows the potential of this system with the most promising this quarter being:

• 3m at 9.42g/t from 90m in 24FNDD0060 and  15.92m at 2.07g/t from 93m in 24FNDD0067 

SOUTHERN GOLDFIELDS

At Beta Hunt, the Western Flanks zone (the current major ore source at Beta Hunt) continues to demonstrate its class with:

• 22.00m at 4.69g/t Au from 134.00m in AWSP310-04AG 

Stage 1 drilling of the Fletcher Zone (exploration target of between 0.8 and 1.2Moz) continues to deliver encouraging drilling results, including:

• 63.00m at 3.62g/t Au from 324.00m in WF490DD-51AE and 45.50m at 2.23g/t Au from 746.00m in WF440DD-37AE 

20 priority Greenfields Exploration targets identified - in major review completed across the combined ~3,200km² tenure package. Drill testing commenced in Q3 and will accelerate into Q4 FY25 and Q1 FY26. 

$11M spent on exploration and resource development in Q3 FY25 - with $34M invested FY to date 

17 drill rigs operating at end of the quarter

* True width has not been calculated

Westgold Managing Director and CEO Wayne Bramwell commented:

"Westgold's exploration strategy across our portfolio has two prime objectives – to expand our existing larger mines (by resource development and conversion) and to define the next suite of organic assets (exploration) that will become mines. 

Drilling across the Murchison and the Southern Goldfields has already delivered significant resource growth at Starlight and Bluebird-South Junction over the last 12 months. Drilling this quarter focussed on definition of the high-grade Nightfall zone, outside of the current mine plan at Fortnum; increasing data density ahead of the mining front at Bluebird-South Junction at Meekatharra; defining mineralised extensions such as Sovereign at Great Fingall in Cue; and completing the resource definition drill program for Stage 1 of the Fletcher exploration target at Beta Hunt. 

The organic potential of this portfolio is immense. Westgold is well funded, systematic and focussed on expanding the assets that can deliver higher quality mine outputs, reduce our cost base and enhance our production profile."

Overview

In Q3 FY25, Westgold invested $11M in exploration and resource definition across its portfolio. The Company drilled a total of 82,898m, as summarised by the table below.

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

Westgold had 16 underground drill rigs and 1 surface drill rig operating at the end of the quarter. The surface drill was operating at Peak Hill and the underground rigs were operating at Starlight (3), Bluebird (2), Great Fingall (3), Beta Hunt (7) and Two Boys (1).

Murchison

Westgold drilled 50,725m in the Murchison in Q3 FY25.

Resource Development Activities

Starlight (Fortnum)

At Fortnum, the focus on defining the high-grade Nightfall Zone ahead of mining activities continued. A large volume of high-grade results in areas set to be mined in CY25 have been assessed, with many showing grades and widths exceeding those modelled in the current mine plan.

Some of the more exceptional result returned this quarter include:

• 9.47m at 25.56g/t Au from 68.00m in NF1120GC89;
• 15.47m at 23.53g/t Au from 82.00m in NF1120GC100; and
• 25.00m at 17.66g/t Au from 169.00m in NF1090GC14.

The Starlight underground mine continues to outperform expectations, and the latest quarter of drilling results suggest this trend will continue.

In December 2024, Westgold announced the results of a Scoping Study on the Fortnum Expansion Project (FXP) which detailed the viability of an expanded Fortnum Gold Operation at an increased milling rate of 1.5 Mtpa over a ten year life¹. The subsequent Pre-Feasibility study has progressed through the detailed pit design and scheduling stage which now contemplates open pit mining progressing as part of a larger, Murchison-wide open pit mining campaign. 

Drilling programs to bring this phase of the work to a decision point are currently being designed, and the necessary permitting and infrastructure works are being progressed.

A drill platform in the upper levels of the Starlight underground mine is also in the planning stage. This platform is being designed to enable increased production out of the existing Starlight underground mine and de-risking the deeper portion of the Starlight open pit contemplated by the FXP.

It is anticipated that development of this platform will commerce in Q4 FY25.

Bluebird-South Junction (Meekatharra)

Following on from the large increases in Mineral Resources² and subsequent increase in Ore Reserves³ for Bluebird - South Junction during Q2 FY25, Westgold has focussed ongoing drilling works to support the execution of the greater Bluebird - South Junction mine plan.

Drilling in Q3 FY25 was directed towards providing increased definition ahead of the mining front. Better results from this program include:

• 8.11m at 12.66 g/t Au from 166.00m in 24BLDD203A;
• 6.72m at 8.30 g/t Au from 163.00m in 24BLDD205; and
• 6.57m at 9.41 g/t Au from 170.00m in 24BLDD208.

Fender (Cue)

At Cue, increasing outputs from the upper levels of the Big Bell cave has allowed Westgold to focus drilling resources on the satellite Fender mine and on building geological understanding at the high-grade Great Fingall mine.

At Fender, drilling outcomes have been consistent with expectations, with results such as the following being amongst the standouts:

• 3m at 9.42g/t from 90.00m in 24FNDD0060; and 
• 15.92m at 2.07g/t from 93.00m in 24FNDD0067. 

Great Fingall (Cue)

The application of additional drilling resources at Great Fingall has allowed the testing of areas such as Sovereign Extensions, which currently lie outside of the existing mine plan. This initiative also supports the ongoing definition of the Great Fingall Reef itself. 

Results such as those listed below from Sovereign and in what was a previously unrecognised lode are indicative of the upside potential at this historical +1Moz producer: § 19.45m at 2.16g/t Au from 155.00m; and

• 5.7m at 8.25g/t Au from 270.00m in 24SVDD036 at Sovereign; and 
• 0.71m at 55.50g/t Au from the collar in 24SHDD031A. 

In the Great Fingall Reef, results like 3.60m at 8.13g/t Au from 176.00m in 24GFDD116 allude to the impact that Great Fingall production is likely to have on overall head grade through the Tuckabianna mill.

Cuddingwarra (Cue)

The evaluation of large-scale open pit opportunities continue at Cuddingwarra. 

As part of the portfolio optimisation, initial evaluations of the district-scale resource model amalgamation were undertaken during the quarter. This first pass evaluation was compelling and encouraged Westgold to move to the next phase which will include endowment modelling of the district. This will in-turn drive another suite of pit evaluations to help Westgold determine the upper limits of potential for the project. With the completion of this work, the Company will have a clear pathway to bring the project to an Investment Decision.

Greenfields Exploration Activities

Greenfields activities in the Murchison included the completion of a major target review and prioritisation program across the ~ 1,200km² portfolio, completion of the Five Ways South Reverse Circulation (RC) drill program at Peak Hill (Fortnum), which had commenced in late Q2 FY25, and commencement of the Murphy Creek Aircore (AC) drilling program at Peak Hill (Fortnum).

Post completion of the merger with Karora Resources on 1 August 2024, which resulted in the exploration tenure portfolio increasing from ~1,200km² to ~3200km² (combined Murchison and Southern Goldfields), the expanded exploration team completed a full review of the target pipeline and agreed the top 10 targets in each of the Murchison and Southern Goldfields regions. 

While this work delayed some planned drill programs, it has built confidence in the target pipeline for CY25. The resultant priority targets for the Murchison are shown in Figure 6.

During the quarter, the Five Ways South RC program at Peak Hill was completed with an additional 15 holes for 4,047m drilled. This program targeted potential analogous lithostructural positions south of the historic Five Ways open pit mine which produced 6.57Mt @ 3.07g/t Au for 649Koz. 

Assay results for the program provided valuable insights, with two holes returning ore grade intersections including (see Appendix A for details):

• 5.00m @ 5.79g/t Au from 144.00m in hole 25PKRC013; and
• 3.00m @ 11.04g/t Au from 146.00m in hole 25PKRC015.

These results indicate potential, and a full analysis of the results is underway with a decision pending potential follow-up drill programs.

The Murphy Creek drill program commenced late in the month with 28 holes for 1,899m drilled by 31 March. The program is testing identified targets along strike to the northwest of the Company's Durack deposit which currently hosts an Indicated and Inferred Resource of 2.9Mt @ 1.2g/t Au for 111Koz⁴. This potential strike extension has not previously been effectively tested due to the presence of very shallow Bryah Basin volcanic "cover". 

The program is yet to be completed, and all assay results were pending at the end of the quarter.

Southern Goldfields

Westgold drilled 32,173m in the Southern Goldfields in Q3 FY25.

Resource Development activity

Beta Hunt (Kambalda)

Seven drill rigs have remained active this quarter at Beta Hunt, extending and refining the Mineral Resource base to support future production growth at the mine.

The Fletcher Stage 1 Exploration Target⁵ resource definition program is nearing completion, with the drilling of the final holes having commenced at the end of the quarter. Results have steadily returned, and the Company expects to compile an initial Mineral Resource Estimate for Fletcher Stage 1 by the end of FY25. 

Notable results this quarter include:

• 45.50m at 2.23g/t Au from 746.00m in WF440DD-37AE; an
• 63.00m at 3.62g/t Au from 324.00m in WF490DD-51AE.

Significant results continue to emerge from Western Flanks, the primary source of production at Beta Hunt, illustrating the scale of the orebody and suggesting its potential for future production, including:

• 21.00m at 2.82g/t Au from 130.00m in AWSP310-02AG; and 
• 22.00m at 4.69g/t Au from 134.00m in AWSP310-04AG. 

Higginsville

At Higginsville, Westgold has quickly moved its first Southern Goldfields open pit project to the execution phase. The project reached this stage after completing resource definition, grade control works, design and evaluations, and establishing a commercial agreement with an open pit contract miner. 

The open pit contractor has mobilised and first ore production from the Atreides, Harkonnen and Bridgette open pits was achieved in April 2025.

This quarter saw continued progress on developing the Higginsville Line of Lode underground targets. Planning and evaluation efforts have progressed, allowing for the determination of the mine execution sequence. Current efforts are concentrated on defining the technical work program necessary to mitigate risks associated with any investment decision.

Greenfields Exploration Activities

Greenfields exploration activities in the Southern Goldfields included the completion of a major target review and prioritisation program across the ~ 2,000km² portfolio along with receipt and review of the assay results for the Erin and Bandido RC drill programs completed in Q2 FY25, ongoing geophysical and geochemical exploration programs, and the commencement of Aboriginal Heritage surveys over priority drill targets.

Exploration Target Review and CY25 Prioritisation 

As described in the Murchison section above, the same target review and prioritisation exercise was completed in the Southern Goldfields during the quarter with the resultant priority targets shown on Figure 11.

Higginsville - Erin RC Drill Program Results 

The final assay results for the Erin RC Drill Program completed at Higginsville in Q2 FY25 were received during the quarter with analysis and interpretation completed. A total of 15 holes returned assays of interest, with the best intersections being (see Appendix A for details):

• 9.00m @ 5.21g/t Au from 93.00m in hole KXRC0467;
• 2.00m @ 18.70g/t Au from 87.00m in hole KXRC0467;
• 10.00m @ 1.67g/t Au from 102m in hole KXRC0461; and
• 1.00m @ 14.90g/t Au from 62.00m in hole KXRC0467.

The best results were related to mineralised structures and veining proximal to lithological contacts between gabbro/dolerite/basalt/porphyry units. These units were observed to be the most brittle of the units encountered and most susceptible to dilation and thus are more favourable for mineralised fluids. Gold mineralisation is very nuggety making interpretation difficult, but further work is underway, particularly around the potential of an identified porphyry unit that has potential to the north.

Higginsville - Bandido RC Drill Program Results

The final assay results for the Bandido RC program completed at Higginsville in Q2 FY25 were received during the quarter, with analysis and interpretation completed. Assay results for the program did not warrant further investigation, and so no further work is currently planned for this target.

Beta Hunt – Mason Target

Since acquiring Beta Hunt, the Company has been compiling and reinterpreting the available extensive historical drilling information with the aim of building a new comprehensive 3D geological model of the entire Beta Hunt sub-lease area⁶. While this work is well advanced, a significant number of historical Western Mining Corporation (WMC) nickel drill holes that have never been assayed for gold were identified. These drill holes represent an outstanding exploration data source that Westgold has commenced re-logging and assaying for gold in key areas within the sub-lease boundary to allow completion of the new 3D model.

During the 3D model building process, the significance of the Mason Target was highlighted and is now interpreted to be the southern extension of the Fletcher Zone, south of the Alpha Island Fault (AIF) (Figure 12). This is consistent with the known movement on this important fault where the Larkin Zone is interpreted to be the southern continuation of Western Flanks.

The Mason Target, which is interpreted to be ~1.8km long, has been intersected by a modest number of historical drill holes with most of these in a fan at the northern end of the zone, proximal to the AIF. The identified historical drill holes at Mason have returned some outstanding gold intersections which are shown on Figure 12 and detailed in the ASX Release of 18 February.

First pass drill testing of the Mason target is scheduled for Q1 FY26 and will comprise 9 diamond drill holes for ~6,000m.

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.

MURCHISON

All widths are downhole. Coordinates are collar. Grid is MGA 1994 Zone 50 for the Murchison.  Significant = >5g/m for resources.