Summary of Westgold Resources Update / Briefing (September 30, 2025) Company Overview - **Company**: Westgold Resources (OTCPK: WGXR.F) - **Focus**: Gold production and processing Key Points Three-Year Outlook - Westgold's three-year outlook is a high-confidence plan, marking the first multi-year view presented to the market [2] - Production is projected to increase from 326,000 ounces in FY25 to 470,000 ounces in FY28, with all-in sustaining costs (AISC) expected to decrease from approximately $2,666 per ounce to around $2,500 per ounce [4][2] - The outlook is supported by ore reserves of 3.5 million ounces, sufficient for 10 years of production at the FY25 rate [2] Production Strategy - The strategy involves fully utilizing four processing hubs, transitioning from low-grade to higher-grade ore to enhance operating margins [3] - Significant investments in resource drilling have improved mine outputs, particularly in major assets like Starlight Underground and Beta Hunt [3] - The three-year outlook anticipates over 1.25 million ounces produced, with growth being organic and fully funded from treasury and forecasted free cash flow [4] Processing Hubs - The Meekatharra hub is expected to reach 1.2 million tons per annum by FY28, with Great Fingal contributing high-grade ore starting in FY26 [7] - The Higginsville hub is currently at 1.6 million tons per annum, with plans to expand to 2.6 million tons per annum by FY27 [9] - The expansion study for Higginsville is ongoing, with construction planned to start in FY27 [9] Cost Management - AISC is projected to fall due to increased grades from higher-quality ore, with no significant improvements assumed in mining costs per ton [21] - The company aims to maintain a conservative approach to cost projections, focusing on stable performance and higher grades [21][67] Open Pit Program - An open pit program is set to commence in FY27, targeting over 3 million tons of material over five years, contributing to the overall production profile [24] - The program aims to create buffer stocks of high-grade ore to optimize processing hub performance [26] Additional Opportunities - Westgold has three underground mines currently in care and maintenance, which could provide additional ore for processing hubs [11] - Exploration and resource development are ongoing, with a commitment of $150 million over the three-year outlook to convert resources to reserves [10] Market Position and Future Plans - The company is focused on organic growth and sustainable value creation for shareholders, employees, and stakeholders [11] - The management emphasizes a conservative outlook to avoid overpromising and underdelivering, learning from past market disappointments [46] Financial Considerations - No hedging of gold prices or high-cost inputs like diesel is planned, with a focus on transitioning to cleaner energy [28] - The company maintains a strong treasury balance, allowing flexibility in production and sales strategies [37] Conclusion - Westgold Resources is positioned for significant growth in gold production over the next three years, with a focus on cost management, operational efficiency, and strategic investments in processing infrastructure [67]