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September 2026 Quarterly Webcast ASX | TSX : WGX westgold.com.au
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Important Notices and Disclaimer Investor Presentation This investor presentation is dated 21 October 2026 and has been prepared by Westgold Resources Limited (ASX: WGX, TSX:WGX) (Westgold) based on information available to it at the time of preparing this presentation. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of Westgold, its directors, employees or agents, advisers, nor any other person, accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it. Financial values are reported in A$ unless otherwise specified. Not an Offer This presentation is not an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchase or sale of any security, and neither this presentation nor anything in it shall form the basis of any contract or commitment whatsoever. This presentation has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this presentation have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions registered under the US Securities Act or exempt from, or not subject to, the registration of the US Securities Act and applicable US state securities laws. Summary Information By reviewing or retaining these materials, or attending or participating in this presentation, you acknowledge and represent that you have read, understood and accepted the terms of this “Important Notices and Disclaimer”. This presentation contains summary information about Westgold and its activities current only at the date of this presentation. This presentation is for information purposes only. The information in the presentation is of a general nature only and does not purport to be complete. This presentation should be read in conjunction with Westgold’s periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX), which are available at www.asx.com.au and on Westgold's website at www.westgold.com.au, and in Canada under Westgold's profile on SEDAR+ at www.sedarplus.ca. Certain information in this presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. Neither Westgold nor its representatives have independently verified any such information sourced from third parties or industry or general publications. Not Investment Advice This presentation does not constitute in any way an offer or invitation to subscribe for securities in Westgold pursuant to the Corporations Act 2001 (Cth). This presentation does not constitute investment advice and has been prepared by Westgold without taking into account the recipient’s investment objectives, financial circumstances or particular needs. Each recipient must make his/her own independent assessment and investigation of Westgold and its business and assets when deciding if an investment is appropriate and should not rely on any statement or the adequacy and accuracy of any information. This presentation is in summary form and does not purport to be exhaustive. Westgold makes no representation or warranty (either expressed or implied) as to the accuracy, reliability or completeness of the information in this presentation. Westgold and its respective directors, employees, agents and consultants shall have no liability (including liability to any person by reason of negligence or negligent misstatement) for any statements, opinions, information or matters (express or implied) arising out of, contained in or derived from, or for any omissions from the presentation, except liability under statute that cannot be excluded. Forward-looking Statements This document contains “forward-looking information” and “forward-looking statements” which are based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of Westgold believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as ‘ e x p e c t s ’, ‘anticipates’ , ‘ p l a n s ’, ‘believes’ , ‘estimates’ , ‘seeks’ , ‘intends’ , ‘targets’ , ‘projects’ , ‘forecasts’ , or negative versions thereof and other similar expressions, or future or conditional verbs such as ‘ m a y ’, ‘ w i l l ’, ‘should’ , ‘would’ and ‘could’. Although management believes that the assumptions made by Westgold and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of Westgold to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, changes in laws, regulations and practices, the geopolitical, economic, permitting and legal climate that Westgold operates in, as well as those factors disclosed in Westgold's publicly filed documents. Westgold believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Readers should not place undue reliance on forward-looking information. Westgold does not undertake to update any forward-looking information, except in accordance with applicable securities laws. Historical Information Information about the past performance of Westgold contained in this presentation is given for illustrative purposes only and cannot be relied upon as an indicator of (and provides no guidance as to) future performance, including future share price performance of Westgold. Any such historical information is not represented as being, and is not, indicative of Westgold’s view on its future financial condition and/or performance. Pro-forma financial information Investors should be aware that this presentation contains pro-forma financial information and certain other financial information and measures that are “non IFRS financial information” under Regulatory Guide 230: ‘Disclosing non IFRS financial information’ published by ASIC and are not recognised under Australian Accounting Standards (AAS) and International Financial Reporting Standards (IFRS). The non IFRS financial information financial measures do not have a standardised meaning prescribed by the applicable AAS or IFRS, and therefore, may not be comparable to similarly titled measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with the applicable AAS or IFRS. Although Westgold believes the non-IFRS financial information and financial measures provide useful information to users in measuring the financial performance and condition of Westgold, investors are cautioned not to place undue reliance on any non-IFRS financial information or financial measures included in this presentation. This presentation contains pro forma financial information of Westgold. The pro forma financial information provided in this presentation is for illustrative purposes only and is not represented as being indicative of Westgold’s (or anyone else's) views on Westgold’s future financial position and/or performance. 2
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3 Important Notices and Disclaimer Ore Reserves and Mineral Resources The information in this presentation that relates to the Ore Reserves and Mineral Resources of Westgold has been extracted from the ASX announcement titled “2026 Mineral Resource Estimate and Ore Reserves" released to the ASX on 20 August 2026 and available at www.asx.com.au. Westgold confirms that it is not aware of any new information or data that materially affects the information included in that announcement, and that all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed. Westgold confirms that the form and context in which the Competent Persons findings are presented have not been materially modified from that announcement. The information in this presentation that relates to Westgold’s Exploration results and 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 and who has verified, reviewed and approved such information. Mr Russell is a full- time employee of Westgold 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 Joint Ore Reserves Committee’s 2012 Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC Code) and as a Qualified Person as defined in the CIM Guidelines and National Instrument 43-101 - Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators (NI 43-101). Mr. Russell is a full-time employee as General Manager – Technical Services of Westgold and, accordingly, is not independent for purposes of NI 43-101. Mr Russell consents to and approves of the inclusion in this presentation 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 Westgold. The information in this presentation that relates to Westgold’s Ore Reserve is based on information compiled by Mr. Leigh Devlin B.Eng. FAusIMM and 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 full-time senior executive of Westgold and, accordingly, is not independent for purposes of NI 43-101. Mr. Devlin consents to and approves of the inclusion in this presentation 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 Westgold and is eligible to and may participate in short-term and long-term incentive plans of Westgold as disclosed in its annual reports and disclosure documents. 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 announcement 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 presentation 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 presentation 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 presentation 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. Investment Risk As noted above, an investment in shares in Westgold is subject to investment and other known and unknown risks, some of which are beyond the control of Westgold. Westgold does not guarantee any particular rate of return or the performance of Westgold, nor does it guarantee the repayment of capital from Westgold or any particular tax treatment. Prospective investors should have regard to the risks outlined in this presentation when making their investment decision and should make their own enquiries and investigations regarding all information in this presentation, including but not limited to the assumptions, uncertainties and contingencies which may affect future operations of Westgold and the impact that different future outcomes may have on Westgold. These risks, together with other general risks applicable to all investments in listed securities not specifically referred to, may affect the value of shares in Westgold in the future. There is no guarantee that the Westgold shares will make a return on the capital invested, that dividends will be paid on the Westgold shares or that there will be an increase in the value of the Westgold shares in the future. Accordingly, an investment in Westgold should be considered highly speculative and potential investors should consult their professional advisers before deciding whether to subscribe for Westgold shares. Effect of Rounding A number of figures, amounts, percentages, estimates and calculations of value in this presentation are subject to the effect of rounding. The actual calculation of these figures may differ from the figures set out in this presentation. Disclaimer Neither Westgold nor any of its advisers, affiliates, related bodies corporate, directors, officers, partners, employees or agents, have authorised, permitted or caused the issue, submission, dispatch or provision of this presentation and, except to the extent referred to in this presentation, none of them makes or purports to make any statement in this presentation and there is no statement in this presentation which is based on any statement by any of them. To the maximum extent permitted by law, Westgold and its advisers, affiliates, related bodies corporate, directors, officers, partners, employees or agents exclude and disclaim all liability, for any expenses, losses, damages or costs incurred by you and the information in this presentation being inaccurate or incomplete in any way for any reason, whether by negligence or otherwise. To the maximum extent permitted by law, Westgold and its advisers, affiliates, related bodies corporate, directors, officers, partners, employees or agents make no representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of information in this presentation and the statements made in this presentation are made only as at the date of this presentation (unless otherwise indicated). The information in this presentation remains subject to change without notice. To the maximum extent permitted by law, Westgold and its advisers, affiliates, related bodies corporate, directors, officers, partners, employees or agents each expressly 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 presentation, 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 presentation including, without limitation, any financial information, any estimates or projections and any other financial information derived therefrom.
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Strong start to FY27 4 SAFETY No Lost Time Injuries | LTIFR reduced to 1.17 (Q4 FY26: 1.58) 98.4koz Gold production AISC $2,912/oz1 $251M Underlying Treasury build2 Mine operating cash flow of $292M $1,040M Cash, bullion & liquid investments Up $101M in the quarter; debt free and unhedged 4.1Moz Ore Reserves Up 41%3, including 1.1Moz maiden Fletcher Ore Reserve Delivering • On track for FY27 guidance of 385– 425koz at $2,980–$3,380/oz4 • Ore mined up 7%; HG ore stockpiles up 51% to 696kt • Beta Hunt achieved a record 2Mtpa annualised mining rate in September; Interim ventilation solution installed and commissioned. 5 • 402koz of gold produced over the last four consecutive quarters Generating cash • AISC margin of $3,117/oz • $1,640M available liquidity, including undrawn $600M facility Growing • Updated 3YO: fully funded pathway towards ~500kozpa by FY29 4 • Cue and Meekatharra mill expansions progressing • 25 drill rigs in operation across the portfolio Rewarding shareholders • Total Capital Return in FY26 totalled $122M comprising $95M in dividends (10cps fully franked) and $27M in share buy-backs • During Q1 FY27 $22M of buy-backs were undertaken6. • New policy: minimum 3cps annual return, including 2cps dividend 1. AISC reported exclusive of ore purchase agreement (OPA) costs and OPA production. 2. Underlying treasury build is before share buy-backs ($20M), non-sustaining capital ($111M), exploration ($24M) and proceeds from asset sales ($5M). 3. After depletion and adjusting for asset sales. Refer to ASX announcement “2026 Mineral Resource Estimate and Ore Reserves” dated 20 August 2026. 4. Refer to the Company’s ASX announcement titled “FY27 Guidance and Three-Year Outlook” dated 9 September 2026. 5. Refer to the Company’s ASX announcement titled “Beta Hunt infrastructure investment enables 2Mtpa run rate” dated 21 October 2026. 6. $22M of Westgold shares purchased in Q1 FY27, of which $20M was paid in the quarter and the balance settled in early October 2026.
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Q1 results firmly in line with guidance 5 Production (oz) AISC ($/oz) Non-sustaining capital ($M) Exploration ($M) FY27 Guidance1 385,000 – 425,000 2,980 – 3,380 450 – 480 50 – 75 1. Refer to the Company’s ASX announcement titled “FY27 Guidance and Three-Year Outlook” dated 9 September 2026 for further information. Q4 FY26 98,854 2,802 142 11 Q1 FY27 98,393 2,912 111 24 FY26 387,354 2,841 340 42
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Westgold 4-5-6: fully funded growth 6 4 Operating processing hubs 5.7Mtpa installed capacity, increasing to >7Mtpa by FY29 through the Cue (FY27) and Meekatharra (FY28) expansions 5 ~500kozpa by FY29 Fully funded 3YO: 460–510koz at an AISC of $2,640– $3,000/oz1,3 6 >600kozpa pathway Fletcher Zone at Beta Hunt could add ~140kozpa – upside not included in the 3YO2 Three-Year Outlook1 Production AISC3 FY26 Actual 387koz $2,841/oz FY27 Guidance 385–425koz $2,980–$3,380/oz FY28 Outlook 425–470koz $3,000–$3,400/oz FY29 Outlook 460–510koz $2,640–$3,000/oz 1. Refer to the Company’s ASX announcement titled “FY27 Guidance and Three-Year Outlook” dated 9 September 2026. Westgold confirms that all material assumptions underpinning the production target continue to apply and have not materially changed. There is a low level of geological confidence associated with inferred mineral resources and there is no certainty that further exploration work will result in the determination of indicated mineral resources or that the production target itself will be realised. The stated production target is based on the entity’s current expectations of future results or events and should not be solely relied upon by investors when making investment decisions. Further evaluation work and appropriate studies are required to establish sufficient confidence that this target will be met. 2. This is an aspirational statement and not a warranty as Westgold does not yet have reasonable grounds to conclude that the statement can be achieved. Based on current internal conceptual studies. 3. Third-party ounces and costs are excluded from $/oz calculations. • Record production • Group Ore Reserves up 41% to 4.1Moz • Great Fingall commercial production • Cue expansion (CXP) • Meekatharra expansion (MXP) • Non-sustaining capital declining • Processing capacity >7Mtpa • Lower AISC on higher grade and throughput
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Operational results 7
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Mining performance improves Murchison operations maintain output; Beta Hunt delivers consecutive records Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 1.19 1.15 1.33 1.42 2.4 2.2 2.1 2.2 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 1.53 1.48 1.47 1.46 2.4 2.1 2.3 2.3 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 111.4 93.1 98.9 98.4 Ore Mined (Mt) Mined Grade (g/t) Ore Processed (Mt) Milled Grade (g/t) Gold Produced (koz) Ore mined up 7% driven by Great Fingall, Starlight, MOPP and Beta Hunt Mined grade increased to 2.2g/t, supported by higher Bluebird grades. Throughput broadly steady at 1.46Mt despite higher quarter on quarter planned downtime Consistent quarter on quarter Strong production results continue 402koz of gold produced over the last four consecutive quarters 8
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Stronger mining builds resilience MINED 1,421kt at 2.2g/t, up 7% (Q4 FY26: 1,334kt at 2.1g/t) STOCKPILED 696kt Total HG ore stockpiles, up 51%1 (Q4 FY26: 460kt) - ~6 weeks of mill feed2 310kt of mill ROM and crushed stock, up 69% PROCESSED 1,461kt in line with Q4 FY26 (1,468kt) despite more planned downtime3 Stockpiles provide production resilience Wet weather resistant Weather induced haul road closures in the Murchison did not interrupt mill feed Planned maintenance Higher scheduled downtime at all processing hubs absorbed Mine interruptions Buffer between mine and mill smooths short-term mine variability Growing ore inventories support higher production and lower unit costs as Cue and Meekatharra expand 1. Stockpile figures at quarter end. Mill ROM and crushed stockpiles are those located at the processing hubs; mine ROM stockpiles are at the mines. 2. Based on total Group ore stockpiles at 30 September 2026 and installed processing capacity of 5.7Mtpa. 3. Includes 168kt of ore processed under the New Murchison Gold OPA. Westgold purchased 160kt of ore under the OPA in Q1 FY27 - the purchased ore is excluded from Westgold’s reported ore mined. Refer to Table 1 and Table 2 of the September 2026 Quarterly Report. 9
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Hub performance Hub performance Fortnum Hub Fortnum Mill – 0.9Mtpa Meekatharra Hub Bluebird Mill - 1.8Mtpa Cue Hub Tuckabianna Mill – 1.4Mtpa Starlight UG & Fortnum stockpiles Feed: Bluebird UG, Cue stockpiles, NMG Ore Purchase, Meekatharra open pits Feed: Big Bell UG, Great Fingall, Cue stockpiles Feed: 21,840 16,175 18,135 17,060 3.1 2.4 2.7 2.5 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Gold produced (oz) Milled grade (g/t) 40,730 31,394 37,743 35,873 2.2 2.5 2.52.6 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 18,364 16,563 18,218 18,958 1.9 1.8 1.9 2.0 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 10 Higginsville Hub1 Higginsville Mill – 1.6Mtpa Beta Hunt, Two Boys, Lake Cowan OP , LG stockpiles Feed: 30,484 29,013 24,758 26,502 2.3 2.1 2.0 2.1 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 1. Performance includes Lakewood toll treatment
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Bluebird mine set up for consistent high output 11 Multiple mining fronts underpin higher mining rates in Q2 500m
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Beta Hunt: 2.0Mtpa mining rate Beta Hunt mining rate (Mtpa) Westgold ownership → Prior ownership Westgold ownership Record month * Annualised 2.0Mtpa Record month in September 20261,2 Up from ≈1.4Mtpa under prior ownership $33.3M Infrastructure investment over two years3 Ventilation, dewatering, water supply and power Q2 FY27 Sustained 2Mtpa mining rate targeted Interim ventilation commissioned ahead of schedule Next: Fletcher drilling continues; integrated Southern Goldfields expansion studies due Q3 FY27 1. Refer to the Company’s ASX announcement titled “Beta Hunt infrastructure investment enables 2Mtpa run rate” dated 21 October 2026. 2. Annualised mining rate. 3. Infrastructure investment over the two years since acquisition (August 2024) 12 FY21 FY22 FY23 FY24 FY25 Q1 FY26* Q2 FY26* Q3 FY26* Q4 FY26* Jul-26* Aug-26* Sep-26* 0.8 1.0 1.2 1.4 1.5 1.5 1.6 1.4 1.6 1.4 1.7 2.0
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Financial results 13
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Strong cash generation whilst funding growth 14 Q2 FY26 Q3 FY26 Q4 FY26 115.2 69.9 110.3 Q1 FY27 99.9 6,356 7,080 6,391 6,029 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 2,902 2,931 2,802 2,912 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 265 254 159 157 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 654 856 939 1,040 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Gold sold (koz) Realised gold price ($/oz) AISC ($/oz) Net mine cash flow ($M) Closing Cash, Bullion & Investments ($M) Sold 99.9koz, generating $602M in gold sales revenue. Westgold remains fully unhedged and exposed to spot gold prices. AISC up Q on Q due to higher open pit waste movement, planned maintenance, annual labour increases and additional Lakewood toll milling. $3,117/oz AISC margin supported $157M net mine cash inflow, after $111M non-sustaining capital and $24M exploration/resource development spend. $101M built in Treasury Q on Q Debt free, with $1.6B liquidity, including an undrawn $600M credit facility.
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$251M underlying Treasury build1 Treasury Movement ($M) 1. Treasury (cash, bullion and liquid investments) build was $251M before share buy-backs $20M, growth and exploration spend (invested $111M on non-sustaining capital and $24M on exploration), and one-off cash inflows (proceeds from asset divestments totalled $5M) 2. Westgold purchased $22M of its shares during the quarter under its buy-back program, of which $20M in cash payments were made in the period with the balance being settled in early October. 3. Sinclair Gold's Tranche 1 contingent consideration payment 4. Closing Q1, FY27 investments exclude investments in Valiant Gold 15 Opening Cash, Bullion & Investments (112) Opening Bullion (160) Opening Investments Opening Cash 209Murchison Operating Cashflow 57 (23) Sustaining Capital (49) (20) Closing Operating Cash Tax Payment (41) Exploration (24) PP&E 939 667 (47) 730 1,040 Closing Cash, Bullion & Investments Closing Investments4 Growth Capital 212 Closing Bullion (64) Southern Goldfields Operating Cashflow 98 Working Capital Closing Cash 5 60 Share Buy Back2 Proceeds from Asset Sales3 Stockpiles 745 Operating Non-Sustaining Capex & Exploration Working Capital +$101M
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FCF driving increased shareholder returns 16 $95M $27M FY24 FY25 FY26 $22M2 FY272 $10M $28M $122M +175% +329% Share Buy-BackDividends declared FY26 dividend of 10.0cps is 400% above the minimum annual dividend commitment of 2.0cps in FY26 Total payment of $95M representing 16% of FY26 free cash flow of $602M $122M in total Shareholder Capital Returns for FY261 10.0cps Fully Franked Dividend 1. Refer to the Company’s ASX announcement titled “Westgold delivers $122M in FY26 Shareholder Capital Returns” dated 28 August 2026 for further information. 2. Westgold purchased $22M of its shares during the quarter under its buy-back program, of which $20M in cash payments were made in the period with the balance being settled in early October. 3. Annual dividend typically determined in August after the end of the financial year. $50M on-market share buy-back for FY27 approved by Board $22.3M already completed - at average of $5.46/share Extension between 11 Sep 2026 – 10 Sep 2027 On-market ASX purchases, at Board discretion TBD3 2cps minimum dividend Returned >6x minimum dividend
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Exploration 17
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Building Reserve ounces $27/oz1 Investing in the drill bit Bluebird x1 x3 Great Fingall x2 Big Bell x2 x3 Beta Hunt x7 Albury Heath x2 18 5 2 UG Diamond Drills Surface Diamond Drill Surface RC Drill Southern Goldfields 18 Murchison Starlight x3 x1 Higginsville x1 1. In FY26, Westgold added 1.5Moz of gross Ore Reserves at $27/oz
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Westgold value 19
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Westgold – the investment case 20 WHY INVEST IN WESTGOLD A leading Australian gold producer 387koz FY26 production Q1 FY27: 98.4koz – on track for FY27 guidance of 385–425koz1 All Australian – Tier 1 jurisdiction 4 hubs in Western Australia 5.7Mtpa processing capacity, increasing to >7Mtpa by FY291 Westgold 4-5-6 – fully funded ~500koz per annum by FY29 3YO: 460–510koz in FY291 with Fletcher a pathway to >600kozpa2 Long-life assets, growing Ore Reserves 4.1Moz Ore Reserves Up 41%3, including 1.1Moz maiden Fletcher Ore Reserve Strong balance sheet, exceptional cash flow $1,040M cash, bullion & investments Debt free and unhedged; $1,640M available liquidity Increasing shareholder returns $122M FY26 capital returns Minimum 3cps annual return; $50M FY27 buy-back underway4 1. Refer to the Company’s ASX announcement titled “FY27 Guidance and Three-Year Outlook” dated 9 September 2026 2. This is an aspirational statement and not a warranty as Westgold does not yet have reasonable grounds to conclude that the statement can be achieved. Based on current internal conceptual studies. 3. After depletion and adjusting for asset sales. Refer to ASX announcement “2026 Mineral Resource Estimate and Ore Reserves” dated 20 August 2026. 4. Refer to the Company’s ASX announcement titled “Westgold delivers $122M in FY26 Shareholder Capital Returns” dated 28 August 2026.
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Westgold’s derisked delivery & growth is mispriced 21 Highly attractive value proposition 10.6x 8.0x 7.9x 7.7x 7.6x 6.5x 5.8x 5.3x 3.3x 3.2x 3.0x 2.8x 1. FY27e EBITDA sourced from S&P Visible Alpha. Market capitalisations as at 19 October 2026 sourced from FactSet. Vault Minerals excluded as it is subject to a takeover. See supporting data slide in appendix for further information. 2. Peer set comprised of ASX listed, gold producers with market capitalisation greater than $1B excluding Vault Minerals due to current M&A activity EV/EBITDA (FY27e)1,2 – ASX gold peers
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The time is now (ASX | TSX : WGX) www.westgold.com.au 22 Investor Relations Kasun Liyanaarachchi Group Manager Investor Relations & Communications Kasun.Liyanaarachchi@westgold.com.au +61 458 564 483 Media Annette Ellis Manager Corporate Affairs Annette.ellis@westgold.com.au +61 458 200 039
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Mineral Resource Statement: Operating Mines Murchison Gold Operations (Rounded for reporting) Measured Indicated Measured and Indicated Inferred Total Project Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Big Bell UG 7,504 2.17 523 8,684 3.10 865 16,188 2.67 1,388 9,001 2.94 851 25,189 2.76 2,239 Fender UG 100 2.78 9 139 2.57 11 239 2.66 20 112 2.79 10 352 2.70 31 Great Fingall UG 63 3.59 7 2,301 4.14 306 2,363 4.13 313 1,113 2.78 99 3,476 3.69 413 Golden Crown UG 0 0.00 0 471 5.87 89 471 5.87 89 2,100 3.08 208 2,571 3.59 297 Bluebird Group UG 1,292 3.11 129 8,203 2.93 773 9,495 2.95 902 6,489 2.53 528 15,984 2.78 1,430 Starlight UG 4,991 3.01 483 2,636 2.26 192 7,628 2.75 675 4,353 2.08 291 11,981 2.51 966 Total 13,950 2.57 1,151 22,434 3.10 2,236 36,384 2.90 3,388 23,168 2.67 1,987 59,552 2.81 5,375 At 30 June 2026[1] 1. See Westgold ASX Announcement dated 20 August 2026– Resources and Reserve Statement available at www.asx.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in that announcement and that all material assumptions and technical parameters underpinning the Mineral Resource and Ore Reserve estimates in that announcement continue to apply and have not materially changed. Refer to “Ore Reserves and Mineral Resources” section in slide 3 for the further information. Southern Goldfields Gold Operations (Rounded for reporting) Measured Indicated Measured and Indicated Inferred Total Project Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Two Boys 84 5.31 14 212 3.25 22 296 3.84 37 75 3.03 7 372 3.67 44 Lake Cowan 40 1.57 2 104 1.21 4 144 1.31 6 19 1.27 1 163 1.27 7 Beta Hunt 10,682 2.21 759 31,531 2.43 2,463 42,212 2.37 3,222 32,392 2.08 2,170 74,605 2.25 5,392 Total 10,806 2.23 775 31,847 2.43 2,489 42,652 2.38 3,265 32,487 2.09 2,178 75,139 2.25 5,443 Beta Hunt Nickel Operation (Rounded for reporting) Measured Indicated Measured and Indicated Inferred Total Project Tonnes ('000s) Ni (%) NiT ('000s) Tonnes ('000s) Ni (%) NiT ('000s) Tonnes ('000s) Ni (%) NiT ('000s) Tonnes ('000s) Ni (%) NiT ('000s) Tonnes ('000s) Ni (%) NiT ('000s) Beta Hunt 0 0.0% 0 749 2.8% 21 749 2.8% 21 499 2.7% 13 1,248 2.8% 35 Total 0 0.0% 0 749 2.8% 21 749 2.8% 21 499 2.7% 13 1,248 2.8% 35 23
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Mineral Resource Statement: Non-Operating At 30 June 2026[1] Southern Goldfields Gold Operations (Rounded for reporting) Measured Indicated Measured and Indicated Inferred Total Project Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) HGO Central 931 2.94 88 2,991 2.58 248 3,922 2.67 336 1,642 2.81 148 5,564 2.71 485 HGO Greater 8 1.73 0 1,893 2.82 172 1,901 2.82 172 1,568 2.12 107 3,469 2.50 279 HGO Stockpiles 1,391 0.79 35 275 0.74 6 1,665 0.78 42 0 0.00 0 1,665 0.78 42 BHO Stockpiles 0 0.00 0 0 0.00 0 0 0 0 0 0.00 0 0 0.00 0 Total 2,330 1.65 124 5,158 2.57 426 7,488 2.28 550 3,210 2.47 255 10,699 2.34 805 Murchison Gold Operations (Rounded for reporting) Measured Indicated Measured and Indicated Inferred Total Project Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Big Bell District 157 2.65 13 664 2.55 54 821 2.57 68 1,828 2.95 174 2,649 2.84 241 Cuddingwarra 194 1.66 10 1,689 1.58 86 1,882 1.59 96 542 1.49 26 2,424 1.56 122 Day Dawn District 78 1.65 4 1,101 1.98 70 1,179 1.96 74 1,040 1.82 61 2,219 1.89 135 Tuckabianna 58 1.83 3 1,619 2.59 135 1,677 2.57 139 1,631 2.65 139 3,309 2.61 277 Tuckabianna Stockpiles 87 2.16 6 3,760 0.70 85 3,847 0.73 91 0 0.00 0 3,847 0.73 91 Meekatharra North 0 0.00 0 97 1.98 6 97 1.98 6 75 2.11 5 172 2.04 11 Nannine 74 2.42 6 1,120 1.85 67 1,194 1.88 72 355 2.22 25 1,548 1.96 98 Paddy's Flat 376 3.67 44 7,125 1.88 431 7,501 1.97 475 2,401 2.00 154 9,902 1.98 630 Yaloginda District 54 2.69 5 4,300 1.47 204 4,354 1.49 208 5,842 1.38 259 10,196 1.43 467 Bluebird Stockpiles 137 2.89 13 29 0.91 1 167 2.54 14 0 0.00 0 167 2.54 14 Fortnum District 1,370 2.35 104 5,992 1.65 319 7,362 1.78 422 1,831 1.33 78 9,192 1.69 501 Horseshoe 0 0.00 0 1,720 1.91 106 1,720 1.91 106 385 1.66 21 2,106 1.86 126 FGO Stockpiles 290 1.28 12 390 0.67 8 680 0.93 20 15 0.54 0 695 0.92 21 Total 2,876 2.38 220 29,607 1.65 1,571 32,483 1.72 1,791 15,945 1.84 942 48,428 1.76 2,733 24 1. See Westgold ASX Announcement dated 20 August 2026– Resources and Reserve Statement available at www.asx.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in that announcement and that all material assumptions and technical parameters underpinning the Mineral Resource and Ore Reserve estimates in that announcement continue to apply and have not materially changed. Refer to “Ore Reserves and Mineral Resources” section in slide 3 for the further information. CueMeekatharraFortnum
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Ore Reserves Statement: Operating Mines Murchison Gold Operations (Rounded for reporting) Proven Probable Total Project Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Big Bell UG 6,329 1.72 349 4,771 2.83 434 11,100 2.19 783 Fender UG 0 0.00 0 0 0.00 0 0 0.00 0 Great Fingall UG 28 2.55 2 1,983 3.23 206 2,011 3.22 208 Golden Crown UG 0 0.00 0 417 3.56 48 417 3.56 48 Bluebird Group UG 1,195 2.37 91 4,979 2.67 428 6,174 2.62 519 Starlight UG 2,484 2.82 225 1,285 2.39 99 3,769 2.67 324 Total 10,035 2.07 667 13,437 2.81 1,215 23,472 2.49 1,882 Southern Goldfields Gold Operations (Rounded for reporting) Proven Probable Total Project Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Beta Hunt 2,167 1.79 125 19,506 2.41 1,509 21,674 2.34 1,634 Total 2,167 1.79 125 19,506 2.41 1,509 21,674 2.34 1,634 At 30 June 2026[1] 25 1. See Westgold ASX Announcement dated 20 August 2026– Resources and Reserve Statement available at www.asx.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in that announcement and that all material assumptions and technical parameters underpinning the Mineral Resource and Ore Reserve estimates in that announcement continue to apply and have not materially changed. Refer to “Ore Reserves and Mineral Resources” section in slide 3 for the further information.
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Ore Reserves Statement: Non-Operating Murchison Gold Operations (Rounded for reporting) Proven Probable Total Project Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Big Bell District 124 2.07 8 0 0.00 0 124 2.07 8 Cuddingwarra 84 1.29 3 221 1.24 9 305 1.25 12 Day Dawn District 0 0.00 0 14 1.83 1 14 1.83 1 Tuckabianna 0 0.00 0 591 2.24 43 591 2.24 43 Tuckabianna Stockpiles 87 2.16 6 3,760 0.70 85 3,847 0.73 91 Meekatharra North 0 0.00 0 0 0.00 0 0 0.00 0 Nannine 0 0.00 0 761 1.28 31 761 1.28 31 Paddy's Flat 48 4.10 6 435 3.86 54 483 3.88 60 Yaloginda District 0 0.00 0 240 1.34 10 240 1.34 10 Bluebird Stockpiles 137 2.89 13 29 0.91 1 167 2.54 14 Fortnum District 0 0.00 0 1,217 1.49 58 1,217 1.49 58 Horseshoe 0 0.00 0 391 1.91 24 391 1.91 24 FGO Stockpiles 290 1.28 12 390 0.67 8 680 0.93 20 Total 771 1.97 49 8,050 1.25 324 8,820 1.32 373 Southern Goldfields Gold Operations (Rounded for reporting) Proven Probable Total Project Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) HGO Central 132 2.19 9 503 3.02 49 635 2.84 58 HGO Greater 0 0.00 0 609 4.07 80 609 4.07 80 HGO Stockpiles 1,391 0.79 35 275 0.74 6 1,665 0.78 42 BHO Stockpiles 0 0.00 0 0 0.00 0 0 0.00 0 Total 1,523 0.91 45 1,386 3.03 135 2,909 1.92 179 At 30 June 2026[1] 26 1. See Westgold ASX Announcement dated 20 August 2026– Resources and Reserve Statement available at www.asx.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in that announcement and that all material assumptions and technical parameters underpinning the Mineral Resource and Ore Reserve estimates in that announcement continue to apply and have not materially changed. Refer to “Ore Reserves and Mineral Resources” section in slide 3 for the further information. CueMeekatharraFortnum
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Supporting data 27 Company Market Cap ($m) Enterprise Value ($m) FY27e EBITDA ($m) EV/EBITDA (FY27e) Source: Cash & Debt Source: FY27e EBITDA Northern Star Resources 33,808 33,436 4,217 7.9x June 2026 Quarterly Report Visible Alpha Evolution Mining 26,743 26,670 3,353 8.0x June 2026 Quarterly Report Visible Alpha Regis Resources 5,447 4,213 1,299 3.2x June 2026 Quarterly Report Visible Alpha Ramelius Resources 7,246 6,394 830 7.7x June 2026 Quarterly Report Visible Alpha Capricorn Metals 6,629 6,123 579 10.6x June 2026 Quarterly Report Visible Alpha Bellevue Gold 2,335 2,229 420 5.3x June 2026 Quarterly Report Visible Alpha Westgold Resources 4,921 3,982 1,221 3.3x June 2026 Quarterly Report Visible Alpha Ora Banda Mining 2,807 2,539 389 6.5x June 2026 Quarterly Report Visible Alpha Genesis Minerals 8,295 7,975 1,055 7.6x June 2026 Quarterly Report Visible Alpha Catalyst Metals 1,529 1,176 421 2.8x June 2026 Quarterly Report Visible Alpha Pantoro Gold 1,150 926 306 3.0x June 2026 Quarterly Report Visible Alpha Greatland Resources 6,914 5,625 962 5.8x June 2026 Quarterly Report Visible Alpha Note: All figures shown in Australian Dollars. FY27e EBITDA sourced from S&P Visible Alpha. Market capitalisations as at 19 October 2026 sourced from FactSet. Vault Minerals excluded as it is subject to a takeover. To ensure a consistent reporting basis across peers, EV calculations use cash and debt balances as at 30 June 2026 and exclude September 2026 results, even where available.