Westgold Resources Limited Annual Report 2020

32 Westgold Resources Limited Annual Report 2020 Financial Report Director’s Report for the year ended 30 June 2020 Year Ended 30 June 2019 MGO CGO FGO Group Physical Summary Units UG Ore Mined t 669,201 256,446 398,810 1,324,457 UG Grade Mined g/t 3.82 3.94 2.90 3.57 OP Ore Mined t 452,734 535,036 469,335 1,457,105 OP Grade Mined g/t 1.49 1.77 1.68 1.65 Ore Processed t 1,310,499 1,169,527 849,853 3,329,879 Head Grade g/t 2.64 1.99 2.23 2.31 Recovery % 84.8 90.4 95.7 89.55 Gold Produced oz 94,280 68,255 58,308 220,843 Gold Sold oz 94,544 67,576 58,585 220,705 Achieved Gold Price $/oz 1,758 1,776 1,775 1,768 Cost Summary Mining $/oz 744 750 688 731 Processing $/oz 385 537 390 433 Admin $/oz 77 69 75 74 Stockpile Adjustments $/oz 58 (18) (88) (4) C1 Cash Cost (produced) oz) $/oz 1,264 1,338 1,065 1,234 Royalties $/oz 94 44 53 68 Sustaining Capital $/oz 85 60 89 78 Corporate Costs $/oz 8 6 19 10 All-in Sustaining Costs $/oz 1,451 1,448 1,226 1,390 Project Startup Capital $/oz 241 855 155 408 Exploration Holding Cost $/oz 91 44 29 60 All-in Cost $/oz 1,783 2,347 1,410 1,858 1. ​C1 Cash Cost (C1): represents the cost for mining, processing and administration after accounting for movements in inventory (predominantly ore stockpiles). It includes net proceeds from by-product credits, but excludes the cost of royalties and capital costs for exploration, mine development and plant and equipment. 2. All-in Sustaining Cost (AISC): is made up of the C1 cash cost plus royalty expense, sustaining capital expense and general corporate and administration expenses. 3. All-in Cost (AIC): is made up of the AISC plus growth (major project) capital and discovery expenditure. C1, AISC and AIC are non-IFRS measures and have not been audited. Mining and Services Division (MPL) Westgold is unique in the WA Australian mining sector in that it is dominantly an owner-operator of its mines. The contracting and underground mining services division was rebadged as Minterra Pty Ltd in April 2020, to focus on fulfilling Westgold’s internal contracting requirements. These services were provided on a cost re-imbursement basis. The refocus on internal services resulted in a significant reduction in external revenue of $1,178,623 (2019: $25,672,844).