Westgold Resources Limited Annual Report 2021

25 Westgold Resources Limited Annual Report 2021 In addition to current Mineral Resources and Ore Reserves, FGO has a number of exploration targets which should underwrite sustainable gold production at the operations beyond existing targets, including: – extensions to the Starlight underground mine; – open pit mining from the historic Yarlarweelor, Nathans and Labouchere mines; – the new Regent and Messiah deposits; and – new targets within the proximate Peak Hill tenements. This procession of potential open pit mines can replace the low-grade feedstock and extend the current mine life expectation to in excess of six years Meekatharra Gold Operations (MGO) MGO is located around the regional town of Meekatharra and encompasses Westgold’s central group of assets including the historic gold mining centres of Meekatharra North, Paddy’s Flat, Yaloginda, Nannine and Reedy’s. The MGO processing hub incorporates the 1.6-1.8 Mtpa Bluebird processing plant, a 420-person village, and associated mining infrastructure required to support a large FIFO and DIDO mining operation. The Bluebird plant receives underground ore from the Paddy’s Flat, South Emu - Triton and Bluebird underground mines and supplementary lower grade open pit ore from Five Mile Well, Maid Marion, Albury Heath and Aladdin open pits. Gold output increased and revenue improved to $240,726,306 (2020: $211,570,622). Segment profits increased to $32,539,833 (2020: $8,379,385). Gold output from the operation for the year was 103,061 ounces at a C1 Cash Cost of $1,309 per ounce and an AISC of $1,628 per ounce as disclosed in the table on page 26. In addition to current mineral resources and reserves MGO has a number of exploration targets which should underwrite sustainable gold production at the operations beyond existing targets, including: – extensions to the existing South Emu – Triton, Bluebird and Paddy’s Flat Mines; – Boomerang, Rand and Rand North in the Reedy Mining Area; and – New targets across the central package where drilling under 100m in depth is sparse. Cue Gold Operations (CGO) CGO is located around the regional town of Cue and encompasses Westgold’s southern-most group of Murchison assets including the historic mining centres of Big Bell, Cuddingwarra, Day Dawn, Tuckabianna and Pinnacles. This package includes two of Australia’s most prolific past producers in the Big Bell mine (2.6 million ounces) and the Great Fingall mine (1.2 million ounces). The CGO processing hub pivots on the 1.2-1.4 Mtpa Tuckabianna processing plant, a 136-person village at Big Bell, a 250-person camp at Cue and associated mining infrastructure to support a large FIFO and DIDO mining operation. The Tuckabianna plant receives underground ore from the large Big Bell underground and the smaller Comet underground mines. After three years of de-watering, mine rehabilitation and refurbishment, Big Bell mine production began to rise in FY2021 with steady state operations expected to be achieved in H2 FY2022. During the year gold output and revenue increased to $189,713,622 (2020: $148,830,137). Gold output was focused on minor short-term open pit mines to build capacity, whilst the major Big Bell mine rehabilitation and development works were completed, resulting in a segment profit of $40,233,943 (2020: Loss of $12,641,721). Gold output for CGO was 82,086 ounces at a C1 Cash Cost of $1,079 per ounce and an AISC of $1,222 per ounce as disclosed in the table on page 26. In addition to current Mineral Resources and Ore Reserves, CGO has a number of exploration targets which should underwrite sustainable gold production at the operations beyond existing targets, including: – The Great Fingall – Day Dawn area – which has hosted the significant past producers of Great Fingall and Golden Crown (historic head grades of 19.5g/t and 14g/t respectively); – The new Fender Mine – a shallow underground target identified beneath Westgold’s Fender open pit; – Additional shallow targets on the Big Bell line of lode beneath the 700, 1600 and the Shocker pits; and – Open pit targets within the Cuddingwarra Mining centre.