8 Westgold Resources Limited Annual Report 2022 OUR OPERATIONS REVIEW OF OPERATIONS Westgold Resources Limited (ASX: WGX) (Westgold or the Group) is a uniquelyWestern Australian gold mining business. With a workforce of over 1,000 people, we are the dominant gold miner in the Murchison and Bryah regions with over 1,300 km2 of tenure. Westgold is the owner-operator of all of its underground mines. This internal capability provides a level of operational flexibility that has insulated our business from the many labour impacts caused by COVID-19. Our operating model is ‘hub and spoke’ style whereby we have the optionality to process ore from our Meekatharra and Cue operations at either processing hub. In contrast the Bryah Basin operation is centred upon the Fortnum processing hub. The Murchison operations incorporate two processing hubs near Cue and Meekatharra. Combined, these operations are forecast to produce ≈200,000 oz in financial year 2022-2023 (FY23). MURCHISON GOLD PRODUCTION AND A$ COSTS MURCHISON OPERATIONS CUE Our Cue operation 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 Western Australia’s most iconic past producers in the Big Bell mine (≈2.6 million ounces) and the Great Fingall mine (≈1.2 million ounces). It incorporates the 1.2-1.4Mtpa Tuckabianna processing hub, a 148-person village at Big Bell, a 266-person village at Cue and associated mining infrastructure to support a large FIFO and DIDOmining operation. In FY22, the Tuckabianna plant received underground ore from the large Big Bell underground and the smaller Comet underground mine as well ore from the Cuddingwarra open pits. The Tuckabianna processing hub treated 1,345,015 tonnes of ore, at the upper range of the plants operating capacity and in line with expectations. The metallurgical recoveries rate for the ore blend was 88.6%. While Big Bell was the primary producer of ore to the Tuckabianna mill, the Comet underground mine provided supplementary feed during the year. 50,537 oz 50,291 oz 49,301 oz 54,808 oz $ 1,640 /oz $ 1,781 /oz $ 1,795 /oz $ 1,896 /oz - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 0 10,000 20,000 30,000 40,000 50,000 60,000 Sep Q 2021 Dec Q 2021 Mar Q 2022 Jun Q 2022 Cost per oz. Gold Production oz. Murchison Gold Production and A$ Costs Gold Produced AISC $/oz 15,636 oz 16,397 z 16,125 oz 17,789 oz $ 1,393 /oz $ 1,496 /oz $ 1,649 /oz $ 1,683 /oz - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 0 5,000 10,000 15,000 20,000 Sep Q 2021 Dec Q 2021 Mar Q 2022 Jun Q 2022 Cost per oz. Gold Production oz. Bryah Gold Production and A$ Costs Gold Produced AISC $/oz
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