25 Westgold Resources Limited Annual Report 2022 The increase in the gold output and associated increase in the gold price resulted in an increase in revenue to $158,218,086 (2021: $140,661,201). Segment profits decreased to $17,702,894 (2021: $42,842,540). 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 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 seven years. Murchison Operations The Murchison Operations is located around the regional towns of Meekatharra and Cue in the mid-west region of Western Australia. Gold output increased and revenue improved to $489,358,532 (2021: $430,439,928). Segment profits decreased to $9,462,740 (2021: $72,773,776). Gold output from the operation for the year was 204,937 ounces at a C1 Cash Cost of $1,487 per ounce and an AISC of $1,748 per ounce as disclosed in the table on page 26. 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 DIDOmining 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 MileWell, Maid Marion, Albury Heath and Aladdin open pits. 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 Bluebird and Paddy’s Flat Mines; – Triton Deeps, 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 Western 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 148-person village at Big Bell, a 266-person village at Cue and associated mining infrastructure to support a large FIFO and DIDOmining operation. The Tuckabianna plant receives underground ore from the large Big Bell underground and the smaller Comet underground mines. After four years of de-watering, mine rehabilitation and refurbishment, Big Bell mine production continued to rise in FY2022 with steady state operations announced in April 2022. 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.
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