This strategy protects the downside of gold price volatility with the put option only being triggered if the gold price falls to $2,700/oz. The upside on this small volume of production is also capped and again, only triggered if the gold price hits $3,340/oz. 148 135 122 109 96 83 70 60 50 40 30 20 10 Jun 22 Jul 22 Aug 22 Sep 22 Oct 22 Nov 22 Dec 22 Jan 23 Feb 23 Mar 23 Apr 23 May 23 Jun 23 Jul 23 FORWARD CONTRACTS REMAINING (koz) 13 Westgold Resources Limited Annual Report 2023 Figure 8 - Westgold reduced its remaining forward contracts to 10koz in FY23 At Paddy’s Flat, as production from the bulk Prohibition lodes draw to a close, geological work has focused on extending the known high-grade thurst and spur systems. Due to the discreet nature of the highgrade thrusts and spurs, intense geological definition activities will be a hallmark of continued operations at Paddy’s Flat. Westgold is increasingly encouraged by drilling results at Bluebird. This remarkably consistent high-grade zone of mineralisation continued to have its footprint expanded over FY23. The ore body’s progressive expansion was complemented by the successful initial testing of the broader South Junction lodes at depth. In FY24, Westgold will continue extending and infilling the footprint of both Bluebird and South Junction, with multiple drill rigs currently active on surface and underground. During FY23, work progressed on reevaluating the Triton – South Emu system. Westgold is investigating an alternative approach to mine planning and execution at Triton – South Emu which offers a more sustainable and economically compelling project which best utilises the significant infrastructure and mine development in place. Finally, initial testing of the extensions to the historic Gibraltar mine is also planned for early FY24.
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