for the year ended 30 June 2023 FINANCIAL REPORT DIRECTORS’ REPORT 26 Westgold Resources Limited Annual Report 2023 SHARE ISSUES DURING THE YEAR There has been no share issues during the year. DIVIDENDS No dividend will be paid to members in respect of the year ended 30 June 2023. The Board did not declare a dividend for the 2023 reporting year. The decision was made in order for Westgold to maintain its balance sheet strength as it continues its operational transformation on building cash and enhance profitability on a sustainable basis and critically ensure that our immediate growth ambitions are funded from our existing cash resources. This position will be reviewed by the Board next reporting period. REVIEW OF OPERATIONS In FY23, Westgold delivered 257,116 ounces from its Murchison and Bryah operations whilst continuing to define, explore and develop the next suite of mineral assets within the Westgold landholding. Westgold remains the dominant gold mining company in the Bryah and Murchison region. The Company has ≈ 350 mining titles covering 1,300 km2 across this highly prospective region and now operates four underground mines and three processing plants. Westgold is an owner-operator of all its underground mines. This vertical integration benefits Westgold by providing greater cost control and operating flexibility across the Company’s assets. Murchison Operations The Murchison Operations are located around the regional towns of Meekatharra and Cue in the mid-west region of Western Australia and incorporates the Meekatharra and Cue Gold Operations. Revenue from the Murchison Operations improved to $517,503,405 (2022: $489,358,532) and segment profits increased to $14,951,974 (2022: $9,462,740). Gold output for the year was 203,382 ounces at a C1 Cash Cost of $1,686 per ounce and an AISC of $1,971 per ounce as disclosed in the table on page 28. 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 mining operations. The Bluebird plant receives underground ore from the Paddy’s Flat and Bluebird underground mines, surplus ore from CGO and supplementary lower grade surface stockpiled ore. In addition to current Mineral Resources and Ore 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, along with the potential inclusion of South Junction; – Triton Deeps and Boomerang in the Reedy Mining Area; and – New targets across the central package where drilling under 100m in depth is sparse, with advanced targets including the GNH and Gibraltar deposits.
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