LETTER FROM THE CHAIR A TURNAROUND YEAR Dear Shareholders, It is my pleasure to present the Westgold Resources Limited Annual Report for the financial year ended 30 June 2023 (FY23). FY23 has been one of significant positive change for Westgold. After working through early challenges and refocusing in the first half of FY23, I’m proud to see the company emerge as a truly successful West Australian gold producer. In the first quarter of FY23 the Board initiated a strategic review to address the improvement of profitability of the business. In parallel, a new leadership team initiated the reset of our culture, operational base and approach to cost management. A new strategy was outlined to the shareholders with commitment to an operating regime that would deliver safe and profitable production in FY23. The plan was to restructure and stabilise the business in the first half and if successful, profitability would return in the second half of FY23. Difficult decisions were made, including placing three marginal underground mines on to care and maintenance. Staff and equipment were redeployed and consolidated into four larger operating underground mines. A deep dive into Westgold’s cost base was completed with opportunities identified to improve productivity and reduce our costs. With new vigour, Westgold’s safety performance continued to improve, along with operating efficiencies and productivity. Cost management improved dramatically alongside greater accountability being shifted back to operational management. Significant investments were made in exploration and resource development with a view to extending the planning horizon and mine life of each of our four operating mines and the planned next underground mine at Great Fingall. After two quarters of cash outflow, the business was financially stabilised. The second half of FY23 saw positive cashflow from our operations and increasing efficiencies being realised. The large, fixed forward hedge book was coming to an end and stronger production from our mines, coupled with a rising A$ gold price, lifted our revenue. Our approach to environmental, social and corporate governance (ESG) continues to evolve. ESG is key to our social licence to operate and with a view to reducing our emissions and operating cost, major investment was made in the construction of four new hybrid (gas-solar-battery) power stations across our operations. The first station was commissioned at Tuckabianna in July 2023, with three more stations scheduled for commissioning in the first half of FY24. Our commitment to becoming a better corporate citizen was evidenced in FY23 by greater community initiatives and involvement. A new Community Relations team was established to work with the communities we impact upon across our regional tenure, and particularly the area of indigenous employment. FY23 was a turnaround year for Westgold. Our employees have leaned into the new direction, new culture and the values that underpin how we do business. There is still much to achieve but Westgold finishes FY23 in a strong financial position with $192M in cash, bullion and liquid assets. Importantly, the Group is fully funded to deliver its FY24 corporate objectives. Our vision for Westgold going forward is clear. To be a safer, progressive, socially responsible, highly profitable and cash generative gold miner with the aim of providing consistent returns to our shareholders. Thank you for your continued support. Hon. Cheryl Edwardes AM Non-Executive Chair 2 Westgold Resources Limited Annual Report 2023
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