21 Westgold Resources Limited Annual Report 2024 FIVE CORE PILLARS OF SAFETY Westgold’s health and safety performance is underpinned by a robust management system, clear accountability, and a strong focus on continuous improvement, informed by regular reviews, audits, and performance monitoring. Safety leadership is embedded at all levels of the organisation, including clearly defined roles and responsibilities, and a dedicated health and safety team provides guidance, support, and expertise to the Company’s operations. In FY24, a comprehensive Environment, Health and Safety (EH&S) Strategy was implemented, founded on five core pillars: – Leadership: Visible and active leadership at all levels of the organisation. – Critical risk management: Preventing significant impact risks within our business. – Operational discipline: Having the courage to do what we say we will do. – Fit-for-purpose systems: Establishing systems that are fit for purpose and relevant to our business. – Resilient people: Active investment and increased focus on employee health and wellbeing. MINE SAFETY MANAGEMENT SYSTEM FRAMEWORK During the period – in line with updated Western Australian Work Health and Safety legislation – Westgold significantly enhanced and re-implemented its mine safety management system framework to provide a more streamlined and fitfor-purpose approach to achieving, improving and monitoring the desired level of health and safety across the business. Customised Project Management Plans and Principal Mining Hazard Management Plans were developed and implemented - aligned with the new legislation. These documents set out how Westgold will identify, assess, control and manage critical risks and principal mining hazards to workers’ health and safety. To evaluate the framework’s efficacy, a gap analysis was conducted to identify potential shortcomings and areas for improvement. Potential challenges such as resistance to change and system integration complexities were mitigated through a number of measures, including targeted training, change management strategies, and communication protocols. FY25 will see continued implementation and refinement of safety and sustainability programs, towards creating an ever-safer work environment for all Westgold employees. Westgold celebrated its arrival on the Toronto Stock Exchange with Managing Director and CEO Wayne Bramwell ringing the ceremonial bell to open the market. SIGNIFICANT EVENTS AFTER THE BALANCE DATE WESTGOLD AND KARORA MERGER Subsequent to the year end, Westgold merged with Canadian TSXlisted Karora Resources Inc. (Karora) to create a globally investable, mid-tier gold producer operating exclusively in Western Australia, with a conservative, combined initial annual gold production capacity of more than 400,000oz. The primary Karora assets acquired in the merger included its 100% interest in the Beta Hunt Mine, its 100% interest in the Higginsville processing and gold mining operation, and its Lakewood processing facility. Following receipt of key approvals for the transaction from the Ontario Superior Court of Justice in Canada, Karora shareholders, the Foreign Investment Review Board and the Takeovers Panel during July 2024, the merger was formally completed on 1 August 2024, when Westgold commenced operational control and ownership of the Karora operations and assets. The merger propelled Westgold into the ranks of the ASX200, and materially enhanced its capital markets profile - with increased scale, trading liquidity and quality attractive to gold and generalist investors across the Australian (ASX), Canadian (TSX), and North American (OTCQX) stock exchanges. Funded through a combination of cash reserves and equity, Karora shareholders received 2.524 Westgold fully paid ordinary shares, C$0.68 in cash, and 0.30 of a share in Culico Metals Inc., a wholly owned subsidiary of Karora, for each Karora common share held at the closing of the transaction. Fair value of the share consideration was $1,243 million and cash consideration paid was $126 million. The total consideration for the transaction was $1,369 million.
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