33 Westgold Resources Limited Annual Report 2024 CORPORATE STRUCTURE Westgold’s corporate structure is depicted below. WESTGOLD RESOURCES LIMITED ACN 009 260 306 ARAGON RESOURCES PTY LTD ACN 114 714 662 WESTGOLD MINING SERVICES PTY LTD ACN 080 756 172 BIG BELL GOLD OPERATIONS PTY LTD ACN 090 642 809 1474429 B.C. LTD BC1474429 100% 100% 100% 100% OPERATING AND FINANCIAL REVIEW OPERATING RESULTS The Group’s full year gold production was 227,237 ounces (FY23: 257,116 ounces). Overall, the results reflect a year of transition following a strategic review that saw the business reset its model to focus on safe and profitable gold production. One underground operation was paused and Group expenditure and commercial processes reviewed. These actions over the year are reflected in the following key measures: – Consolidated revenue increased by 9% to $716,472,565 (2023: $656,651,618); – Consolidated total cost of sales decreased by 11% to $559,496,779 (2023: $631,598,901); – Profit before income tax increased by 882% to $136,974,103 (2023: $13,949,469); and – Profit after income tax increased by 852% to $95,231,530 (2023: $10,003,484). REVIEW OF FINANCIAL CONDITION The Consolidated Statement of Cash Flows reflects a closing cash and cash equivalents of $236,039,162 (2023: $176,411,855). Operating Activities Group cash flow generated by operating activities increased on that of the previous year with a total inflow of $351,738,048 (2023: $168,433,218). Investing Activities Cash flows used in investing activities across the Group increased on that of the previous year with a total outflow of $265,640,529 (2023: $158,074,095). Cash flow applied to investing activities in the current year relate to key growth capital at the Big Bell underground mine, Great Fingall underground mine, Starlight underground mine and the Bluebird underground mine, along with investment in the new power stations for the Clean Energy Transition project (CET). Other capital investment was sustaining capital in all of the operating underground mines to maintain developed tonnes and production output at similar levels. Total capital investment in mine properties and development, exploration and evaluation expenditure and property, plant and equipment during the current year was $271,867,207 (2023: $147,347,357), broken into key operations as follows: – Murchison $230,072,813 (2023: $119,132,722); – Bryah $41,794,394 (2023: $28,214,635); and Capital commitments of $32,908,745 (2023: $26,168,651) existed at the reporting date, principally relating to the purchase of plant and equipment. Exploration activities continued at all operations during the year with $24,660,027 (2023: $18,909,901) expended.
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