for the year ended 30 June 2024 FINANCIAL REPORT DIRECTORS’ REPORT 34 Westgold Resources Limited Annual Report 2024 Financing Activities Net cash flows from financing activities amounted to an outflow of $26,470,212 (2023: outflow of $16,648,770). – The Group’s interest-bearing loans and borrowings increased to $54,609,452 (2023: $27,490,818) for additions to the mobile mining fleet with the expanded growth activities. SHARE ISSUES DURING THE YEAR There has been no share issues during the year. DIVIDENDS The Board is pleased with the strong position of the Group and its ability to meet its commitments and under the dividend policy has paid an interim unfranked dividend of 1.0 cent per share on 12 April 2024. Subsequent to year end, the Company declared a fully franked dividend of 1.25 cents per share. The total amount of this dividend has not been provided for in the 30 June 2024 Financial Statements. REVIEW OF OPERATIONS In FY24, Westgold delivered 227,237 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, three processing plants and one underground mine in development. 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 $533,226,721 (2023: $519,660,026) and segment profits increased to $104,619,707 (2023: $17,108,595). Gold output for the year was 168,485 ounces at a C1 Cash Cost of $1,790 per ounce and an AISC of $2,281 per ounce as disclosed in the table on page 36. 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 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, 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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