LETTER FROM THE CHAIR A TRANSFORMATIONAL YEAR Dear Shareholders, It is my pleasure to present the Westgold Resources Limited (“Westgold” or “the Group”) Annual Financial Report for the financial year ended 30 June 2024 (FY24). Westgold also committed to the development of the iconic Great Fingall mine at Cue. This historic high grade mine (alongside the Golden Crown mine) is one of the only remaining high-grade reef mines in Australia that has not seen modern mining. The Westgold Board approved the development of Great Fingall in August 2023, development commenced immediately, and this mine will deliver high grade ounces for our shareholders in FY25. Our commitment to building a long term, sustainable business that minimises its impact on the environment was evidenced in FY24 with 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 the last of four stations commissioned in FY24, materially reducing our carbon emissions and fossil fuel consumption. Westgold announced a merger with TSX listed Karora Resources Inc in April 2024. This merger brought together two similar sized, owner-operator companies with gold assets in Western Australia. This transformational transaction propels Westgold to +400,000oz pa of production from mines across the Murchison and Southern Goldfields, diversifying our footprint and expanding our operating team to over 1,900 people. Westgold will continue to focus on its internal growth pipeline and this pipeline has been expanded. The company now has 3,200km2 of tenure across two of Western Australia’s most productive goldfields. Importantly, we have the team and equipment to unlock its value. Our vision for Westgold going forward remains clear. The expanded Westgold aspires to become a leading Australian gold miner that is progressive, socially responsible and a business that consistently returns value to our shareholders and stakeholders. This is a journey and there remains much that can be achieved. Westgold now has a larger team of focused and culturally aligned people who have the vision and resources to make Westgold a larger and more profitable Australian gold company. Thank you for your continued support. Hon. Cheryl Edwardes AM Non-Executive Chair Leadership drives culture, culture drives performance. FY24 has been a transformational year for Westgold and I’m proud to see the leadership and culture now driving improved performance in many businesscritical areas. Our mantra of safe and profitable ounces is resonating with our workforce and our team has delivered both in FY24. The business continues to improve its key safety metrics and gain momentum as it begins to deliver against its corporate objectives. Six quarters of positive cashflow whilst making significant investments in extending our mine lives is a delicate balance. A resurgent gold price has assisted our financial performance and positioned the company to raise its view towards faster growth. During this year Westgold spent $25M on drilling across its key Murchison and Bryah assets. This investment has unlocked significant value and seen the Bluebird-South Junction mine grow in stature. Drilling continues at Bluebird-South Junction and the extent of this system continues to expand. Drilling at the Starlight underground mine has also successfully extended the mine life, with grade lifting from the Nightfall lode and encouraging results from testing additional lodes such as Waterbore and the extensions of Starlight. 2 Westgold Resources Limited Annual Report 2024
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