FY27 Guidance and Three-Year Outlook

Canada NewsWire

Fully funded pathway to ~500koz production base

PERTH, Western Australia , Sept. 9, 2026 /CNW/ -- Westgold Resources Limited (ASX: WGX) (TSX: WGX) – Westgold or the Company) is pleased to provide its FY27 Guidance and updated Three-Year Outlook ( 3YO or Outlook or Updated 3YO ).

Westgold's updated Three-Year Outlook presents a fully funded organic growth plan to increase Group gold production from 385–425koz in FY27 to 460–510koz in FY29 . The plan is underpinned by increased Murchison ore availability, expansion of the Cue and Meekatharra processing hubs and investment in Westgold's largest mines. This investment is expected to lift production, improve mill utilisation and reduce AISC to A$2,640–A$3,000/oz by FY29 on an FY27 real-cost basis.

The 3YO represents a deliverable base case while preserving material upside from opportunities not yet included in the Outlook. The Fletcher Zone at Beta Hunt is the largest organic growth opportunity within Westgold's portfolio and is not included in this 3YO. Once developed, and supported by a larger Southern Goldfields processing hub, current internal conceptual studies indicate Fletcher could add approximately 140kozpa to Group production and position Westgold to deliver more than 600,000ozpa 1 (see Figure 1 ).

Highlights

Cautionary Statements

The Production Target and associated forecast financial information contained in this announcement are based on Westgold's current mine plans and comprise approximately 86% Ore Reserves, 2% Measured and Indicated Resource, 7% Inferred and 5% Third Party in FY27. 81% Ore Reserves, 8% Inferred and 11% Third Party in FY28. 74% Ore Reserves, 18% Inferred and 8% Third Party in FY29.

The Company considers that it has a reasonable basis for the Production Target and forecast financial information. The Production Target is predominantly supported by Ore Reserves throughout the outlook period. However, Mineral Resources included within the Production Target do not have the same level of confidence as Ore Reserves and there is no certainty that further work will result in their conversion to Ore Reserves or that the Production Target itself will be realised.

Where the Production Target includes Inferred Mineral Resources, there is a lower level of geological confidence associated with those tonnes and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the Production Target will be achieved.

The Ore Reserve and Mineral Resource estimates underpinning the Production Target are those reported in Westgold's 2026 Mineral Resource and Ore Reserve Statement. The Company confirms that all material assumptions and technical parameters underpinning those estimates continue to apply and have not materially changed.

Westgold Managing Director and CEO Wayne Bramwell commented:

"Westgold's updated 3YO is a high confidence, executable organic growth plan lifting Group production towards 500,000 oz in FY29. This plan is fully funded with Group All-In Sustaining costs forecast to fall as the benefits of higher-grade ore availability and expansion of key Murchison mines and processing capacity to >7Mtpa are realised, delivering enhanced Group cashflow.

The capital program reflects a deliberate decision to prioritise Murchison investment and utilise Westgold's strong balance sheet, improving reserve confidence and growing mining inventories to invest ahead of production. FY27 represents the peak investment year in the 3YO, with elevated non-sustaining capital directed to accelerated underground development, strategic ore inventories and the brownfield expansions of the Cue and Meekatharra processing hubs.

Scale is not our primary driver. As these projects are delivered, annual non-sustaining capital is expected to decline through FY28 and FY29, with the benefits of these investments realised through higher production, improved mill utilisation, lower unit costs and stronger Group free cash flow.

The Beta Hunt mine is the key growth driver in the Southern Goldfields and beyond the 3YO, the Fletcher Zone within Beta Hunt provides a potential pathway to lift Group production beyond 600,000 ounces per annum. Drilling continues to increase Fletcher's scale, while development studies will assess the optimum extraction method to maximise its value.

Importantly, Westgold's growth is organic and not coming at the expense of shareholder returns. Our business is now more resilient and has the capacity to internally fund growth while continuing to support our Shareholder Capital Returns Policy 4 , dividends and ongoing capital returns."

3YO underpinned by Westgold's streamlined portfolio

Guidance and 3YO Overview

Westgold (ASX/TSX: WGX) is an unhedged, well-funded Australian gold producer with an extensive portfolio of operating assets in the Murchison and Southern Goldfields of Western Australia ( Figure 2 ).

Westgold forecasts FY27 gold production of 385-425koz at an AISC of $2,980-$3,380/oz.

The production profile is underpinned by Westgold's four operating processing hubs with 5.8Mtpa of installed processing capacity. Growth over the outlook period is expected to be delivered through increasing utilisation of existing capital infrastructure, higher mine outputs, planned processing expansions and reduced processing of lower-grade stockpile material.

Organic growth will be underpinned by $450M-$480M of capital investment and $50M-$75M of exploration and resource definition expenditure in FY27 3 .

The Company's 3YO foundation is the 2026 Mineral Resource Estimate and Ore Reserves 5 . It defines a high confidence, executable plan to grow gold production from 385-425koz in FY27 to 460-510kozpa by FY29 , at a competitive all in sustaining cost of $2,640 – $3,000/oz ( Table 1) .

The 3YO outlines how increasing Group outputs, free cash flows and operating margins will be delivered and is premised upon fully utilising our existing extensive processing infrastructure, increased mine outputs at specific operations and expansions to key processing assets over the 3YO period.

Key assumptions and strategic updates to the FY26 3YO

FY26 was a defining year in the execution of Westgold's original Three-Year Outlook 6 ( FY26 3YO ). The corporate strategy to focus on our largest assets delivered and Westgold achieved record gold production, exceeded annual production guidance, materially increased Ore Reserves, improved Mineral Resource quality and strengthened confidence in long-term mine plans across the portfolio.

These outcomes, together with record operating cash flow and improved geological understanding, have given Westgold the confidence to accelerate development, prioritise the highest-value growth opportunities and refine its long-term growth strategy. The updated FY27 3YO builds on those achievements with the key strategic changes from FY26 3YO outlined below.

Accelerating Murchison growth

The most significant change in this 3YO is the increased focus on growth across the Murchison.

The FY26 3YO identified the Murchison Open Pit Program, Bluebird-South Junction expansion, Great Fingall ramp-up and processing optimisation as key drivers of future Murchison production growth. Westgold has since advanced each initiative while continuing to grow Ore Reserves and improve mine plan confidence.

Ore inventories are expected to grow across the Murchison over the updated 3YO period. In response, Westgold has progressed engineering and development plans for both the Cue Expansion Project (CXP) 7 and Meekatharra Expansion Project (MXP) 8 , both of which are now included in the FY27 3YO.

Together, these projects increase Murchison processing capacity by approximately 1.4Mtpa, lifting total Murchison capacity to approximately 5.5Mtpa over the 3YO, and provide the most direct pathway to higher production, improved mill utilisation and lower unit costs. Capital allocation has therefore been prioritised towards the Murchison and accelerated over the 3YO period to support the associated mining and milling expansion.

Fletcher growth drives a revised Southern Goldfields strategy

The updated 3YO also reflects a reassessment of the preferred growth pathway for the Southern Goldfields.

The FY26 3YO contemplated a staged expansion of the Higginsville processing hub from 1.6Mtpa to 2.6Mtpa through the Higginsville Expansion Project ( HXP ) 9 . Since then, ongoing drilling at Fletcher has resulted in the declaration of a maiden Ore Reserve of 13.5Mt at 2.6g/t Au for 1.1Moz and an updated Mineral Resource of 40.1Mt at 2.3g/t Au for 3.0Moz 10 , materially increasing the scale of the opportunity and changing the preferred long-term development pathway.

As a result, Westgold has deferred inclusion of the HXP in the current 3YO while it evaluates a larger long-term growth solution centred on Fletcher.

Current studies assess a potential 4Mtpa processing hub, alternative haulage solutions and the optimal development strategy for the broader Southern Goldfields. As these options remain under evaluation, Fletcher and its associated capital requirements have been excluded from the 3YO and are presented as upside to the Outlook.

Murchison Open Pit Program delivering ahead of schedule

The Murchison Open Pit Program was one of the key strategic initiatives identified in the FY26 3YO. Supported by strong operating cash flow, growing Ore Reserves and improved mine plan confidence, Westgold commenced the program approximately three months ahead of schedule during Q4 FY26 11 .

The program is more than an additional ore source. It establishes strategic ore inventories ahead of the Meekatharra and Cue processing hubs, reducing reliance on stockpile haulage, improving operating flexibility and supporting more consistent production.

These inventories also strengthen the economic rationale for MXP and CXP and provide the foundation for increased Murchison throughput over the 3YO.

Improved Resource quality increases confidence in the Outlook

During FY26, Westgold increased Group Ore Reserves by 41% to 4.1Moz 5 , after adjusting for asset sales. Improved Measured and Indicated Resource confidence, accelerated underground development and sustained investment in exploration and resource definition have expanded mining inventories, reduced geological uncertainty and improved confidence in future production outcomes.

This provides a stronger foundation for the updated 3YO and as such the updated 3YO is more than a revised production forecast. It reflects the successful delivery of the FY26 plan and leverages a stronger asset base, higher-quality Ore Reserves and improved mine plan confidence across the portfolio.

Additional key assumptions

Cost and production forecasts are based on current operating metrics across the business. Capital cost assumptions are derived from completed studies unless otherwise stated. Mining productivity assumptions are applied consistently across the mine plans, providing a conservative baseline with the potential for operational outperformance.

The result is a fully funded, executable 3YO designed to deliver higher production, lower unit costs and a stronger platform for long-term organic growth and free cashflow.

Gold Production across the 3YO

Westgold forecasts gold production of 385-425koz in FY27, increasing to 425-470koz in FY28 and 460-510koz in FY29.

Production growth is driven by Westgold's streamlined operating portfolio and expanded processing infrastructure, with higher outputs expected from increased mill utilisation, ore availability and continued development of key Murchison mining fronts.

The 3YO assumes ongoing optimisation of Westgold's four processing hubs, with installed capacity increasing from approximately 5.8Mtpa in FY27 to 7.2Mtpa by FY29 through the CXP and MXP (see Figure 3 ).

The key growth projects and their delivery timings are depicted below in Figure 4 .

Murchison

Fortnum Hub

Fortnum is expected to deliver steady mine and mill performance across the Outlook, supported by a balanced underground mine plan (see Figure 5 ) and processing profile.

Open pit mining at Fortnum is planned across FY28 and FY29 as part of the Murchison Open Pit Program and development of the long-term tailings storage facility. The activity generates mill feed inventory while enabling critical infrastructure development, reducing execution risk and preserving long-term production continuity.

Westgold has assumed no third-party ore is processed at Fortnum in the 3YO.

A scoping study assessing expansion of the Fortnum hub to 1.5Mtpa was completed in December 2024. Plant debottlenecking has since lifted throughput towards approximately 1Mtpa during 2026, providing operating data to inform future expansion decisions.

Meekatharra Hub

Meekatharra growth is driven primarily by higher output from Bluebird-South Junction (see Figure 6 ), the hub's main ore source. Bluebird-South Junction achieved a 1Mtpa mining rate in June 2026, with rates expected to increase to 1.2Mtpa during FY27 from two mining fronts (Bluebird and South Junction).

This increased production is expected to displace lower-grade stockpile material previously hauled from Cue.

Polar Star – the third mining front within Bluebird-South Junction .

A new portal developed in FY26 provides access for diamond drilling to expand the Mineral Resource and increase mine plan confidence. Given Polar Star's proximity to the existing South Junction mine plan, production could be introduced from a third mining front relatively quickly once drilling, planning and development is sufficiently advanced.

The current schedule assumes Polar Star commences in FY28 and ramps up to contribute approximately 500ktpa additional mine output from FY29, subject to drilling outcomes, mine planning and delivery of the required development.

The Murchison Open Pit Program, which commenced around three months ahead of schedule in Q4 FY26, is already supplying higher-grade open pit ore to Meekatharra. This reduces reliance on lower-grade stockpiles and long-distance haulage, builds strategic ore inventories ahead of the mill and supports more consistent production, greater operating flexibility and higher utilisation of the Meekatharra processing hub.

The 3YO assumes third-party ore purchase agreements contribute approximately 30koz in FY27, 70koz in FY28 and 40koz in FY29.

Growing ore inventories from increasing mine production near the hub underpin the MXP, which will expand processing capacity from 1.8Mtpa to 2.9Mtpa by mid-FY28. Engineering and construction are expected to take approximately 18 months.

The development concept utilises equipment already procured for the Higginsville expansion, improving capital efficiency and potential MXP throughput.

Cue Hub

Cue Hub growth is expected to be driven by increased Great Fingall ore, which will progressively replace lower-grade Big Bell feed. Great Fingall is forecast to ramp steadily to 40kt per month, with grades improving following access to virgin stopes at Golden Crown and the Great Fingall reef in Q4 FY26.

At Big Bell, the mine plan progressively shifts from transverse mining in the upper cave toward the virgin Big Bell Deeps area (see Figure 7 ). Big Bell Deeps is expected to deliver ore from FY28, creating the potential for a second higher-grade ore source at the Cue hub.

Subject to upper-cave performance, Westgold may be able to operate two distinct mining areas, with Big Bell Deeps contributing grade and the existing cave contributing volume. This configuration would improve flexibility in balancing feed grade, production rate and sequencing.

The current study basis contemplates Big Bell Deeps being mined using longhole open stoping with paste fill. Most key supporting infrastructure, including paste plants and reticulation, has already been procured.

The preferred mining method remains subject to ongoing studies, with a final decision scheduled for H2 FY27.

Increasing production from Big Bell and Great Fingall underpins the CXP, a capital-light expansion of Cue processing capacity from 1.4Mtpa to 1.7Mtpa. The 3YO assumes expanded capacity becomes available in late FY27, with long-lead items already procured.

Independent analysis has confirmed CXP's project economics and proposed implementation strategy. Delivery remains subject to execution against the approved scope, schedule and capital plan.

Southern Goldfields

Southern Goldfields production is expected to remain broadly stable through the 3YO, with Beta Hunt continuing as the key ore source for the Higginsville processing hub.

The 3YO prioritises profitability, productivity and future growth options while maintaining consistent mill feed to Higginsville. Beta Hunt provides stable ore supply, supporting efficient use of existing infrastructure and a predictable Southern Goldfields production profile.

Beta Hunt grades are expected to moderate as the mine plan shifts toward a greater contribution from bulk mining methods. While this is expected to modestly reduce delivered grade, the selected mining approach should improve productivity, reduce development intensity and lower unit mining costs, supporting stronger overall mining economics and a more sustainable long-term production profile.

Development completed in FY26 supports the implementation of a transverse primary and secondary mining sequence in FY27 (see Figure 8 ). The layout separates production into northern and southern mining districts, improving operating flexibility, traffic flow and interaction between mining activities.

The 3YO assumes the Lakewood tolling agreement ends in FY27. From FY28, the 3YO assumes a further tolling solution of approximately 100ktpa or an equivalent processing improvement through Higginsville debottlenecking.

The 3YO uses the existing Beta Hunt mine inventory and excludes any contribution from the emerging Fletcher Zone or continued production from Two Boys. Fletcher remains a significant long-term Southern Goldfields growth opportunity, while Two Boys continues to produce in FY27 as drilling assesses potential mine-life extensions.

AISC

FY27 AISC guidance is A$2,980-A$3,380/oz 2 .

The FY27 cost profile reflects ongoing inflation in labour, energy and consumables, higher royalties in a stronger Australian dollar gold price environment, increased Murchison open pit mining and lower forecast grades in the Southern Goldfields.

This cost profile should be viewed in the context of Westgold's broader optimisation strategy. The Company is investing in mine development, ore inventories and operating flexibility to build a more resilient production platform and lift utilisation of existing processing infrastructure.

Key initiatives include building strategic ore inventories from the Murchison Open Pit Program and accelerated underground development across priority mining centres.

On a FY27 real cost basis, Westgold expects AISC to reduce to A$2,640-A$3,000/oz by FY29 .

The expected improvement is driven by higher-grade ore feed at key hubs, reduced reliance on lower-grade stockpiles and increased contribution from established mining fronts, including Bluebird-South Junction, Polar Star, Great Fingall and Big Bell Deeps.

Lower unit costs are also expected from greater operating flexibility delivered by the Murchison Open Pit Program and expanded processing capacity at the Meekatharra and Cue hubs.

Non-Sustaining Capital

Westgold expects FY27 non-sustaining capital expenditure of $450M-$480M 3 .

This reflects a deliberate strategy to accelerate mine development, expand processing capacity and build mining inventory ahead of production. Continued investment in drilling, resource definition and mine planning has improved confidence in the Outlook and supports more consistent production across Westgold's four processing hubs.

A significant proportion of capital over the 3YO is directed to the Murchison (see Figure 9 ), reflecting growing ore inventories, higher mine output and increased use of existing processing infrastructure. Growth from Bluebird-South Junction, Great Fingall, Big Bell and the Murchison Open Pit Program is creating the need for additional milling capacity and supporting infrastructure.

Accordingly, the 3YO includes both the MXP and CXP. The 3YO assumes FY27 spend of $20M for CXP and assumes at total of $100M for MXP, split evenly across FY27 and FY28.

Together, these projects increase Group milling capacity from approximately 5.8Mtpa in FY27 to 7.2Mtpa by FY29.

Much of the FY27 and FY28 investment is directed toward future production fronts rather than sustaining current operations. This includes development at Bluebird-South Junction and advancing the Polar Star and Big Bell Deeps mining areas, which are expected to support production growth and longer-life mining centres beyond the current 3YO.

The Outlook assumes $80M of development capital for Polar Star across FY28 and FY29 and $110M for Big Bell Deeps over the same period. The capital profile peaks in FY27 and declines through the remainder of the 3YO as major development activities, MXP and CXP progress towards completion.

As these projects are delivered, Westgold expects higher production, lower unit costs and stronger free cash flow generation.

While 3YO capital allocation is focused on the Murchison, the Southern Goldfields remains strategically important. The maiden Ore Reserve and updated Mineral Resource at Fletcher have changed the preferred long-term development pathway, prompting reassessment of the Higginsville expansion strategy. Fletcher and its associated capital requirements are therefore excluded from the 3YO while haulage, processing and development studies are completed.

Future growth capital is expected to shift increasingly toward the Southern Goldfields once the preferred Fletcher development pathway is established.

The 3YO capital program underpins production during the 3YO period while establishing the mining fronts expected to drive growth beyond FY29.

Figure 10 below shows the key movements between Non-Sustaining Capital Expenditure forecast in the FY26 3YO for FY27 against the Non-Sustaining Capital Expenditure within the FY27 Guidance.

The key capital movements from the FY26 3YO to the updated 3YO are summarised below:

Murchison Expansion Projects (MXP and CXP)

Growing ore inventories in the Murchison have prioritised the expansion of the Cue and Meekatharra capital towards MXP and CXP. These projects provide additional capacity to process increasing Murchison ore inventories and mine output.

Beta Hunt Resource Growth and Mining Optimisation

Enhanced bulk-stoping methods implemented across A Zone and Western Flanks at Beta Hunt in FY26 have identified opportunities beyond the current two-year production horizon. A triple-lift approach could materially reduce development metres per stope tonne, improve efficiency and lower operating costs.

Additional diamond drilling has been included in the 3YO to support this opportunity.

Ventilation upgrades

Westgold has brought forward several primary ventilation upgrades across its underground operations. These projects are expected to support earlier expansion of mining activity, improve energy efficiency and enable additional underground equipment to be deployed sooner.

Larger Great Fingall mine design has deferred commercial production

Drilling at Great Fingall and Golden Crown has improved orebody knowledge and geological confidence, supporting a larger and lower-risk mine design than the original Feasibility Study.

Underground drilling, required due to nuggety mineralisation, and further assessment of historic workings have refined the mine plan, with commercial production now expected in FY27.

Accelerated underground development builds long-term mining consistency

Westgold's record FY26 cash position has enabled accelerated underground development ahead of current mining fronts. This capital investment builds operational buffer, improves scheduling flexibility, supports higher mill throughput where capacity exists and increases portfolio resilience.

The updated 3YO reflects Westgold's shift from stabilising a historically underinvested asset base to investing for sustainable growth. The revised capital profile prioritises infrastructure upgrades, operating efficiency and long-term organic growth across the portfolio.

Importantly, the 3YO remains fully funded and is expected to support the Company's Shareholder Capital Returns Policy, including dividends and capital returns, throughout the outlook period.

Exploration and Resource Definition

Westgold expects to invest $50-$75M in exploration and resource definition during FY27, building on its industry-leading FY26 Reserve replacement performance.

The program is focused on converting and extending the Company's 14.4Moz Mineral Resource inventory across its tenure. Westgold is currently operating seven surface rigs and 19 underground drill rigs planning to drill over 600km in FY27 across grade control, resource definition and exploration programs.

Resource definition drilling is focused on key upside areas outside the 3YO but within the broader Life of Mine plan:

Big Bell South (Murchison)

Resource Definition drilling is currently underway along the Big Bell South targets (see Figure 7 ). This has been stage-gated to concentrate on the highest value opportunities, focusing on the 1600-Shocker resource. These pits were mined in the early 1990's, cutback again from 2001-2003, and produced 1.2Mt at 2.3g/t for 88koz. They sit along the 2.8Moz wider Big Bell Trend.

Cuddingwarra Open Pits (Murchison)

Westgold continues to progress with Resource Definition throughout the Cuddingwarra area near Cue. Whilst a secondary target compared to Big Bell South, the opportunity is no less significant. Cuddingwarra has a Mineral Resource of 2.4Mt at 1.6g/t for 122koz 12 , with previous production of 640kt at 3.5g/t for 72koz.

Paddy's Flat North (Murchison)

Targeting the historical Halcyon and Democrat pits (north of the underground mine) which produced 500kt at 3g/t Au for 58koz and 192kt at 3.3g/t Au for 20koz respectively. Drilling has begun in this region which has not been explored since open pit mining concluded in the 1990s.

Paddy's Flat (Murchison)

The Paddy's Flat area has historically produced more than 1.7Moz, comprising approximately 832koz from underground operations and 877koz from open pits. Westgold is re-evaluating the Paddy's complex as a potentially large open pit operation with drilling underway in Q1, FY27.

Mason (Beta Hunt – Southern Goldfields)

Parallel to the Larkin lode, the Mason lode is determined to be the continuation of the Fletcher orebody south of the Alpha Island Fault (see Figure 12 ). Drilling of Mason is currently underway which will determine the inclusion into the wider Fletcher mine plan.

Westgold continues to improve the quality and convertibility of its Mineral Resource inventory. Ore Reserves have increased from 3.3Moz in FY24 to 4.1Moz in FY26 13 , despite ongoing mining depletion, resulting in Reserve coverage increasing from 25% to 28.5% of total Mineral Resources.

This reflects the success of targeted Resource Definition drilling, geological model enhancements and mine planning across the portfolio.

Resource Confidence

Key to the delivery of the 3YO is confidence in the mine plans.

Over 80% of Westgold ore milled throughout the 3YO is within the Proven and Probable Reserve categories with an average of over 70% Proven and Probable in FY29 (see Figure 11 ). Business plans are aligned with increasing resource confidence over the latter half of the 3YO.

The 3YO assumes $50-75M investment each year in exploration and resource definition drilling to improve resource confidence beyond the 3YO 14 .

Fletcher Zone at Beta Hunt – Southern Goldfields Growth Driver

The 3YO intentionally excludes any production contribution from the Fletcher Zone at Beta Hunt and any associated development capital. Fletcher remains Westgold's most significant organic growth opportunity within the Beta Hunt mine complex and provides the clearest pathway to a production platform exceeding 600kozpa beyond FY29.

Recent drilling success resulted in the declaration of a 1.1Moz maiden Ore Reserve and a 3.0Moz updated Mineral Resource for Fletcher 15 , materially increasing confidence in the scale and continuity of the system (see Figure 12 ).

Importantly, drilling completed to date has only tested approximately half of the currently defined strike extent, with substantial exploration potential remaining open and ongoing drilling continuing to assess the ultimate scale of the mineralised system.

Current internal conceptual studies indicate Fletcher could support a third major mining front within the Southern Goldfields and add approximately 140kozpa of production at steady state. While this demonstrates the scale of the opportunity, Westgold considers it premature to incorporate Fletcher into the 3YO while key development and infrastructure decisions remain under evaluation.

Westgold is currently assessing multiple development pathways for Fletcher. The base study concept assumes a 4Mtpa processing solution at Higginsville and conventional underground haulage and trucking; however, management believes this is unlikely to represent the optimal long-term development outcome. Consequently, studies are examining alternative infrastructure solutions capable of improving operating efficiency, lowering capital intensity and accelerating development.

A key component of this work is evaluating future processing options for the Southern Goldfields. In addition to expansion of Higginsville, Westgold is assessing the potential development of a new processing facility located closer to Beta Hunt.

The Company's Spargos landholding, located approximately 30km from Beta Hunt by road, is being considered as one potential location. Compared to the current haulage distance to Higginsville of approximately 80km, a processing solution located closer to Beta Hunt could materially improve project economics through lower haulage costs and greater operating flexibility.

Based on preliminary internal analysis, a 4Mtpa processing plant located at Spargos could reduce haulage costs by approximately $10/t relative to the current Higginsville-based concept, resulting in an annualised saving of $40M.

In parallel, Westgold has commenced a dedicated mine haulage study to determine the preferred mine-to-surface ore transport solution for Fletcher. The study is assessing alternatives to conventional trucking and will form a key input into future development decisions, processing infrastructure requirements and capital allocation priorities for the Southern Goldfields.

For these reasons, Fletcher has been excluded from the 3YO as Westgold believes it is prudent to complete the current drilling, haulage and development studies before defining a preferred development pathway. While this approach delays incorporation into the formal Outlook, it preserves substantial upside beyond FY29 while retaining the flexibility to incorporate Fletcher into future outlooks as studies mature.

Additional upside to the 3YO

The 3YO depicts an executable baseline for Westgold – with upside.

The 3YO intentionally excludes several other material opportunities that have the potential to accelerate production growth, improve operating margins or extend mine life beyond the current planning horizon.

These opportunities continue to be progressed through drilling, engineering studies and technical evaluation, but have not been incorporated into the Outlook due to remaining study, permitting and investment decision requirements.

Acceleration of Polar Star at Bluebird – South Junction mine

The current Outlook assumes Polar Star contributes approximately 500ktpa from FY29 following a measured development and drilling program. Polar Star's close proximity to the existing Bluebird-South Junction mining complex provides flexibility to accelerate development should drilling results, mine planning and infrastructure availability support an earlier production profile.

Further opportunity exists to align accelerated mining at Polar Star with incremental processing capacity available through the Meekatharra Expansion Project, potentially increasing throughput and production beyond the 3YO assumptions.

Additional Open Pit Opportunities

The Murchison Open Pit Program currently incorporates only a portion of Westgold's broader open pit inventory. Multiple opportunities remain under evaluation, including Paddy's Flat North and Big Bell South, where drilling programs are currently underway.

In particular, Big Bell South has the potential to provide a source of higher-grade open pit material proximal to existing infrastructure. Successful drilling and study outcomes may allow Big Bell South to contribute ore ahead of, or in combination with, Big Bell Deeps, potentially deferring elements of future underground capital while extending the productive life of the existing Big Bell operation.

Expansion of the Fortnum Mill

The 3YO assumes Fortnum remains a broadly matched underground mine and processing operation, with stable production and no processing expansion included. The 3YO establishes open pit mill-feed inventory at Fortnum during FY28 and FY29, while the existing plant remains allocated to the matched underground production profile.

A future plant expansion could accelerate processing of this open pit inventory, bringing forward production and increasing output beyond the 3YO. Westgold continues to assess expansion options for the Fortnum processing hub.

Additional capacity would also provide flexibility to process additional ore purchase agreements or further third-party milling opportunities, which are not included in the 3YO.

Acceleration of Big Bell Deeps

The 3YO assumes Big Bell Deeps commences production from FY28 following the completion of ongoing mining method studies. Big Bell Deeps provides access to higher-grade mineralisation beneath the existing cave and has the potential to accelerate grade improvements at the Cue Hub.

Should study outcomes and mine development progress support an earlier transition into Big Bell Deeps, Westgold may be able to increase the contribution of higher-grade ore sooner than assumed in the 3YO, reducing reliance on lower-grade cave material and improving feed quality into the Cue processing hub.

Coarse gold at Beta Hunt

No contribution from coarse gold has been incorporated into the 3YO. Any coarse gold discovery would represent further production upside.

Extensions to Two Boys and Other Southern Goldfields Opportunities

The 3YO includes no production from Two Boys in the Southern Goldfields and Fender in the Murchison. Ongoing drilling is targeting extensions to known mineralisation at Two Boys and Fender, while both mines continue to deliver higher grade and cash generation over the first two months of FY27. Success from these drilling programs may extend mine life, improve or maintain current feed grades representing further upside to the 3YO.

Exploration, resource conversion, ore purchase or toll treating opportunities

The 3YO envisages mining only resources within Westgold's current asset package and land holding. No allowances have been made for further exploration discovery, resource conversion or production upside through new business development opportunities outside existing ore purchase agreements.

Conclusion

Westgold's updated 3YO establishes a fully funded and executable pathway to grow production from FY27 guidance of 385-425koz to 460-510koz by FY29 while improving operating margins through increased ore availability, mill utilisation and a lower cost profile.

The 3YO is underpinned by Westgold's existing operating portfolio, four processing hubs and its current Ore Reserve and Mineral Resource base, providing a high-confidence foundation for delivery over the next three years.

Importantly, the 3YO intentionally excludes any production contribution from the Fletcher Zone at Beta Hunt. Fletcher represents one of the largest organic growth opportunities within Westgold's portfolio and, based on current internal studies, provides a pathway to add approximately 140kozpa of production and establish a production platform capable of exceeding 600kozpa.

While substantial study work remains to be completed, including optimisation of the development strategy, haulage solution and ultimate processing configuration, Westgold believes it is prudent to exclude Fletcher from the base case until those studies are further advanced.

The 3YO reflects what the Company can confidently deliver from its existing portfolio while preserving significant future upside from Fletcher .

Beyond Fletcher, additional opportunities exist through acceleration of Polar Star and Big Bell Deeps, expansion of the Fortnum processing hub, further open pit developments and extensions to existing mining areas, none of which are required to achieve the 3YO presented in this announcement.

The investments outlined in the 3YO not only underpin production within the 3YO period but establish the mining fronts expected to drive production well beyond FY29. Through continued investment in mine development, reserve conversion and strategic infrastructure, Westgold is building the foundations for a sustainably larger gold business capable of generating stronger cash flow, greater operational flexibility and long-term shareholder value.

Westgold Update Webcast

Wayne Bramwell (Managing Director & CEO), Tommy Heng (Chief Financial Officer) Aaron Rankine (Chief Operating Officer), and Leigh Devlin (Chief Technical Officer) will present an update on the 3YO via webcast on Wednesday, 9 September 2026 at 10:00AM   AWST / 12:00PM AEST, followed by a Q&A session.

To listen to the Webcast live, please click on the link below and register your details, or cut and paste the URL into your web browser:

WESTGOLD FY27 GUIDANCE AND 3 YEAR OUTLOOK WEBINAR

https://attendee.gotowebinar.com/register/2704967287087160919

After registering, you will receive a confirmation email containing information about joining the webinar. Please log on a few minutes before the scheduled commencement time to ensure you are registered in time for the start of the call.

This announcement is authorised for release to the ASX by the Board.

Compliance Statements

The information in this release that relates to the Ore Reserves and Mineral Resources of Westgold has been extracted from the ASX announcement titled "2026 Mineral Resource Estimate and Ore Reserves" released to the ASX on 20 August 2026 and available at www.asx.com.au . Westgold confirms that it is not aware of any new information or data that materially affects the information included in that announcement, and that all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed. Westgold confirms that the form and context in which the Competent Persons findings are presented have not been materially modified from that announcement.

Competent/Qualified Person Statements

Exploration Results and Mineral Resources Estimates

The information in this release that relates to Exploration results and Mineral Resource Estimates is compiled by Westgold technical employees and contractors under the supervision of Mr. Jake Russell B.Sc. (Hons), who is a member of the Australian Institute of Geoscientists and who has verified, reviewed and approved such information. Mr Russell is a full-time employee of the Company and has sufficient experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activities which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the "JORC Code") and as a Qualified Person as defined in the CIM Guidelines and National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr. Russell is an employee of the Company and, accordingly, is not independent for purposes of NI 43-101. Mr Russell consents to and approves the inclusion in this release of the matters based on his information in the form and context in which it appears. Mr Russell is eligible to participate in short- and long-term incentive plans of the company.

The Mineral Resource Estimates contained herein have an effective date of 30 June 2026 and were completed by Westgold technical employees and contractors under the supervision of Mr Jake Russell. The key inputs and assumptions are provided in Appendix A to this release including Section 1 – Sampling Techniques and Data, Section 2 – Reporting of Exploration Results, Section 3 – Estimation and Reporting of Mineral Resources and Section 4 – Estimation and Reporting of Ore Reserves.

Ore Reserves

The information in this release that relates to Ore Reserve is based on information compiled by Mr. Leigh Devlin B.Eng. FAusIMM, who has verified, reviewed and approved such information. Mr. Devlin has sufficient experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activities which they are undertaking to qualify as a Competent Person as defined in the JORC Code and as a Qualified Person as defined in the CIM Guidelines and NI 43-101. Mr. Devlin is an employee of the Company and, accordingly, is not independent for purposes of NI 43-101. Mr. Devlin consents to and approves the inclusion in this release of the matters based on his information in the form and context in which it appears. Mr. Devlin is a full-time senior executive of the Company and is eligible to and may participate in short-term and long-term incentive plans of the Company as disclosed in its annual reports and disclosure documents.

General

Mineral Resources, Ore Reserve Estimates and Exploration Targets and Results are calculated in accordance with the JORC Code. Investors outside Australia should note that while Ore Reserve and Mineral Resource estimates of the Company in this announcement comply with the JORC Code (such JORC Code-compliant Ore Reserves and Mineral Resources being "Ore Reserves" and "Mineral Resources" respectively), they may not comply with the relevant guidelines in other countries.

The JORC Code is an acceptable foreign code under NI 43-101. Information contained in this release describing mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of US securities laws, including Item 1300 of Regulation S-K. All technical and scientific information in this release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and has been reviewed on behalf of the Company by Qualified Persons, as set forth above.

This release contains references to estimates of Mineral Resources and Ore Reserves.

The estimation of Mineral Resources is inherently uncertain and involves subjective judgments about many relevant factors. Mineral Resources that are not Ore Reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. Mineral Resource estimates may require re-estimation based on, among other things: (i) fluctuations in the price of gold; (ii) results of drilling; (iii) results of metallurgical testing, process and other studies; (iv) changes to proposed mine plans; (v) the evaluation of mine plans subsequent to the date of any estimates; and (vi) the possible failure to receive required permits, approvals and licenses.

Forward Looking Statements

These materials prepared by Westgold include forward looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as "may", "will", "expect", "intend", "believe", "forecast", "predict", "plan", "estimate", "anticipate", "continue", and "guidance", or other similar words and may include, without limitation, statements regarding the Company's 3YO, including estimates of gold production, grades, recoveries and its expectations regarding AISC, the timing of updates to Mineral Resource estimates or Ore Reserves, plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.

Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.

Forward looking statements are based on the Company and its management's good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company's business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company's business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company's control.

Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company.

In addition, the Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of the factors outlined in the "Risk Factors" section of the Company's continuous disclosure filings available on SEDAR+ or the ASX, including, in the Company's current annual report, half year report or most recent management discussion and analysis.

Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances.

Appendix A – JORC 2012 Table 1– Gold Division

SECTION 1: SAMPLING TECHNIQUES AND DATA

(Criteria in this section apply to all succeeding sections.)

SECTION 2: REPORTING OF EXPLORATION RESULTS

(Criteria listed in the preceding section also apply to this section.)

SECTION 3: ESTIMATION AND REPORTING OF MINERAL RESOURCES

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

SECTION 4: ESTIMATION AND REPORTING OF ORE RESERVES

(Criteria listed in section 1, and where relevant in sections 2 and 3, also apply to this section.)

SOURCE Westgold Resources Limited

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Canada Newswire

September 8, 2026 - 9:14 PM PDT

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