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ASX | TSX: WGX westgold.com.au MINING FORUM AMERICAS Westgold 4-5-6 4 operating hubs - ~500koz by FY29 - pathway beyond 600koz 28 September 2026
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Important Notices and Disclaimer Investor Presentation This investor presentation is dated 28 September 2026 and has been prepared by Westgold Resources Limited (ASX: WGX, TSX:WGX) (Westgold) based on information available to it at the time of preparing this presentation. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of Westgold, its directors, employees or agents, advisers, nor any other person, accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it. Financial values are reported in US$ unless otherwise specified, converted using A$ figures at a flat AUD:USD of 0.6869 as at 30 June 2026, from https://www.rba.gov.au/statistics/historical-data.html#exchange-rates. Not an Offer This presentation is not an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchase or sale of any security, and neither this presentation nor anything in it shall form the basis of any contract or commitment whatsoever. This presentation has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this presentation have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions registered under the US Securities Act or exempt from, or not subject to, the registration of the US Securities Act and applicable US state securities laws. Summary Information By reviewing or retaining these materials, or attending or participating in this presentation, you acknowledge and represent that you have read, understood and accepted the terms of this “Important Notices and Disclaimer”. This presentation contains summary information about Westgold and its activities current only at the date of this presentation. This presentation is for information purposes only. The information in the presentation is of a general nature only and does not purport to be complete. This presentation should be read in conjunction with Westgold’s periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX), which are available at www.asx.com.au and on Westgold's website at www.westgold.com.au, and in Canada under Westgold's profile on SEDAR+ at www.sedarplus.ca. Certain information in this presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. Neither Westgold nor its representatives have independently verified any such information sourced from third parties or industry or general publications. Not Investment Advice This presentation does not constitute in any way an offer or invitation to subscribe for securities in Westgold pursuant to the Corporations Act 2001 (Cth). This presentation does not constitute investment advice and has been prepared by Westgold without taking into account the recipient’s investment objectives, financial circumstances or particular needs. Each recipient must make his/her own independent assessment and investigation of Westgold and its business and assets when deciding if an investment is appropriate and should not rely on any statement or the adequacy and accuracy of any information. This presentation is in summary form and does not purpose to be exhaustive. Westgold makes no representation or warranty (either expressed or implied) as to the accuracy, reliability or completeness of the information in this presentation. Westgold and its respective directors, employees, agents and consultants shall have no liability (including liability to any person by reason of negligence or negligent misstatement) for any statements, opinions, information or matters (express or implied) arising out of, contained in or derived from, or for any omissions from the presentation, except liability under statute that cannot be excluded. Forward-looking Statements This document contains “forward-looking information” and “forward-looking statements” which are based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of Westgold believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as ‘ e x p e c t s ’, ‘anticipates’ , ‘ p l a n s ’, ‘believes’ , ‘estimates’ , ‘ s e e k s ’, ‘intends’ , ‘targets’ , ‘projects’ , ‘forecasts’ , or negative versions thereof and other similar expressions, or future or conditional verbs such as ‘ m a y ’, ‘ w i l l ’, ‘should’ , ‘would’ and ‘could’. Although management believes that the assumptions made by Westgold and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of Westgold to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, changes in laws, regulations and practices, the geopolitical, economic, permitting and legal climate that Westgold operates in, as well as those factors disclosed in Westgold's publicly filed documents. Westgold believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Readers should not place undue reliance on forward-looking information. Westgold does not undertake to update any forward-looking information, except in accordance with applicable securities laws. Historical Information Information about the past performance of Westgold contained in this presentation is given for illustrative purposes only and cannot be relied upon as an indicator of (and provides no guidance as to) future performance, including future share price performance of Westgold. Any such historical information is not represented as being, and is not, indicative of Westgold’s view on its future financial condition and/or performance, nor the future financial condition and/or performance of the merged group. Pro-forma financial information Investors should be aware that this presentation contains pro-forma financial information and certain other financial information and measures that are “non IFRS financial information” under Regulatory Guide 230: ‘Disclosing non IFRS financial information’ published by ASIC and are not recognised under Australian Accounting Standards (AAS) and International Financial Reporting Standards (IFRS). The non IFRS financial information financial measures do not have a standardised meaning prescribed by the applicable AAS or IFRS, and therefore, may not be comparable to similarly titled measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with the applicable AAS or IFRS. Although Westgold believes the non-IFRS financial information and financial measures provide useful information to users in measuring the financial performance and condition of Westgold, investors are cautioned not to place undue reliance on any non-IFRS financial information or financial measures included in this presentation. This presentation contains pro forma financial information of Westgold. The pro forma financial information provided in this presentation is for illustrative purposes only and is not represented as being indicative of Westgold’s (or anyone else's) views on Westgold’s future financial position and/or performance. 2
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3 Important Notices and Disclaimer Ore Reserves and Mineral Resources The information in this presentation 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. The information in this presentation that relates to Westgold’s 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 Westgold 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 Joint Ore Reserves Committee’s 2012 Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC Code) and as a Qualified Person as defined in the CIM Guidelines and National Instrument 43-101 - Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators (NI 43-101). Mr. Russell is a full-time employee as General Manager – Technical Services of Westgold and, accordingly, is not independent for purposes of NI 43-101. Mr Russell consents to and approves of the inclusion in this presentation 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 Westgold. The information in this presentation that relates to Westgold’s Ore Reserve is based on information compiled by Mr. Leigh Devlin B.Eng. FAusIMM and 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 full-time senior executive of Westgold and, accordingly, is not independent for purposes of NI 43-101. Mr. Devlin consents to and approves of the inclusion in this presentation 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 Westgold and is eligible to and may participate in short-term and long-term incentive plans of Westgold as disclosed in its annual reports and disclosure documents. 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 presentation 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 presentation 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 presentation 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. Investment Risk As noted above, an investment in shares in Westgold is subject to investment and other known and unknown risks, some of which are beyond the control of Westgold. Westgold does not guarantee any particular rate of return or the performance of Westgold, nor does it guarantee the repayment of capital from Westgold or any particular tax treatment. Prospective investors should have regard to the risks outlined in this presentation when making their investment decision and should make their own enquires and investigations regarding all information in this presentation, including but not limited to the assumptions, uncertainties and contingencies which may affect future operations of Westgold and the impact that different future outcomes may have on Westgold. These risks, together with other general risks applicable to all investments in listed securities not specifically referred to, may affect the value of shares in Westgold in the future. There is no guarantee that the Westgold shares will make a return on the capital invested, that dividends will be paid on the Westgold shares or that there will be an increase in the value of the Westgold shares in the future. Accordingly, an investment in Westgold should be considered highly speculative and potential investors should consult their professional advisers before deciding whether to subscribe for Westgold shares. Effect of Rounding A number of figures, amounts, percentages, estimates and calculations of value in this presentation are subject to the effect of rounding. The actual calculation of these figures may differ from the figures set out in this presentation. Disclaimer Neither Westgold nor any of its advisers, affiliates, related bodies corporate, directors, officers, partners, employees or agents, have authorised, permitted or caused the issue, submission, dispatch or provision of this presentation and, except to the extent referred to in this presentation, none of them makes or purports to make any statement in this presentation and there is no statement in this presentation which is based on any statement by any of them. To the maximum extent permitted by law, Westgold and its advisers, affiliates, related bodies corporate, directors, officers, partners, employees or agents exclude and disclaim all liability, for any expenses, losses, damages or costs incurred by you and the information in this presentation being inaccurate or incomplete in any way for any reason, whether by negligence or otherwise. To the maximum extent permitted by law, Westgold and its advisers, affiliates, related bodies corporate, directors, officers, partners, employees or agents make no representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of information in this presentation and the statements made in this presentation are made only as at the date of this presentation (unless otherwise indicated). The information in this presentation remains subject to change without notice. To the maximum extent permitted by law, Westgold and its advisers, affiliates, related bodies corporate, directors, officers, partners, employees or agents each expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence for any loss arising from the use of or reliance on information contained in this presentation, including representations or warranties or in relation to the accuracy or completeness of the information, statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out of or derived from, or for omissions from, this presentation including, without limitation, any financial information, any estimates or projections and any other financial information derived therefrom.
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Westgold ASX 100 gold producer 4
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5 ASX:WGX - Westgold overview US$3.7B Market Capitalisation US$1.1B Available Liquidity 14.4Moz Mineral Resources1 4.1Moz Ore Reserves1 385 – 425koz FY27 Production Guidance2 US$2,047 - 2,322/oz FY27 AISC Guidance2 4 operating hubs, long life assets, organic growth 460 – 510koz FY29 Production Guidance2 US$1,813 - 2,061/oz FY29 AISC Guidance2 1. Refer to the Company’s ASX announcement titled “2026 Mineral Resource Estimate and Ore Reserves” dated 20 August 2026 for further information; 2. Refer to the Company’s ASX announcement titled “FY27 Guidance and Three-Year Outlook” dated 9 September 2026 for further information.
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Strong platform for growth 6
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300kozpa now behind us 7 US$131M US$132M US$181M US$250M US$645M FY22 FY23 FY24 FY25 FY26 +49% p.a. …and record treasury build -1,000 -500 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 FY22 FY23 FY24 FY25 FY26 1,649 1,756 2,153 3,013 4,285 1,162 1,373 1,496 1,831 1,951 -1,000 -800 -600 -400 -200 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800 3,000 3,200 3,400 3,600 3,800 4,000 4,200 4,400 AISC Margin AISC (US$/oz) Achieved gold price (US$/oz) Turnaround sees margins and production increasing 271koz 257koz 228koz 326koz 387koz Gold Production (koz) Treasury1 @ June 30 (US$M) Record production, exceeded top end of FY26 Guidance 1. Cash, bullion and liquid investments
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Long life mining assets – 10-year Reserve life1 8 Mineral Resources and Ore Reserves2(Moz) 2.3 6.7 5.4 Mineral Resources 0.9 3.2 Ore Reserves Proven Probable Measured Indicated Inferred 14.4 4.1 Significant conversion potential Added 1.5Moz of gross Reserves at US$19/oz in FY26 Our key mines are long life1 1. Reserve life has been calculated from Ore Reserve ounces as at 30 June 2026 for the associated mine and dividing it by its corresponding contained ounces mined in FY26. Great Fingall mine life was sourced from the Great Fingall FID (refer to ASX announcement titled “Great Fingall Approved for Development” dated 9 August 2023) as the mine was not in commercial production in FY26. In the case of Westgold’s Reserve life, total ore reserves have been divided by FY26 production; 2. Mineral Resource and Ore Reserves as at 30 June 2026. Refer to “Ore Reserves and Mineral Resources” section in slide 3 for further information. Refer to the Company’s ASX announcement titled “2026 Mineral Resource Estimate and Ore Reserves” dated 20 August 2026 for further information.
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500kozpa milestone ahead 9 >US$103M Exploration + resource definition2 Across the Three-Year Outlook 4 Operating hubs 5.8Mtpa installed capacity 4.1Moz Group Ore Reserve1 +41% during FY26, post asset sale adjustments Fully funded Organic growth plan Investment ahead of production Record production, growing reserves and updated mine-plan provide tangible runway to +600kozpa 1. Refer to the Company's ASX announcement titled "2026 Mineral Resource Estimate and Ore Reserves" dated 20 August 2026 for further information; 2. This reflects the current intentions of the Company and is subject to operational priorities, market conditions and Board approval. Accordingly, this planned investment may be subject to change.
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The 4 - 5 - 6 Strategy Fully funded organic growth plan 10
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Westgold’s 4-5-6 Strategy1 11 US$2,047/oz US$2,061/oz US$1,813/oz US$2,322/oz US$2,335/oz US$2,061/oz FY27 Guidance FY28 FY29 +Fletcher 385-425koz 425-470koz 460-510koz >600koz ~9% CAGR Group Production AISC Lower (US$/oz) AISC Upper (US$/oz) 4 OPERATING HUBS Across the Murchison and Southern Goldfields of Western Australia. 5 ~500kozpa BY FY29 A detailed plan to lift production of its operating hubs to circa 500,000oz per annum and reduce costs 6 +600kozpa PATHWAY A fully funded pathway beyond 600,000oz per annum. 1. Refer to the Company’s ASX announcement titled “FY27 Guidance and Three-Year Outlook” dated 9 September 2026 for further information.
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The Murchison – bigger mines need bigger mills 12 More mining fronts + optimised feed grades + expanded processing capacity CUE HUB1 1.4Mtpa → 1.7Mtpa CXP commissioned Q1, FY28 MEEKATHARRA HUB2 1.8Mtpa → 2.9Mtpa MXP targeted by mid FY28 DELIVERABLES 7.2Mtpa Group Processing Capacity by FY29 Increased ore optionality Lower unit processing costs across Murchison CXP and MXP are fully funded brownfield expansions of existing hubs to add approximately 1.4Mtpa to group processing capacity. Great Fingall + Big Bell Deeps Higher-grade feed for the Cue hub Murchison Open Pit Program Strategic ore inventories ahead of the mills Bluebird-South Junction 1.2Mtpa mining rate targeted during FY27 Polar Star Next mining front at Bluebird-South Junction scheduled to contribute from FY29 1. Refer to the Company's ASX announcement titled "Cue Hub Expansion to 1.7Mtpa in FY28" dated 5 August 2026; 2. Refer to the Company's ASX announcement titled "2.9Mtpa Meekatharra Expansion Plan" dated 25 August 2026.
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Defined milestones support delivery through FY29 13 FY27 FY28 FY29 CXP MXP Fletcher Zone HXP Polar Star Big Bell Deeps Engineering/Construction Engineering/Construction Development Development Production Production MurchisonSouthern Goldfields DFS Haulage Study 2.9Mtpa Capacity 1.7Mtpa Capacity DFS, FID and early works Key projects and their timing to affect the 3-Year Outlook (3YO) FY26 Cue Hub 1.4Mtpa Meekatharra Hub 1.8Mtpa Drilling Drilling Drilling Under review Fletcher and HXP upside to 3YO
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Committed to growth + shareholder returns 14 $65M $18M FY24 FY25 FY26 FY272 US$7M US$19M US$83M $14M2 +175% +329% Share Buy BackDividends declared FY26 dividend of 6.9cps is 400% above the minimum annual dividend commitment of 1.4cps in FY26 Total payment of US$65M - representing 16% of FY26 free cash flow of US$414M US$83M in total Shareholder Capital Returns for FY261 6.9cps Fully Franked Dividend 1. Refer to the Company’s ASX announcement titled “Westgold delivers $122M in FY26 Shareholder Capital Returns” dated 28 August 2026 for further information. 2. As at 24 September 2026 3. Annual dividend typically determined in August after the end of the financial year. US$34M on-market share buy-back for FY27 approved US$14M already completed Extension between 11 Sep 2026 – 10 Sep 2027 On-market ASX purchases, at Board discretion TBD3
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The upside 15 Beyond 4 - 5 - 6
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4-5-6 Upside 16 The 3YO is an executable baseline – the upside is tangible Murchison Latest open pit drilling delivers new targets Big Bell South + Paddy's Flat North under evaluation Murchison Polar Star outperformance above current mine schedule Current schedule assumes ≈500ktpa from FY29 Murchison Fortnum Expansion Plan activated Potential to bring forward open-pit inventory Murchison Big Bell Deeps – starts before planned FY28 inclusion Earlier higher-grade contribution remains possible Southern Goldfields Fletcher starts before FY30 ≈140kozpa conceptual steady-state opportunity Wildcards Two Boys & Fender UG extensions and/or new discoveries No additional Resource conversion or new business-development upside Current 3YO does not include any of this upside.
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Southern Goldfields – pushes Group to +600kozpa 17 Fletcher Zone @ Beta Hunt the driver 1.1Moz Maiden Ore Reserve1 3.0Moz Updated Mineral Resource1 ≈140kozpa Conceptual steady-state addition >600kozpa Potential Group production platform 7 drill rigs operating today at Beta Hunt 1. Refer to the Company's ASX announcement titled "1.1Moz Maiden Fletcher Ore Reserve" dated 18 August 2026.
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Optimising the Southern Goldfields 18 DEFINE Scale + continuity • Resource definition drilling • Mine-plan inventory • Mason continuation PLAN Mine optimisation • Mine to surface haulage • Development sequence COMPARE Processing pathways • Capacity and capital trade-offs • Higginsville: existing hub • Spargos: reduced haulage SELECT Preferred configuration • Whole-of-group economics • Capital + schedule • Risk and optionality DELIVER Development pathway • Approvals and FID • Early works • Ramp-up sequence
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Value gap presents opportunity 19
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Globally significant investment value proposition 20 Highly attractive value proposition with significant leverage to the gold price 30,575 27,259 24,230 20,520 18,175 15,713 15,183 14,622 13,587 12,859 12,002 11,649 11,161 8,221 7,141 7,080 Westgold’s growth is mispriced 1. FY27e production sourced from S&P CIQ. Westgold production based on 3-year outlook midpoint. Market capitalisations as at 25 September 2026 sourced from FactSet. Vault Minerals excluded as it is subject to a takeover. 2. Peer set comprised of ASX and TSX listed, gold producers with market capitalisation greater than A$5B excluding Vault Minerals due to current M&A activity EV/Production (FY27e)1,2 – ASX and TSX gold peers (US$/oz)
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A leading FCF yield opportunity 21 25% 18% 14% 14% 12% 11% 11% 11% 10% 9% 9% 8% 7% 7% 7% 4% Forecast FCF Yield – ASX and TSX gold peers (FY29e)1,2 1. FY29e FCF sourced from S&P Visible Alpha. Westgold FCF based on 3-year outlook using a A$6,000/oz gold price. Market capitalisations as at 25 September 2026 sourced from FactSet. Vault Minerals excluded as it is subject to a takeover. FY29e FCF yield calculated as F29E FCF/current market capitalisation. 2. Peer set comprised of ASX and TSX listed, gold producers with market capitalisation greater than A$5B excluding Vault Minerals due to current M&A activity
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Why own Westgold ? 22
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So why own Westgold? 23 UNDERVALUED TODAY Peer discount across Reserve, EV and earnings metrics ENTRY POINT PROVEN 3 operating mines that have delivered >1Moz FUNDED GROWTH Brownfield expansions paid for through available liquidity RESERVE CONVERSION 26 rigs active >US$103M investment in exploration and resource definition to FY29 Sector leading FY26 discovery cost of US$19/oz of Reserve SCALE + LOWER COSTS Cashflow needs Scale & Margin Substantial scale and margin right now - 387koz in FY26 ~500kozpa by FY29 with a falling AISC RE-RATE POTENTIAL Growth + returns + upside CATALYSTS Self funding growth and returns to shareholders
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Westgold 4-5-6 24 4 OPERATING HUBS Long-life Western Australian assets with established infrastructure 5 ~500kozpa BY FY29 Fully funded brownfield growth with lower AISC expected 6 >600kozpa PATHWAY Fletcher and tangible upside beyond the current Three-Year Outlook DELIVERY FUNDS GROWTH | GROWTH EXPANDS MARGINS | CASH FLOW SUPPORTS SHAREHOLDER RETURNS A simple strategy to deliver value to shareholders
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www.westgold.com.au 25 Investor Relations Kasun Liyanaarachchi Group Manager Investor Relations & Communications Kasun.Liyanaarachchi@westgold.com.au +61 458 564 483 Media Annette Ellis Manager Corporate Affairs Annette.Ellis@westgold.com.au +61 458 200 039 ASX:WGX – A fully funded organic growth plan
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Appendix
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ASX:WGX - liquid unhedged ASX100 gold producer ASX:WGX - liquid & unhedged ASX100 gold producer Shares Outstanding1 944.1M Average daily trading volume2 3.7M Market Capitalisation2 US$3.7B Cash, bullion & liquid investments3 US$645M Available Debt facility US$412M Shareholder composition4 Broker coverage 10% 6% 6% 6% 6% 50% 17% Other Instutional Retail 1. As at 26 Aug 2026; 2. As at 23 Sept 2026 from NASDAQ IR Insight; 3. As at 30 June 2026; 4. As at 31 August 2026 27 34% 15% 30% 4% Institutional Holdings Australia Europe North America Rest of World 83% Board of Directors Hon. Cheryl Edwardes AO Independent Non-Executive Chair Wayne Bramwell Managing Director and CEO Fiona Van Maanen Independent Non-Executive Director David Kelly Independent Non-Executive Director Shirley In’t Veld Independent Non-Executive Director Ivan Mullany Independent Non-Executive Director Westgold Management Tommy Heng Chief Financial Officer Aaron Rankine Chief Operating Officer Erin Bethel General Counsel Simon Rigby Chief Growth Officer Melissa Wren Chief People Officer Adam Mayer Chief Safety and Sustainability Officer Leigh Devlin Chief Technical Officer Susan Park Company Secretary
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28 Organic Expansion Self funded growth
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29 Bigger mills drive stronger economics Cue Hub1 Meekatharra Hub2 Higginsville Hub3 1.4Mtpa → 1.7Mtpa 21% increase in capacity 15kozpa production uplift US$15M indicative capital 10 months payback 1.8Mtpa → 2.9Mtpa 61% increase in capacity 47kozpa production uplift US$69M indicative capital 9 months payback Excluded from 3YO Study stage — capital to be defined New 4Mtpa build or expansion FY27 commissioning FY28 commissioning 1. Refer to ASX announcement titled “Cue Hub Expansion to 1.7Mtpa in FY28” dated 5 August 2026; 2. Refer to ASX announcement titled “2.9Mtpa Meekatharra Expansion Plan” dated 25 August 2026; 3. Refer to ASX announcement titled “1.1Moz Maiden Fletcher Ore Reserve” dated 18 August 2026 and ASX announcement titled “FY27 Guidance and Three-Year Outlook” dated 9 September 2026. Underpinned by Fletcher Reserve
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Processing capacity increases to >7Mtpa 30 Murchison first - Southern Goldfields to follow with Fletcher 1.6Mtpa 1.6Mtpa 1.6Mtpa 1.4Mtpa 1.7Mtpa 1.7Mtpa 1.8Mtpa 2.4Mtpa 2.9Mtpa 0.9Mtpa 0.9Mtpa 0.9Mtpa 0.1Mtpa FY27 0.1Mtpa FY28 0.1Mtpa FY29 Fortnum Hub Meekatharra Hub Cue Hub Tolling / Higginsville debottlenecking Higginsville Hub 5.8Mtpa 6.7Mtpa 7.2Mtpa +24% PRIORITISED EXPANSION Process growing Murchison ore inventories Increase utilisation of installed infrastructure Reduce processing of lower- grade stockpiles Supports lower unit costs Group Milling Capacity
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Investing ahead of production1 31 FY27 is the peak investment year - capital declining as major projects progress ~US$245M ~US$215M ~US$175M ~US$75M ~US$90M ~US$100M FY27 FY28 FY29 Murchison Southern Goldfields US$310-330M US$295-315M US$270-280M Group capex outlook by region WHAT THE CAPITAL BUILDS Processing capacity at Cue and Meekatharra Future mining fronts Polar Star and Big Bell Deeps Operating resilience and scheduling flexibility Mining inventory ahead of production 1. This reflects the current intentions of the Company and is subject to operational priorities, market conditions and Board approval. Accordingly, this planned investment may be subject to change.
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32 Key operating mines Long life mines
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33 Murchison – Starlight ~950koz producer Matched mine & mill 4-year Reserve life1 1. Reserve life has been calculated from Ore Reserve ounces as at 30 June 2026 for the associated mine and dividing it by its corresponding contained ounces mined in FY26.
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34 Murchison – Bluebird-South Junction +1Moz producer ~1Mtpa mining rate 8-year Reserve life1 1. Reserve life has been calculated from Ore Reserve ounces as at 30 June 2026 for the associated mine and dividing it by its corresponding contained ounces mined in FY26.
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35 Murchison – Great Fingall +1Moz producer High grade feed to Cue 8 year mine life1 1. Great Fingall mine life was sourced from the Great Fingall FID (refer to ASX announcement titled “Great Fingall Approved for Development” dated 9 August 2023) as the mine was not in commercial production in FY26.
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36 Murchison – Big Bell trend +1Moz producer Deeps to provide grade lift 12-year Reserve life1 1. Reserve life has been calculated from Ore Reserve ounces as at 30 June 2026 for the Big Bell UG mine (excl. Fender) and dividing it by its corresponding contained ounces mined in FY26.
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37 Southern Goldfields – Beta Hunt 5.4Moz Resource Fletcher to double mining rate 7 km strike length 1.6Moz Reserve 16-year Reserve life1 7 rigs drilling 1. Reserve life has been calculated from Ore Reserve ounces as at 30 June 2026 for the associated mine and dividing it by its corresponding contained ounces mined in FY26.
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38 Inventory Growth FY26 Reserves and Resources
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FY26 Group Reserves and Resources1 39 Ore Reserves 4.1Moz 41%1 YoY 57Mt at 2.22g/t Au — grade up 15% from 1.93g/t in FY25 Third consecutive year of Reserve growth after mining depletion Circa 10-year Reserve life at installed processing capacity Mineral Resources 14.4Moz 8%2 YoY 194Mt at 2.30g/t Au — grade up from 2.18g/t in FY25 Measured & Indicated lifted to 62.6% of inventory (FY25: 56.6%) Resource growth underpinned by growth in core assets Reserve addition cost US$19/oz US$29M invested in exploration and resource development drilling in FY26 1.5Moz of gross Ore Reserve additions delivered organically 26 rigs active across the Murchison and Southern Goldfields US$34 - 52M3 planned in FY27 for exploration and resource definition investment 1. Mineral Resource and Ore Reserves as at 30 June 2026. Refer to “Ore Reserves and Mineral Resources” section in slide 3 for further information. Refer to the Company’s ASX announcement titled “2026 Mineral Resource Estimate and Ore Reserves” dated 20 August 2026 for further information; 2. Post depletion and after adjusting for non-core asset divestments; 3. This reflects the current intentions of the Company and is subject to operational priorities, market conditions and Board approval. Accordingly, this planned investment may be subject to change.
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Steady build in Ore Reserves since FY231 40 FY23 FY24 FY25 FY26 2.0 3.3 3.5 4.1 +28% p.a. Group Ore Reserve (Moz) Drilling success is compounding Third consecutive year of Reserve growth after mining depletion, since increased drilling investment began in FY23 1.5Moz of gross Ore Reserve additions delivered organically in FY26 at US$19/oz Circa 10-year Reserve life at installed processing capacity 26 rigs active across the Murchison and Southern Goldfields US$34 - 52M2 planned in FY27 - to extend Resources and convert them into Reserves 1. Mineral Resource and Ore Reserves as at 30 June 2026. Refer to “Ore Reserves and Mineral Resources” section in slide 3 for further information. Refer to the Company’s ASX announcement titled “2026 Mineral Resource Estimate and Ore Reserves” dated 20 August 2026 for further information; 2. This reflects the current intentions of Westgold and is subject to operational priorities, market conditions and Board approval. Accordingly, this planned investment may be subject to change.
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Fletcher continues to grow1 41 1.1Moz Maiden Ore Reserve within two years of Beta Hunt acquisition Fletcher Mineral Resource 3.0Moz 30% YoY 40.1Mt at 2.3g/t Au Fletcher Indicated Resource 1.6Moz Resource Indicated Reserve 426% YoY 18Mt at 2.7g/t Au Fletcher Maiden Ore Reserve 1.1Moz 13.5Mt at 2.6g/t Au More than 85km drilled across Fletcher since August 2024 Beta Hunt Mineral Resource 5.4Moz up 104% since acquisition Beta Hunt Ore Reserve 1.6Moz up 201% since acquisition 74% of Fletcher’s Indicated Resource converted to the maiden Ore Reserve | Further drilling planned in Fletcher for FY27 1. Refer to ASX announcement titled “1.1Moz Maiden Fletcher Ore Reserve” dated 18 August 2026
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Mineral Resource Statement: Operating Mines Murchison Gold Operations (Rounded for reporting) Measured Indicated Measured and Indicated Inferred Total Project Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Big Bell UG 7,504 2.17 523 8,684 3.10 865 16,188 2.67 1,388 9,001 2.94 851 25,189 2.76 2,239 Fender UG 100 2.78 9 139 2.57 11 239 2.66 20 112 2.79 10 352 2.70 31 Great Fingall UG 63 3.59 7 2,301 4.14 306 2,363 4.13 313 1,113 2.78 99 3,476 3.69 413 Golden Crown UG 0 0.00 0 471 5.87 89 471 5.87 89 2,100 3.08 208 2,571 3.59 297 Bluebird Group UG 1,292 3.11 129 8,203 2.93 773 9,495 2.95 902 6,489 2.53 528 15,984 2.78 1,430 Starlight UG 4,991 3.01 483 2,636 2.26 192 7,628 2.75 675 4,353 2.08 291 11,981 2.51 966 Total 13,950 2.57 1,151 22,434 3.10 2,236 36,384 2.90 3,388 23,168 2.67 1,987 59,552 2.81 5,375 At 30 June 2026[1] 1. See Westgold ASX Announcement dated 20 August 2026– Resources and Reserve Statement available at www.asx.com.au. The Company 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 Mineral Resource and Ore Reserve estimates in that announcement continue to apply and have not materially changed. Refer to “Ore Reserves and Mineral Resources” section in slide 3 for the further information. Southern Goldfields Gold Operations (Rounded for reporting) Measured Indicated Measured and Indicated Inferred Total Project Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Two Boys 84 5.31 14 212 3.25 22 296 3.84 37 75 3.03 7 372 3.67 44 Lake Cowan 40 1.57 2 104 1.21 4 144 1.31 6 19 1.27 1 163 1.27 7 Beta Hunt 10,682 2.21 759 31,531 2.43 2,463 42,212 2.37 3,222 32,392 2.08 2,170 74,605 2.25 5,392 Total 10,806 2.23 775 31,847 2.43 2,489 42,652 2.38 3,265 32,487 2.09 2,178 75,139 2.25 5,443 Beta Hunt Nickel Operation (Rounded for reporting) Measured Indicated Measured and Indicated Inferred Total Project Tonnes ('000s) Ni (%) NiT ('000s) Tonnes ('000s) Ni (%) NiT ('000s) Tonnes ('000s) Ni (%) NiT ('000s) Tonnes ('000s) Ni (%) NiT ('000s) Tonnes ('000s) Ni (%) NiT ('000s) Beta Hunt 0 0.0% 0 749 2.8% 21 749 2.8% 21 499 2.7% 13 1,248 2.8% 35 Total 0 0.0% 0 749 2.8% 21 749 2.8% 21 499 2.7% 13 1,248 2.8% 35 42
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Mineral Resource Statement: Non-Operating At 30 June 2026[1] Southern Goldfields Gold Operations (Rounded for reporting) Measured Indicated Measured and Indicated Inferred Total Project Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) HGO Central 931 2.94 88 2,991 2.58 248 3,922 2.67 336 1,642 2.81 148 5,564 2.71 485 HGO Greater 8 1.73 0 1,893 2.82 172 1,901 2.82 172 1,568 2.12 107 3,469 2.50 279 HGO Stockpiles 1,391 0.79 35 275 0.74 6 1,665 0.78 42 0 0.00 0 1,665 0.78 42 BHO Stockpiles 0 0.00 0 0 0.00 0 0 0 0 0 0.00 0 0 0.00 0 Total 2,330 1.65 124 5,158 2.57 426 7,488 2.28 550 3,210 2.47 255 10,699 2.34 805 Murchison Gold Operations (Rounded for reporting) Measured Indicated Measured and Indicated Inferred Total Project Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Big Bell District 157 2.65 13 664 2.55 54 821 2.57 68 1,828 2.95 174 2,649 2.84 241 Cuddingwarra 194 1.66 10 1,689 1.58 86 1,882 1.59 96 542 1.49 26 2,424 1.56 122 Day Dawn District 78 1.65 4 1,101 1.98 70 1,179 1.96 74 1,040 1.82 61 2,219 1.89 135 Tuckabianna 58 1.83 3 1,619 2.59 135 1,677 2.57 139 1,631 2.65 139 3,309 2.61 277 Tuckabianna Stockpiles 87 2.16 6 3,760 0.70 85 3,847 0.73 91 0 0.00 0 3,847 0.73 91 Meekatharra North 0 0.00 0 97 1.98 6 97 1.98 6 75 2.11 5 172 2.04 11 Nannine 74 2.42 6 1,120 1.85 67 1,194 1.88 72 355 2.22 25 1,548 1.96 98 Paddy's Flat 376 3.67 44 7,125 1.88 431 7,501 1.97 475 2,401 2.00 154 9,902 1.98 630 Yaloginda District 54 2.69 5 4,300 1.47 204 4,354 1.49 208 5,842 1.38 259 10,196 1.43 467 Bluebird Stockpiles 137 2.89 13 29 0.91 1 167 2.54 14 0 0.00 0 167 2.54 14 Fortnum District 1,370 2.35 104 5,992 1.65 319 7,362 1.78 422 1,831 1.33 78 9,192 1.69 501 Horseshoe 0 0.00 0 1,720 1.91 106 1,720 1.91 106 385 1.66 21 2,106 1.86 126 FGO Stockpiles 290 1.28 12 390 0.67 8 680 0.93 20 15 0.54 0 695 0.92 21 Total 2,876 2.38 220 29,607 1.65 1,571 32,483 1.72 1,791 15,945 1.84 942 48,428 1.76 2,733 43 1. See Westgold ASX Announcement dated 20 August 2026– Resources and Reserve Statement available at www.asx.com.au. The Company 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 Mineral Resource and Ore Reserve estimates in that announcement continue to apply and have not materially changed. Refer to “Ore Reserves and Mineral Resources” section in slide 3 for the further information.
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Ore Reserves Statement: Operating Mines Murchison Gold Operations (Rounded for reporting) Proven Probable Total Project Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Big Bell UG 6,329 1.72 349 4,771 2.83 434 11,100 2.19 783 Fender UG 0 0.00 0 0 0.00 0 0 0.00 0 Great Fingall UG 28 2.55 2 1,983 3.23 206 2,011 3.22 208 Golden Crown UG 0 0.00 0 417 3.56 48 417 3.56 48 Bluebird Group UG 1,195 2.37 91 4,979 2.67 428 6,174 2.62 519 Starlight UG 2,484 2.82 225 1,285 2.39 99 3,769 2.67 324 Total 10,035 2.07 667 13,437 2.81 1,215 23,472 2.49 1,882 Southern Goldfields Gold Operations (Rounded for reporting) Proven Probable Total Project Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Beta Hunt 2,167 1.79 125 19,506 2.41 1,509 21,674 2.34 1,634 Total 2,167 1.79 125 19,506 2.41 1,509 21,674 2.34 1,634 At 30 June 2026[1] 44 1. See Westgold ASX Announcement dated 20 August 2026– Resources and Reserve Statement available at www.asx.com.au. The Company 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 Mineral Resource and Ore Reserve estimates in that announcement continue to apply and have not materially changed. Refer to “Ore Reserves and Mineral Resources” section in slide 3 for the further information.
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Ore Reserves Statement: Non-Operating Murchison Gold Operations (Rounded for reporting) Proven Probable Total Project Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Big Bell District 124 2.07 8 0 0.00 0 124 2.07 8 Cuddingwarra 84 1.29 3 221 1.24 9 305 1.25 12 Day Dawn District 0 0.00 0 14 1.83 1 14 1.83 1 Tuckabianna 0 0.00 0 591 2.24 43 591 2.24 43 Tuckabianna Stockpiles 87 2.16 6 3,760 0.70 85 3,847 0.73 91 Meekatharra North 0 0.00 0 0 0.00 0 0 0.00 0 Nannine 0 0.00 0 761 1.28 31 761 1.28 31 Paddy's Flat 48 4.10 6 435 3.86 54 483 3.88 60 Yaloginda District 0 0.00 0 240 1.34 10 240 1.34 10 Bluebird Stockpiles 137 2.89 13 29 0.91 1 167 2.54 14 Fortnum District 0 0.00 0 1,217 1.49 58 1,217 1.49 58 Horseshoe 0 0.00 0 391 1.91 24 391 1.91 24 FGO Stockpiles 290 1.28 12 390 0.67 8 680 0.93 20 Total 771 1.97 49 8,050 1.25 324 8,820 1.32 373 Southern Goldfields Gold Operations (Rounded for reporting) Proven Probable Total Project Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) Tonnes ('000s) Grade Ounces Au ('000s) HGO Central 132 2.19 9 503 3.02 49 635 2.84 58 HGO Greater 0 0.00 0 609 4.07 80 609 4.07 80 HGO Stockpiles 1,391 0.79 35 275 0.74 6 1,665 0.78 42 BHO Stockpiles 0 0.00 0 0 0.00 0 0 0.00 0 Total 1,523 0.91 45 1,386 3.03 135 2,909 1.92 179 At 30 June 2026[1] 45 1. See Westgold ASX Announcement dated 20 August 2026– Resources and Reserve Statement available at www.asx.com.au. The Company 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 Mineral Resource and Ore Reserve estimates in that announcement continue to apply and have not materially changed. Refer to “Ore Reserves and Mineral Resources” section in slide 3 for the further information.
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Supporting data 46 Company Market Cap ($m) Enterprise Value ($m) FY27E Prod FY29E FCF EV/FY27E Prod ($/oz) EV/FY27E Prod (US$/oz) FCF (FY29e) Yield Source: Cash & Debt Source: FCF FY29e Source: FY27e Production Northern Star Resources 31,409 31,037 1,569koz $2,897m 19,780.3 13,587.1 9.2% June 2026 Quarterly Report Visible Alpha Visible Alpha Evolution Mining 27,837 27,819 701koz $1,860m 39,684.1 27,259.0 6.7% June 2026 Quarterly Report Visible Alpha Visible Alpha Regis Resources 5,831 4,596 384koz $616m 11,968.4 8,221.1 10.6% June 2026 Quarterly Report Visible Alpha Visible Alpha K92 7,190 6,747 255koz $1,318m 26,460.1 18,175.4 18.3% Q2 2026 Earnings Visible Alpha Visible Alpha Ramelius Resources 7,293 6,542 219koz $806m 29,873.8 20,520.3 11.1% June 2026 Quarterly Report Visible Alpha Visible Alpha Capricorn Metals 7,003 6,499 146koz $853m 44,511.1 30,574.7 12.2% June 2026 Quarterly Report Visible Alpha Visible Alpha Iamgold 15,744 15,669 924koz $1,135m 16,958.3 11,648.6 7.2% Q2 2026 Earnings Visible Alpha Visible Alpha Westgold Resources 5,150 4,211 405koz $745m 10,396.7 9,792.2 14.5% June 2026 Quarterly Report 3-Year Outlook 3-Year Outlook Oceanagold 8,860 8,205 505koz $617m 16,247.8 11,160.6 7.0% Q2 2026 Earnings Visible Alpha Visible Alpha Genesis Minerals 9,029 8,509 372koz $1,284m 22,874.7 15,712.6 14.2% June 2026 Quarterly Report Visible Alpha Visible Alpha B2 Gold 10,012 10,132 983koz $2,487m 10,307.2 7,080.0 24.8% Q2 2026 Earnings Visible Alpha Visible Alpha Greatland Resources 7,270 5,981 281koz $256m 21,286.2 14,621.5 3.5% June 2026 Quarterly Report Visible Alpha Visible Alpha Coeur Mining 27,728 27,232 772koz $2,651m 35,275.1 24,230.5 9.6% MD&A / Financial Statements June 2026 Visible Alpha Visible Alpha Equinox Gold 19,486 19,866 1,137koz $1,507m 17,472.6 12,002.0 7.7% MD&A / Financial Statements June 2026 Visible Alpha Visible Alpha Torex Gold 6,419 6,178 330koz $690m 18,719.9 12,858.7 10.7% MD&A / Financial Statements June 2026 Visible Alpha Visible Alpha Centerra Gold 6,347 5,703 258koz $555m 22,103.3 15,182.7 8.7% MD&A / Financial Statements June 2026 Visible Alpha Visible Alpha Note: All figures shown in Australian Dollars unless otherwise stated. USD figures converted at 0.6869. FY27e production sourced from S&P Visible Alpha. Westgold production based on 3-year outlook. Market capitalisations as at 25 September 2026 sourced from FactSet. Vault Minerals excluded as it is subject to a takeover.