Westgold’s Gold Reserves Rise 5% to 3.5 Moz Amid 24% Resource Growth

• 24% growth in gold Mineral Resources to 16.3 million ounces
• 5% increase in Ore Reserves to 3.5 million ounces
• Maiden 2.3 million ounce Fletcher Zone Mineral Resource at Beta Hunt
• Significant Reserve growth at Bluebird – South Junction and Starlight mines
• Estimated 10-year Reserve life supported by 5.7 Mtpa milling capacity

Resource and Reserve Growth

Westgold Resources Limited has released its updated Mineral Resource Estimate and Ore Reserve Statement as of 30 June 2025, revealing a substantial 24% increase in gold Mineral Resources to 16.3 million ounces and a 5% rise in Ore Reserves to 3.5 million ounces. This growth is particularly notable given the concurrent mining depletion, underscoring the effectiveness of Westgold's exploration and resource development efforts during FY25.

The company’s milling capacity stands at 5.7 million tonnes per annum, supporting an estimated Reserve life of approximately 10 years. This longevity provides a solid foundation for sustained production and cash flow generation.

Key Milestones and Regional Highlights

Among the highlights is the maiden Mineral Resource estimate for the Fletcher Zone at Beta Hunt, which alone accounts for 2.3 million ounces of gold. This milestone marks a significant addition to Westgold’s Southern Goldfields portfolio.

In the Murchison region, the Bluebird – South Junction Mineral Resource grew by 35% year-on-year post mining depletion to 1.3 million ounces, while the Starlight Mineral Resource increased by 46% to 866,000 ounces. Corresponding Ore Reserve increases at these major mines were even more pronounced, with Bluebird – South Junction’s Ore Reserve up 90% to 528,000 ounces and Starlight’s up 94% to 250,000 ounces.

Exploration Investment and Operational Integration

Westgold invested $43 million in resource development and exploration in FY25, building on $25 million spent in FY24. This investment has been complemented by capital expenditure on critical mine infrastructure across the Murchison and Southern Goldfields operations, including the integration of Karora assets following the August 2024 merger.

Looking ahead, the company plans to allocate $50 million towards exploration and resource definition in FY26, focusing on converting Mineral Resources into Ore Reserves and further organic growth.

Geological and Technical Robustness

The updated estimates reflect rigorous geological interpretation and modelling, supported by extensive drilling campaigns with nineteen rigs operating across Westgold’s 3,200 square kilometre portfolio. The company employs industry-standard sampling, assay, and estimation methodologies compliant with JORC and NI 43-101 codes, ensuring the reliability and economic viability of reported resources and reserves.

Westgold’s diverse portfolio spans multiple goldfields in Western Australia, including the Murchison and Southern Goldfields regions, with deposits hosted in a variety of geological settings such as granite-greenstone terranes and shear-hosted gold systems.

Sustainability and Compliance

All operations maintain compliance with environmental regulations and hold necessary permits, with ongoing monitoring and management plans in place to mitigate environmental impacts. Westgold’s approach balances resource growth with responsible stewardship and community engagement.

Bottom Line?

Westgold’s robust resource and reserve growth, backed by solid infrastructure and exploration investment, sets the stage for sustained production and value creation over the next decade.

Questions in the middle?

• How will the integration of Karora assets influence Westgold’s operational efficiency and future resource growth?
• What are the key exploration targets and timelines for converting additional Mineral Resources into Ore Reserves in FY26?
• How might fluctuations in gold prices impact the economic viability of Westgold’s expanded Reserve base?