WESTGOLD 2024 MINERAL RESOURCE ESTIMATE AND ORE RESERVES

Westgold Resources Ltd, Westgold Resources Ltd, Westgold Resources Ltd

WESTGOLD 2024 MINERAL RESOURCE ESTIMATE AND ORE RESERVES

Sep 16 2024 15:13 BST

Ore Reserve and Mineral Resource growth by drilling and through merger

PERTH, Western Australia , Sept. 16, 2024 /CNW/ - Westgold Resources Limited (ASX: WGX) (TSX: WGX) (OTCQX: WGXRF) (Westgold or the Company) is pleased to provide its updated Mineral Resource Estimate and Ore Reserve Statement calculated as of 30 June 2024¹.

Group Gold Mineral Resource Estimate and Ore Reserves	At 30 June 2024²
Total Measured and Indicated Resources	116Mt at 2.19g/t Au for 8.1 Moz of gold
Total Inferred Resources	63Mt at 2.47g/t Au for 5.0 Moz of gold
Total Ore Reserves	50Mt at 2.05g/t Au for 3.3Moz of gold

Highlights

	Investment in Murchison exploration in FY23 and FY24 has delivered the first increase in Ore Reserves post depletion since FY17.
	60% increase in Group Mineral Resource Estimate from FY23 - now 8.1Moz Measured and Indicated and 5.0Moz Inferred Resources post-merger and mining depletion.
	69% increase in Group Ore Reserve Estimate from FY23 - now 3.3Moz post- merger and mining depletion.
	10% increase year on year in the Ore Reserves of operating gold mines in the Murchison including: 133% increase at Bluebird – South Junction to 277koz.
	Nineteen drill rigs operating across the 3200km² portfolio

____________________________________
¹ Southern Goldfields Ore Reserves and Mineral Resources are as at 1 August 2024, corresponding to the merger completion
² Southern Goldfields Ore Reserves and Mineral Resources are as at 1 August 2024, corresponding to the merger completion

Westgold Managing Director Wayne Bramwell commented:

"Westgold is growing our business both organically and inorganically.

Drilling investment over FY23 and FY24 has delivered the first increase in Murchison Ore Reserves since 2017. On an inorganic basis the integration of the Southern Goldfields assets has lifted our Measured and Indicated Resource base to 8.1Moz, Inferred Resource base to 5.0Moz and Ore Reserves to 3.3Moz.

Resource conversion across the portfolio is our focus and opportunities are abundant. The Starlight mine continues to grow in stature, the Bluebird-South Junction complex continues to grow in scale, and through drilling, the emerging Fletcher Zone at Beta Hunt will reveal its true potential. On an exploration front, the Higginsville area has seen limited attention for over a decade and is wide open for exploration success.

Westgold today has 19 drill rigs operating across our portfolio and this investment will continue to unlock value from our 3,200km²of tenure across two of Western Australia's most productive goldfields."

2024 Mineral Resource Estimate

As of 30 June 2024³, the total gold Measured and Indicated Mineral Resource estimate for the Westgold business was 116Mt at 2.19g/t Au for 8.1 Moz of gold and the Inferred Mineral Resource estimate was 63Mt at 2.47g/t Au for 5.0 Moz of gold.

This represents 60% growth in the Company's gold Mineral Resource base year on year underpinned by both a continued significant campaign of exploration and resource definition drilling over FY24 (investing $25M on top of the $19M invested in FY23) and the integration of the Southern Goldfields assets of Karora Resources Inc. (Karora) into the enlarged Westgold (refer Figure 1).

Figure 1 – Westgold has achieved Mineral Resource growth in FY23 and FY24.⁴

The Murchison Operations incorporate the Bluebird, Tuckabianna and Fortnum processing hubs while the Southern Goldfields Operations incorporate the Lakewood and Higginsville processing hubs.

Tables 1, 2 and 3 below depict the FY24 Mineral Resource Estimates for the Murchison and Southern Goldfields Operations.

___________________________________
³ Southern Goldfields Ore Reserves and Mineral Resources are as at 1 August 2024, corresponding to the merger completion
⁴ FY17 – FY23 Resources completed under JORC Code only

Table 1 – Gold Mineral Resource Estimates at 30 June 2024 for Westgold Operating Mines.

Murchison Gold Operations
Mineral Resource Statement - Rounded for Reporting
30/06/2024
	Measured			Indicated			Measured and Indicated			Inferred
Operating Mine	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	4,022	3.07	397	7,965	3.33	853	11,988	3.24	1,250	5,927	3.11	593
Fender UG	95	3.22	10	201	3.05	20	297	3.10	30	345	3.33	37
Great Fingall UG	0	0.00	0	1,616	5.25	273	1,616	5.25	273	883	3.51	100
Golden Crown UG	0	0.00	0	333	6.18	66	333	6.18	66	944	5.14	156
Bluebird Group UG	304	4.09	40	4,368	3.03	425	4,672	3.10	465	6,032	2.55	495
Starlight UG	881	4.01	114	1,973	3.44	218	2,854	3.62	332	2,588	3.13	260

Total	5,303	3.29	561	16,457	3.51	1,855	21,760	3.45	2,415	16,719	3.05	1,641

Southern Goldfields Gold Operations
Mineral Resource Statement - Rounded for Reporting
1/08/2024
	Measured			Indicated			Measured and Indicated			Inferred
Operating Mine	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	24	1.55	1	1,141	2.32	85	1,165	2.30	86	184	2.78	16
Pioneer	0	0.00	0	519	2.11	35	519	2.11	35	345	1.50	17
Beta Hunt	1,142	2.79	102	16,581	2.74	1,458	17,723	2.74	1,561	12,860	2.63	1,086

Total	1,166	2.76	104	18,241	2.69	1,579	19,407	2.70	1,682	13,388	2.60	1,119

Table 2 – Gold Mineral Resource Estimates at 30 June 2024 for Westgold Non-Operating Projects.

Murchison Gold Operations
Mineral Resource Statement - Rounded for Reporting
30/06/2024
	Measured			Indicated			Measured and Indicated			Inferred
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)

Big Bell District	60	2.81	5	802	2.64	68	861	2.65	73	1,848	2.94	175
Cuddingwarra	85	1.66	5	1,600	1.63	84	1,685	1.63	88	597	1.50	29
Day Dawn District	58	1.73	3	1,068	2.04	70	1,126	2.02	73	1,043	1.78	60
Tuckabianna	267	3.54	30	3,448	2.78	308	3,715	2.84	339	2,899	2.63	245
Tuckabianna Stockpiles	81	2.09	5	3,627	0.70	81	3,709	0.73	87	0	0.00	0
Meekatharra North	0	0.00	0	97	1.98	6	97	1.98	6	75	2.11	5
Nannine	68	2.55	6	859	2.06	57	927	2.09	62	340	2.26	25
Paddy's Flat	376	3.67	44	10,641	1.65	564	11,017	1.72	608	2,574	1.93	160
Reedy's	430	3.77	52	3,225	2.58	267	3,656	2.72	319	9,191	2.54	750
Yaloginda District	53	2.59	4	4,128	1.47	195	4,181	1.49	200	5,879	1.40	265
Bluebird Stockpiles	350	1.34	15	0	0.00	0	350	1.34	15	0	0.00	0
Fortnum District	332	2.67	28	2,951	2.08	197	3,282	2.14	226	618	1.88	37
Horseshoe	0	0.00	0	1,266	2.09	85	1,266	2.09	85	183	1.43	8
Peak Hill	0	0.00	0	7,547	1.55	376	7,547	1.55	376	1,838	1.78	105
FGO Stockpiles	723	0.95	22	481	0.69	11	1,204	0.85	33	16	0.54	0

Total	2,884	2.39	221	41,741	1.77	2,370	44,625	1.81	2,591	27,100	2.14	1,864

Southern Goldfields Gold Operations
Mineral Resource Statement - Rounded for Reporting
1/08/2024
	Measured			Indicated			Measured and Indicated			Inferred
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)

HGO Central	931	2.94	88	2,442	2.74	215	3,373	2.80	303	1,519	2.91	142
HGO Greater	466	3.00	45	2,799	2.79	251	3,265	2.82	296	1,999	2.39	154
Mt Henry	11,042	1.19	424	10,172	1.16	378	21,214	1.18	802	2,565	1.28	106
HGO Stockpiles	373	0.40	5	1,568	0.76	38	1,940	0.69	43	0	0.00	0
BHO Stockpiles	47	2.09	3	0	0.00	0	47	2.09	3	0	0.00	0

Total	12,859	1.37	565	16,981	1.62	882	29,840	1.51	1,447	6,083	2.05	402

Table 3 – Nickel Mineral Resource Estimates at 1 August 2024 for Beta Hunt.

Beta Hunt Nickel Operations

Mineral Resource Statement - Rounded for Reporting

1/08/2024

Measured

Indicated

Measured and Indicated

Inferred

Project

Tonnes
('000s)

Ni (%)

NiT ('000s)

Tonnes
('000s)

Ni (%)

NiT ('000s)

Tonnes
('000s)

Ni (%)

NiT ('000s)

Tonnes
('000s)

Ni (%)

NiT ('000s)

Beta Hunt

0.0 %

749

2.8 %

749

2.8 %

499

2.7 %

Total

0.0 %

749

2.8 %

749

2.8 %

499

2.7 %

See Figure 2, Figure 3 and Figure 4 for location details. Additional detailed information relating to generation of the Mineral Resource Estimates is attached in Appendix B & C Table 1 – JORC 2012 Reporting Criteria.

Figure 2 - Murchison Operations Project Areas (Bluebird & Tuckabianna).

Figure 3 - Murchison Operations Project Areas (Fortnum)

Figure 4 – Southern Goldfields Operations Project Area.

Geology

Murchison

The Meekatharra Gold operation is located in the Achaean Murchison Province, a granite-greenstone terrane in the northwest of the Yilgarn Craton. Greenstone belts trending north-northeast are separated by granite-gneiss domes, with smaller granite plutons also present within or on the margins of the belts.

The Paddy's Flat area is located on the western limb of a regional fold, the Polelle Syncline, within a sequence of mafic to ultramafic volcanics with minor interflow sediments and banded iron-formation. The sequence has also been intruded by felsic porphyry dykes prior to mineralisation. Mineralisation is located along four sub-parallel trends at Paddy's Flat and can be comprised of sulphide replacement BIF hosted gold, quartz vein hosted shear-related gold and quartz-carbonate-sulphide stockwork vein and alteration related gold.

The Yaloginda area which hosts Bluebird – South Junction, is a gold-bearing Archaean greenstone belt situated ~15km south of Meekatharra. The deposits in the area are hosted in a strained and metamorphosed volcanic sequence that consists primarily of ultramafic and high-magnesium basalt with minor komatiite, peridotite, gabbro, tholeiitic basalt and interflow sediments.

The sequence was intruded by a variety of felsic porphyry and intermediate sills and dykes.

The Reedy's mining district is located approximately 50 km to the south-east to Meekatharra and to the south of Lake Annean. The Reedy gold deposits occur with- in a north-south trending greenstone belt, two to five kilometres wide, composed of volcano-sedimentary sequences and separated multiphase syn- and post-tectonic granitoid complexes. Structurally controlled the gold occur.

The Cue Gold Operations are located in the Achaean Murchison Province, a granite-greenstone terrane in the northwest of the Yilgarn Craton. Greenstone belts trending north-northeast are separated by granite-gneiss domes, with smaller granite plutons also present within or on the margins of the belts.

Mineralisation at Big Bell is hosted in the shear zone (Mine Sequence) and is associated with the post-peak metamorphic retrograde assemblages. Stibnite, native antimony and trace arsenopyrite are disseminated through the K-feldspar-rich lode schist. These are intergrown with pyrite and pyrrhotite and chalcopyrite. Mineralisation outside the typical Big Bell host rocks (KPSH), for example 1,600N and Shocker, also display a very strong W-As-Sb geochemical halo.

Numerous gold deposits occur within the Cuddingwarra Project area, the majority of which are hosted within the central mafic-ultramafic ± felsic porphyry sequence. Within this broad framework, mineralisation is shown to be spatially controlled by competency contrasts across, and flexures along, layer-parallel D2 shear zones, and is maximised when transected by corridors of northeast striking D3 faults and fractures.

The Great Fingall Dolerite hosts the majority gold mineralisation within the portion of the greenstone belt proximal to Cue (The Day Dawn Project Area). Unit AGF3 is the most brittle of all the five units and this characteristic is responsible for its role as the most favourable lithological host to gold mineralisation in the Greenstone Belt.

The Fortnum deposits are Paleoproterozoic shear-hosted gold deposits within the Fortnum Wedge, a localised thrust duplex of Narracoota Formation within the overlying Ravelstone Formation. Both stratigraphic formations comprise part of the Bryah Basin in the Capricorn Orogen, Western Australia.

The Horseshoe Cassidy deposits are hosted within the Ravelstone Formation (siltstone and argillite) and Narracoota Formation (highly altered, moderate to strongly deformed mafic to ultramafic rocks). The main zone of mineralisation is developed within a horizon of highly altered magnesian basalt. Gold mineralisation is associated with strong vein stock works that are confined to the altered mafic. Alteration consists of two types: stockwork proximal silica-carbonate-fuchsite-haematite-pyrite and distal silica-haematite-carbonate+/- chlorite.

The Peak Hill district represents remnants of a Proterozoic fold belt comprising highly deformed trough and shelf sediments and mafic / ultramafic volcanics, which are generally moderately metamorphosed (except for the Peak Hill Metamorphic Suite).

Southern Goldfields

The Beta Hunt Gold Operations are situated within the central portion of the Norseman-Wiluna greenstone belt in a sequence of mafic / ultramafic and felsic rocks on the southwest flank of the Kambalda Dome. Gold mineralisation occurs mainly in subvertical shear zones in the Lunnon Basalt and is characterised by shear and extensional quartz veining within a halo of biotite/pyrite alteration. Within these shear zones, coarse gold sometimes occurs where the shear zones intersect iron-rich sulphidic metasediments in the Lunnon Basalt or nickel sulphides at the base of the Kambalda Komatiite (ultramafics). The mineralised shears are represented by A-Zone, Western Flanks, Larkin and Mason zones.

The Higginsville Gold Operation is located in the Eastern Goldfields Superterrane of the Archean Yilgarn Craton. The bulk of the Higginsville tenement package is located almost entirely within the well-mineralised Kalgoorlie Terrane, between the gold mining centres of Norseman and St Ives. HGO can be sub-divided into seven major geological domains: Trident Line of Lode, Chalice, Lake Cowan, Southern Paleo-channels, Mt Henry, Polar Bear Group and Spargo's Project area.

Majority of mineralisation along the Trident Line of Lode are hosted within the Poseidon gabbro and high-MgO dyke complexes in the south. The Poseidon Gabbro is a thick, weakly-differentiated gabbroic sill, which strikes north-south and dips 60° to the east, is over 500 m thick and 2.5 km long. The mineralisation is hosted within or marginal to quartz veining and is structurally and lithologically controlled.

The Chalice Deposit is located within a north-south trending, 2 km to 3 km wide greenstone terrane, flanked on the west calc-alkaline granitic rocks of the Boorabin Batholith and to the east by the Pioneer Dome Batholith. The dominant unit that hosts gold mineralisation is a fine grained, weak to strongly foliated amphibole-plagioclase amphibolite, with a typically lepidoblastic (mineralogically aligned and banded) texture. It is west-dipping and generally steep, approximately 60° to 75°.

The Lake Cowan project area is situated near the centre of a regional anticline between the Zuleika and Lefroy faults, with the local geology of the area made more complex by the intrusion of the massive Proterozoic Binneringie dyke. The majority of mineralisation at the Lake Cowan Mining Centre is hosted within an enclave of Archaean material surrounded by the Binneringie dyke.

Mineralised zones within the Southern Paleo Channels network comprise both placer gold, normally near the base of the channel-fill sequences, and chemically-precipitated secondary gold within the channel-fill materials and underlying saprolite. These gold concentrations commonly overlie, or are adjacent to, primary mineralised zones within Archaean bedrock.

The Mount Henry Project covers 347km²of the prolific South Norseman‐Wiluna Greenstone belt of the Eastern Goldfields in Western Australia. Although the greenstone rocks from the Norseman area can be broadly correlated with those of the Kalgoorlie – Kambalda region they form a distinct terrain which is bounded on all sides by major regional shears. The Norseman Terrane has prominent banded iron formations which distinguish it from the Kalgoorlie– Kambalda Terrane. The Mount Henry gold deposit is hosted by a silicate facies BIF unit within the Noganyer Formation. Gold mineralisation is predominantly hosted by the silicate facies BIF unit but is also associated with minor meta‐basalt and dolerite units that were mostly emplaced in the BIF prior to mineralisation. The footwall to the BIF is characterised by a sedimentary schistose unit and the hanging wall by the overlying dolerites of the Woolyeener Formation. The Mount Henry gold deposit is classified as an Archean, orogenic shear hosted deposit. The main lode is an elongated, shear‐hosted body, 1.9km long by 6 – 10 metres wide and dips 65‐75 degrees towards the west.

The Polar Bear project is situated within the Archaean Norseman-Wiluna Belt which locally includes basalts, komatiites, metasediments, and felsic volcaniclastics. The primary gold mineralisation is related to hydrothermal activity during multiple deformation events. Indications are that gold mineralisation is focused on or near to the stratigraphic boundary between the Killaloe and Buldania Formation.

The Spargo's Project occurs within Coolgardie Domain of the Kalgoorlie Terrane. The area is bounded by the Zuleika Shear to the east and the Kunanalling Shear to the west. The geological setting comprises tightly-folded north-south striking ultramafic and mafic volcanic rocks at the northern closure Widgiemooltha Dome. The project lies on the general trend of the Kunanalling / Karramindie Shear corridor, a regional shear zone that hosts significant mineralisation to the north at Ghost Crab (Mount Marion), Wattle Dam to the south, the Penfolds group and Kunanalling. The regional prospective Zuleika Shear lies to the east of the project. The tenements are prospective for vein and shear hosted gold deposits as demonstrated by Spargo's Reward and numerous other gold workings and occurrences. Gold mineralisation at Spargo's Reward is hosted by a coarse-grained pyrite-arsenopyrite lode in quartz-sericite schists, between strongly biotitic altered greywacke to the east and quartz-sericite-fuchsite-pyrite altered felsic tuff to the west. Gold mineralisation is associated with very little quartz veining which is atypical for many deposits in region. The Spargo's Reward setting has been described variously as a low-quartz sulphidic mesothermal gold system or as a Hemlo style syn-sedimentary occurrence.

Background to the Mineral Resource Estimate

Geological interpretation of individual deposits is carried out using a systematic approach to ensure that the resultant estimated Mineral Resource Estimate was both sufficiently constrained, and representative of the expected sub-surface conditions. In all aspects of Mineral Resource Estimation, the factual and interpreted geology was used to guide the development of the interpretation. Geological matrixes were established to assist with interpretation and construction of the estimation domains.

A significant portion of the data used in Mineral Resource Estimations has been gathered from diamond core. Multiple sizes have been used. This core is geologically logged and subsequently halved for sampling. Grade control holes may be whole-cored to streamline the core handling process if required. Face sampling data is also utilised, where each development face / round is horizontally chip sampled. The sampling intervals are domained by geological constraints (e.g. rock type, veining and alteration / sulphidation etc.).

All geology input is logged and validated by the relevant area geologists, incorporated into this is assessment of sample recovery. No defined relationship exists between sample recovery and grade. Nor has sample bias due to preferential loss or gain of fine or coarse material been noted.

Faces are nominally chipped horizontally across the face from left to right, sub-set via geological features as appropriate. Diamond drilling is half-core niche sampled, sub-set via geological features as appropriate.

Samples undergo fine pulverisation of the entire sample by an LM5 type mill to achieve a 75µ product prior to splitting. QA/QC is currently ensured during the sub-sampling stages process via the use of the systems of an independent NATA / ISO accredited laboratory contractor. The sample size is considered appropriate for the grain size of the material being sampled. The un-sampled half of diamond core is retained for check sampling if required.

Sampling is analysed for gold by fire assay as outlined below;

A 40g – 50g sample undergoes fire assay lead collection followed by flame atomic adsorption spectrometry.
Quality control is ensured via the use of standards, blanks and duplicates. The laboratory includes a minimum of 1 project standard with every 22 samples analysed. No significant QA/QC issues have arisen in recent drilling results.

Photon Assay was introduced in 2023 for Beta Hunt gold grade control samples. PhotonAssay™ technology (Chrysos Corporation Limited) is a rapid, non-destructive analysis of gold and other elements in mineral samples. It is based on the principle of gamma activation, which uses high energy x-rays to excite changes to the nuclear structure of selected elements. The decay is then measured to give a gold analysis. Each sample is run through two cycles with a radiation time of 15s. This methodology is insensitive to material type and thus does not require fluxing chemicals as in the fire assay methodology.

Nickel analyses have been completed by 4 acid digest and final analysis using ICP-OES.

After validating the drillhole data to be used in the estimation, interpretation of the orebody is undertaken to create the outline strings which form the basis of the three-dimensional orebody wireframe. Wireframing is then carried out using a combination of automated stitching algorithms and manual triangulation to create an accurate three-dimensional representation of the sub-surface mineralised body.

Drillhole intersections within the mineralised body are defined, these intersections are then used to flag the appropriate sections of the drillhole database tables for compositing purposes. Drillholes are subsequently composited to allow for grade estimation. In all aspects of resource estimation, the factual and interpreted geology was used to guide the development of the interpretation.

Once the sample data has been composited, a statistical analysis is undertaken to assist with determining estimation search parameters, top-cuts etc. Analysis of individual domains is undertaken to assist with determining appropriate search parameters. Which are then incorporated with observed geological and geometrical features to determine the most appropriate search parameters.

An empty block model is then created for the area of interest. This model contains attributes set at background values for the various elements of interest as well as density, and various estimation parameters that are subsequently used to assist in resource categorisation. The block sizes used in the model will vary depending on orebody geometry, minimum mining units, estimation parameters and levels of informing data available.

Grade estimation is then undertaken. Ordinary kriging estimation method is considered as standard. Estimation results are validated against primary input data, previous estimates and mining output.

The Mineral Resource is then depleted for mining voids and subsequently classified in line with JORC guidelines utilising a combination of various estimation derived parameters and geological / mining knowledge.

Data spacing is variable dependent upon the individual lode under consideration.

This approach considers all relevant factors and reflects the Competent Person's view of the deposit.

The cut off grades used for the reporting of the Mineral Resources Estimates is selected based upon the style of mineralisation, depth from surface of the mineralisation and the most probable extraction technique and associated costs.

Likely mining approaches have been considered at the domaining, estimation and classification steps. However, no mining dilution or ore loss has been modelled in the resource model or applied to the reported Mineral Resource Estimate. Nor has metallurgical recovery been applied to the reported Mineral Resource Estimate. These factors are applied during the Ore Reserve generation process.

Figure 5 – Big Bell Mineral Resource Schematic FY24.

Figure 6 – Fender Mineral Resource Schematic FY24.

Figure 7 – Great Fingall Mineral Resource Schematic FY24.

Figure 8 – Bluebird – South Junction Mineral Resource Schematic FY24.

Figure 9 – Starlight Mineral Resource Schematic FY24.

Figure 10 – Beta Hunt Mineral Resource Schematic FY24.

Figure 11 – Fletcher detail with current position of decline development into Fletcher zone visible.

Westgold nickel Mineral Resources have increased materially year-on-year driven by:

Integration of the Karora nickel Mineral Resources into the enlarged Westgold:
- Beta Hunt 35kt Ni.

2024 Ore Reserves

Figure 12 depicts Westgold's cumulate production and Ore Reserves since 2017. As of 30 June 2024, the total Ore Reserve is 50Mt at 2.05g/t Au for 3.3Moz of gold⁵. This represents 69% growth in Westgold's gold Ore Reserves year on year underpinned by both a continued significant campaign of exploration and resource drilling over FY24 (investing $25M on top of the $19M invested in FY23) and the integration of the Southern Goldfields assets of Karora into the enlarged Westgold.

___________________________________
⁵ Southern Goldfields Ore Reserves and Mineral Resources are as at 1 August 2024, corresponding to the merger completion

The investment in exploration delivered the first increase in Ore Reserves post depletion within the Murchison since FY17.

In FY25, Westgold expects to spend $50M towards exploration and resource definition drilling with a focus on Mineral Resource conversion into Ore Reserves.

Figure 12 – Westgold Group Cumulative Gold Production and Ore Reserves.

Table 4 and 5 below depicts the FY24 Ore Reserves statement for the Murchison and Southern Goldfields Operations.

Table 4 – Gold Ore Reserves at 30 June 2024 for Westgold Operating Mines.

Murchison Gold Operations
Ore Reserve Statement - Rounded for Reporting
30/06/2024
	Proven			Probable			Total
Operating Mine	Tonnes ('000s)	Grade	Ounces Au ('000s)	Tonnes ('000s)	Grade	Ounces Au ('000s)	Tonnes ('000s)	Grade	Ounces Au ('000s)

Big Bell UG	9,808	1.48	467	4,898	3.10	489	14,706	2.02	956
Fender UG	81	2.58	7	147	2.68	13	228	2.65	19
Great Fingall UG	0	0.00	0	1,895	4.20	256	1,895	4.20	256
Golden Crown UG	0	0.00	0	230	4.52	33	230	4.52	33
Bluebird Group UG	75	3.91	9	2,967	2.81	268	3,041	2.83	277
Starlight UG	676	2.56	56	972	2.36	74	1,647	2.44	129

Total	10,640	1.58	539	11,107	3.17	1,132	21,747	2.39	1,671

Southern Goldfields Gold Operations
Ore Reserve Statement - Rounded for Reporting
1/08/2024
	Proven			Probable			Total
Operating Mine	Tonnes ('000s)	Grade	Ounces Au ('000s)	Tonnes ('000s)	Grade	Ounces Au ('000s)	Tonnes ('000s)	Grade	Ounces Au ('000s)

Two Boys	0	0.00	0	0	0.00	0	0	0.00	0
Pioneer	0	0.00	0	135	2.30	10	135	2.30	10
Beta Hunt	304	2.69	26	5,940	2.70	516	6,244	2.70	542

Total	304	2.69	26	6,075	2.69	526	6,379	2.69	552

Table 5 – Gold Ore Reserves at 30 June 2024 for Westgold Non-Operating Projects.

Murchison Gold Operations
Ore Reserve Statement - Rounded for Reporting
30/06/2024
	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	0	0.00	0	59	2.98	6	59	2.98	6
Cuddingwarra	0	0.00	0	98	1.77	6	98	1.77	6
Day Dawn District	0	0.00	0	0	0.00	0	0	0.00	0
Tuckabianna	0	0.00	0	683	3.00	66	683	3.00	66
Tuckabianna Stockpiles	81	2.09	5	3,627	0.70	81	3,709	0.73	87
Meekatharra North	0	0.00	0	0	0.00	0	0	0.00	0
Nannine	0	0.00	0	262	1.93	16	262	1.93	16
Paddy's Flat	48	4.10	6	435	3.86	54	483	3.88	60
Reedy's	57	3.35	6	398	3.42	44	455	3.41	50
Yaloginda District	0	0.00	0	0	0.00	0	0	0.00	0
Bluebird Stockpiles	350	1.34	15	0	0.00	0	350	1.34	15
Fortnum District	0	0.00	0	429	1.85	26	429	1.85	26
Horseshoe	0	0.00	0	357	2.18	25	357	2.18	25
Peak Hill	0	0.00	0	0	0.00	0	0	0.00	0
FGO Stockpiles	723	0.95	22	481	0.69	11	1,204	0.85	33

Total	1,260	1.36	55	6,828	1.52	334	8,088	1.50	389

Southern Goldfields Gold Operations
Ore Reserve Statement - Rounded for Reporting
1/08/2024
	Proven			Probable			Total
Project	Tonnes ('000s)	Grade	Ounces Au ('000s)	Tonnes ('000s)	Grade	Ounces Au ('000s)	Tonnes ('000s)	Grade	Ounces Au ('000s)

HGO Central District	132	2.20	9	512	3.02	50	644	2.85	59
HGO Greater	288	2.28	21	1,303	3.00	126	1,591	2.87	147
Mt Henry	7,208	1.30	301	3,622	1.37	160	10,830	1.32	461
HGO Stockpiles	298	0.80	8	569	0.80	15	867	0.80	22
BHO Stockpiles	47	2.09	3	0	0.00	0	47	2.09	3

Total	7,973	1.34	342	6,006	1.81	349	13,979	1.54	692

Ore Reserves are a subset of Measured and Indicated Mineral Resources only. All active open pit and underground operations were depleted to 30 June 2024 based upon data cut-off at 31 March, except for those in the Southern Goldfields which were depleted to 1 August 2024.

Ore Reserves have been generated from design studies at a Pre-Feasibility or Feasibility stage using appropriate cost, geotechnical, slope angle, stope span, dilution, cut-off grade and mining and metallurgical recovery parameters which are specific to each mine. Mining methods applied are resource specific and based upon experience with similar orebodies. Deswik^TM (underground) along with GEOVIA Whittle^TMand GEOVIA Surpac^TM (open pit) mining software was used to create mine designs. A maximum A$3,000/oz gold price has been used to establish Ore Reserves and determine appropriate cut-off grades.

Mining, milling and additional overhead costs are based on currently contracted and budgeted operating costs. Mill recoveries for all ore types are based upon operating experience or metallurgical test work. Ore Reserves consider environmental, tenement, government and infrastructure approvals along with transportation requirements to market.

Stockpiles consist of ROM stocks and low-grade stocks both mined by Westgold and accumulated by previous owners.

Material year-on-year changes to the Westgold gold Ore Reserves include:

Integration of the Karora Ore Reserves into the enlarged Westgold:
- Beta Hunt Operations (+545koz); and
- Higginsville Gold Operations (+699koz).

Routine mining depletions and ongoing resource development in Westgold's active mines contributed to an increase of 148koz of Ore Reserves in our Murchison operating mines, including:
- Bluebird - South Junction (+158oz); and
- Starlight (+32koz).

Figure 13 – Westgold made substantial gains in Ore Reserves through the inclusion of its Southern Operations whilst also adding to its Murchison Ore Reserves for the first time since FY17.

Background to the Ore Reserve

All Ore Reserve inventories are based upon detailed three-dimensional designs to ensure practical mining conditions are met. Additionally, all Ore Reserve inventories are above the mine specific cut-off grades (COG) as well as containing only Measured and Indicated material. Depending upon the mining method – modifying factors are used to address hydrological, geotechnical, minimum width and blasting conditions. These factors are applied during the stope design process to ensure are captured prior to scheduling and are relevant to the style of mineralisation, lithology, and ground conditions encountered.

Cost modelling is completed on all deposits within the ore reserve. In mines where current operations are employed, costs are derived from real and budgeted rates. In those which are under feasibility, the costs applied are determined from a schedule of rate relevant to the mining method and expected production rates.

Open Pit Methodology

Ore Reserves are based on pit designs – with appropriate modifications to the original Whittle Shell outlines to ensure compliance with practical mining parameters.

Geotechnical parameters aligned to the open pit Ore Reserves are either based on observed existing pit shape specifics or domain specific expectations / assumptions. Various geotechnical reports and retrospective reconciliations were considered in the design parameters.

Dilution of the ore through the mining process has been accounted for within the Ore Reserve inventory. These ratios are used to represent the style of mineralisation and mining method applied during the mine planning process. These modifying factors are determined from various lithological, geotechnical, and hydrogeoogical data .

Minimum mining widths have been accounted for in the designs, with the utilisation of 40t or 90t trucking parameters depending upon the size of the pit excavation.

No specific ground support requirements are needed outside of suitable pit slope design criteria based on specific geotechnical domains.

Mining sequence is included in the mine scheduling process for determining the economic evaluation and takes into account available operating time and mining equipment size and performance.

No Inferred material is included within the open pit statement, though in various pit shapes Inferred material is present. In these situations this Inferred material is classified as waste.

Underground Methodology

All underground Ore Reserves are based on 3D design strings and polygon derived stope shapes following the Measured and Indicated Mineral Resource Estimates (in areas above the Mine Operating COG). A complete mine schedule is then derived from this design to create a Life of Mine plan and financial analysis.

Mining heights and widths are based on first principles and standardised mining methods employed widely throughout Western Australia.

Geotechnical evaluations have been used in determining the size and filling methodologies alongside the mine sequence and fundamental geotechnical parameters. Subsequent costs associated with these methods have been included within the study and budgeting formats.

In large, disseminated orebodies sub level caving, sub level open stoping or single level bench stoping production methodologies are used. In narrow vein laminated quartz hosted domains, a conservative narrow bench style mining method is used. In narrow flat dipping deposits, a flat long hole process is adopted (with fillets in the footwall for rill angle) and or jumbo stoping.

Stope shape parameters have been based on historical data (where possible) or expected stable hydraulic radius dimensions derived from the first principles geotechnical data.

Modifying factors such as (but not limited to) minimum mining widths, dilution, and ore recovery are relevant to the style of mineralisation, ground conditions and, where appropriate, historical information.

Stope shape dimensions vary between the various methods. Default hydraulic radii (HR) are applied to each method and are derived either from historical production or geotechnical reports / recommendations. Where no data or exposure is available conservative HR values are used based on the contact domain type.

Mining sequence is included in the mine scheduling process for determining the economic evaluation and takes into account available operating time and mining equipment size and performance.

Figure 14 – Big Bell Life of Mine Schematic FY25.

Figure 15 – Fender Life of Mine Schematic FY25.

Figure 16 – Great Fingall Life of Mine Schematic FY25.

Figure 17 – Bluebird - South Junction Life of Mine Schematic FY25.

Figure 18 – Starlight Life of Mine Schematic FY25.

Figure 19 – Beta Hunt Life of Mine Schematic FY25.

Additional detailed information relating to generation of the Ore Reserves is attached in Appendix B Table 1 – JORC 2012 Reporting Criteria.

This announcement is authorised for release by the Board of Directors.

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 updated MRE has an effective date of 30 June 2024⁶ and was completed by Westgold technical employees and contractors under the supervision of Mr Jake Russell. The key inputs and assumptions are provided in Appendix C 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.

	____________________________________
	⁶Southern Goldfields Reserves and Resources are as at 1 August 2024, corresponding to the merger completion

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 announcement 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.

Technical Reports

Westgolds prepared the following NI 43-101 compliant technical reports which support the information contained herein, each of which is available under Westgold's profile on SEDAR+ at www.sedarplus.ca:

"NI 43-101 Technical Report, Fortnum Gold Operations, Bryah Goldfield, Western Australia" dated effective June 30, 2023, addressed to Westgold;
"NI 43-101 Technical Report Higginsville-Lakewood Operation, Eastern Goldfields, Western Australia" dated effective September 30, 2023, addressed to Karora;
"NI 43-101 Technical Report Beta Hunt Operation, Eastern Goldfields, Western Australia" dated effective September 30, 2023, addressed to Karora; and
"NI 43-101 Technical Report, Cue Gold Operations, Murchison Goldfields, Western Australia" dated effective June 30, 2023, addressed to Westgold.
"NI 43-101 Technical Report, Meekatharra Gold Operations, Murchison Goldfields, Western Australia" dated effective June 30, 2023, addressed to Westgold.

Reference should be made to the full text of the foregoing technical reports for the assumptions, qualifications and limitations relating to the Mineral Resource Estimates and Ore Reserves contained therein and herein.

Forward Looking Statements

These materials prepared by Westgold Resources Limited 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 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 – Previously Reported Significant Intersections Depicted in Release.

Mine	Hole	Collar N	Collar E	Collar RL	Intercept (Downhole)	From (m)	Dip	Azi
Big Bell	22BBDD0116B	6,978,073	564,954	-227	24.5m at 3.31g/t Au	543.0	-60.0	124.0
					5.2m at 2.51g/t Au	572.0
					7m at 7.91g/t Au	585.0
					11m at 3.37g/t Au	602.0
	24BBDD0026	6,977,668	564,658	-212	5.5m at 1.31g/t Au	129.0	8.0	122.0
					10.9m at 3.81g/t Au	143.0
Fender	24FNDD0017	6,975,285	562,807	298	11.29m at 4.3g/t Au	45.0	-15.0	149.0
					3.5m at 2.7g/t Au	59.0
	24FNDD0022	6,975,376	562,831	316	4.05m at 1.9g/t Au	131.0	-26.0	64.0
					3.95m at 5.89g/t Au	141.0
Great Fingall	23GFDD001_W1	6,961,854	584,360	428	1.30m at 12.15g/t Au	827.0	-75.5	302.2
	23GFDD001_W2	6,961,854	584,360	428	1.93m at 6.37g/t Au	787.8	-75.5	302.2
	23GFDD001_W3	6,961,854	584,360	428	9.66m at 4.38g/t Au	793.0	-75.5	302.2
	23GFDD001_W4	6,961,854	584,360	428	2.30m at 4.56g/t Au	886.7	-75.5	302.2
	23GFDD002_W1	6,961,960	584,294	428	15.12m at 4.31g/t Au	796.8	-76.0	301.0
	23GFDD002_W2	6,961,960	584,294	428	2.40 m at 8.15g/t Au	798.1	-76.0	301.0
Bluebird	24BLDD095	7,043,757	641,489	96	9.25m at 3.79g/t Au	122.0	-22.0	67.0
South Junction	24BLDD064	7,043,673	641,491	100	3.07m at 2.30g/t Au	15.0	-47.0	101.0
					1m at 6.37g/t Au	41.0
					31.37m at 5.55g/t Au	122.0
					15.5m at 4.62g/t Au	158.0
	24BLDD066				4.6m at 3.79g/t Au	21.0	-53.0	113.0
					22.8m at 1.25g/t Au	173.0
					15.82m at 3.09g/t Au	210.0
					18.9m at 3.65g/t Au	293.0
	24SJDD021_W2				5.79m at 2.39g/t Au	541.7	-65.0	294.0
					4.70m at 4.58g/t Au	550.3
					20.94m at 6.74g/t Au	681.9
Starlight	WB1270RD02	7,199,084	636,633	277	4.65m at 3.93 g/t Au	151.0	-4.0	336.2
					3m at 8.16 g/t Au	163.0
	WB1270RD17	7,199,083	636,632	276	2.2m at 27.35 g/t Au	72.4	-33.8	306.8
					4.6m at 6.83 g/t Au	83.4
					4m at 5.35 g/t Au	141.0
	NF1140GC127	7,199,075	636,533	145	9.95m at 10.8g/t Au	69.0	-45.0	72.0
	NF1140GC129	7,199,075	636,533	145	19.21m at 6.1g/t Au	66.0	-51.0	88.0
Beta Hunt	WF440N1-01AR	6,543,787	375,045	-439	5.00m at 2.78 g/t Au	-	-14.3	254.1
					1.00m at 7.00 g/t Au	54.0
					5.00m at 4.14 g/t Au	304.0
					4.65m at 7.71 g/t Au	333.0
					8.00m at 5.26 g/t Au	342.0
					4.00m at 3.24 g/t Au	353.0
					8.12m at 7.52 g/t Au	370.8
					0.55m at 7.92 g/t Au	398.6
					2.45m at 2.65 g/t Au	411.5
					4.00m at 22.45 g/t Au	421.0
	WF440N1-02AR	6,543,787	375,045	-439	4.00m at 3.86 g/t Au	-	-22.2	254.7
					4.00m at 1.53 g/t Au	52.0
					7.45m at 2.86 g/t Au	370.5
					5.20m at 10.13 g/t Au	433.8
					2.00m at 2.32 g/t Au	442.0
	WF440N1-03AR	6,543,787	375,045	-439	7.00m at 2.67 g/t Au	-	-29.1	254.3
					4.00m at 3.51 g/t Au	433.0
					1.00m at 5.17 g/t Au	442.0
					7.00m at 3.36 g/t Au	497.0
					15.00m at 3.07 g/t Au	507.0
					5.00m at 2.83 g/t Au	667.0
					1.20m at 3.50 g/t Au	684.0
					4.05m at 1.97 g/t Au	688.0
					1.00m at 5.01 g/t Au	740.0
	WF440N1-04AE	6,543,787	375,045	-437	6.00m at 6.39 g/t Au	-	-19.5	263.2
					1.00m at 3.49 g/t Au	77.0
					6.00m at 1.89 g/t Au	435.0
					1.00m at 8.21 g/t Au	503.0
	WF440N1-21AE	6,543,787	375,045	-437	7.00m at 3.20 g/t Au	-	-21.6	254.4
					5.00m at 1.62 g/t Au	50.0
					5.00m at 10.95 g/t Au	368.0
					4.00m at 7.17 g/t Au	376.0
					1.00m at 18.69 g/t Au	389.0
					7.00m at 7.97 g/t Au	454.0
					3.00m at 5.16 g/t Au	573.0
					4.90m at 1.73 g/t Au	588.1
					6.00m at 1.24 g/t Au	596.0
					2.20m at 3.81 g/t Au	631.8
	WF440DD-11AR	6,543,666	375,051	-433	1.00m at 2.41 g/t Au	206.0	-19.0	232.8
	WF380ACC-10AE	6,543,686	375,115	-376	5.00m at 2.62g/t Au	326.0	-38.4	244.0
					5.65m at 2.98g/t Au	431.4
					2.00m at 7.07g/t Au	532.0
					6.00m at 5.03g/t Au	563.0
	WF380ACC-12AE_W	6,543,686	375,115	-376	3.00m at 4.43g/t Au	549.0	-47.1	233.4
					8.50m at 1.66g/t Au	626.0
	WF380ACC-13AE	6,543,686	375,115	-376	8.00m at 6.16g/t Au	289.0	-34.0	224.9
					6.00m at 2.43g/t Au	320.0
					15.00m at 3.66g/t Au	394.0
					2.00m at 7.08g/t Au	441.0
					2.00m at 19.85g/t Au	452.0
	WF380ACC-14AE	6,543,686	375,115	-376	3.64m at 5.05g/t Au	204.4	-40.8	224.3
					7.00m at 1.80g/t Au	353.0
					1.00m at 11.82g/t Au	371.0
					5.00m at 2.22g/t Au	376.0
					4.00m at 3.94g/t Au	385.0
					3.00m at 8.93g/t Au	534.0
					2.00m at 5.44g/t Au	597.0
	WF380ACC-15AE	6,543,686	375,114	-375	3.00m at 4.28g/t Au	334.0	-27.3	257.1
					16.00m at 3.50g/t Au	356.0
					6.00m at 2.50g/t Au	378.0
					3.50m at 6.74g/t Au	431.5
					12.00m at 2.11g/t Au	439.0
					6.90m at 6.16g/t Au	453.1
					11.20m at 1.59g/t Au	659.8
					11.55m at 1.17g/t Au	687.5
	WF380ACC-17AE	6,543,686	375,114	-375	12.00m at 3.48g/t Au	366.0	-33.4	257.5
					14.50m at 17.29g/t Au	450.5
					5.00m at 1.90g/t Au	580.0
					3.00m at 3.05g/t Au	595.0
					2.00m at 1.60g/t Au	616.0
					1.00m at 10.10g/t Au	634.0
					10.00m at 5.30g/t Au	772.0
	WF380ACC-09AE	6,543,684	375,115	-374	7.00m at 3.26g/t Au	379.0	-32.2	245.0
					9.00m at 4.99g/t Au	404.0
					33.00m at 3.78/t Au	418.0
					6.00m at 3.48g/t Au	462.0
					3.00m at 4.18g/t Au	473.0
	WF380ACC-12AE	6,543,684	375,115	-374	3.00m at 3.51g/t Au	220.0	-47.1	233.4
					3.00m at 6.20g/t Au	364.0
					6.78m at 3.85g/t Au	453.0
					3.33m at 15.21g/t Au	473.7
	WF380ACC-16AE	6,543,684	375,115	-374	2.00m at 34.59g/t Au	262.0	-28.0	233.9
					7.00m at 1.55g/t Au	387.0
	BF1730-22AE	6,543,246	375,359	-300	17.00m at 2.48g/t Au	248.0	-39.1	265.5
					2.12m at 4.78g/t Au	348.0
					3.00m at 3.89g/t Au	405.0
					7.50m at 2.13g/t Au	442.5
					6.00m at 2.60g/t Au	497.0
					13.00m at 3.13g/t Au	522.0
					9.00m at 3.79g/t	553.0
	BF1730-23AE	6,543,247	375,358	-301	4.30 at 2.30g/t Au	366.0	-42.8	253.4
					3.00m at 7.87g/t Au	409.0
					2.31m at 3.42g/t Au	454.0
					3.00m at 1.47g/t Au	479.0
					1.00m at 6.16g/t Au	500.0
	BF1730-24AE	6,543,247	375,358	-301	3.00m at 17.95g/t Au	192.0	-46.1	264.1
					7.00m at 1.91g/t Au	198.0
					1.00m at 7.04g/t Au	286.0
					11.00m at 1.62g/t Au	338.0
					8.00m at 2.63g/t Au	358.0
					6.00m at 15.90g/t Au	597.0
	WF405ACC-48AE	6,543,695	375,109	-401	5.00m at 4.90g/t Au	288.0	-29.5	231.5
					32.0m at 4.75g/t Au	298.0
	WF405ACC-49AE	6,543,695	375,109	-401	1.00m at 13.61g/t Au	6.0	-37.1	231.1
					10.00m at 3.03g/t Au	276.0
					1.00m at 10.17g/t Au	290.0
					4.00m at 3.05g/t Au	334.0
					2.00m at 10.92g/t Au	350.0
					34.50m at 3.67g/t Au	355.5
					4.00m at 3.43g/t Au	519.0
					4.00m at 3.36g/t Au	526.0
	WF405ACC-50AE	6,543,694	375,109	-401	3.0m at 7.28g/t Au	293.0	-28.4	214.1
					8.0m at 2.17g/t Au	444.0
	BL1730-04AE	6,543,246	375,359	-300	1.00m at 3.78g/t Au	184.0	-37.6	245.4
					4.00m at 7.83g/t Au	296.0
					26.00m at 6.5g/t Au	353.0
					Inc. 6.00m at 9.85g/t Au	353.0
					2.50m at 7.30g/t Au	417.0
					9.00m at 25.22g/t Au	446.0
					Inc. 0.70m at 262g/t Au	451.0
	WF405SOD-01AE	6,543,631	375,234	-400	9.00m at 3.32g/t Au	304.0	-33.5	231.1
					3.50m at 3.56g/t Au	348.0
					10.47m at 2.46g/t Au	522.5
	WF405SOD-51AE	6,543,632	375,234	-400	6.00m at 3.20g/t Au	50.0	-21.6	217.1
					7.00m at1.72g/t Au	378.0
					4.00m at 4.09g/t Au	429.0
					19.00m at 2.89g/t Au	484.0
					29.00m at 3.01g/t Au	507.0
					2.88m at 11.75g/t Au	549.5
					3.50m at 7.05g/t Au	556.0
	WF405SOD-52AE	6,543,632	375,234	-400	2.00m at11.19g/t Au	280.0	-29.8	217.1
					6.00m at 2.82g/t Au	294.0
					7.00m at 2.80g/t Au	332.0
					11.00m at 4.73g/t Au	385.0
					3.00m at 7.36g/t Au	507.0
					2.00m at 5.02g/t Au	513.0
					13.00m at 2.20g/t Au	556.0
	FZ350-001	6,543,915	374,830	-348	7.31m at 3.02g/t Au	24.9	-42	250
					3.00m at 5.60g/t Au	574.0
					5.00m at 2.21g/t Au	614.0
	AF18LV-07AE	6,544,420	374,623	-267	8.50m at 5.47g/t Au	116.0	-31.5	249.5
					9.50m at 1.84g/t Au	132.5
					9.50m at 3.31g/t Au	578.5
	AF18LV-16AE	6,544,419	374,624	-267	0.50m at 6.99g/t Au	124.0	-30.6	221.8
					6.00m at 1.97g/t Au	129.0
					3.00m at 11.05g/t Au	138.0
					4.40m at 5.99g/t Au	144.0
					0.75m at 18.55g/t Au	545.0
	WF14-98	6,543,955	375,125	-188	3.90m at 2.12g/t Au	53.1	-29.5	262.2

Appendix B – JORC 2012 Table 1– Gold Division

SECTION 1: SAMPLING TECHNIQUES AND DATA

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

Criteria

JORC Code Explanation

Commentary

Sampling techniques

Drilling techniques

Drill sample recovery

Nature and quality of sampling (e.g. cut channels, random chips, or
specific specialised industry standard measurement tools
appropriate to the minerals under investigation, such as down hole
gamma sondes, or handheld XRF instruments, etc.). These
examples should not be taken as limiting the broad meaning of
sampling.
Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any measurement
tools or systems used.
Aspects of the determination of mineralisation that are Material to the Public Report.
In cases where 'industry standard' work has been done this would
be relatively simple (e.g. 'reverse circulation drilling was used to
obtain 1 m samples from which 3 kg was pulverised to produce a 30
g charge for fire assay'). In other cases more explanation may be
required, such as where there is coarse gold that has inherent
sampling problems. Unusual commodities or mineralisation types
(e.g. submarine nodules) may warrant disclosure of detailed
information.
Drill type (e.g. core, reverse circulation, open-hole hammer, rotary
air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter,
triple or standard tube, depth of diamond tails, face-sampling bit or
other type, whether core is oriented and if so, by what method, etc.).
Method of recording and assessing core and chip sample recoveries
and results assessed.
Measures taken to maximise sample recovery and ensure
representative nature of the samples.
Whether a relationship exists between sample recovery and grade
and whether sample bias may have occurred due to preferential
loss/gain of fine/coarse material.

Diamond Drilling

A significant portion of the data used in resource calculations has been gathered from diamond
core. Multiple sizes have been used historically. This core is geologically logged and subsequently
halved for sampling. Grade control holes may be whole-cored to streamline the core handling
process if required.

Face Sampling

At each of the major past and current underground producers, each development face / round is
horizontally chip sampled. The sampling intervals are domained by geological constraints (e.g. rock
type, veining and alteration / sulphidation etc.). The majority of exposures within the orebody are
sampled.

Sludge Drilling

Sludge drilling at is performed with an underground production drill rig. It is an open hole drilling
method using water as the flushing medium, with a 64mm (nominal) hole diameter. Sample
intervals are ostensibly the length of the drill steel. Holes are drilled at sufficient angles to allow
flushing of the hole with water following each interval to prevent contamination. Sludge drilling is
not used to inform resource models.

RC Drilling

Drill cuttings are extracted from the RC return via cyclone. The underflow from each interval is
transferred via bucket to a four-tiered riffle splitter, delivering approximately three kilograms of the
recovered material into calico bags for analysis. The residual material is retained on the ground near
the hole. Composite samples are obtained from the residue material for initial analysis, with the
split samples remaining with the individual residual piles until required for re-split analysis or
eventual disposal.

RAB / Aircore Drilling

Combined scoops from bucket dumps from cyclone for composite. Split samples taken from
individual bucket dumps via scoop. RAB holes are not included in the resource estimate.

Blast Hole Drilling

Cuttings sampled via splitter tray per individual drill rod. Blast holes not included in the resource
estimate.

All geology input is logged and validated by the relevant area geologists, incorporated into this is
assessment of sample recovery. No defined relationship exists between sample recovery and
grade. Nor has sample bias due to preferential loss or gain of fine or coarse material been noted.

Logging

Whether core and chip samples have been geologically and
geotechnically logged to a level of detail to support appropriate
Mineral Resource estimation, mining studies and metallurgical
studies.
Whether logging is qualitative or quantitative in nature. Core (or
costean, channel, etc.) photography.
The total length and percentage of the relevant intersections logged

Westgold surface drill-holes are all orientated and have been logged in detail for geology,
veining, alteration, mineralisation and orientated structure. Westgold underground drill-
holes are logged in detail for geology, veining, alteration, mineralisation and structure. Core
has been logged in enough detail to allow for the relevant mineral resource estimation
techniques to be employed.
Surface core is photographed both wet and dry and underground core is photographed wet.
All photos are stored on the Company's servers, with the photographs from each hole
contained within separate folders.
Development faces are mapped geologically.
RC, RAB and Aircore chips are geologically logged.
Sludge drilling is logged for lithology, mineralisation and vein percentage.
Logging is both qualitative and quantitative in nature.
All holes are logged completely, all faces are mapped completely.

Sub-sampling techniques
and sample preparation

If core, whether cut or sawn and whether quarter, half or all core
taken.
If non-core, whether riffled, tube sampled, rotary split, etc. and
whether sampled wet or dry.
For all sample types, the nature, quality and appropriateness of the
sample preparation technique.
Quality control procedures adopted for all sub-sampling stages to
maximise representivity of samples.
Measures taken to ensure that the sampling is representative of the
in-situ material collected, including for instance results for field
duplicate/second-half sampling.
Whether sample sizes are appropriate to the grain size of the
material being sampled.

Blast holes -Sampled via splitter tray per individual drill rods.
RAB / AC chips - Combined scoops from bucket dumps from cyclone for composite. Split
samples taken from individual bucket dumps via scoop.
RC - Three tier riffle splitter (approximately 5kg sample). Samples generally dry.
Face Chips - Nominally chipped horizontally across the face from left to right, sub-set via
geological features as appropriate.
Diamond Drilling - Half-core niche samples, sub-set via geological features as appropriate.
Grade control holes may be whole-cored to streamline the core handling process if required.
Chips / core chips undergo total preparation.
Samples undergo fine pulverisation of the entire sample by an LM5 type mill to achieve a 75µ
product prior to splitting.
QA/QC is currently ensured during the sub-sampling stages process via the use of the
systems of an independent NATA / ISO accredited laboratory contractor. A significant portion
of the historical informing data has been processed by in-house laboratories.
The sample size is considered appropriate for the grain size of the material being sampled.
The un-sampled half of diamond core is retained for check sampling if required. For RC chips
regular field duplicates are collected and analysed for significant variance to primary results.

Quality of assay data and
laboratory tests

The nature, quality and appropriateness of the assaying and
laboratory procedures used and whether the technique is
considered partial or total.
For geophysical tools, spectrometers, handheld XRF instruments,
etc., the parameters used in determining the analysis including
instrument make and model, reading times, calibrations factors
applied and their derivation, etc.
Nature of quality control procedures adopted (e.g. standards,
blanks, duplicates, external laboratory checks) and whether
acceptable levels of accuracy (i.e. lack of bias) and precision have
been established.

Recent sampling was analysed by fire assay as outlined below;
- A 40g – 50g sample undergoes fire assay lead collection followed by flame atomic
  adsorption spectrometry.
- The laboratory includes a minimum of 1 project standard with every 22 samples analysed.
- Quality control is ensured via the use of standards, blanks and duplicates.
No significant QA/QC issues have arisen in recent drilling results.
Photon Assay was introduced in 2023 for Beta Hunt grade control samples. PhotonAssay™
technology (Chrysos Corporation Limited) is a rapid, non-destructive analysis of gold and
other elements in mineral samples. It is based on the principle of gamma activation, which
uses high energy x-rays to excite changes to the nuclear structure of selected elements. The
decay is then measured to give a gold analysis. Each sample is run through two cycles with a
radiation time of 15s. This methodology is insensitive to material type and thus does not r
equire fluxing chemicals as in the fire assay methodology. Highlights of the PhotonAssay™
process are as follows:
- The process is non-destructive; the same sample accuracy can be determined by
  repeat measurements of the same sample. In addition, the instrument runs a precision
  analysis for each sample relating to the instrument precision
- The process allows for an increased sample size, about 500 g of crushed product.
The crushed material is not pulverised, as in the fire assay process; this ensures that gold is
not smeared or lost during pulverisation (especially important if there is an expectation of
visible gold that is being analysed)
Historical drilling has used a combination of Fire Assay, Aqua Regia and PAL analysis.
These assay methodologies are appropriate for the resources in question.

Verification of sampling and
assaying

The verification of significant intersections by either independent or
alternative company personnel.
The use of twinned holes.
Documentation of primary data, data entry procedures, data verification, data
storage (physical and electronic) protocols.
Discuss any adjustment to assay data.

No independent or alternative verifications are available.
Virtual twinned holes have been drilled in several instances across all sites with no significant
issues highlighted. Drillhole data is also routinely confirmed by development assay data in
the operating environment.
Primary data is collected utilising LogChief. The information is imported into a SQL database
server and verified.
All data used in the calculation of resources and reserves are compiled in databases
(underground and open pit) which are overseen and validated by senior geologists.
No adjustments have been made to any assay data.

Location of data points

Accuracy and quality of surveys used to locate drill holes (collar and
down-hole surveys), trenches, mine workings and other locations
used in Mineral Resource estimation.
Specification of the grid system used.
Quality and adequacy of topographic control.

All data is spatially oriented by survey controls via direct pickups by the survey department.
Drillholes are all surveyed downhole, deeper holes with a Gyro tool if required, the majority
with single / multishot cameras.
All drilling and resource estimation is preferentially undertaken in local mine grid at the
various sites.
Topographic control is generated from a combination of remote sensing methods and
ground-based surveys. This methodology is adequate for the resources in question.

Data spacing and distribution

Data spacing for reporting of Exploration Results.
Whether the data spacing and distribution is sufficient to establish
the degree of geological and grade continuity appropriate for the
Mineral Resource and Ore Reserve estimation procedure(s) and
classifications applied.
Whether sample compositing has been applied.

Data spacing is variable dependent upon the individual orebody under consideration. A
lengthy history of mining has shown that this approach is appropriate for the Mineral
Resource Estimation process and to allow for classification of the resources as they stand.
Compositing is carried out based upon the modal sample length of each individual domain.

Orientation of data in relation
to geological structure

Whether the orientation of sampling achieves unbiased sampling of
possible structures and the extent to which this is known,
considering the deposit type.
If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to have
introduced a sampling bias, this should be assessed and reported if
material.

Drilling intersections are nominally designed to be normal to the orebody as far as
underground infrastructure constraints / topography allows.
Development sampling is nominally undertaken normal to the various orebodies.
Where drilling angles are sub optimal the number of samples per drill hole used in the
estimation has been limited to reduce any potential bias.
It is not considered that drilling orientation has introduced an appreciable sampling bias.

Sample security

The measures taken to ensure sample security.

For samples assayed at on-site laboratory facilities, samples are delivered to the facility by
Company staff. Upon delivery the responsibility for sample security and storage falls to the
independent third-party operators of these facilities.
For samples assayed off-site, samples are delivered to a third-party transport service, who in
turn relay them to the independent laboratory contractor. Samples are stored securely until
they leave site.

Audits or reviews

The results of any audits or reviews of sampling techniques and data

Site generated resources and reserves and the parent geological data is routinely reviewed
by the Westgold Corporate technical team.

SECTION 2: REPORTING OF EXPLORATION RESULTS

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

Criteria

JORC Code Explanation

Commentary

Mineral tenement and land
tenure status

Type, reference name/number, location and ownership including
agreements or material issues with third parties such as joint
ventures, partnerships, overriding royalties, native title interests,
historical sites, wilderness or national park and environmental
settings.
The security of the tenure held at the time of reporting along with any
known impediments to obtaining a licence to operate in the area.

Native title interests are recorded against several WGX tenements.
The CMGP tenements are held by the Big Bell Gold Operations (BBGO) of which Westgold has 100% ownership.
Several third-party royalties exist across various tenements at CMGP, over and above the state government royalty.
The Fortnum Gold Project tenure is 100% owned by Westgold through subsidiary company Aragon Resources Pty. Ltd.
Various Royalties apply to the package. The most pertinent being;
- State Government – 2.5% NSR
Beta Hunt is owned by Westgold through a sub-lease agreement with St Ives Gold Mining Company Pty Ltd (SIGMC),
which gives Westgold the right to explore and mine gold and nickel.
Royalties on gold production from Beta Hunt are as follows:
- A royalty to the state government equal to 2.5% of the royalty value of gold metal produced; and
- Royalties to third parties equal to 4.75% of recovered gold less allowable deductions.
The Higginsville-Lakewood Operations include the Higginsville and Lakewood Mills and associated infrastructure, mining
operations and exploration prospects which are located on 242 tenements owned by Westgold and covers approximately 1,800km2
total area.
Royalties on the HGO gold production are as follows:
- Production payments of up to 1% of gross gold revenue over various tenements to traditional land owners.
- Royalty equal to 2.5% of recovered gold to the Government of Western Australia; and
- Various third parties hold rights to receive royalties in respect of gold (and in some cases other minerals or metals)
  recovered from the tenements.
The tenure is currently in good standing.
There are no known issues regarding security of tenure.
There are no known impediments to continued operation.
WGX operates in accordance with all environmental conditions set down as conditions for grant of the leases.

Exploration done by other parties

Acknowledgment and appraisal of exploration by other parties

The CMGP tenements have an exploration and production history in excess of 100 years.
The FGO tenements have an exploration and production history in excess of 30 years.
BHO tenements have an exploration and production history in excess of 60 years.
HGO tenements have an exploration and production history in excess of 40 years.
Westgold work has generally confirmed the veracity of historic exploration data.

Geology

Deposit type, geological setting and style of mineralisation.

BHO

Beta Hunt is situated within the central portion of the Norseman-Wiluna greenstone belt in a
sequence of mafic/ultramafic and felsic rocks on the southwest flank of the Kambalda Dome.
Gold mineralsation occurs mainly in subvertical shear zones in the Lunnon Basalt and is
characterised by shear and extensional quartz veining within a halo of biotite/pyrite alteration.
Within these shear zones, coarse gold sometimes occurs where the shear zones intersect iron-
rich sulphidic metasediments in the Lunnon Basalt or nickel sulphides at the base of the
Kambalda Komatiite (ultramafics). The mineralised shears are represented by A-Zone, Western
Flanks, Larkin and Mason zones.

CGO

CGO is located in the Achaean Murchison Province, a granite-greenstone terrane in the
northwest of the Yilgarn Craton. Greenstone belts trending north-northeast are separated by
granite-gneiss domes, with smaller granite plutons also present within or on the margins of
the belts.
Mineralisation at Big Bell is hosted in the shear zone (Mine Sequence) and is associated with
the post-peak metamorphic retrograde assemblages. Stibnite, native antimony and trace
arsenopyrite are disseminated through the K-feldspar-rich lode schist. These are intergrown
with pyrite and pyrrhotite and chalcopyrite. Mineralisation outside the typical Big Bell host
rocks (KPSH), for example 1,600N and Shocker, also display a very strong W-As-Sb
geochemical halo.
Numerous gold deposits occur within the Cuddingwarra Project area, the majority of which
are hosted within the central mafic-ultramafic ± felsic porphyry sequence. Within this broad
framework, mineralisation is shown to be spatially controlled by competency contrasts
across, and flexures along, layer-parallel D2 shear zones, and is maximised when transected
by corridors of northeast striking D3 faults and fractures.
The Great Fingall Dolerite hosts the majority gold mineralisation within the portion of the
greenstone belt proximal to Cue (The Day Dawn Project Area). Unit AGF3 is the most brittle of
all the five units and this characteristic is responsible for its role as the most favourable
lithological host to gold mineralisation in the Greenstone Belt.

FGO

The Fortnum deposits are Paleoproterozoic shear-hosted gold deposits within the Fortnum
Wedge, a localised thrust duplex of Narracoota Formation within the overlying Ravelstone
Formation. Both stratigraphic formations comprise part of the Bryah Basin in the Capricorn
Orogen, Western Australia.
- The Horseshoe Cassidy deposits are hosted within the Ravelstone Formation (siltstone and
  argillite) and Narracoota Formation (highly altered, moderate to strongly deformed mafic to
  ultramafic rocks). The main zone of mineralisation is developed within a horizon of highly
  altered magnesian basalt. Gold mineralisation is associated with strong vein stock works
  that are confined to the altered mafic. Alteration consists of two types: stockwork proximal
  silica-carbonate-fuchsite-haematite-pyrite and distal silica-haematite-carbonate+/-
  chlorite.
The Peak Hill district represents remnants of a Proterozoic fold belt comprising highly
deformed trough and shelf sediments and mafic / ultramafic volcanics, which are generally
moderately metamorphosed (except for the Peak Hill Metamorphic Suite).

HGO

The Higginsville Gold Operation is located in the Eastern Goldfields Superterrane of the
Archean Yilgarn Craton. The bulk of the Higginsville tenement package is located almost
entirely within the well-mineralised Kalgoorlie Terrane, between the gold mining centres of
Norseman and St Ives. HGO can be sub-divided into seven major geological domains: Trident
Line of Lode, Chalice, Lake Cowan, Southern Paleo-channels, Mt Henry, Polar Bear Group
and Spargos Project area.
Majority of mineralisation along the Trident Line of Lode are hosted within the Poseidon
gabbro and high-MgO dyke complexes in the south. The Poseidon Gabbro is a thick, weakly-
differentiated gabbroic sill, which strikes north-south and dips 60° to the east, is over 500 m
thick and 2.5 km long. The mineralisation is hosted within or marginal to quartz veining and is
structurally and lithologically controlled.
The Chalice Deposit is located within a north-south trending, 2 km to 3 km wide greenstone
terrane, flanked on the west calc-alkaline granitic rocks of the Boorabin Batholith and to the
east by the Pioneer Dome Batholith. The dominant unit that hosts gold mineralisation is a fine
grained, weak to strongly foliated amphibole-plagioclase amphibolite, with a typically
lepidoblastic (mineralogically aligned and banded) texture. It is west-dipping and generally
steep, approximately 60° to 75°.
The Lake Cowan project area is situated near the centre of a regional anticline between the
Zuleika and Lefroy faults, with the local geology of the area made more complex by the
intrusion of the massive Proterozoic Binneringie dyke. The majority of mineralisation at the
Lake Cowan Mining Centre is hosted within an enclave of Archaean material surrounded by
the Binneringie dyke.
Mineralised zones within the Southern Paleo Channels network comprise both placer gold,
normally near the base of the channel-fill sequences, and chemically-precipitated
secondary gold within the channel-fill materials and underlying saprolite. These gold
concentrations commonly overlie, or are adjacent to, primary mineralised zones within
Archaean bedrock.
The Mount Henry Project covers 347km2 of the prolific South Norseman‐Wiluna Greenstone
belt of the Eastern Goldfields in Western Australia. Although the greenstone rocks from the
Norseman area can be broadly correlated with those of the Kalgoorlie – Kambalda region they
form a distinct terrain which is bounded on all sides by major regional shears. The Norseman
Terrane has prominent banded iron formations which distinguish it from the Kalgoorlie–
Kambalda Terrane. The Mount Henry gold deposit is hosted by a silicate facies BIF unit within
the Noganyer Formation. Gold mineralisation is predominantly hosted by the silicate facies
BIF unit but is also associated with minor meta‐basalt and dolerite units that were mostly
emplaced in the BIF prior to mineralisation. The footwall to the BIF is characterised by a
sedimentary schistose unit and the hanging wall by the overlying dolerites of the Woolyeener
Formation. The Mount Henry gold deposit is classified as an Archean, orogenic shear hosted
deposit. The main lode is an elongated, shear‐hosted body, 1.9km long by 6 – 10 metres wide
and dips 65‐75 degrees towards the west.
The Polar Bear project is situated within the Archaean Norseman-Wiluna Belt which locally
includes basalts, komatiites, metasediments, and felsic volcaniclastics. The primary gold
mineralisation is related to hydrothermal activity during multiple deformation events.
Indications are that gold mineralisation is focused on or near to the stratigraphic boundary
between the Killaloe and Buldania Formation.
The Spargos Project occurs within Coolgardie Domain of the Kalgoorlie Terrane. The area is
bounded by the Zuleika Shear to the east and the Kunanalling Shear to the west. The
geological setting comprises tightly-folded north-south striking ultramafic and mafic
volcanic rocks at the northern closure Widgiemooltha Dome. The project lies on the general
trend of the Kunanalling / Karramindie Shear corridor, a regional shear zone that hosts
significant mineralisation to the north at Ghost Crab (Mount Marion), Wattle Dam to the
south, the Penfolds group and Kunanalling. The regional prospective Zuleika Shear lies to the
east of the project. The tenements are prospective for vein and shear hosted gold deposits
as demonstrated by Spargos Reward and numerous other gold workings and occurrences.
Gold mineralisation at Spargos Reward is hosted by a coarse-grained pyrite-arsenopyrite
lode in quartz-sericite schists, between strongly biotitic altered greywacke to the east
and quartz-sericite-fuchsite-pyrite altered felsic tuff to the west. Gold mineralisation is
associated with very little quartz veining which is atypical for many deposits in region. The
Spargos Reward setting has been described variously as a low-quartz sulphidic mesothermal
gold system or as a Hemlo style syn-sedimentary occurrence.

MGO

MGO is located in the Achaean Murchison Province, a granite-greenstone terrane in the
northwest of the Yilgarn Craton. Greenstone belts trending north-northeast are separated
by granite-gneiss domes, with smaller granite plutons also present within or on the margins of
the belts.
The Paddy's Flat area is located on the western limb of a regional fold, the Polelle Syn- cline,
within a sequence of mafic to ultramafic volcanics with minor interflow sediments and
banded iron-formation. The sequence has also been intruded by felsic porphyry dykes prior
to mineralisation. Mineralisation is located along four sub-parallel trends at Paddy's Flat
which can be summarized as containing three dominant mineralisation styles:
Sulphide replacement BIF hosted gold. Quartz vein hosted shear-related gold.
Quartz-carbonate-sulphide stockwork vein and alteration related gold.
The Yaloginda area which host Bluebird – South Junction, is a gold-bearing Archaean
greenstone belt situated ~15km south of Meekatharra. The deposits in the area are hosted in
a strained and metamorphosed volcanic sequence that consists primarily of ultramafic and
high-magnesium basalt with minor komatiite, peridotite, gabbro, tholeiitic basalt and
interflow sediments. The sequence was intruded by a variety of felsic porphyry and
intermediate sills and dykes.
- The Reedy's mining district is located approximately 15 km to the south-east to
  Meekatharra and to the south of Lake Annean. The Reedy gold deposits occur with- in a
  north-south trending greenstone belt, two to five kilometres wide, composed of volcano-
  sedimentary sequences and separated multiphase syn- and post-tectonic granitoid
  complexes. Structurally controlled the gold occur.

Drill hole Information

A summary of all information material to the understanding of the
exploration results including a tabulation of the following
information for all Material drill holes:
- easting and northing of the drill hole collar
- elevation or RL (Reduced Level – elevation above sea level in
  metres) of the drill hole collar
- dip and azimuth of the hole
- down hole length and interception depth
- hole length.
If the exclusion of this information is justified on the basis that the
information is not Material and this exclusion does not detract from
the understanding of the report, the Competent Person should
clearly explain why this is the case.

Tables containing drillhole collar, downhole survey and intersection data are included in the
body of the announcement.
No explorations results are being reported for Beta Hunt and Higginsville Operations.

Data aggregation methods

In reporting Exploration Results, weighting averaging techniques,
maximum and/or minimum grade truncations (e.g., cutting of high
grades) and cut-off grades are usually Material and should be
stated.
Where aggregate intercepts incorporate short lengths of high-grade
results and longer lengths of low-grade results, the procedure used
for such aggregation should be stated and some typical examples
of such aggregations should be shown in detail.
The assumptions used for any reporting of metal equivalent values
should be clearly stated.

All results presented are length weighted.

No high-grade cuts are used.

Reported results contain no more than two contiguous metres of internal dilution below
0.5g/t. For Beta Hunt, a cut off of 1 g/t Au with maximum internal waste of 2m is used to define
significant intercepts.

Results are reported above a variety of gram / metre cut-offs dependent upon the nature of
the hole. These are cut-offs are clearly stated in the relevant tables.

Unless indicated to the contrary, all results reported are downhole width.

Given restricted access in the underground environment the majority of drillhole
intersections are not normal to the orebody.

Relationship between
mineralisation widths and
intercept lengths

These relationships are particularly important in the reporting of
Exploration Results.
If the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported.
If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (e.g., 'down hole length,
true width not known').

Unless indicated to the contrary, all results reported are downhole width.
Given restricted access in the underground environment the majority of drillhole
intersections are not normal to the orebody.

Diagrams

Appropriate maps and sections (with scales) and tabulations of
intercepts should be included for any significant discovery being
reported These should include, but not be limited to a plan view of
drill hole collar locations and appropriate sectional views.

Appropriate diagrams are provided in the body of the release if required.

Balanced reporting

Where comprehensive reporting of all Exploration Results is not
practicable, representative reporting of both low and high grades
and/or widths should be practiced to avoid misleading reporting of
Exploration Results.

Appropriate balance in exploration results reporting is provided.

Other substantive exploration
data

Other exploration data, if meaningful and material, should be
reported including (but not limited to): geological observations;
geophysical survey results; geochemical survey results; bulk
samples – size and method of treatment; metallurgical test results;
bulk density, groundwater, geotechnical and rock characteristics;
potential deleterious or contaminating substances.

There is no other substantive exploration data associated with this release.

Further work

The nature and scale of planned further work (e.g. tests for lateral
extensions or depth extensions or large-scale step-out drilling).
Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling
areas, provided this information is not commercially sensitive.

Ongoing surface and underground exploration activities will be undertaken to support
continuing mining activities at Westgold Gold Operations.

SECTION 3: ESTIMATION AND REPORTING OF MINERAL RESOURCES

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

Criteria

JORC Code Explanation

Commentary

Database integrity

Measures taken to ensure that data has not been corrupted by, for
example, transcription or keying errors, between its initial collection and
its use for Mineral Resource estimation purposes.
Data validation procedures used.

The database used for the estimation was extracted from the Westgold's DataShed
database management system stored on a secure SQL server.
As new data is acquired it passes through a validation approval system designed to pick up
any significant errors before the information is loaded into the master database.

Site visits

Comment on any site visits undertaken by the Competent Person and
the outcome of those visits.
If no site visits have been undertaken indicate why this is the case.

Mr. Russell visits Westgold Gold Operations regularly.

Geological interpretation

Confidence in (or conversely, the uncertainty of) the geological
interpretation of the mineral deposit.
Nature of the data used and of any assumptions made.
The effect, if any, of alternative interpretations on Mineral Resource
estimation.
The use of geology in guiding and controlling Mineral Resource
estimation.
The factors affecting continuity both of grade and geology.

Mining in the Murchison and Goldfields districts has occurred since 1800's providing
significant confidence in the currently geological interpretation across all projects.
Confidence in the geological interpretation at BHO is high. The current geological
interpretation has been a precursor to successful mining over the years and forms the basis
for the long-term life of mine plan (LOM). The data and assumptions used do suggest that
any significant alternative geological interpretation is unlikely.
Geology (lithological units, alterations, structure, veining) have been used to guide and
control Mineral Resource estimation for Beta Hunt and HGO
No alternative interpretations are currently considered viable.
Geological interpretation of the deposit was carried out using a systematic approach to
ensure that the resultant estimated Mineral Resource figure was both sufficiently
constrained, and representative of the expected sub-surface conditions. In all aspects of
resource estimation the factual and interpreted geology was used to guide the development
of the interpretation.
Geological matrixes were established to assist with interpretation and construction of the
estimation domains.
The structural regime is the dominant control on geological and grade continuity in the
Murchison and Goldfields. Lithological factors such as rheology contrast are secondary controls on grade distribution.
Low-grade stockpiles are derived from previous mining of the mineralisation styles outlined
above.

Dimensions

The extent and variability of the Mineral Resource expressed as length
(along strike or otherwise), plan width, and depth below surface to the
upper and lower limits of the ineral Resource.

BHO

A-Zone extends over 2.2km strike length and is modelled to a vertical depth of 960m. It has
variable thickness from 2m to 20m thick.
Western Flanks has a strike extent of 1.8km and is modelled to a vertical extent of 450m,
with average thickness of the shear around 10m.
Larkin extends over 1.1km in strike length and is modelled to 400m vertical extent, with
variable thickness ranging from 2m to 15m thick.
Mason has a strike extent of 1.1km and is modelled to 455m vertical extent with variable
thickness between 7 to 15m.

CGO

The Big Bell Trend is mineralised a strike length of >3,900m, a lateral extent of up +50m and
a depth of over 1,500m.
Great Fingall is mineralised a strike length of >500m, a lateral extent of >600m and a depth
of over 800m.
Black Swan South is mineralised a strike length of >1,700m, a lateral extent of up +75m and
a depth of over 300m.

FGO

The Yarlarweelor mineral resource extends over 1,400m in strike length, 570m in lateral
extent and 190m in depth.
The Tom's and Sam's mineral resource extends over 650m in strike length, 400m in lateral
extent and 130m in depth.
The Eldorado mineral resource extends over 240m in strike length, 100m in lateral extent
and 100m in depth.

HGO

Trident, Fairplay, Vine and Two Boy's deposits form the Line of Lode system and extends
over 5km of strike.
Chalice mineralisation has been defined over a strike length of 700m, a lateral extent of
200m and a depth of 650m.
The Pioneer resource area extends over a strike length of 860m from 6,474,900mN to
6,475,760mN. The multiple NS striking parallel lodes occur within a narrow EW extent of
190m from 374,970mE to 375,160mE. Mineralisation has been modelled from surface at
291mRL to a vertical depth 208m to the 83mRL.

- Southern paleochannels gold mineralisation is interpreted to have a strike length
  around 4km and is predominantly flat lying.

The Wills deposit extends over 900m in a ENE-WSW direction and is up to 200m wide. Pluto
is confirmed between sections 6,480,100mN and 6,481,800mN. Nanook is confirmed
between sections 6,469,300mN and 6,472,500mN.
Lake Cowan: Atreides mineralisation is contained within flat lying lodes located within the
weathered zone. The mineralision strike extents vary between 100m to 300m long, with an
average thickness of 2 to 3 m thick. Josephine has a strike length greater than 450m and
>10m across strike and modelled to >90m at depth. Louis has a strike extent of 310m long
and is interpreted to a depth of 170m below surface. Napoleon: ~220m strike and up to
~90m (individual mineralised lodes maximum of 12m) across strike to an interpreted depth
of ~80m m below surface. Rose's dimension is 150m x 120m (X, Y), to an interpreted depth
of +20-25m below surface.
The Spargos resource area extends over a strike length of 330m from 6,542,980mN to
6,543,310mN. The parallel lodes occur within a narrow EW extent of 95m from 354,120mE
to 354,215mE. Mineralisation has been modelled from surface at 425mRL to a vertical
depth 525m to -100mRL.

MGO

The Paddy's Flat Trend is mineralised a strike length of >3,900m, a lateral extent of up
+230m and a depth of over 500m.
Bluebird – South Junction is mineralised a strike length of >1,800m, a lateral extent of up
+50m and a depth of over 500m.
Triton – South Emu is mineralised a strike length of >1,100m, a lateral extent of several
metres and a depth of over 500m.

STOCKPILES

Low-grade stockpiles are of various dimensions. All modelling and estimation work
undertaken by Westgold is carried out in three dimensions via Surpac Vision.

Estimation and
modelling techniques.

The nature and appropriateness of the estimation technique(s) applied
and key assumptions, including treatment of extreme grade values,
domaining, interpolation parameters, maximum distance of
extrapolation from data points.
The availability of check estimates, previous estimates and/or mine
production records and whether the Mineral Resource estimate takes
appropriate account of such data.
The assumptions made regarding recovery of by-products.
Estimation of deleterious elements or other non-grade variables of
economic significance (e.g. sulphur for acid mine drainage
characterisation).
In the case of block model interpolation, the block size in relation to the
average sample spacing and the search employed.
Any assumptions behind modelling of selective mining units.
Any assumptions about correlation between variables.
The process of validation, the checking process used, the comparison
of model data to drillhole data, and use of reconciliation data
if available.

After validating the drillhole data to be used in the estimation, interpretation of the orebody
is undertaken in sectional and / or plan view to create the outline strings which form the
basis of the three-dimensional orebody wireframe. Wireframing is then carried out using a
combination of automated stitching algorithms and manual triangulation to create an
accurate three-dimensional representation of the sub-surface mineralised body.
Drillhole intersections within the mineralised body are defined, these intersections are then
used to flag the appropriate sections of the drillhole database tables for compositing
purposes. Drillholes are subsequently composited to allow for grade estimation. In all
aspects of resource estimation, the factual and interpreted geology was used to guide the
development of the interpretation.
Once the sample data has been composited, a statistical analysis is undertaken to assist
with determining estimation search parameters, top-cuts etc. Variographic analysis of
individual domains is undertaken to assist with determining appropriate search
parameters. Which are then incorporated with observed geological and geometrical
features to determine the most appropriate search parameters.
An empty block model is then created for the area of interest. This model contains attributes
set at background values for the various elements of interest as well as density, and various
estimation parameters that are subsequently used to assist in resource categorisation. The
block sizes used in the model will vary depending on orebody geometry, minimum mining
units, estimation parameters and levels of informing data available.
Grade estimation is then undertaken, with ordinary kriging estimation method is considered
as standard, although in some circumstances where sample populations are small, or
domains are unable to be accurately defined, inverse distance weighting estimation
techniques will be used. For very minor lodes, the respective median or average grade is
assigned. Both by-product and deleterious elements are estimated at the time of primary
grade estimation if required. It is assumed that by- products correlate well with gold. There
are no assumptions made about the recovery of by-products.
The resource is then depleted for mining voids and subsequently classified in line with JORC
guidelines utilising a combination of various estimation derived parameters and geological /
mining knowledge.
This approach has proven to be applicable to Westgold's gold assets.
Estimation results are routinely validated against primary input data, previous estimates
and mining output.
Good reconciliation between mine claimed figures and milled figures are routinely achieved
during production.

Moisture

Whether the tonnages are estimated on a dry basis or with natural
moisture, and the method of determination of the moisture content.

Tonnage estimates are dry tonnes.

Cut-off parameters

The basis of the adopted cut-off grade(s) or quality parameters applied.

The cut off grades used for the reporting of the Mineral Resources have been selected based
on the style of mineralisation, depth from surface of the mineralisation and the most
probable extraction technique and associated costs.

Mining factors or assumptions

Assumptions made regarding possible mining methods, minimum
mining dimensions and internal (or, if applicable, external) mining
dilution. It is always necessary as part of the process of determining
reasonable prospects for eventual economic extraction to consider
potential mining methods, but the assumptions made regarding mining
methods and parameters when estimating Mineral Resources may not
always be rigorous. Where this is the case, this should be reported with
an explanation of the basis of the mining assumptions made.

Variable by deposit.
No mining dilution or ore loss has been modelled in the resource model or applied to the
reported Mineral Resource.

Metallurgical factors or
assumptions

The basis for assumptions or predictions regarding metallurgical
amenability. It is always necessary as part of the process of determining
reasonable prospects for eventual economic extraction to consider
potential metallurgical methods, but the assumptions regarding
metallurgical treatment processes and parameters made when
reporting Mineral Resources may not always be rigorous. Where this is
the case, this should be reported with an explanation of the basis of the
metallurgical assumptions made.

Not considered for Mineral Resource. Applied during the Reserve generation process.

Environmental factors
or assumptions

Assumptions made regarding possible waste and process residue
disposal options. It is always necessary as part of the process of
determining reasonable prospects for eventual economic extraction to
consider the potential environmental impacts of the mining and
processing operation. While at this stage the determination of potential
environmental impacts, particularly for a greenfields project, may not
always be well advanced, the status of early consideration of these
potential environmental impacts should be reported. Where these
aspects have not been considered this should be reported with an
explanation of the environmental assumptions made.

Westgold operates in accordance with all environmental conditions set down as conditions
for grant of the respective leases.

Bulk density

Whether assumed or determined. If assumed, the basis for the
assumptions. If determined, the method used, whether wet or dry, the
frequency of the measurements, the nature, size and
representativeness of the samples.
The bulk density for bulk material must have been measured by
methods that adequately account for void spaces (vugs, porosity, etc.),
moisture and differences between rock and alteration zones within the
deposit.
Discuss assumptions for bulk density estimates used in the evaluation
process of the different materials.

Bulk density of the mineralisation is variable and is for the most part lithology and oxidation
rather than mineralisation dependent.
A large suite of bulk density determinations has been carried out across the project areas.
The bulk densities were separated into different weathering domains and lithological
domains.
A significant past mining history has validated the assumptions made surrounding bulk
density.

Classification

The basis for the classification of the Mineral Resources into varying
confidence categories.
Whether appropriate account has been taken of all relevant factors (i.e.
relative confidence in tonnage/grade estimations, reliability of input
data, confidence in continuity of geology and metal values, quality,
quantity and distribution of the data).
Whether the result appropriately reflects the Competent Person's view
of the deposit.

Resources are classified in line with JORC guidelines utilising a combination of various
estimation derived parameters, input data and geological / mining knowledge.
Drillhole spacing to support classification varies based upon lode characteristics.
Measured ranges from 15-35m, Indicated from 10-180m and Inferred from 10-200m.
This approach considers all relevant factors and reflects the Competent Person's view of
the deposit.

Audits or reviews

The results of any audits or reviews of Mineral Resource estimates.

Resource estimates are peer reviewed by the Corporate technical team.
No external reviews have been undertaken.

Discussion of relative
accuracy / confidence

Where appropriate a statement of the relative accuracy and confidence
level in the Mineral Resource estimate using an approach or procedure
deemed appropriate by the Competent Person. For example, the
application of statistical or geostatistical procedures to quantify the
relative accuracy of the resource within stated confidence limits, or, if
such an approach is not deemed appropriate, a qualitative discussion
of the factors that could affect the relative accuracy and confidence of
the estimate.
The statement should specify whether it relates to global or local
estimates, and, if local, state the relevant tonnages, which should be
relevant to technical and economic evaluation. Documentation should
include assumptions made and the procedures used.
These statements of relative accuracy and confidence of the estimate
should be compared with production data, where available.

All currently reported resource estimates are considered robust, and representative on both
a global and local scale.
A continuing history of mining with good reconciliation of mine claimed to mill recovered
provides confidence in the accuracy of the estimates.

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.)

Criteria

JORC Code Explanation

Commentary

Mineral Resource estimate
for conversion to Ore
Reserves

Description of the Mineral Resource estimate used as a basis for the
conversion to an Ore Reserve.
Clear statement as to whether the Mineral Resources are reported
additional to, or inclusive of, the Ore Reserves.

At all Operations the Ore Reserve is based on the corresponding reported Mineral Resource
Estimate.
Mineral Resource Estimates reported are inclusive of those Mineral Resources Estimates
modified to produce the Ore Reserve.
At all projects, all Mineral Resources Estimates that have been converted to Ore Reserve are
classified as either an Indicated or Measured.

Site visits

Comment on any site visits undertaken by the Competent Person and
the outcome of those visits.
If no site visits have been undertaken indicate why this is the case.

Mr. Leigh Devlin has over 10 years' experience in the mining industry. Mr. Devlin visits the mine
sites on a regular basis and is one of the primary engineers involved in mine
planning, site
infrastructure and project management.

Study status

The type and level of study undertaken to enable Mineral Resources to
be converted to Ore Reserves.
The Code requires that a study to at least Pre-Feasibility Study level
has been undertaken to convert Mineral Resources to Ore Reserves.
Such studies will have been carried out and will have determined a
mine plan that is technically achievable and economically viable, and
that material Modifying Factors have been considered

Processing at the Murchison operations has occurred continuously since 2015, with previous
production occurring throughout 1800's, 1900's and 2000's. Processing at the Goldfields
operations has occurred intermittently since the 1980's and continuously since 2008 at
Higginsville.
Various mineralisation styles and host domains have been mined since discovery. Mining
during this time has ranged from open pit cutbacks, insitu surface excavations to extensional
underground developments.
Budget level, 24 month projected, forecasts are completed on a biannual basis, validating cost
and physical inventory assumptions and modelling. These updated parameters are
subsequently used for the basis of the Ore Reserve modification and financial factors.
Following exploration and infill drilling activity, resource models are updated on both the
estimation of grade and classification. These updated Mineral Resources Estimates then form
the foundation for the Ore Reserve.

Cut-off parameters

The basis of the cut-off grade(s) or quality parameters applied.

Underground Mines - Cut off grades are used to determine the economic viability of the
convertible Mineral Resources Estimates. COG for underground mines incorporate OPEX
development and production costs, grade control, haulage, milling, administration, along with
state and private royalty conditions, Where an individual mine has different mining methods
and or various orebody style, COG calculations are determined for each division. These cuts
are applied to production shapes (stopes) as well as high grade development. Additionally, an
incremental COG is applied to low grade development, whereby access to a high grade area is
required.

• On the basis of above process, the COG is split into Mine Operating COG (incremental grade)
2.1gt and Fully Costed COG (inclusive of capital) 2.3gt.

• Open Pit Mines - The pit rim cut-off grade (COG) was determined as part of the Ore Reserve.
The pit rim COG accounts for grade control, haulage, milling, administration, along with state
and private royalty conditions. This cost profile is equated against the value of the mining block
in terms of recovered metal and the expected selling price. The COG is then used to determine
whether or not a mining block should be delivered to the treatment plant for processing,
stockpiled as low- grade or taken to the waste dump.

• On the basis of above process, COGs for the open pit mines range from 0.8g/t (whereby the Mill
is local to mine and Mill recoveries are greater than 90%) to 1.4g/t (regional pits with low Mill
recoveries).

• Stockpile COG – A marginal grade was determined for each stockpile inventory to ensure it was
economically viable. The COG accounts for haulage, milling, administration, along with state
and private royalty conditions. Each pile honoured its Mill recovery percentage.

Mining factors or
assumptions

The method and assumptions used as reported in the Pre-Feasibility
or Feasibility Study to convert the Mineral Resource to an Ore Reserve
(i.e. either by application of appropriate factors by
optimisation or by preliminary or detailed design).
The choice, nature and appropriateness of the selected mining
method(s) and other mining parameters including associated design
issues such as pre-strip, access, etc.
The assumptions made regarding geotechnical parameters (e.g. pit
slopes, stope sizes, etc.), grade control and pre-production drilling.
The major assumptions made and Mineral Resource model used for
pit and stope optimisation (if appropriate).
The mining dilution factors used.
The mining recovery factors used.
Any minimum mining widths used.
The manner in which Inferred Mineral Resources are utilised in
mining studies and the sensitivity of the outcome to their inclusion.
The infrastructure requirements of the selected mining methods.

All Ore Reserve inventories are based upon detailed 3-dimensional designs to ensure practical
mining conditions are met. Additionally, all Ore Reserve inventories are above the mine specific
COG(s) as well as containing only Measured and Indicated material. Depending upon the
mining method – modifying factors are used to address hydrological, geotechnical, minimum
width and blasting conditions.

Open Pit Methodology

The mining shape in the Ore Reserve estimation is generated by a wireframe (geology
interpretation of the mineralisation) which overlays the block model. Where the wire frame cuts
the primary block, sub blocks fill out the remaining space to the wire frame boundary
(effectively the mining shape). It is reasonable to assume that the mining method can
selectively mine to the wire frame boundary with the additional dilution provision stated below.
Ore Reserves are based on pit designs – with appropriate modifications to the original Whittle
Shell outlines to ensure compliance with practical mining parameters.
Geotechnical parameters aligned to the open pit Ore Reserves are either based on observed
existing pit shape specifics or domain specific expectations / assumptions. Various
geotechnical reports and retrospective reconciliations were considered in the design
parameters. A majority of the open pits have a final design wall angle of 39-46 degrees, which
is seen as conservative.
Dilution of the ore through the mining process has been accounted for within the Ore Reserve
quoted inventory. Various dilution ratios are used to represent the style of mineralisation.
Where continuous, consistent mineralisation boundaries and grade represent the mineralised
system the following factors are applied: oxide 15%, transitional 17% and fresh 19%. In
circumstances where the orebody is less homogenous above the COG then the following
dilution factors are applied in order to model correctly the inherent variability of extracting
discrete sections of the pit floor: oxide 17%, transitional 19% and fresh 21%. To ensure clarity,
the following percentages are additional ore mined in relation to excavating the wire frame
boundary as identified in point 1 above, albeit at a grade of 0.0 g/t. The amount of dilution is
considered appropriate based on mineralisation geometry, historical mining performance and
the size of mining equipment to be used to extract ore.
Expected mining recovery of the ore has been set at 93%.
Minimum mining widths have been accounted for in the designs, with the utilisation of 40t or
90t trucking parameters depending upon the size of the pit excavation.
No specific ground support requirements are needed outside of suitable pit slope design
criteria based on specific geotechnical domains.
Mining sequence is included in the mine scheduling process for determining the economic
evaluation and takes into account available operating time and mining equipment size and
performance.
No Inferred material is included within the open pit statement, though in various pit shapes
Inferred material is present. In these situations this Inferred material is classified as waste.

Underground Methodology

All underground Ore Reserves are based on 3D design strings and polygon derived stope
shapes following the Measured and Indicated Mineral Resource Estimates (in areas above the
Mine Operating COG). A complete mine schedule is then derived from this design to create a
LoM plan and financial analysis.
Mining heights and widths are based on first principles and standardised mining methods
employed widely throughout Western Australia.
Geotechnical evaluations have been used in determining the size and filling methodologies.
Subsequent costs associated with these methods have been included within the study and budgeting formats.
In large, disseminated orebodies sub level caving, sub level open stoping or single level bench stoping
production methodologies are used.
In narrow vein laminated quartz hosted domains, a conservative narrow bench style mining method is used.
In narrow flat dipping deposits, a flat long hole process is adopted (with fillets in the footwall for rill angle)
and or jumbo stoping.
Stope shape parameters have been based on historical data (where possible) or expected stable hydraulic
radius dimensions.
Stope inventories have been determined by cutting the geological wireframe at above the area specific COG
and applying mining dilution and ore loss factors. The ore loss ratio accounts for pillar locations between the
stopes (not operational ore loss) whilst dilution allows for conversion of the geological wireframe into a minable
shape (planned dilution) as well as hangingwall relaxation and blasting overbreak (unplanned dilution).
Depending upon the style of mineralisation, sub level interval, blasthole diameters used and if secondary support
is installed, total dilution ranges from 10 to 35%.
Minimum mining widths have been applied in the various mining methods. The only production style relevant to
this constraint is 'narrow stoping' – where the minimum width is set at 1.5m in a 17.0m sub level interval.
Mining operational recovery for the underground mines is set at 85-100% due to the use of remote loading units
as well as paste filling activities. Mining recovery is not inclusive of pillar loss – insitu mineralised material between
adjacent stope panels.
Stope shape dimensions vary between the various methods. Default hydraulic radii (HR) are applied to each method
and are derived either from historical production or geotechnical reports / recommendations. Where no data or exposure
is available conservative HR values are used based on the contact domain type.
Mining sequence is included in the mine scheduling process for determining the economic evaluation and takes into account
available operating time and mining equipment size and performance.

Metallurgical factors or assumptions

The metallurgical process proposed and the appropriateness of that process
to the style of mineralisation.
Whether the metallurgical process is well-tested technology or novel in nature.
The nature, amount and representativeness of metallurgical test work undertaken,
the nature of the metallurgical domaining applied and the corresponding metallurgical
recovery factors applied.
Any assumptions or allowances made for deleterious elements.
The existence of any bulk sample or pilot scale test work and the degree to which such
samples are considered representative of the orebody as a whole.
For minerals that are defined by a specification, has the ore reserve estimation been based
on the appropriate mineralogy to meet the specifications?

BHO

A long history of processing through several CIL processing existing facilities demonstrates the appropriateness of the
process to the styles of mineralisation considered.
No deleterious elements are considered, the long history of processing has shown this to be not a material concern.

CGO

CGO has an existing conventional CIL processing plant.
The plant has a nameplate capacity of 1.4Mtpa though this can be varied between 1.2- 1.6Mtpa pending rosters
and material type.
Gold extraction is achieved using two staged crushing, ball milling with gravity concentration and Carbon in Leach.
Despite CGO having a newly commissioned processing plant (2012/13 and subsequently restarted in 2018) a high
portion of the Ore Reserve mill feed have extensive data when processed at other plants in the past 2-3 decades. This long
history of processing demonstrates the appropriateness of the process to the styles of mineralisation considered.
No deleterious elements are considered, as a long history of processing has shown this to be not a material concern.
For the Ore Reserve, Plant recoveries of 80-93% have been utilised.

FGO

FGO has an existing conventional CIL processing plant – which has been operational in various periods since
the late 1980's. The plant has a nameplate capacity of 1.0Mtpa though this can be varied between 0.8-1.2Mtpa pending
rosters and material type.
An extensive database of historical CIL recoveries as well as detailed metallurgical test work is available for the various deposits,
and these have been incorporated into the COG analysis and financial models.
For the Ore Reserve, Plant recoveries of 93-95% have been utilised.

HGO

Gold extraction is achieved using staged crushing, ball milling with gravity concentration and Carbon in Leach.
The Higginsville plant has operated since 2008.
Treatment of ore is via conventional gravity recovery / intensive cyanidation and CIL is applied as industry standard technology.
Additional test-work is instigated where notable changes to geology and mineralogy are identified. Small scale batch leach tests
on primary Louis ore have indicated lower recoveries (80%) associated with finer gold and sulphide mineralisation.
There have been no major examples of deleterious elements affecting gold extraction levels or bullion quality. Some minor variations
in sulphide mineralogy have had short-term impacts on reagent consumptions.
No bulk sample testing is required whilst geology/mineralogy is consistent based on treatment plant performance.

MGO

MGO has an existing conventional CIL processing plant – which has been operational in various periods since the late 1980's.
The plant has a nameplate capacity of 1.6Mtpa though this can be varied between 1.2- 1.8Mtpa pending rosters and material type.
Gold extraction is achieved using single stage crushing, SAG and ball milling with gravity concentration and Carbon in Leach.
A long history of processing through the existing facility demonstrates the appropriateness of the process to the styles of
mineralisation considered.
No deleterious elements are considered, as a long history of processing has shown this to be not a material concern.
For the Ore Reserve, Plant recoveries of 85-92% have been utilised.

Environmental

The status of studies of potential environmental impacts of the mining and processing operation.
Details of waste rock characterisation and the consideration of potential sites, status of design
options considered and, where applicable, the status of approvals for process residue storage and
waste dumps should be reported.

BHO

BHO operates under and in compliance with a number of operating environmental plans, which cover its environmental
impacts and outputs as well as reporting guidelines / frequencies.
Various Reserve inventories do not have current DMP / DWER licenses – though there are no abnormal conditions /
factors associated with these assets which the competent person sees as potentially threatening to the particular project.
The operation is frequently inspected by the regulatory authorities of DMP and DWER with continual feedback on environmental
best practice and reporting results.
Flood Management, Inclement Weather and Traffic Management Plans existing for the operation to minimise the risks of
environmental impacts.
Standard Operating Procedures for the transfer of hazardous materials and restocking of Dangerous Goods existing on site to
mitigate the risk of these materials entering the environment.

CGO

CGO operates under and in compliance with a number of operating environmental plans, which cover its environmental
impacts and outputs as well as reporting guidelines / frequencies.
Various Reserve inventories do not have current DMP / DWER licenses – though there are no abnormal conditions /
factors associated with these assets which the competent person sees as potentially threatening to the particular project.
The operation is frequently inspected by the regulatory authorities of DMP and DWER with continual feedback on
environmental best practice and reporting results.
Flood Management, Inclement Weather and Traffic Management Plans existing for the operation to minimise the risks
of environmental impacts.
Standard Operating Procedures for the transfer of hazardous materials and restocking of Dangerous Goods existing
on site to mitigate the risk of these materials entering the environment.

FGO

FGO operates under and in compliance with a number of operating environmental plans, which cover its environmental
impacts and outputs as well as reporting guidelines / frequencies.
Various Reserve inventories do not have current DMP / DWER licenses – though there are no abnormal conditions /
factors associated with these assets which the competent person sees as potentially threatening to the particular project.
The operation is frequently inspected by the regulatory authorities of DMP and DWER with continual feedback on
environmental best practice and reporting results.
Flood Management, Inclement Weather and Traffic Management Plans existing for the operation to minimise the
risks of environmental impacts.
Standard Operating Procedures for the transfer of hazardous materials and restocking of Dangerous Goods existing
on site to mitigate the risk of these materials entering the environment.

HGO

HGO operates under and in compliance with a number of operating environmental plans, which cover its environmental
impacts and outputs as well as reporting guidelines / frequencies.
Various Reserve inventories do not have current DMP / DWER licenses – though there are no abnormal conditions /
factors associated with these assets which the competent person sees as potentially threatening to the particular project.
The operation is frequently inspected by the regulatory authorities of DMP and DWER with continual feedback on
environmental best practice and reporting results.
Flood Management, Inclement Weather and Traffic Management Plans existing for the operation to minimise the risks
of environmental impacts.
Standard Operating Procedures for the transfer of hazardous materials and restocking of Dangerous Goods existing on
site to mitigate the risk of these materials entering the environment.

MGO

MGO operates under and in compliance with a number of operating environmental plans, which cover its environmental
impacts and outputs as well as reporting guidelines / frequencies.
Various Reserve inventories do not have current DMP / DWER licenses – though there are no abnormal conditions /
factors associated with these assets which the competent person sees as potentially threatening to the particular project.
The operation is frequently inspected by the regulatory authorities of DMP and DWER with continual feedback on
environmental best practice and reporting results.
Flood Management, Inclement Weather and Traffic Management Plans existing for the operation to minimise the
risks of environmental impacts.
Standard Operating Procedures for the transfer of hazardous materials and restocking of Dangerous Goods existing
on site to mitigate the risk of these materials entering the environment.

Infrastructure

The existence of appropriate infrastructure: availability of land for plant development, power, water,
transportation (particularly for bulk commodities), labour, accommodation; or the ease with which the
infrastructure can be provided or accessed.

BHO

BHO is currently active and have substantial infrastructure in place including a large amount of underground
infrastructure, major electrical, ventilation and pumping networks.
Airstrip facilities are available at nearby Kambalda.

CGO

CGO has an operating plant and tailings storage facility, along with extensive mechanical and electrical maintenance facilities.
The site also includes existing administration buildings as well as a 250-man accommodation camp facility.
Power is provided by onsite diesel generation, with potable water sourced from nearby bore water (post treatment).
Communications and roadways are existing.
Airstrip facilities are available at the local Cue airstrip (20km).

FGO

FGO has an operating plant and tailings storage facility, along with extensive mechanical and electrical maintenance facilities.
The site also includes existing administration buildings as well as a 200-man accommodation camp facility.
Power is provided by onsite diesel generation, with potable water sourced from nearby bore water (post treatment).
Communications and roadways are existing.
Airstrip facilities are available on site.

HGO

HGO is currently active and have substantial infrastructure in place including a large amount of underground
infrastructure, major electrical, ventilation and pumping networks. The main Higginsville location has an operating CIL
plant a fully equipped laboratory, extensive workshop, administration facilities and a 350 person single person quarters nearby.
Infrastructure required for open production is also in place.
Airstrip facilities are available at nearby Kambalda.

MGO

MGO has an operating plant and tailings storage facility, along with extensive mechanical and electrical maintenance facilities.
The site also includes existing administration buildings as well as a 300-man accommodation camp facility.
Power is provided by onsite diesel generation, with potable water sourced from nearby bore water (post treatment).
Communications and roadways are existing.
Airstrip facilities are available at the local Meekatharra airstrip (15km).

Costs

The derivation of, or assumptions made, regarding projected capital costs in the study.
The methodology used to estimate operating costs.
Allowances made for the content of deleterious elements.
The source of exchange rates used in the study.
Derivation of transportation charges.
The basis for forecasting or source of treatment and refining charges, penalties for failure to meet specification, etc.
The allowances made for royalties payable, both Government and private.

BHO

Processing costs are based on actual cost profiles with variations existing between the various oxide states.
Site G&A and portioned corporate overheads are included within the analysis (based upon previous Budget
years actuals).
Mining costs are derived primarily from the current contractor and owner-operator cost profiles in the underground environment.
For the underground environment, if not site-specific mining rates are available, an appropriately selected operating
mine is used for the basis of cost profiling.
Geology and Grade Control costs are incorporated in the overall cost profile and are based upon previously
reconciled Budgetary forecasts.
Haulage costs used are either contractual rates or if in the case where a mine has none, a generic cost per tkm unit rate is utilised.
Both state government and private royalties are incorporated into costings as appropriate.

CGO

Processing costs are based on actual cost profiles with variations existing between the various oxide states.
Site G&A and portioned corporate overheads are included within the analysis (based upon previous Budget
years actuals).
Mining costs are derived primarily from the current contractor and owner-operator cost profiles in the
underground environment.
For open pits where no current mining cost profiles are available for a forecasted Reserve, a historically
'validated' pit cost matrix is used – with variation allowances for density, fuel price and gear size.
For the underground environment, if not site-specific mining rates are available, an appropriately selected
operating mine is used for the basis of cost profiling.
Geology and Grade Control costs are incorporated in the overall cost profile and are based upon previously
reconciled Budgetary forecasts.
Haulage costs used are either contractual rates or if in the case where a mine has none, a generic cost per
tkm unit rate is utilised.
Both state government and private royalties are incorporated into costings as appropriate.

FGO

Processing costs are based on actual cost profiles with variations existing between the various oxide states.
Site G&A and portioned corporate overheads are included within the analysis (based upon previous Budget
years actuals).
Mining costs are derived primarily from the current contractor and owner-operator cost profiles in the
underground environment.
For open pits where no current mining cost profiles are available for a forecasted Reserve, a historically
'validated' pit cost matrix is used – with variation allowances for density, fuel price and gear size.
For the underground environment, if not site-specific mining rates are available, an appropriately selected
operating mine is used for the basis of cost profiling.
Geology and Grade Control costs are incorporated in the overall cost profile and are based upon previously
reconciled Budgetary forecasts.
Haulage costs used are either contractual rates or if in the case where a mine has none, a generic cost per
tkm unit rate is utilised.
Both state government and private royalties are incorporated into costings as appropriate.

HGO

Processing costs are based on actual cost profiles with variations existing between the various oxide states.
Site G&A and portioned corporate overheads are included within the analysis (based upon previous Budget
years actuals).
Mining costs are derived primarily from the current contractor and owner-operator cost profiles in the
underground environment.
For open pits where no current mining cost profiles are available for a forecasted Reserve, a historically
'validated' pit cost matrix is used – with variation allowances for density, fuel price and gear size.
For the underground environment, if not site-specific mining rates are available, an appropriately selected
operating mine is used for the basis of cost profiling.
Geology and Grade Control costs are incorporated in the overall cost profile and are based upon previously
reconciled Budgetary forecasts.
Haulage costs used are either contractual rates or if in the case where a mine has none, a generic cost per
tkm unit rate is utilised.
Both state government and private royalties are incorporated into costings as appropriate.

MGO

Processing costs are based on actual cost profiles with variations existing between the various oxide states.
Site G&A and portioned corporate overheads are included within the analysis (based upon previous Budget years actuals).
Mining costs are derived primarily from the current contractor and owner-operator cost profiles in the underground
environment.
For open pits where no current mining cost profiles are available for a forecasted Reserve, a historically 'validated'
pit cost matrix is used – with variation allowances for density, fuel price and gear size.
For the underground environment, if not site-specific mining rates are available, an appropriately selected operating
mine is used for the basis of cost profiling.
Geology and Grade Control costs are incorporated in the overall cost profile and are based upon previously
reconciled Budgetary forecasts.
Haulage costs used are either contractual rates or if in the case where a mine has none, a generic cost per
tkm unit rate is utilised.
Both state government and private royalties are incorporated into costings as appropriate.

Revenue factors

The derivation of, or assumptions made regarding revenue factors including head grade, metal or
commodity price(s) exchange rates, transportation and treatment charges, penalties, net smelter returns, etc.
The derivation of assumptions made of metal or commodity price(s), for the principal metals, minerals and co-products.

Mine Revenue, COGs, open pit optimisation and royalty costs are based on the long-term forecast of A$3,000/oz.
No allowance is made for silver by-products.

Market assessment

The demand, supply and stock situation for the particular commodity, consumption trends and factors likely to
affect supply and demand into the future.
A customer and competitor analysis along with the identification of likely market windows for the product.
Price and volume forecasts and the basis for these forecasts.
For industrial minerals the customer specification, testing and acceptance requirements prior to a supply contract.

Detailed economic studies of the gold market and future price estimates are considered by Westgold and applied
in the estimation of revenue, cut-off grade analysis and future mine planning decisions.
There remains strong demand and no apparent risk to the long-term demand for the gold.

Economic

The inputs to the economic analysis to produce the net present value (NPV) in the study, the source and confidence
of these economic inputs including estimated inflation, discount rate, etc.
NPV ranges and sensitivity to variations in the significant assumptions and inputs.

Each separate mine (open pit, underground or stockpile) has been assessed on a standard operating cash generating
model. Capital costs have been included thereafter to determine an economic outcome.
Subsequently each Operating centre (MGO, CGO and FGP) has had a Discounted Cash Flow model constructed
to further demonstrate the Reserve has a positive economic outcome.
A discount rate of 8% is allied in DCF modelling.
No escalation of costs and gold price is included.
Sensitivity analysis of key financial and physical parameters is applied to future development projects.

Social

The status of agreements with key stakeholders and matters leading to social licence to operate.

BHO

BHO is fully permitted and a major contributor to the local and regional economy. It has no external pressures
that impact its operation or which could potentially jeopardise its continuous operation.

CGO

CGO is fully permitted and a major contributor to the local and regional economy. It has no external pressures
that impact its operation or which could potentially jeopardise its continuous operation.
As new open pits or underground operations develop the site will require separate environmental approvals
from the different regulating bodies.
Where required, the operation has a Native Title and Pastoral Agreement.

FGO

FGO is fully permitted and a major contributor to the local and regional economy. It has no external
pressures that impact its operation or which could potentially jeopardise its continuous operation.
As new open pits or underground operations develop the site will require separate environmental
approvals from the different regulating bodies.
Where required, the operation has a Native Title and Pastoral Agreement.

HGO

HGO is fully permitted and a major contributor to the local and regional economy. It has no external
pressures that impact its operation or which could potentially jeopardise its continuous operation.
•As new open pits or underground operations develop the site will require separate environmental
approvals from the different regulating bodies.

MGO

MGO is fully permitted and a major contributor to the local and regional economy. It has no external
pressures that impact its operation or which could potentially jeopardise its continuous operation.
As new open pits or underground operations develop the site will require separate environmental
approvals from the different regulating bodies.
Where required, the operation has a Native Title and Pastoral Agreement.

Other

To the extent relevant, the impact of the following on the project and/or on the estimation and classification of the Ore Reserves:
Any identified material naturally occurring risks.
The status of material legal agreements and marketing arrangements.
The status of governmental agreements and approvals critical to the viability of the project, such as mineral tenement
status, and government and statutory approvals. There must be reasonable grounds to expect that all necessary Government
approvals will be received within the timeframes anticipated in the Pre-Feasibility or Feasibility study. Highlight and discuss the
materiality of any unresolved matter that is dependent on a third party on which extraction of the reserve is contingent.

BHO is an active mining project.
CGO is an active mining project.
FGO is an active mining project.
HGO is an active mining project.
MGO is an active mining project.

Classification

The basis for the classification of the Ore Reserves into varying confidence categories.
Whether the result appropriately reflects the Competent Person's view of the deposit.
The proportion of Probable Ore Reserves that have been derived from Measured Mineral Resources (if any).

The basis for classification of the Mineral Resource into different categories is made in accordance
with the recommendations of the JORC Code 2012. Measured Mineral Resources have a high level of
confidence and are generally defined in three dimensions with accurately defined or normally mineralised
developed exposure. Indicated Mineral Resources have a slightly lower level of confidence but contain substantial
drilling and are in most instances capitally developed or well defined from a mining perspective. Inferred Mineral
Resources always contain significant geological evidence of existence and are drilled, but not to the same density.
There is no classification of any Mineral Resources that isn't drilled or defined by substantial physical sampling works.
Some Measured Resources have been classified as Proven and some are defined as Probable Ore Reserves based on
internal judgement of the mining, geotechnical, processing and or cost profile estimates.
No Indicated Mineral Resources material has been converted into Proven Ore Reserve.
The resultant Ore Reserve classification appropriately reflects the view of the Competent Person.

Audits or reviews

The results of any audits or reviews of Ore Reserve estimates.

Ore Reserves inventories and the use of appropriate modifying factors are reviewed internally on an annual basis.
Additionally, mine design and cost profiles are regularly reviewed by WGX operational quarterly reviews.
Financial auditing processes, Dataroom reviews for asset sales / purchases and stockbroker analysis regularly
'truth test' the assumptions made on Ore Reserve designs and assumptions.

Discussion of relative accuracy/ confidence

Where appropriate a statement of the relative accuracy and confidence level in the Ore Reserve estimate using an approach
or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical
procedures to quantify the relative accuracy of the reserve within stated confidence limits, or, if such an approach is not deemed
appropriate, a qualitative discussion of the factors which could affect the relative accuracy and confidence of the estimate.
The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which
should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used.
Accuracy and confidence discussions should extend to specific discussions of any applied Modifying Factors that may have a material
impact on Ore Reserve viability, or for which there are remaining areas of uncertainty at the current study stage.
It is recognised that this may not be possible or appropriate in all circumstances. These statements of relative accuracy and confidence
of the estimate should be compared with production data, where available.

Whilst it should be acknowledged that all Ore Reserves are based primarily upon an estimate of contained insitu gold
(the Mineral Resources Estimate), it is the competent person's view that the consolidated Reserve inventory is highly achievable in entirety.
Given the entire Ore Reserves inventory is within existing operations, with budgetary style cost models and current contractual mining
/ processing consumable rates, coupled with an extensive historical knowledge / dataset of the Mineral Resources, it is the Competent
Person's view that the significant mining modifying factors (COGs, geotechnical parameters and dilution ratio's) applied are achievable and
or within the limits of 10% sensitivity analysis.

Appendix C – JORC 2012 Table 1– Nickel Division

Section 1: Sampling Techniques and Data

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

Criteria

JORC Code Explanation

Commentary

Sampling techniques

Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.
Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.
Aspects of the determination of mineralisation that are Material to the Public Report.
In cases where 'industry standard' work has been done this would be relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.

Sampling of Ni is almost exclusively from diamond core drilling completed from underground platforms. Historical surface RC samples (completed by WMC) intersect the mineralisation. HMR Drilling Services has carried out underground diamond drilling at Beta Hunt since 2016 and are currently utilising a fleet of Erebus M90 mobile underground diamond core rigs. Sampling is highly selective according to the visual nickel mineralisation observed by the geologist. Generally, sampling is between 0.1m to 1.2m intervals, though some historical sample intervals are noted to 0.06m.
Diamond drill core is logged on site by geologists for lithology, alteration, mineralisation, and structures. Structural measurements, alpha and beta angles are taken on major lithological contacts, foliations, veins, and major fault zones. Multiple specific gravity ("SG") measurements are taken per hole in both ore and waste zones. Field geotechnicians record the Rock Quality Designation ("RQD") measure for every second drill hole. All drill holes are digitally photographed.
NQ2 drill holes designated as resource definition or exploration are cut in half with the top half of the core sent to the laboratory for analysis and the other half placed back in the core tray. This is then transferred onto pallets and moved to the core yard library. All grade control drilling is sampled as whole core samples with a maximum 1m interval.

Drilling techniques

Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).

Drilling for Ni has been completed at the deposit from 1974 to the present by various companies and utilised predominantly diamond drilling of NQ2 diameter. All diamond core was oriented, as far as possible, and oriented structures logged with alpha and beta angles. During the drilling process the drillers mark on the end of each drill run the 'bottom of hole position' using a red chinagraph pencil. This orientation mark forms the basis for orientating the drill core. Orientation marks are usually placed at every 3m or 6m intervals and correspond with the driller's run. A driller's run is marked by a core block at the end of the run, the last piece of core before each block will have the orientation mark on it. Electronic orientation tools were used sporadically in 2018 and 2021/2022.

Drill sample recovery

Method of recording and assessing core and chip sample recoveries and results assessed.
Measures taken to maximise sample recovery and ensure representative nature of the samples.
Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

Historical and current practice ensures all diamond core intervals are measured and recorded for rock quality designation (RQD) and core loss. Core blocks are utilised and placed at 1m core runs in the core trays. The average core recovery at the deposit is routinely >95%.
Drill rigs are supervised by company geologists to ensure adequate sample returns are being maintained.
No bias has been observed between sample recovery and grade.

Logging

Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.
Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.
The total length and percentage of the relevant intersections logged

Westgold underground drill-holes are logged in detail for geology, veining, alteration, mineralisation and structure. Core has been logged in enough detail to allow for the relevant mineral resource estimation techniques to be employed.
Core is photographed both wet and dry. All photos are stored on the Company's servers, with the photographs from each hole contained within separate folders.
Development faces are mapped geologically.
Logging is both quantitative and qualitative in nature.
All holes are logged completely, all faces are mapped completely.

Sub-sampling techniques and sample preparation

If core, whether cut or sawn and whether quarter, half or all core taken.
If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.
For all sample types, the nature, quality and appropriateness of the sample preparation technique.
Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.
Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.
Whether sample sizes are appropriate to the grain size of the material being sampled.

Diamond holes designated as resource definition or exploration are cut in half using a core saw, with the top half of the core sent to the laboratory for analysis and the other half placed back in the core tray. This is then transferred onto pallets and moved to the core yard library. All grade control drilling is sampled as whole core samples with a maximum 1m interval.
Sample preparation has been completed by SGS laboratory at either Perth or Kalgoorlie facilities since 2016. Samples were dried and then crushed to 3mm and then split to generate samples between 1kg to 2.8kg. One split is forwarded to milling where it is pulverised to 90% passing 75um, the second split is retained as a crushed sample.
Laboratory internal QA standards include replicates, split samples, and blanks which are randomly added to job batches.
The sample size is considered appropriate for the grain size of the material being sampled.

Quality of assay data and laboratory tests

The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.
For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.
Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.

Prior to March 2016 nickel samples were analysed at Bureau Veritas Laboratory (KalAssay). A 0.2g subsample was digested using a mixed acid before ICP analysis. Post 2016, analyses have been completed by SGS Laboratory in Perth where a 0.2g subsample of pulverised material is taken for ICP 4 acid digest and final analysis using ICP-OES. This process is considered appropriate. The acid digest is with nitric, hydrochloric, hydrofluoric, and perchloric acids to effect as near total solubility of the sample as possible.
QA/QC processes are controlled by written procedures and includes the use of certified reference materials and coarse blanks.
Certified Standards for gold and nickel were provided by Ore Research & Exploration Pty Ltd ("OREAS") between 2014 and June 2016. Geostats Ni purpose reference standard samples were introduced in June 2020 and effectively replaced the OREAS reference samples. Coarse blank is Bunbury Basalt sourced from Gannet Holdings Pty Ltd.
No significant QA/QC issues have arisen in recent drilling results. Routine audit visits to the laboratories are completed by senior geology personnel.

Verification of sampling and assaying

The verification of significant intersections by either independent or alternative company personnel.
The use of twinned holes.
Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.
Discuss any adjustment to assay data.

Significant assay results are verified by senior geologists through visual inspection of retained core (or viewing core photos where whole core was submitted for assay). If significant intersections are not supported by visual checks, samples are re-assayed to confirm original results.
Nickel lenses are defined by close spaced grade control drilling so twinned holes are not require.
Primary data is collected utilising LogChief. The information is imported into a SQL database server and verified.
All data used in the calculation of resources and reserves are compiled in databases which are overseen and validated by Senior Geologists.
No adjustments have been made to any assay data.

Location of data points

Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.
Specification of the grid system used.
Quality and adequacy of topographic control.

Drill collars were historically surveyed by the mine survey department using electronic total station equipment. Single shot downhole survey measurements are taken at 15m and 30m, then every 30m thereafter. Multi-shot surveys are conducted at the completion of each hole at 3m intervals. During 2023, UG holes utilise a DeviGyro OX tool to eliminate magnetic interference. This method has been used for surface drilling since 2021. The Gyro recordings are coupled with cloud based systems to facilitate electronic loading directly into the database eliminating manual entry.
All drilling and resource estimation is preferentially undertaken in local Mine Grid.
Topographic control is generated from a combination of remote sensing methods and ground-based surveys. This methodology is adequate for the resources in question.

Data spacing and distribution

Data spacing for reporting of Exploration Results.
Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.
Whether sample compositing has been applied.

The structural complexity of nickel mineralisation at Beta Hunt is reflected by closer spaced drill patterns. Nickel Mineral Resources are based on an initial 30m by 30m down to 10m x 10m spaced drill hole pattern. Subsequent drilling focuses on stepping out from a significant intercept to define any attenuated pinch out, basalt roll-over or fault offsetting the nickel mineralisation.
The data spacing and distribution is sufficient to establish geological and grade continuity appropriate to the classification applied. The nickel lenses are highly visible and underground mapping confirms lens geometry and extent.
Sampling of core varies between 0.2m to 1.2m or to geological contacts. Samples are not composited when submitted for analysis. Sample compositing (to 0.7m or 0.8m) was applied at Kappa and Delta lenses for estimation. All other nickel lenses utilised an 2D linear accumulation variable composited as a single full zone intercept.

Orientation of data in relation to geological structure

Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.
If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

Drilling intersections are nominally designed to be normal to the nickel lens as far as underground infrastructure constraints allow. Visual observation of the flat lying lens geometry during air leg mining verifies the sample orientation is effective.
It is not considered that drilling orientation has introduced an appreciable sampling bias.

Sample security

The measures taken to ensure sample security.

Sample security protocols in place aim to maintain the chain of custody of samples to prevent inadvertent contamination or mixing of samples, and to render active tampering as difficult as possible. Sampling is conducted by Westgold staff or contract employees under the supervision of site geologists. The work area and sample storage areas are covered by general site security video surveillance. Samples bagged in plastic sacks are collected by the laboratory transport contractor and driven to the Perth or Kalgoorlie laboratories.

Audits or reviews

The results of any audits or reviews of sampling techniques and data

Site generated resources and reserves and the parent geological data is routinely reviewed by the Westgold Corporate technical team. Routine visits to the certified laboratories are completed by senior personnel.

Section 2 Reporting Of Exploration Results

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

Criteria

JORC Code Explanation

Commentary

Mineral tenement and land tenure status

Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.
The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

Beta Hunt is an underground mine located 2km southeast of Kambalda and 60km south of Kalgoorlie in Western Australia. Westgold owns the mining rights for the Beta Hunt Mine through a sub-lease agreement with Goldfield's St Ives Gold Mining Centre (SIGMC), which gives Karora the right to explore for and mine nickel and gold within the Beta Hunt sub-lease area. The Beta Hunt sub-lease covers partial mining leases for a total area of 960.4ha.
SIGMC is the registered holder of the mineral leases that are all situated on unallocated Crown Land.
The main components of the existing surface infrastructure are situated on mining leases M15/1529 and M15/1531. The existing underground infrastructure at Beta Hunt is located within mineral leases M15/1529, M15/1531, M15/1512, M15/1516, M15/1517, M15/1526, M15/1518, M15/1527, M15/1705, M15/1702 and M15/1628.
Westgold pays the following royalties on nickel production:
- A royalty to the state government equal to 2.5% of the royalty value of nickel metal in nickel containing material sold; and
- Royalties to third parties equal to 4.5% of payable nickel when prices are less than $17,500/t, and 6.5% when prices are greater than or equal to $17,500/t (capped at $16,000,000).
On an annual basis, Westgold must pay 20% of the following to SIGMC:
- All rent payable by SIGMC in respect of each sub-lease tenement;
- All local government rates; and
- All land or property taxes.
The tenure is currently in good standing.
There are no known issues regarding security of tenure.
There are no known impediments to continued operation.
WGX operates in accordance with all environmental conditions set down as conditions for grant of the leases.

Exploration done by other parties

Acknowledgment and appraisal of exploration by other parties

Western Mining Corporation (WMC) first intersected nickel sulphide mineralisation at Red Hill in January 1966 after drilling to test a gossan outcrop grading 1% Ni and 0.3% Cu. This discovery led to delineation of the Kambalda Nickel Field where WMC identified 24 deposits hosted in structures that include the Kambalda Dome, Widgiemooltha Dome and Golden Ridge Greenstone Belt. The Hunt nickel deposit was discovered by WMC in March 1970, during routine traverse drilling over the south end of the Kambalda Dome. The discovery hole, KD262, intersected 2.0m grading 6.98% Ni. Portal excavation for a decline access began in June 1973. While the decline was being developed, the Hunt orebody was accessed from the neighbouring Silver Lake mine, via a 1.15km cross-cut on 700 level.
Westgold work has generally confirmed the veracity of historic exploration data.

Geology

Deposit type, geological setting and style of mineralisation.

The Kambalda–St Ives region forms part of the Norseman–Wiluna greenstone belt which comprises regionally extensive volcano-sedimentary packages. These were extruded and deposited in an extensional environment at about 2,700–2,660 Ma. The mining district is underlain by a north-northwest trending corridor of basalt and komatiite rocks termed the Kambalda Dome. The iron-nickel mineralisation is normally accumulated within the thick Silver Lake Member of the Kambalda Komatiite Formation above, or on the contact with the dome structured Lunnon Basalt.
Nickel mineralisation is hosted by talc-carbonate and serpentine altered ultramafic rocks. The deposits are ribbon-like bodies of massive, matrix and disseminated sulphides varying from 0.5 m to 4.0m in true thickness but averaging between 1.0 m and 2.0 m. Down dip widths range from 40m to 100m, and the grade of nickel ranges from below 1% to 20%. Major minerals in the massive and disseminated ores are pyrrhotite, pentlandite, pyrite, chalcopyrite, magnetite and chromite, with rare millerite and heazlewoodite generally confined to disseminated mineralisation. The hangingwall mineralisation tends to be higher tenor than the contact material. The range of massive ore grades in the hangingwall is between 10% Ni and 20% Ni while the range for contact ore is between 9% Ni and 12% Ni. The hangingwall mineralogy varies between an antigorite/chlorite to a talc/magnesite assemblage. The basalt mineralogy appears to conform to the amphibole, chlorite, plagioclase plus or minus biotite.
Unlike other nickel deposits on the Kambalda Dome, the Beta Hunt system displays complex contact morphologies, which leads to irregular ore positions. The overall plunge of the deposits is shallow in a southeast direction, with an overall plunge length in excess of 1km. The individual lode positions have a strike length averaging 40m and a dip extent averaging 10m. The geometry of these lode positions vary in dip from 10° to the west to 80° to the east. The mineralisation within these lode positions is highly variable ranging from a completely barren contact to zones where the mineralisation is in excess of 10m in true thickness.
The Hunt and Lunnon shoots are separated from the Beta and East Alpha deposits by the Alpha Island Fault. Hunt and Beta both occur on the moderately dipping western limb of the Kambalda Dome and are thought to be analogous. Similarly, Lunnon and East Alpha occur on the steeply dipping eastern limb of the dome and also have similar characteristics.

Drill hole Information

A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:
- easting and northing of the drill hole collar
- elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar
- dip and azimuth of the hole
- down hole length and interception depth
- hole length.
If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

Exploration results are not being reported in this release.

Data aggregation methods

In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g., cutting of high grades) and cut-off grades are usually Material and should be stated.
Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.
The assumptions used for any reporting of metal equivalent values should be clearly stated.

Exploration results are not being reported in this release.

Relationship between mineralisation widths and intercept lengths

These relationships are particularly important in the reporting of Exploration Results.
If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.
If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g., 'down hole length, true width not known').

Exploration results are not being reported in this release.

Diagrams

Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

Exploration results are not being reported in this release.

Balanced reporting

Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

Exploration results are not being reported in this release.

Other substantive exploration data

Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

Exploration results are not being reported in this release.

Further work

The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).
Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

Ongoing underground exploration activities will be undertaken to support continuing mining activities at Westgold Gold Operations.

Section 3 Estimation and Reporting of Mineral Resources

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

Criteria	JORC Code Explanation	Commentary
Database integrity	Measures taken to ensure that data has not been corrupted by, for example, transcription or keying errors, between its initial collection and its use for Mineral Resource estimation purposes. Data validation procedures used.	The database used for the estimation was extracted from the Westgold's DataShed database management system stored on a secure SQL server. As new data is acquired it passes through a validation approval system designed to pick up any significant errors before the information is loaded into the master database.
Site visits	Comment on any site visits undertaken by the Competent Person and the outcome of those visits. If no site visits have been undertaken indicate why this is the case.	Mr. Russell visits Westgold Gold Operations regularly.
Geological interpretation	Confidence in (or conversely, the uncertainty of) the geological interpretation of the mineral deposit. Nature of the data used and of any assumptions made. The effect, if any, of alternative interpretations on Mineral Resource estimation. The use of geology in guiding and controlling Mineral Resource estimation. The factors affecting continuity both of grade and geology.	Confidence in the interpretations is high as the Ni sulphides have been mined since 1974 and the structural setting is well understood. Mineralisation is hosted within and adjacent to volcanic channels that sit at the stratigraphic base of the Kambalda Komatiite. Nickel sulphides are within narrow troughs that plunge gently to the south. The mineralisation was interpreted using diamond core drilled primarily from underground locations The current interpretations have been visually validated through underground mining so alternative interpretations are not considered viable. Geological logging of the ultramafic / basalt contact, and the visible Ni sulphides is used to define the mineralisation wireframes used in the Mineral Resource estimation. Geological matrixes were established to assist with interpretation and construction of the estimation domains. The Ni deposits occur within troughs on both the east and west limbs of the Kambalda Dome. The deposits are ribbon-like bodies of massive, matrix and disseminated sulphides that occur at the base of the silver Lake Member on the contact with the Lunnon Basalt. The massive and disseminated lodes tend to be higher tenor than the contact material.
Dimensions	The extent and variability of the Mineral Resource expressed as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource.	Unlike other nickel deposits on the Kambalda Dome, the Beta Hunt system displays complex contact morphologies, which leads to irregular lode positions. The overall plunge of the deposits is shallow in a southeast direction, with an overall plunge length in excess of 1km. The individual lode positions have a strike length averaging 40m and a dip extent averaging 10m. The geometry of these lode positions varies in dip from 10° to the west to 80° to the east. The mineralisation within these lode positions is highly variable ranging from a completely barren contact to zones where the mineralisation is in excess of 10m in true thickness. The Ni deposits predominantly vary from 0.5m to 4m true thickness but average between 1m and 2m. Down dip widths range from 40m to 100m. The depth at which the Ni mineralisation occurs along the UM/Basalt contact varies from approximately 650m to 820m in depth from surface.
Estimation and modelling techniques.	The nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining, interpolation parameters, maximum distance of extrapolation from data points. The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data. The assumptions made regarding recovery of by-products. Estimation of deleterious elements or other non-grade variables of economic significance (e.g. sulphur for acid mine drainage characterisation). In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed. Any assumptions behind modelling of selective mining units. Any assumptions about correlation between variables. The process of validation, the checking process used, the comparison of model data to drillhole data, and use of reconciliation data if available.	The Ni sulphides display lenticular geometries and are concentrated along linear channels that overlie gold-bearing shears in the Lunnon Basalt. The process of modelling the mineralised lenses involved a review of the ultramafic contact while stepping through the drill data and digitising polygons to suit the geometry of the nickel sulphides on each section. Sections were orientated perpendicular to the strike of the mineralisation and separated by distances to suit the spacing of fans of drill holes and locations of structurally related disruptions in the continuity of the geology. Numerous porphyry dykes of varying composition from granite through to diorite and granodiorite break up the nickel mineralisation and effectively stope out the nickel-bearing sulphides. The interpreted lenses are modelled to account for the porphyry intrusions so that mineralisation does not extend into areas of waste. Mineralisation domains were identified using geological characteristics (logged nickel sulphides ranging from massive to matrix and blebby), and intervals within interpreted domains captured the full sequence of economic nickel sulphide profile (from the massive sulphide through matrix and included blebby sulphides). While each of the nickel sulphide deposits and each mineralised body was estimated individually, the deposits were subdivided into domains for geostatistical purposes. The domains were defined visually such that logically grouped lenses tend to have common stratigraphic positions and mineralisation characteristics and do not overlap in space. Drillhole samples were flagged with the mineralisation wireframes. Top-cuts were applied to high grade outliers for Au, As, and Cu within each grouped domain by analysing log probability plots, histograms, and mean/variance plots. Estimations was completed for Ni, Au, As, Co, Cu, Fe, MgO, S, and density. Variograms were modelled on the accumulation "metal" variable (vertical thickness multiplied by grades) for all elements, using the intermediate stage 1 m composite data. Micromine software was used for geostatistical analysis. For Kappa and Delta, variograms were modelled using the 0.8m or 0.7m composites for the various elements within each domain, using Supervisor software. Three-dimensional, non-rotated block volume models were created for use in grade estimation and sized to encompass each of the nickel sulphide deposits. No waste background model was created. The models assume underground mining by very selective methods, using airleg miners where required. As the lodes are very narrow, usually averaging less than 2m horizontal width, it would be unlikely that selective mining would occur across their width. Therefore, a seam model was chosen to represent their volume. For the relatively flat-lying deposits, a single block spans the vertical (Z) width of the zones. The selection of appropriate block sizes took into consideration the geometry of the domains to be modelled, the local drillhole spacing and the strike and dip of the domains. The narrow lode domains had parent cell dimensions set to 10m x 10m in the northing and easting directions for all modelled lenses. The dimensions across the width of the lenses are infinitely variable in vertical direction to allow for accurate definition of the variable width in each lens using a single cell. For the Kappa and Delta lenses, a parent block size was set to 2m (X) by 5m (Y) by 5m (Z) with sub-celling to 0.5m (X) by 1.25 (Y) by 1.25m (Z). Lode geometries are generally very narrow. For this reason, an estimation methodology using two-dimensional linear accumulation was selected for estimation of each mineralised lode. The zone samples were composited to single, full zone width intercepts having variable lengths according to the width of the mineralisation and angle of intersection. Composited full zone intercept widths do not necessarily represent the true widths of the mineralised zones. To calculate true and vertical widths, local orientations (dip and dip direction) of the mineralisation were assigned to the composite intervals based on the mineralisation wireframes. Dip and dip direction values were calculated for each triangle in the wireframe models, and then interpolated into the sample points using the nearest neighbour ("NN") method. From this, the composite interval's true thickness, vertical thickness and horizontal thickness were calculated and visually checked. Accumulation variables were calculated for each modelled element. Two lenses at the East Alpha deposit were modelled using 3D wireframes and ordinary kriging interpolation using 0.8m composites (Kappa) and 0.7m (Delta). For all Ni deposits, except the Kappa and Delta lenses, a base search ellipse equal to the long ranges for each deposit was used. The first search ellipse employed two-thirds of the base search parameters. The second and all the subsequent interpolation runs used a search ellipse multiplier to the search axes, which was started from 1 and incremented by 1 until all cells were informed with all estimated grades. All accumulations and vertical thicknesses were initially estimated in all sub-cells, and then volume weighted average values were calculated within the 10m x 10m parent cells. When model cells were estimated using search radii that were not greater than twice the long ranges along the horizontal axes, the minimum and maximum composite search parameters for block estimates used a minimum of four and a maximum of six samples. No restrictions were applied for drillhole numbers used in the estimate as all samples were composited to the entire mineralised intersections. No sectors were employed. The degree of discretization was 5 x 5 x 5 points. The grade estimation in the centre of the block consisted of the simple average value of the estimated points throughout the block volume. For the Kappa and Delta lenses, a single estimation pass was used with a search distance set to 50m and the search ellipse orientated along the geometry of the lode. Discretisation was set to 4 x 5 x 5 (XYZ). A minimum of 5 samples and maximum of 15 was applied. A correlation exists between Ni and density, and this was used to calculate regression formulae for estimation which were then applied to all composited intervals. The resultant estimated density values were interpolated into the block model using ordinary kriging algorithm and semi variogram models generated for nickel grades. No bulk density data was available for Beta Central. A regression formula was generated for combined composites at B30, B40, and Gamma, and a formula derived for the Beta West and East Alpha composites. The Mineral Resource is depleted for mining voids and subsequently classified in line with JORC guidelines utilising a combination of various estimation derived parameters and geological / mining knowledge. Model validation of grade estimates was completed by visual checks on screen in cross-section and plan view to ensure that block model grades honoured the grade of the composites. A statistical comparison of sample vs block grades was tabulated and swath plots generated in various directions. Model performance is measured against end of month reconciliations.
Moisture	• Whether the tonnages are estimated on a dry basis or with natural moisture, and the method of determination of the moisture content.	Tonnage estimates are dry tonnes.
Cut-off parameters	• The basis of the adopted cut-off grade(s) or quality parameters applied.	The Ni Mineral Resource is reported within proximity to underground development and nominal 1% Ni lower cut-off grade for the nickel sulphide mineralisation.
Mining factors or assumptions	• Assumptions made regarding possible mining methods, minimum mining dimensions and internal (or, if applicable, external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the mining assumptions made.	Beta Hunt is an underground mine accessed from established portals and declines. The mine commenced operation in 1974, mining both nickel and gold over extended periods. Mining is via flat back or air leg utilising single boom jumbo and air leg miner. Flat back mining operates on top of waste fill placed on the previous level. Approximately 0.5m of waste in the floor is removed on completion of mining to ensure full recovery of the nickel. No mining dilution or ore loss has been modelled in the resource model or applied to the reported Mineral Resource.
Metallurgical factors or assumptions	• The basis for assumptions or predictions regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters made when reporting Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the metallurgical assumptions made.	Nickel mineralisation processing is covered by the Ore Tolling and Concentrate Purchase Agreement (OTCPA) with BHP. Material is blended with nickel ores from other mines, and the metallurgical recovery credited to Beta Hunt is based on the mineralisation grade. The Kambalda Nickel Concentrator (KNC) is the delivery point for Beta Hunt ore under the OTCPA.
Environmental factors or assumptions	• Assumptions made regarding possible waste and process residue disposal options. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a greenfields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made.	Westgold operates in accordance with all environmental conditions set down as conditions for grant of the respective leases. Beta Hunt is an operating underground mine that is in possession of all required permits. Westgold owns and operates Beta Hunt through a sub-lease agreement with SIGMC. The environmental permitting and compliance requirements for mining operations on the sub-lease tenements are the responsibility of Westgold under the sub-lease arrangement.
Bulk density	• Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples. • The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc.), moisture and differences between rock and alteration zones within the deposit. • Discuss assumptions for bulk density estimates used in the evaluation process of the different materials.	A large suite of bulk density determinations has been carried out across the project areas. All raw sample intervals within the mineralised zones that had both Ni grades and density measurements were used to calculate regression formulae which were then applied to all composited intervals. The resultant estimated density values were interpolated into the block model using ordinary kriging algorithm and semi variogram models generated for nickel grades. A significant past mining history has validated the assumptions made surrounding bulk density.
Classification	• The basis for the classification of the Mineral Resources into varying confidence categories. • Whether appropriate account has been taken of all relevant factors (i.e. relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values, quality, quantity and distribution of the data). • Whether the result appropriately reflects the Competent Person's view of the deposit.	Mineral Resources are classified in line with JORC guidelines utilising a combination of various estimation derived parameters, input data and geological / mining knowledge. This approach considers all relevant factors and reflects the Competent Person's view of the deposit.
Audits or reviews	• The results of any audits or reviews of Mineral Resource estimates.	Resource estimates are peer reviewed by the Corporate technical team.
Discussion of relative accuracy/ confidence	• Where appropriate a statement of the relative accuracy and confidence level in the Mineral Resource estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the resource within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors that could affect the relative accuracy and confidence of the estimate. • The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used. • These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.	The high quality of input data, and robust knowledge of the structural emplacement of Ni at Beta Hunt provides confidence in the Mineral Resource estimate. Ni lenses are mined via air leg which provides flexibility for mining diverse geometries which are highly visible. All currently reported resources estimates are representative on both a global and local scale. A continuing history of mining with good reconciliation of mine claimed to mill recovered provides confidence in the accuracy of the estimates.

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.)

Criteria

JORC Code Explanation

Commentary

Mineral Resource estimate for conversion to Ore Reserves

Description of the Mineral Resource estimate used as a basis for the conversion to an Ore Reserve.
Clear statement as to whether the Mineral Resources are reported additional to, or inclusive of, the Ore Reserves.

No nickel Ore Reserve is stated in this release.

Site visits

Comment on any site visits undertaken by the Competent Person and the outcome of those visits.
If no site visits have been undertaken indicate why this is the case.

No nickel Ore Reserve is stated in this release.

Study status

The type and level of study undertaken to enable Mineral Resources to be converted to Ore Reserves.
The Code requires that a study to at least Pre-Feasibility Study level has been undertaken to convert Mineral Resources to Ore Reserves. Such studies will have been carried out and will have determined a mine plan that is technically achievable and economically viable, and that material Modifying Factors have been considered

No nickel Ore Reserve is stated in this release.

Cut-off parameters

The basis of the cut-off grade(s) or quality parameters applied.

No nickel Ore Reserve is stated in this release.

Mining factors or assumptions

The method and assumptions used as reported in the Pre-Feasibility or Feasibility Study to convert the Mineral Resource to an Ore Reserve (i.e. either by application of appropriate factors by optimisation or by preliminary or detailed design).
The choice, nature and appropriateness of the selected mining method(s) and other mining parameters including associated design issues such as pre-strip, access, etc.
The assumptions made regarding geotechnical parameters (e.g. pit slopes, stope sizes, etc.), grade control and pre-production drilling.
The major assumptions made and Mineral Resource model used for pit and stope optimisation (if appropriate).
The mining dilution factors used.
The mining recovery factors used.
Any minimum mining widths used.
The manner in which Inferred Mineral Resources are utilised in mining studies and the sensitivity of the outcome to their inclusion.
The infrastructure requirements of the selected mining methods.

Metallurgical factors or assumptions

The metallurgical process proposed and the appropriateness of that process to the style of mineralisation.
Whether the metallurgical process is well-tested technology or novel in nature.
The nature, amount and representativeness of metallurgical test work undertaken, the nature of the metallurgical domaining applied and the corresponding metallurgical recovery factors applied.
Any assumptions or allowances made for deleterious elements.
The existence of any bulk sample or pilot scale test work and the degree to which such samples are considered representative of the orebody as a whole.
For minerals that are defined by a specification, has the ore reserve estimation been based on the appropriate mineralogy to meet the specifications?

No nickel Ore Reserve is stated in this release.

Environmental

The status of studies of potential environmental impacts of the mining and processing operation. Details of waste rock characterisation and the consideration of potential sites, status of design options considered and, where applicable, the status of approvals for process residue storage and waste dumps should be reported.

No nickel Ore Reserve is stated in this release.

Infrastructure

The existence of appropriate infrastructure: availability of land for plant development, power, water, transportation (particularly for bulk commodities), labour, accommodation; or the ease with which the infrastructure can be provided or accessed.

No nickel Ore Reserve is stated in this release.

Costs

The derivation of, or assumptions made, regarding projected capital costs in the study.
The methodology used to estimate operating costs.
Allowances made for the content of deleterious elements.
The source of exchange rates used in the study.
Derivation of transportation charges.
The basis for forecasting or source of treatment and refining charges, penalties for failure to meet specification, etc.
The allowances made for royalties payable, both Government and private.

No nickel Ore Reserve is stated in this release.

Revenue factors

The derivation of, or assumptions made regarding revenue factors including head grade, metal or commodity price(s) exchange rates, transportation and treatment charges, penalties, net smelter returns, etc.
The derivation of assumptions made of metal or commodity price(s), for the principal metals, minerals and co-products.

No nickel Ore Reserve is stated in this release.

Market assessment

The demand, supply and stock situation for the particular commodity, consumption trends and factors likely to affect supply and demand into the future.
A customer and competitor analysis along with the identification of likely market windows for the product.
Price and volume forecasts and the basis for these forecasts.
For industrial minerals the customer specification, testing and acceptance requirements prior to a supply contract.

No nickel Ore Reserve is stated in this release.

Economic

The inputs to the economic analysis to produce the net present value (NPV) in the study, the source and confidence of these economic inputs including estimated inflation, discount rate, etc.
NPV ranges and sensitivity to variations in the significant assumptions and inputs.

No nickel Ore Reserve is stated in this release.

Social

The status of agreements with key stakeholders and matters leading to social licence to operate.

No nickel Ore Reserve is stated in this release

Other

To the extent relevant, the impact of the following on the project and/or on the estimation and classification of the Ore Reserves:
Any identified material naturally occurring risks.
The status of material legal agreements and marketing arrangements.
The status of governmental agreements and approvals critical to the viability of the project, such as mineral tenement status, and government and statutory approvals. There must be reasonable grounds to expect that all necessary Government approvals will be received within the timeframes anticipated in the Pre-Feasibility or Feasibility study. Highlight and discuss the materiality of any unresolved matter that is dependent on a third party on which extraction of the reserve is contingent.

No nickel Ore Reserve is stated in this release.

Classification

The basis for the classification of the Ore Reserves into varying confidence categories.
Whether the result appropriately reflects the Competent Person's view of the deposit.
The proportion of Probable Ore Reserves that have been derived from Measured Mineral Resources (if any).

No nickel Ore Reserve is stated in this release.

Audits or reviews

The results of any audits or reviews of Ore Reserve estimates.

No nickel Ore Reserve is stated in this release.

Discussion of relative accuracy/ confidence

Where appropriate a statement of the relative accuracy and confidence level in the Ore Reserve estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the reserve within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors which could affect the relative accuracy and confidence of the estimate.
The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used.
Accuracy and confidence discussions should extend to specific discussions of any applied Modifying Factors that may have a material impact on Ore Reserve viability, or for which there are remaining areas of uncertainty at the current study stage.
It is recognised that this may not be possible or appropriate in all circumstances. These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.

No nickel Ore Reserve is stated in this release.

SOURCE Westgold Resources Limited

Company Announcements

WESTGOLD 2024 MINERAL RESOURCE ESTIMATE AND ORE RESERVES