Key Highlights

• Westgold (ASX:WGX) produced 98.4koz of gold in Q1 FY27 at AISC of A$2,912/oz with a A$3,117/oz AISC margin

• Cash, bullion, and liquid investments increased A$101 million to A$1,040 million; the company remains debt-free and unhedged

• Group Ore Reserves grew 41% to 4.1Moz including a 1.1Moz maiden Ore Reserve at Fletcher

Westgold Resources Ltd (ASX:WGX) closed at AUD 5.86 on 05 November 2026, surging 14.68%. The S&P/ASX 200 (XJO) gained 2.61% (+230.60 points) to 9,065.10, while the S&P/ASX 300 Metal & Mining index (XMM) advanced 7.90% (+580.50 points) to 7,930.90. Overnight Wall Street gains following Democrats' decisive victory in the U.S. midterm elections provided a positive backdrop for equities. Gold gained 1.77% to USD 4,145.70, silver advanced 1.00% to USD 53.22, and copper edged up 0.06% to USD 14,086.00. Westgold is an ASX 100-listed Australian gold producer operating four mining hubs across the Murchison and Southern Goldfields regions of Western Australia.

Q1 FY27 Operational and Financial Results

Westgold released its September 2026 Quarterly Report on 21 October 2026. The company produced 98,393 ounces of gold at an All-In Sustaining Cost of A$2,912 per ounce, processing 1,461kt of ore at an average grade of 2.3g/t Au. Production was steady despite higher scheduled maintenance across all processing facilities and seasonal wet weather in the Murchison region. No lost time injuries were recorded during the quarter, with the LTIFR reducing to 1.17 per million hours worked.

Mine ore production rose 7% quarter-on-quarter, lifting total ore stockpiles by 51% to 696kt, equivalent to approximately six weeks of mill feed at installed processing capacity. The company realised a gold price of A$6,029 per ounce, generating A$602 million in gold sales Revenue and A$292 million of mine operating cash flows. The AISC Margin of A$3,117 per ounce drove an underlying treasury build of A$251 million during the period.

Cash, bullion, and liquid investments reached A$1,040 million at 30 September 2026, an increase of A$101 million for the quarter, after A$111 million invested in non-sustaining capital, A$24 million in exploration, and A$20 million returned through share buy-backs. Westgold remains debt-free and fully unhedged, maintaining complete exposure to the spot gold price.

Reserve Growth and 4-5-6 Strategy

Group Ore Reserves increased 41% to 4.1 million ounces after depletion and adjusting for asset sales. The growth included a 1.1Moz maiden Ore Reserve at Fletcher within the Beta Hunt mining complex. This expanded reserve base underpins Westgold's updated three-year outlook, which targets production growth from 385-425koz in FY27 to 460-510koz by FY29 under the company's 4-5-6 growth framework: four operating hubs, a funded pathway toward approximately 500koz per annum by FY29, and organic growth opportunities beyond 600koz per annum.

In the Murchison, the Cue Expansion Plan will increase installed processing capacity from 1.4Mtpa to 1.7Mtpa, while the Meekatharra Expansion Plan will grow capacity from 1.8Mtpa to 2.9Mtpa. These brownfield expansions are designed to convert growing ore inventories into higher production volumes while driving lower unit costs through improved mill utilisation. An expanded Beta Hunt mine represents the next phase of growth beyond the current three-year outlook. FY27 production and cost guidance remains unchanged.

Shareholder Returns and Capital Allocation

Westgold continued its capital returns programme during Q1 FY27, purchasing A$22 million of its own shares under a A$50 million on-market buy-back approved for FY27. Total capital returned to shareholders in FY26 amounted to A$122 million, comprising A$95 million in dividends (10 cents per share, fully franked) and A$27 million in share buy-backs. The company's revised Shareholder Capital Returns Policy establishes a minimum annual return of 3 cents per share, including a minimum fully franked Dividend of 2 cents per share. Non-sustaining capital Investment of A$111 million during the quarter included A$64 million directed toward growth projects at Bluebird, Great Fingall, and Beta Hunt development.

About Westgold Resources

Westgold Resources is an Australian gold mining company operating across four hubs in Western Australia: Cue, Meekatharra, Big Bell, and the Southern Goldfields (including Beta Hunt and Lakewood). The company has combined processing capacity of approximately 5.7Mtpa and is dual-listed on the ASX and TSX.

Sector Context

Australian gold producers experienced a pronounced rally on 05 November 2026, outperforming the broader market as the Metal & Mining index rose nearly 8%. Gold prices above USD 4,100 per ounce continue to underpin elevated margins for domestic producers, with the favourable AUD/USD Exchange Rate amplifying returns in Australian dollar terms.

Risks

Westgold faces execution risk on its Cue and Meekatharra expansion plans, which are essential to achieving the FY29 production target. Grade variability and processing challenges could affect near-term production outcomes. A significant FY26 tax payable balance of approximately A$180 million is due in Q2 FY27. Sustained gold price weakness, rising input costs, or unfavourable currency movements could compress margins.

Catalysts on Watch

Key catalysts include progress on the Cue and Meekatharra hub expansions, further exploration results from Fletcher and the broader Beta Hunt complex, delivery against FY27 production guidance, and the Q2 FY27 financial performance following tax payments and the FY26 dividend.

The Bigger Picture

Westgold enters FY27 with a strengthened balance sheet, a materially larger reserve base, and a defined growth pathway. The company's ability to maintain near-100koz quarterly production while building stockpiles and advancing hub expansions positions it for a transition to higher production volumes and potentially lower unit costs in the years ahead. Execution on the 4-5-6 strategy will be central to delivering on that ambition.