Westgold Resources Limited

Good morning everyone and welcome to the Westcold Resources Q1 FY26 quarterly results investor update webcast. Your first speaker for today is Wayne Bramwell, Managing Director and CEO. I'll now hand you over to Wayne.

Thank you Shane and welcome everyone joining us today. On the call today I have Aaron Rankin, our Chief Operating Officer and Tommy Heng, our Chief Financial Officer. Today I'll provide a quick overview of the Q1 FY26 results. After that, Aaron and Tommy will each share an overview of their areas and then we'll open the webinar up for questions. Let's jump straight in. Slide 4. Q1 marks a strong start to the new financial year. We delivered 83,937 ounces of gold at an all-in sustaining cost of $2,861 an ouch. which is in line with our guidance. Importantly, we generated an underlying cash build of $180 million and closed the quarter with $472 million in cash, bullion and liquid investments. This quarter also saw the release of our three-year outlook, which outlines a clear pathway to 470,000 ounces of annual production by FY28, while reducing our cost profile. This outlook is supported by a 24% increase in mineral resources to 16.3 million ounces and a 5% increase in oil reserves to 3.5 million ounces, reinforcing the long-term strength of our portfolio. Key to our value proposition is increasing returns to our shareholders. During the quarter, we declared a $0.03 per share final dividend for FY25, upgraded our dividend policy for FY26 and launched a 5% on-market share buyback program. All in all, Q1 FY26 sets a solid foundation for the year ahead. With strong financials, growing reserves and a clear growth strategy, Westgold is well positioned to deliver its organic growth plans. Let's move to the next slide, slide 5. Our total recordable injury frequency rate improved to 5.04 this quarter, down from 5.67 in the previous quarter This is a positive step and reflects the continued focus across our sites on embedding safer work practices and improving hazard awareness. Slide 6. We are building momentum. We've now delivered three consecutive quarters of cash bills, culminating in a $108 million increase this quarter for a total of $472 million in cash, bullion and liquid investments. Slide 7. FY26 guidance maintained. We're off to a solid start in FY26 with 83,937 ounces produced at an ASIC of 2861 an ounce, both in line with guidance. As we flagged within our guidance, production is back-ended in FY26 and we're well poised to ramp up in H2 as planned. Slide 8. Resource and reserves continue to grow. During the quarter, we released updated resources and reserves statement. Encouragingly, we've again built upon our mineral resource base, growing it to 16.3 million ounces and lifting all reserves to 3.5 million ounces, representing a 24% and 5% growth respectively over the last 12 months after depletion. Slide 9, the three-year outlook. This quarter, we released our three-year outlook, a high-confidence, executable plan that sees Westgold grow from 326,000 ounces in FY25 to to 470,000 ounces by FY28, while reducing our all-in sustaining cost to circa $2,500 an ounce. Importantly, this growth is organic and fully funded, underpinned by our existing portfolio of assets, 3.5 million ounces in ore reserves and circa 6 million tonnes per annum of processing capacity. Key, we're not relying on new discoveries or external deals. This is about maximising performance from what we already have, higher grade ore, better infrastructure and smarter capital allocation. We've built the foundation, now we're focused on consistent execution. Slide 10. The three-year outlook sets the baseline for what we're aiming to achieve, but it's important to note that there's plenty of upside not included in the plan. I won't go through all those listed on the slide here, but some key opportunities we're actively progressing to bring value forward include Bluebird South Junction Underground, The three-year outlook assumes we reach 1.2 million tonnes per annum by FY28, but we are targeting this rate by the start of FY27. Higginsville mill expansion beyond 2.6 million tonnes per annum. Feasibility study work includes options up to 4 million tonnes per annum of capacity. And also operational improvements. We have made substantial gains in this space which have not been baked into the plan and is becoming more operationally efficient is a key focus during FY26. represent material upsides to our base case and reinforce the strength and flexibility of our portfolio. With that, I'll hand over to Aaron to talk in more detail about operations.

Thank you, Wayne, and welcome to all on the call today. Slide 13. Q1 was a quarter of planned consolidation, setting the foundations to accelerate production. Key milestones in the quarter include updated mine design and commencement of pace fill at Bluebird South Junction, completion of infrastructure upgrades at Beta Hunt, completion of scheduled processing maintenance shuts at all plants, and first ore from the Crown Prince OPA. Whilst our production quarter on quarter was marginally down, we delivered to our plan. And it should be noted that whilst this was a consolidating quarter, it was the second highest gold production in the history of West Gold. Looking ahead, we see clear, tangible opportunities to drive our production up and cost down. With continued improvement in operational performance, the introduction of higher grade greatfingal ore continued ramp up at Bluebird South Junction and optimising beta hunt on the back of the improved infrastructure. Slide 14. Slide 14 gives us a closer look at the Murchison, where we produced 53,140 ounces, about 1,700 ounces lower than the last quarter. All three Murchison plants had major shuts scheduled in Q1, which was the main drive up for the quarter on quarter reduction. The mining of slightly lower grade areas compared to Q4 also contributed to Fortnum's lower production in Q1. At the Bluebird South Junction mine, part of the Meekatharra hub, we implemented pace fill and ramped up development of the finalised mine design, on which I'll provide more detail in the next slide. This resulted in reduced mine tonnes compared to the prior quarter. This was, however, offset by higher grades from the mine, which contributed to a modest quarter on quarter improvement from the hub. The other contributor to improved production at Meekatharra was the early commencement of ore from Crown Prince via the Ore Purchase Agreement with NMG. We had anticipated first ore from Crown Prince in November, however we received 33,000 tonnes in September, of which we processed 24,000 tonnes during the quarter at 3.5 grams for 2,601 ounces. This had around a $13 million impact on our all-in sustaining cost. At Great Fingal, Barminco mobilised seamlessly in September and were on track to deliver the first all from Virgin Stopes in Q2. The total AISC for the Murchison was $163 million, about $25 million higher than the prior quarter. This cost increase was due mainly to the OPA and higher processing maintenance costs as part of the planned shutdown. Slide 15. Now I'd like to cover Bluebird South Junction in some more detail. Some great work is being done by engineering teams to create the updated mine design you see on the slide for South Junction Zone. The new design mitigates the ground control issues that have delayed development to date, whilst enabling the productivity benefits of transverse mining by creating up to 10 active work areas per level and enabling continuous mining in the levels with segregation from Pacefill exclusion zones. Pacefilling for the South Junction Zone has commenced without a hitch. Introducing paste supports large, highly productive stope shapes and allows full extraction of the south junction ore body. Whilst the commencement had short term impacts in Q1, we will start to see the benefits as production ramps up over the financial year. Let's jump to the southern goldfields. Slide 18 summarises the performance of our southern goldfields operations. Production performance was consistent quarter on quarter on a mine by mine basis. We produced 30,797 ounces for the quarter. Whilst 2,400 ounces lower than the prior quarter, the main contributor for this was the opportunistic take-up of additional lakeward tolling in Q4. 61,000 tonnes of stockpile were built in the southern goldfields in the quarter. The stockpile build-up and a one-time non-cash adjustment in relation to the Karora transaction resulted in a lower total oil and sustaining cost quarter on quarter. Critical for the outlook at Beta Hunt, several key infrastructure projects are now complete. These upgrades will nearly double the ventilation flows when operated at full capacity, circulate fresh water in and out of the mine and provide consistent and reliable power, supporting the mine production ramp up toward a run rate of more than 2 million tonnes per annum. With that, I'll hand over to Tommy to talk to the financials.