• Board approves decision to mine 100% Gold Duke Project
• $6.75M capital raise fully funds project through to production
• Updated Mineral Resource Estimate of 277,000 oz at 1.8 g/t Au
• Grade control drilling validates geological model and confirms strong grade continuity

Western Gold Resources (ASX: WGR) has made significant progress at its 100%-owned Gold Duke Project during the December 2025 quarter. The key highlights include:

• The Board has approved the formal decision to mine the 100% Gold Duke Project, with mobilisation and site establishment planned for Q1 2026.
• The company raised $6.75M in a heavily oversubscribed share placement, which combined with a deferred payment facility from the mining contractor, fully funds the project through to production.
• An updated Mineral Resource Estimate for the Gold Duke Project stands at 4.8 Mt at 1.8 g/t Au for 277,000 oz, including a Measured and Indicated Resource of 2.0 Mt at 1.6 g/t Au for 104,000 oz.
• Early grade control and infill drilling results have closely matched the Scoping Study grades, validating the geological model and confirming strong grade continuity at the key deposits of Eagle South, Gold King, and Golden Monarch.
• The updated Scoping Study outlines a Production Target of 42.8 koz gold and an estimated undiscounted cash surplus of $109.7 million at A$5,800/oz gold, a 64% increase on the prior estimate.

The company is now fully funded through to production at the 100%-owned Gold Duke Project, with mobilisation and site establishment planned for Q1 2026. The updated Mineral Resource Estimate and positive grade control drilling results provide a strong foundation for the project's progression into production.