• Scoping Study identifies potential 10-year, fully integrated mine plan
• Expanded Starlight Mineral Resource Estimate of 12.9Mt @ 2.7g/t Au for 1.13Moz
• Evaluates mill expansion from 0.9Mtpa to 1.5Mtpa to reduce operating costs

Westgold Resources is undertaking a portfolio asset review and has completed a Scoping Study evaluating the potential expansion of the Fortnum Gold Operation, located 140km north of Meekatharra in Western Australia. The Scoping Study has identified a potential 10-year, fully integrated mine plan including the Starlight, Nathan's and Yarlarweelor open pits and an expansion of the existing Starlight underground operation. The Scoping Study is underpinned by an expanded Starlight Mineral Resource Estimate of 12.9Mt at 2.7g/t Au for 1.13Moz of gold, a 91% increase from the previously reported estimate. The Scoping Study also evaluates a potential mill expansion from the current 0.9Mtpa to 1.5Mtpa, which is expected to significantly reduce mill operating costs per tonne. Key Scoping Study outputs include life of mine gold production of 713-871koz at an all-in sustaining cost range of $1,404-$2,916/oz, reducing to a mid-point of $1,558/oz once steady state is achieved. The project is forecast to generate a mid-point net present value of $306M at a gold price of $3,500/oz, increasing to $498M at the current spot price of $4,000/oz.

The Scoping Study indicates a potential life of mine gold production of 713-871koz at an average all-in sustaining cost range of $1,404-$2,916/oz, reducing to a mid-point of $1,558/oz once steady state is achieved.

Westgold is advancing the Fortnum Expansion Project, with the next step being to accelerate open pit drilling across Fortnum and Peak Hill as part of the project evaluation process.