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Westgold Resources Limited Announces Maiden Fletcher Ore Reserve And Updated Mineral Resource
Westgold Resources Limited announced a maiden Ore Reserve and an updated Mineral Resource for the Fletcher deposit. Maiden Fletcher Ore Reserve of 13.5Mt at 2.6g/t Au for 1.1Moz establishes a substantial new mineable inventory at Beta Hunt - supported by completed mine planning, commercial evaluation and a Pre-Feasibility Study. Fletcher's Mineral Resource has increased by approximately 30% to 40.1Mt at 2.3g/t Au for 3.0Moz - including a 426% increase in Indicated Mineral Resource ounces to 1.55Moz at 2.7g/t Au. Approximately 74% of the updated Indicated Mineral Resource ounces have converted into the maiden Ore Reserve for Fletcher. Total Beta Hunt Ore Reserve now stands at 21.7Mt at 2.34g/t Au for 1.6Moz and Mineral Resource at 74.6Mt at 2.25g/t Au for 5.4Moz - representing 201% increase in Ore Reserve and 104% increase in Mineral Resource since acquisition in August 2024. Fletcher has become one of the most significant value drivers within Westgold's Southern Goldfields business. Beta Hunt was the cornerstone asset in the 2024 transaction, containing 0.5Moz of Ore Reserve and 2.6Moz of Mineral Resource. Since then, Westgold has completed more than 85km of drilling across the Fletcher zone, substantially improving geological confidence and increasing the scale of the broader Beta Hunt mining complex. Drilling has consistently expanded and upgraded the Fletcher inventory, culminating in the declaration of a maiden Fletcher Mineral Resource of 2.3Moz in June 2025, which has now increased by 30% to 3.0Moz and supported the declaration of a maiden Ore Reserve of 1.1Moz. The substantial increase in Indicated Resources and successful conversion to Ore Reserve materially strengthens confidence in Fletcher's ability to become a long-life contributor to the future growth of the Beta Hunt operation. Classification June 2025 Fletcher MRE: Indicated 3,708,000 tonnes at 2.5g/t Au for 295,000 ounces; Inferred 27,266,000 tonnes at 2.3g/t Au for 2,030,000 ounces; Total 30,974,000 tonnes at 2.3g/t Au for 2,325,000 ounces. Classification June 2026 Fletcher MRE: Indicated 18,029,000 tonnes at 2.7g/t Au for 1,553,000 ounces; Inferred 22,117,000 tonnes at 2.1g/t Au for 1,472,000 ounces; Total 40,146,000 tonnes at 2.3g/t Au for 3,025,000 ounces. Mine planning and commercial evaluation have been completed by Westgold and resulted in the maiden Fletcher Ore Reserve. Classification: Probable 13,474,000 tonnes at 2.6g/t Au for 1,145,000 ounces. The Fletcher Ore Reserve estimation is based on the Fletcher Pre-Feasibility study completed by Westgold Resources to assess the economic viability of the Fletcher orebody. The Pre-Feasibility Study used cost assumptions based on current Beta Hunt rates, given Fletcher's proximity and expected operating conditions. These cost profiles were used to determine the Fletcher cut-off grades and define the economic blocks within the mine plan. The cut-off grades are: Full Costed COG 2.1g/t, Mine Operating COG 1.4g/t, Development COG 1.0g/t. The Fletcher Ore Reserve was estimated using Deswik Shape Optimiser (DSO). The DSO parameters were selected to reflect a practical longhole stoping framework for the Fletcher orebody and to ensure the optimised shapes were aligned with the expected mining geometry. The resulting DSO shapes were then reviewed and adjusted through the mine planning process to remove impractical shapes, rationalise stope continuity and ensure the final design reflected operationally achievable development access, extraction sequencing and geotechnical constraints. The output modifying factors, or production factors, are: Stope Dilution 12%, Stope Recovery 90%, Tonnes per Drill Metre (102mm) 10, Tonnes per Drill Metre (89mm) 7, Loose fill density 1.7, Cement density 1.3, Tails density 1.8, Paste solids content 68%, Stope Dilution Grade 0, Free bogging 30%, Remote bogging 70%. The production modifying factors were applied to the optimised stope inventory to derive the practicable mineable tonnes, grade and contained ounces used in the Fletcher Ore Reserve estimate. The Fletcher Ore Reserve has been evaluated using ore haulage to Westgold's Higginsville processing hub. Fletcher has been modelled to be a complete load-haul-dump (LHD) operation. Multiple declines will be installed from the surface (one ventilation and one haulage) separate from the Beta Hunt mine. LHD operations will exist within Fletcher with a mixture of longitudinal and transverse production areas. Ventilation throughout Fletcher will be linked via the surface decline developed as part of the haulage route, additional ventilation will be linked throughout the Beta Hunt primary system. The material increase in the Fletcher Ore Reserve and Mineral Resource has changed the scale and sequencing of Westgold's Higginsville expansion pathway. When Westgold approved the Higginsville Expansion Plan in March 2026, the 2.6Mtpa flowsheet was deliberately engineered to support a potential future expansion to 4Mtpa, ensuring milling capacity would not constrain growth from Beta Hunt and Fletcher. The increased Fletcher scale now provides a stronger Ore Reserve and Mineral Resource base from which to assess that larger 4Mtpa case in detail. Westgold has accelerated definitive design work on a 4Mtpa expansion case and is reviewing the optimal timing and scope of the previously approved 2.6Mtpa stage. The planned uplift in Higginsville milling capacity assumed in the 3-Year Outlook released in October 2025, is expected to be achieved from additional milling capacity committed in, or planned for the Murchison, where mining performance has exceeded expectations and stockpiles are building faster than the Southern Goldfields. The accelerated growth of ore stock piles in the Murchison in combination with Westgold's treasury strength, now provides the imperative and resources to prioritise capital to expand the Murchison processing capacities first. Westgold has not slowed ancillary works at Higginsville that support both the current operation and the longer-term expansion pathway. This includes continuation of works associated with a hybrid solar and gas power solution for Higginsville, a tailings lift, and progression of an in-pit tailings solution located proximate to the Higginsville processing infrastructure. With the Higginsville 4Mtpa Expansion Study to commence shortly it would be premature to provide a definitive timeline for expected production increase to 4Mtpa as optimisation work is ongoing. The Fletcher Ore Reserve has been evaluated and designed based on a conventional underground trucking fleet hauling ore from underground to surface. In parallel with the Higginsville 4Mtpa definitive design work, Westgold will commence an underground haulage study to assess materials handling options that could improve the long-term cost and productivity profile of Fletcher and the broader Beta Hunt system.