#1MACQUARIE Melbourne Mining & Energy Forum June 2020 Fortnum FGO WESTGOLD RESOURCES LIMITED VALUE TRAIN REPARTING STATION! Meekatharra MGO ASX: WGX Cue CGO PURELY AUSTRALIAN - TOP 10 GOLD PRODUCER Corporate Presentation Peter Cook - Executive Chairman TO June 2020 Rod Corps - Investor Relations#2WESTGOLD RESOURCES LIMITED CORPORATE STRUCTURE FPO Shares on Issue: 420.23 million Top 10 Parent Groups Rank Group Name % 8/0 31 Mar 20 1 Ruffer LLP Group 10.16% 40,618,236 ▲ 2 FIL Limited 9.39% 37,545,599 Options 3.7 million (various dates above $2/share) 3 Golden Energy & Resources Limited 7.25% 29,000,000 4 INVESCO PLC 4.25% 16,991,098 ▲ 5 The Vanguard Group, Inc. 4.15% 16,576,670 ▲ 1.6 million (ZEPO Employee Perf. Rights) 6 BlackRock, Inc. 3.95% 15,804,478 ▲ 7 Van Eck Associates Corporation 3.84% 15,362,820 Market Capitalization: ~A$ 1 billion 8 L1 Capital Pty Ltd. 3.79% 15,159,300 ▲ (~US$675 million) 9 APAC Resources Limited 3.61% 14,418,261 10 Samarang Asset Management S.A. 2.91% 11,640,662 Cash, Bullion, Investments: ~ A$100m+ Debt/Gold Pre-pay: 2,789oz (~A$5m) ending 15th June 2020 11% Gold Hedges: 210,000oz @ A$2061/oz Share Liquidity: 1 month = 2.4m shares/day; 11% 3 month = 1.4 m shares/day; 6 month = 1.6m shares/day. Total Shareholder Composition 3% 1% 63% Institutional Unanalysed Corporate Retail Related Party Broker Custodian 2#3WESTGOLD RESOURCES LIMITED CORPORATE SIMPLIFICATION Focused on its core gold business in the Murchison Region, WA. Divested its older high-cost operations: South Kalgoorlie Operations Higginsville Gold Operations Began divesting Lithium interests & royalties De-merged its Gold-Copper and other Polymetallc NT assets and listed Castile Resources. Expanded its internal contract mining services division. Reset Refocus Restart 3#4WESTGOLD RESOURCES LIMITED THE MURCHISON OUR CORE BUSINESS Great Northern Highway 12 major gold mining centres 350 Mining Titles and 1,240 Km2 Over 10 million oz of historic production Current JORC resources of 9.4 Million oz (2) Current JORC reserves of 2.65 Million oz(2) Approx. 4Mtpa Process Capacity spread throughout the tenure 8-10 year mining plans for each sub-area. WESTGOLD Westgold's mining tenure "FGO Fortnum Merkatharra MGO Meekatharra CGO Cue 100km (2) - Refer to Resource & Reserve tables. 4#5WESTGOLD RESOURCES LIMITED WHY THE MURCHISON? MINDCHIZONS A 20 million oz goldfield (prod'n + resources) Including prolific high-grade underground mines 2 Big Bell 2.6 million oz to 500m depth Great Fingall 1.3 million oz to ~ 750m depth Golden Crown 400,000 oz to ~ 540m depth Triton Mine 300,000 oz to -380m depth Fenians- Consols 700,000oz to ~420m depth Starlight 600,000oz to 300m depth The average mine in Australia advances 50 vertical metres per annum Our Mines Average - 450m vertical depth (10 yrs) Golden Crown Headframe SEAT INGALL GOLD 02 gove 5#6WESTGOLD RESOURCES LIMITED WESTGOLD TODAY 18591 A top 10 Australian Gold Producer Dominant gold Producer in the Central Murchison region of W.A. Gold production of over 750,000oz in last 3 years. Built on cash flow, minimal equity & debt. - Asset Rich Westgold has 3 processing plants (~4mtpa), 4 villages (750 beds). 250,000ozpa going to 300,000ozpa with organic growth capability to 350,000ozpa Uniquely owner operator (internal mining services division Minterra Pty Ltd). 6#7WESTGOLD RESOURCES LIMITED WESTGOLR TORAY (3 1/2 YEARS AS A HISTER ENTITY) Zoom 5D 1M 3M 6M YTD 1Y SY MAX From 06 Dec 2016 To 05 Jun 2020 2.50 Up 35% in 3 yrs 2.25 This is your life! 2.00 Too many moving parts P 1.75 1.50 1.25 1.00 Price 0.75 0.50 Refocus & delivery 25M Apr '17 Aug '17 Dec '17 Apr '18 Aug '18 Dec '18 Apr '19 Aug '19 Dec '19 Apr '20 OM Volume High 2.60 Low 0.79 Up 175% since re- organization (18 mths). Net Asset Growth 100% Debt Repaid (Gold Loan) ($30m in past 12 months) 7#8WESTGOLD RESOURCES LIMITED Gold Price Gold Production Margins E PRIMER THE TIME HAS COME ! Australian Gold Developers/Renovaters have struggled Westgold has survived and thrived! The gap on market metrics is compelling. Passing the tipping point of heavy cash investment to free cash flow. Disciplined and deliberate. Aiming for Dividends and Yield (40% NPAT) All Australian - limited Country Risk Hardened veterans of industry & wealth creators Share Price 8 00#9WESTGOLD RESOURCES LIMITED F8BTNYM GOHR OPERATIONS (EGO) 0.9 million tpa CIP Plant GOLD 60 70,000oz pa Production = Plant feeds Starlight Underground Mine Low-grade surface stocks (1.5million) 7 Open Pits to blend: Yarli South 2, Callies, Nathans, Labouchere, Horseshoe, Cassidy, Harmony, Rolling 12 mths: ~60,200oz @ A$1,067/oz C1 & A$1,267/oz AISC QTR GOLD PROD'N Oz's FGO Gold Production & A$ Costs 25,000 20,000 1,800 1,600 1,400 1,200 15,000 1,000 800 10,000 600 5,000 400 200 0 Sep Q Dec Q Jun Q 2019 Mar Q 2020 2019 2019 Gold Prod'n 14,222 13,764 19,465 12,724 Cash Cost/oz 1,123 1,139 808 1,321 AISC/oz 1,329 1,354 939 1,607 Gold Prod'n Cash Cost/oz AISC/oz 9 Cost Per Oz#10WESTGOLD RESOURCES LIMITED STARLIGHT GOLD MINE JUST GETTING STARTER (Daylight/Ricks) Starlight Underground Mine Trevs Galaxy Midnight Starlight Trevs Portal Starlight Portal Twilight Open Pit Produced: 4.7 million tonnes at 2.8g/t Au Underground mine produced (so far): 1.42 million tonnes at 4.24 g/t Au 2 Only mined to ~ 300m below surface. Only Starlight, Twilight and a small amount from Trev's so far. Dougies N 10#11WESTGOLD RESOURCES LIMITED MEEKATHABBA GOLD OPERATIONS (MGO) G8HB 1.6 1.8 million tpa CIP Plant - 100 120,000oz pa Production - Plant feeds 3 x Underground Mines Paddy's Flat, South Emu, Bluebird Open Pit and Stocks to blend + CGO overflow Rolling 12 mths: ~100,000oz @ A$1,165/oz C1 & A$1,457/oz AISC QTR GOLD PROD'N OZ MGO Gold Production & A$ Costs 30,000 1,600 1,400 25,000 1,200 20,000 15,000 1,000 800 600 10,000 400 5,000 200 Jun O Sep Q Dec Q Mar Q 2019 2019 2019 2020 MGO Gold Prod'n 22,233 25,958 25,433 26,066 MGO Cash Cost/oz 1,263 1,037 1,165 1,208 MGO AISC/oz 1,474 1,360 1,498 1,500 IMGO Gold Prod'n MGO Cash Cost/oz MGO AISC/oz 11 COST PER OZ#12PARRY'S FLAT (MGO) WESTGOLD RESOURCES LIMITED Om SOUTH EMU (MGO) 200 50m 100m 150m 200m 250m 300m 350m 400m Remnant Stopes 450m Existing Development 500m Existing Stope Voids 550m Planned Development Planned Stope Voids 12#13WESTGOLD RESOURCES LIMITED CUE GOLD OPERATIONS (CGO) 1.2 1.4 million tpa CIP Plant 100 110,000oz pa Production - Current Plant feeds 2 x Underground Mines Comet, Big Bell Open Pit and Stocks to blend Rolling 12 mths: ~72,900 oz @ A$1,332/oz C1 & A$1,473/oz AISC 2007 3002 4057 £6002 £8007 ELOJES ₤120077 L300% Open North Open QTR Gold Prod'n OZ Cost Per oz CGO Gold Prod'n & A$ Costs 25,000 1,800 1,600 20,000 15,000 10,000 5,000 1,400 1,200 1,000 800 600 400 200 0 0 Jun Q Sep Q Dec Q Mar Q 2019 2019 2019 2020 Gold Prod'n Cash Cost/oz AISC/oz 20,914 17,750 17,757 16,444 1,141 1,397 1,479 1,345 1,275 1,528 1,627 1,501 Gold Prod'n Cash Cost/oz AISC/oz 13#14THE BIG BELL MINE WESTGOLD RESOURCES LIMITED Historic Production 2.7 million ounces Current Total Reserves (10 yrs): 9.8 million tonnes at 3.0 g/t, 948,000oz Current Total Resource (13 years): 12.4 million tonnes at 3.12g/t, 1,245,000oz Excellent opportunity to extend More on the Big Bell Line 3 years of dewatering and re-furbishment First mass blat stope fired 100,000+ tonnes Production ramping to 1 million tpa 2 Adding 100,000oz to CGO plant pa Allows other sources to go MGO 500eL Big Bell Mine Schematic Long-Section 2019 Additional Mining Big Bell Trend (2019) 51112 SUOMI 10 at234 Total Resource 53.8Mt at 2.6g/t for 4.4Moz Big Bell Underground (2019) Total Resource 11Mt at 3.7g/t for 1.3Moz Reserve 9.8Mt at 3.0g/t for 948Koz -1000mL 600E 800E 560 RL Level Reserve P0148 WESTGOLD 500m Strike BROUT 68m64A 30m 517 A 20425379t A 17 31.3m at 3g Previously Mined Existing Development Planned Development 3370N 3460N Potential Extension 2019 Converted with 2020 grade control Cave Block Extension. Converted Extension Reserve Previously Mined Existing Development 1000E Planned Development Drillhole Intersection (Schematic) m3u& A Open 18.2 at 457 A Hangingwail DOZA P014 MORSIA BOKS 1331yAu BOE 131A de control Open OM 2019 Reserve Sub Level Cave Block 500m Strike representing 430Kts for 50Koz insitu South Historical Open Pit Mine 14.2Mt at 1.8g/t for 804Koz (1988-1995) 170m Historical Underground Mine 17.1Mt at 3.5g/t for 1.9Moz (1937-1955 & 1995-2003) 535 2019 Ore Reserve 9.8Mt at 3.0g/t for 948Koz 2019 Inferred 2.6Mt at 3.58g/t for 304Koz 1226mFL 125 M North 250M Potential Footwall 0 4 Firing Direction Firing Direction Southern Cave Front Q2CY2020 30-40m Northern Cave Front Firing Feb2020 3960N 2019 Converted Cave Block Extension Extension with 2020 Holo 15 OM 100 M 200M 1988D00011 1968D00021 198B000027 Typical Drillhole Intersections Intercept (Dowehole) 198001078 85m at 1.1g/1 Au 9.5m at 3.0g/t Au 32m at 3g/t Au grade control 20.6m at 5.7g/t Au 0535-001 0535-00 1983001054 52.7m at 1.0a/t Au 1988001094 33.m at 2.5g/Au CMMODOS 29m at 1.3g/t Au 40.Em at 3.1g/t Au 31.5m at 3.2/Au 3600ml 14#15WESTGOLD RESOURCES LIMITED FINGALL = GREAT EINGAH GOLBEN CROWN MINES 1.5 million oz at 18.4g/t historic production. Potential for another 1 million oz mine. GREAT FINGALL - GOLDEN CROWN Mining Centre Schematic WESTGOLD OmRL Golden Crown Shaft Great Fingall Shaft Smith United Mine Great Fingall Open Pit Pit Extension (In-Wall Ramp) -250mR Golden Crown Mine Historical Production 288,000 oz at 13.8g/t -500mRL 6.3m at 3.71% Cu, 3.73% Zn and -750mRL 0.73g/t Au Indicated 495 kt @ 8.75g/t Au Inferred 261 kt @ 6.63g/t Au --1000mRL -1250mRL Potential -1500mRL -1750mRL --1800mRL ----- Potential -585500mE 0.6m @ 2.67g/t Au 3.1m @ 34.05g/t Au 1.57m @ 10.10g/t Au visible gold EOH depth (1707.92m) -586000mE Indicated 736 kt @ 9.61 g/t Au Inferred 393 kt @ 6.38g/t Au -586500mE Proposed Decline Great Fingall Mine Historical Production 1.2M oz at 19.5g/t Remnant Mineralisation Estimated Quantity (non JORC) Golden Crown Reef 170,000 oz @ 8.8g/t OM -587000mE Remnant Mineralisation Indicated Inferred Mineralisation 250 M 587500mE Great Fingall Reef 15#16WESTGOLD RESOURCES LIMITED 30, RESOURCE & RESERVES - JUNE 38. 2012 200BCE WESTGOLD RESOURCES LIMITED - GROUP CONSOLIDATED RESOURCE & RESERVES STATEMENT. Mineral Resource Estimate (as at June 30, 2019) Mining Reserves (as at June 30, 2019) Project MGO+CGO K. Tonnes 3,328 Measured Grade 3.11 Proved Ounces ('000's) 333 Project MGO+CGO K. Tonnes Grade Ounces ("000's) 1,814 2.43 142 FGP 753 2.76 67 Sub-Total 5407 2.72 474 FGP Sub-Total 891 2.55 73 2,705 2.47 215 Indicated Probable K. Tonnes Grade Ounces ('000's) K. Tonnes Grade Ounces ('000's) MGO+CGO 60,817 2.26 4,414 FGP Sub-Total 13,127 2.01 849 95926 2.09 6437 MGO+CGO FGP Sub-Total 23,279 2.73 2054 5,473 1.99 350 28,752 2.60 2,404 Inferred K. Tonnes Grade Ounces ('000's) MGO+CGO FGP Sub-Total 44,647 2.07 2,978 Note: Ore Reserves are a subset of resources 5,249 2.17 366 66251 2.05 4539 Total Mineral Resource Total Ore Reserves K. Tonnes Grade Ounces ('000's) K. Tonnes Grade MGO+CGO FGP Grand Total 108,791 2.21 7,725 19,129 2.08 1,282 MGO+CGO FGP 25,093 2.72 Ounces ('000's) 2,196 6,364 2.07 423 127,920 2.19 9,007 Grand Total 31,457 2.59 2,619 Refer to Disclaimer for JORC 2012 Competent Person's Statement 16#17WESTGOLD RESOURCES LIMITED COMPLIANCE AND RISCLAIMER STATEMENTS JORC COMPLIANCE STATEMENT Competent Persons Statements • The information in this report that relates to Exploration Results and Mineral Resources and Ore Reserves is based on information compiled Mr Jake Russell B.Sc. (Hons) MAIG, Mr Paul Hucker B. Eng (Hons) MAIMM, and Anthony Buckingham B.Eng (Mining Engineering) MAusIMM. All have sufficient experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activities which they are undertaking to qualify as a Competent Person as defined in the 2012 Editions of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC 2012)". All consent to the inclusion in this report of the matters based on his information in the form and context in which it appears. All are full time senior employees of the Company and are eligible to, and may participate in short- term and long-term incentive plans of the Company as disclosed in its annual reports and disclosure documents. Exploration and Production Target Statements • The information in this report that relates to exploration targets refers to targets that are conceptual in nature, where there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. Production targets and mine designs are presented with the best of the knowledge and situation at this point in time and may change in the future. General Disclaimer This presentation has been prepared by Westgold Resources Limited ("Westgold" or the "Company"). It should not be considered as an offer or invitation or inducement to subscribe for or the purchase of any securities in the Company. This presentation contains forecasts and forward looking statements. Such forecasts, projections and information are not a guarantee of future performance, involve unknown risks and uncertainties. Actual results and developments may differ materially from those expressed or implied. Westgold has not audited or investigated the accuracy or completeness of the information, statements and opinions contained in this presentation. Accordingly, to the maximum extent permitted by applicable laws, Westgold makes no representation and can give no assurance, guarantee or warranty, express or implied, as to, and take no responsibility and assume no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission, from any information, statement or opinion contained in this presentation. This overview of Westgold does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company's prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision. 17