Good morning, and thank you for joining us. Today, I will take you through Westgold's FY 2027 guidance and our updated three-year outlook. The headline is simple. We have a fully funded organic growth plan to lift group production from 385,000-425,000 oz in FY 2027 to 460,000-510,000 oz by FY 2029. We are investing ahead of production, predominantly in the Murchison, to expand our mining fronts, better utilize our processing hubs and drive our operating costs down. The plan expands Westgold production towards 500,000 oz by FY 2029, and this excludes the important and critical Fletcher Zone at Beta Hunt. This slide captures the next steps in Westgold's evolution. We produced 387,000 oz in FY 2026. FY 2027 production guidance is 385,000-425,000 oz, rising to 460,000-510,000 oz in FY 2029. The plan going forward delivers circa 9% compound annual growth from FY 2027 to the FY 2029 midpoint.
At the same time, installed processing capacity increases to more than 7 million tons per annum, with all-in sustaining cost is expected to reduce to between AUD 2,640 and AUD 3,000 per ounce by FY 2029 on an FY 2027 real cost basis. The critical point on the right side of the slide is that Fletcher at Beta Hunt is upside to and not required to deliver the three-year outlook. The base plan is designed to be executable from our existing portfolio of operating assets. The confidence to accelerate organic growth comes from delivery in FY 2026. Westgold achieved record production, exceeded annual production guidance, and materially strengthened the quality of the portfolio. After adjusting for asset sales, group ore reserves increased by 41% to 4.1 million ounces.
We have four operating processing hubs with 5.8 million tons per annum of installed capacity, and the growth plan is fully funded, noting that we had AUD 1.5 billion in available liquidity at the end of FY 2026. We are committed to drilling. We will also invest more than AUD 150 million in exploration and res dev across the three-year period. This is the transition we want investors to recognize. Westgold has moved from stabilizing a historically underinvested portfolio to actively investing in growth from a much stronger operational, geological, and financial foundation. A central feature of the outlook is the confidence in the inventory that supports the production target. The target is supported by ore reserves throughout the three-year period. In FY 2027, 86% is supported by ore reserves, with a further 2% in measured and indicated resources, 7% in inferred resources, and 5% from third-party ore.
The reserve component remains 81% in FY 2028 and 73% in FY 2029. That confidence has been built through sustained drilling, geological model improvements, mine planning, and development. During FY 2026, Westgold added approximately 1.5 million ounces to our ore reserves at a discovery cost of around AUD 27 per ounce. We plan to invest AUD 50 million-AUD 75 million each year in exploration and resource definition drilling to continue converting resources to reserves, extend inventory, and improve confidence beyond the current outlook. The Murchison is the growth engine of the updated outlook. At Meekatharra, Bluebird- South Junction achieved 1 million ton per annum mining rates in June 2026 and is expected to increase to 1.2 million tons per annum during FY 2027. The Murchison Open Pit Program is already building strategic ore inventories and supplying open pit feed at a higher grade than the low-grade stockpiles processed in prior years.
Polar Star provides a third mining front opportunity inside the established Bluebird-South Junction mine. At Cue, Great Fingall ramps up and progressively replaces lower grade Big Bell feed, while Big Bell transitions towards the higher grade Big Bell Deeps area in FY 2028. The mining growth is matched with processing growth. The Cue Expansion Project, the CXP, expands Cue from 1.4 to 1.7 million tons per annum, and the Meekatharra Expansion Project, the MXP, expands Meekatharra from 1.8 to 2.9 million tons per annum. Together, those projects add approximately 1.4 million tons per annum of Murchison processing capacity and provide the most direct pathway to more production and lower unit processing costs. Through the CXP and MXP projects, group production capacity increases from approximately 5.8 million tons per annum in FY 2027 to 7.2 million tons per annum in FY 2029. The sequencing is deliberate.
We are prioritizing the Murchison first, where growing ore inventories support the clearest near-term returns from CXP and MXP. The additional capacity allows us to increase utilization of installed infrastructure and spread fixed costs over a greater number of ore tons to improve unit costs. The next major processing decision is in the Southern Goldfields, linked to the development of the Fletcher Zone at Beta Hunt. Rather than proceed with the previous Higginsville expansion, which was a staged concept, taking the existing mill from 1.6 to 2.6 to potentially 4 million tons per annum, we are evaluating the optimal long-term processing and haulage solution predicated on a much larger Fletcher opportunity. FY 2027 is the peak investment year in the three-year outlook. Non-sustaining capital is expected to be AUD 450 million-AUD 480 million in FY 2027, declining to AUD 390 million-AUD 410 million in FY 2029.
The regional profile shows that capital is prioritized towards the Murchison, where it increases processing capacity at Cue and Meekatharra, establishes future mining fronts at Polar Star and Big Bell Deeps, and builds strategic ore inventories and accelerates development ahead of production. This is a deliberate use of our balance sheet strength. We are building operating resilience, scheduling flexibility, and mining inventory now, so the business is positioned to deliver higher production at lower unit costs as these projects are completed. As CXP, MXP, and the major development programs progress, annual non-sustaining capital declines and the benefits are expected to flow through to stronger free cash generation. The purpose of the investment is not growth for growth's sake. It is to create a larger and lower cost production base.
FY 2027 all-in sustaining cost guidance of AUD 2,980-AUD 3,380 per ounce reflects inflation in labor, energy, consumables, higher royalties, increased Murchison open pit activity, and lower grades in the Southern Goldfields. Across the outlook, the drivers of improvement are clear. We expect higher grade feed from key mines, less reliance on lower grade stockpiles, a greater contribution from established mining fronts, expanded milling capacity, and more operating flexibility from strategic open pit inventories. On a FY 2027 real cost basis, these initiatives support an expected reduction in all-in sustaining cost to AUD 2,640-AUD 3,000 per ounce by FY 2029. In simple terms, greater scale, more gold, and lower unit costs. Exploration and resource definition are core to the strategy. They are not discretionary activities around the edges of the plan. We expect to invest AUD 50 million-AUD 75 million in FY 2027 and more than AUD 150 million across the three-year outlook.
The focus is on converting and extending our 14.4 million ounce mineral resource inventory. The objectives are to convert resources to reserves, extend mine lives, and create new growth options within and beyond the current three-year period. Priority areas include Big Bell South and the 1600-Shocker area and Cuddingwarra at Cue, Paddy's North, Paddy's Flat at Meekatharra, and Mason at Beta Hunt. That investment continues the work that lifted ore reserves from 3.3 million ounces back in FY 2024 to 4.1 million ounces in FY 2026, despite mining depletion. It will continue to improve the quality and convertibility of the inventory. The Fletcher Zone at Beta Hunt is Westgold's largest organic growth opportunity, an opportunity that could take the company well beyond 600,000 oz per annum. Recent drilling supported a maiden ore reserve of 1.1 million ounces and an updated mineral resource of 3 million ounces.
Current conceptual work indicates Fletcher could add approximately 140,000 oz per annum at steady state. Fletcher is intentionally excluded from this three-year outlook. There is no Fletcher production and no associated development capital in the base plan. Only approximately half of the currently defined strike extent has been tested, and drilling continues to assess the ultimate scale and continuity of the system. We believe the right approach for Fletcher is to fully understand the opportunity and define the optimum development pathway before Fletcher is incorporated into a formal outlook. There are three work streams in defining the preferred Fletcher pathway. First, define the opportunity. Drilling continues across Fletcher to improve confidence in scale and continuity, while drilling at Mason assesses the continuation south of the Alpha Island Fault and its potential inclusion in the wider mine plan. Second, evaluate the infrastructure options.
We have commenced a dedicated haulage study examining alternatives to conventional trucking and the preferred mine to surface ore transport solution. We are also assessing a larger Higginsville processing solution at approximately 4 million tons per annum and an alternative new processing facility closer to Beta Hunt, possibly at Spargos. Spargos is tenure we own, which is 30 km away from Beta Hunt by road, compared to the 80 km haul to Higginsville. At a 4 million ton per annum road haulage rate, this represents approximately AUD 40 million a year of savings on haulage alone. More on this to come as we progress the studies. Third, select the configuration. The study outcomes will inform the preferred development layout, processing option, capital allocation, and delivery sequence. The objective is not simply to develop Fletcher. It is to select the pathway that maximizes long-term value and operating flexibility for the Southern Goldfields.
This slide reinforces that the three-year outlook is an executable baseline. Fletcher production and development capital is excluded. Polar Star is included on a measurable schedule with no acceleration ahead of its assumed contribution from FY 2029. We have already commenced the decline into Polar Star and keen to bring this in early. The Murchison Open Pit Program incorporates only part of the broader open pit inventory, with Big Bell South and Paddy's Flat North still under evaluation. There is also no Fortnum processing expansion in the plan. Westgold have already completed a study of Fortnum that considers a 1.5 million ton per annum processing plant, and we retain this option as upside during the three-year outlook period. In addition, there is no acceleration of Big Bell Deeps ahead of the current FY 2028 assumption.
There is no production from Two Boys at Higginsville and no contribution from Fender at Cue, despite both these mines already contributing ounces in FY 2027. There is also no contribution from coarse gold at Beta Hunt and no allowance for further exploration discovery, additional resource conversion, or new business development opportunities outside existing ore purchase agreements. None of these opportunities are required to achieve the current three-year outlook. They remain options to bring value forward, improve margins, or extend mine life as drilling and studies progress. To conclude, this outlook is about building a sustainably more valuable Westgold. We have a fully funded pathway towards a 500,000 oz annual production base by FY 2029. We are increasing processing capacity to more than 7 million tons per annum, investing in higher quality mining inventory, and expecting a lower all-in sustaining cost and declining capital profile as the major projects are delivered.
The base case is supported by our existing operating portfolio, four processing hubs, and current reserve and resource base. Beyond that, Fletcher provides a material organic pathway beyond 600,000 oz per annum, alongside a broader portfolio of opportunities that are not required to deliver the current plan. We believe this approach balances delivery confidence, disciplined capital allocation, organic growth, and ongoing shareholder returns. Thank you for taking the time to listen to the presentation today. We are now happy to take questions.
Thank you very much. We will dive straight into the questions. Before we dive in, I have just got to summarize that presentation in this. There is a lot to like in this three-year outlook and really to explain it is quite simple. Bigger mines need bigger mills. Let us dive straight into the questions. First question from Mark Clark. Mark says, "With NMG or New Murchison's production expected to grow over the coming three years, can you please clarify Westgold's planned processing arrangements for New Murchison through FY 2027, 2028, and 2029? Specifically, whether Bluebird has sufficient capacity to process the expected New Murchison tons." Well, thank you, Mark, and I am sure this is not the Mark Clark from Capricorn. I think it must be another Mark Clark. With respect to New Murchison's production profile, that is really a question for Alex Passmore at New Murchison.
We are really excited about what Alex and his team are doing and talking about FY 2027, 2028, and 2029 are questions best aligned to New Murchison. What we can say is that with the MXP project being committed and starting to move into construction in FY 2028, we will have processing capacity at Meekatharra for New Murchison and other third-party ores which may materialize in that time. Next question from Al Harvey at UBS. "Southern Goldfields flat at 115,000 oz next three years on flat throughput of about 1.7 million tons per annum. Noting the vent access issues impacted your grade back end of FY 2026, but reserve grade of 2.3 g per ton. Why is not there a grade-driven uplift in production as vent issue is resolved?" I will hand that question off to Aaron Rankine, our COO.
Thank you, Wayne. For the Southern Goldfields, we are seeing the 115,000 oz flat. We have got the Lakewood processing capacity dropping off this year. But we do expect a 2.2- 2.3 head grade out of the mine. And just noting the 2.34 reserve grade is inclusive of the high-grade Fletcher.
Thanks, Aaron. The second part of Al's question. "Southern Goldfields' non-sustaining CapEx at AUD 380 million over the three-year horizon but not going into Fletcher. What's it going into and any overlap with Fletcher/the Higginsville Expansion Plan?" Back to Aaron.
Thank you, Wayne. The underlying capital spend at Southern Goldfields is related to a number of factors, particularly capital development in the Beta Hunt mine. We are accelerating the development ahead of the production fronts. In particular with our bulk stoping methods and triple lift stopes coming into the mine plan. Development needs to go several levels ahead of production. Additionally, we have got some power upgrades down at Higginsville, but predominantly capital development.
Thanks very much, Aaron. Third part of Al's question. HXP, and for those who are listening, we love three-letter acronyms. HXP is the Higginsville Expansion Plan, different than the CXP, the Cue Expansion Plan, and the MXP, the Meekatharra Expansion Plan. The question is, "HXP study due end of FY 2028, assuming a financial investment similar in time, build of 18- 24 months, fair to say the 600,000 oz an early 2030 story?" Let me answer this question this way. We have been very careful in this three year about how we are sequencing the capital. CXP, Cue is first, FY 2027. MXP is second in FY 2028. So really, we see plant construction commitments FY 2029 onwards for the HXP. Next question. It is specific to ore purchase agreements. Ore purchase agreements. Margin assumptions behind these. Think NMG rolls off later FY 2027. Any step up in margin expected?
With respect to the current ore purchase agreement with New Murchison, our margin is fixed for the term of this agreement. Next question. Next question is from Marcus at Goldman Sachs. Can you confirm that your all-in sustaining cost outlook guidance excludes third-party ounces in the denominator? How much sustaining CapEx is included in the outlook? Can you ballpark the unit costs at each hub? Three questions in one there. I will take the last part. We actually specifically define the operating cost per hub in our quarterlies, Marcus, so the detail per operating hub is there. In terms of the all-in sustaining cost.
Yes.
I will hand that off to Tommy Heng, our CFO.
Thank you for the question, Marcus. Yes, it does, it is included in the denominator, the all-in sustaining cost. Thank you.
Okay. Second part of the question is, you have talked to accelerating some FY 2028, 2029 production. Where does that come from, and how conservative is this outlook then? I will hand this off to Leigh Devlin, our Chief Technical Officer.
Yeah. Thanks very much for that, Wayne, and thanks very much for the question, Marcus. 2028, 2029 was really baked into the FY 2026 three-year outlook that came from the Murchison Open Pit Program. Again, like Wayne says, we like acronyms at Westgold, so we've effectively called that the MOP. We've already started mining that. We committed to that in the FY 2026 three-year outlook, and we started mining that three months early. A lot of the ounce profile sits within the open pits. What we've been able to show as well, as part of FY 2026, is if you put the dirt in front of the mills, the mills mill it. We hope that that continues throughout 2027, 2028, and 2029.
Thanks for that, Leigh. Just if I can pick up on the point on the level of conservative nature of the three-year outlook. In the previous three-year outlook, we were very conservative, and we've learnt the hard way about making statements that we can't fill. FY 2026 financial results, we beat our guidance on all fronts. So we are very, very confident that this three-year outlook, there is a level of conservatism built into it, but it is very deliverable. Next part of the question. Should we expect the Higginsville mill expansion to start construction in FY 2029 straight to a 4 million ton per annum plant to support Fletcher, or is that big mill enough for its own mill? FY 2029 is the right time to be thinking about the HXP.
Like I said before, where we're sequencing the capital in this three-year outlook is very Murchison specific, is because that's where the ore build is the strongest. CXP first, MXP second in FY 2028, HXP most likely FY 2029. Next question. From today's provided outlook, confidence around Meekatharra hub production growth has materially improved. Two questions. Looks like the step up in FY 2029 is coming from Polar Star. Can you please provide an update? On that one, I'll hand over to Leigh Devlin, the CTO.
Yeah. Thanks very much for that, Wayne, and thanks very much, Khan. Yeah, so, Polar Star is a parallel ore body to Bluebird- South Junction. So we're talking about something that's relatively capital light to get across there. Bluebird started to see run rates toward the back end of FY 2026 of over 1 million tons per annum. What we're sort of seeing with Polar Star is we should be able to lift that up to around 1.5 million tons. What we've already done is we've already put in a purpose-built Polar Star drill platform, which will double as the haulage route as well. So we're well underway to starting to develop the Polar Star ore body.
Thank you, Leigh. Second part of the question. What mining and development rates need to be demonstrated at Bluebird- South Junction over the next 12 months for us to have confidence in the FY 2028, 2029 Meekatharra numbers? I will hand that off to Aaron.
Yeah. Thank you, Wayne. Look, the numbers we are delivering now is already where we need to be for Bluebird- South Junction. We hit the 1 million ton run rate in June, expecting that to be ramping up to that 100,000 ton a month, 1.2 million ton run rate throughout this financial year. We think that is fairly conservative and that is the numbers we need to be seeing to deliver this outlook, and we are looking to outperform that.
Thanks again, Aaron. Next, I should just touch on the whole Meekatharra story. Bluebird- South Junction over the last few years has grown significantly. We have expanded that mine. It started at 250,000 tons per annum. We drilled. It become 500,000 tons per annum. We kept drilling. It is now, as Leigh said, the exit rate in June this year was over 1 million tons per annum, and we keep drilling. So what we have now in the Bluebird- South Junction mine is two active mining fronts, being the Bluebird and South Junction lodes. Polar Star will be the third mining front in Bluebird- South Junction, lifting that production rate up above 1.5 million tons per annum. It is a success story which still a lot of the market does not understand, but there is a lot more to come from Bluebird- South Junction. Next question from Ganesh: Solid expansion plan.
While delivering on this robust strategic plan, where and when do you see surprise upside potential news which would excite the market? I will hand that over to Leigh.
The key part that we want to talk to around this, Wayne and Ganesh, is the fact that we are investing AUD 50 million-AUD 75 million in our resource development program. We have already started to do drilling on the surface to develop some of these assets that really have not been drilled since the late 1990s. We are drilling at the moment around Halcyon and Democrat, around the Paddy's Flat trend. We are drilling in Big Bell South as well at the moment. What we are really trying to do there is we are trying to reduce the gap between our mineral resource, which is 14 million ounces, and our reserve, which is over 4 million ounces. We really want to put more emphasis on ore reserve and less on growing the resource, and that will make sure that they can fit more into these mine plans.
Thanks for that, Leigh. Next question from Paul at Ord. "Hi, team. Just on the non-sustaining capital that comes in significantly higher than the previous three-year outlook, can you maybe explain some of the unforeseen items at Great Fingall and Beta that does not contribute to CapEx acceleration?" I will hand this to Aaron.
Thank you, Wayne. Touching on Great Fingall to start with. From last year's three-year outlook, we have deferred when we will call commercial production on that mine, which has meant that FY 2027 will have higher non-sustaining capital. That was related to some risk assessment work we did working around the 100-year-old workings, which we needed to take a proper conservative mining engineering safety view that we had to defer that commercial production rate. Beta Hunt, I have really already covered, but it is really around change to the bulk mining strategy requiring more upfront capital development.
Thank you, Aaron. Next question from John Ogden. "Any ballpark CapEx for a new mill at Spargos and also timeline and CapEx to get Fletcher in production? Any idea on max tons that can be processed from Fletcher when it is fully up and running?" We will split this answer in half, John. We have only drilled half of the known strike extent of Fletcher. It keeps getting bigger. We have got an expectation of what it could do, but at the moment, we have just got to keep drilling this thing because we actually have not found the edges of it. What is its potential production rate? At this stage, certainly we think Fletcher by itself can do as much as the existing two zones out of Beta Hunt. In terms of a ballpark for a new mill at Spargos, not at this stage. We'll have some numbers soon, and this is why we're jumping into a detailed 4 million ton per annum design to determine that capital.
We'll pause for just a couple of minutes to organize questions.
Okay, good. The next question is from Kim: "Are you expanding exploration rigs or staying with the current rig count?" This question I'll hand off to Simon Rigby, the Chief Growth Officer.
Thanks for that, Wayne. Currently we have 25 drill rigs operating across the business. That's both underground and at surface. That is a substantial workload for the team, and we expect to continue to operate around that number of rigs across the business going forward. If the opportunities arise to further expand the rig count, then we'll certainly do that. But in that sort of range of 22- 25 rigs is sort of the expectation going forward for the time being.
Westgold's spent AUD 42 million on resource development and exploration in FY 2026, and as we've said, we're guiding towards AUD 50 million-AUD 75 million for FY 2027. I'm going to encourage Simon and Leigh's teams to spend that money. Next question. Fletcher Zone. This is from Khan at Petra. "The Fletcher Zone. Given what you've seen from drilling, is there a risk that committing to the current Fletcher development concept too early actually constrains the optimal scale of the asset?" 100%, Khan, and I'll hand this over to Leigh to talk through the detail of why we're not rushing Fletcher.
Yeah. Thanks very much for that, Wayne, and thanks very much, Khan. Fletcher remains our largest organic growth opportunity within the business. We're only going to include it once the studies have defined the development pathway and provided the confidence and timing, capital, return. What we do know is we have a 4 million ton opportunity in the Southern Gold fields. Optimizing the asset prior to execution will deliver us to over 600,000 oz.
Just to dovetail into that, Khan, I might let Aaron speak to you the second part of your question, which is: "Is that 140,000 oz per annum steady state based on the existing reserves?
Look, short answer to that is yes. That's what we think we can deliver based on the reserve work that Leigh and the team have done. Look, just to add, what we're doing in the studies at the moment is to really ensure that we understand what the scale opportunity is and as well, what capital installations would be relevant for each different scale that we can see the potential for. So we're 100% making sure with the studies we're not going to sterilize any opportunity. But, look, we also don't want to get analysis paralysis, and we're looking at what is the early opportunities to start where we don't risk any sterilization of future opportunities.
Great answer, Aaron. Thank you very much for that. Another question from John just on Great Fingall, what is the outlook now in terms of tons of production and timeline plus grade, given this is an exciting opportunity? How does the ounces from the mine look in the three-year outlook? I will hand this over to Leigh.
Yeah. Thanks very much for that, John, and thanks, Wayne. So Great Fingall is obviously our highest grade asset that we have operating throughout the business. We have just entered the virgin Golden Crown area, and we are also mining the adjacent Great Fingall mine plan as well. The key thing outside of the three-year plan, though, I do want to talk to and what Aaron mentioned previously, is the additional lodes that were not in the original feasibility study. So we are talking about Sovereign, Smiths United, Mountain View, that we are now considering to bring into the mine plan. So the tons and grade are looking relatively consistent around that 550,000- 600,000 tons for the year. And the grade will stay relatively consistent to the reserve grade.
Thank you, Leigh. Another question from PK at boards. Can you outline how much production in the three-year outlook is coming from third-party ore treatment and the cost of treating this material? Thanks, PK. We actually have broken out in the release how many ounces per year come from third parties. It is actually quite minor in the scheme of things. The cost of treating this material, it is specific to each of those ore purchase agreements. Another question specific to third-party ore from Brandon Kelly. Is there a scenario where you do not need third-party ore for the Cue and Meekatharra plants over the next two years? That is the plan. What we want investors to understand is that this three-year outlook stands up predominantly on the things that we control and we mine.
The way we see third-party ore, it is a want, not a must, and it actually provides some upside to this plan. Why? Because the things that we do not mine, if they overproduce, we have got the capacity to process them. So we very much take a conservative view of the ore coming from third parties, and it bakes in a level of upside to this plan, which is not evident. Next question from Khan. Following up on the Fletcher Zone, when do you start really testing Mason, and what is required to start getting results incorporated into the Fletcher Zone planning? I will hand this one back to Simon, because Simon is looking after Mason.
Thanks, Wayne. Mason is an exciting target for us. Over the last 12-18 months, the focus has been very much on Fletcher. With that drill program slowing down a little bit, we are still drilling on the northern end of Fletcher. It creates an opportunity for us to now start testing Mason. As we speak, we are mobilizing a rig back into the Mason cutties so that we can continue on with that program that got delayed by some of the Fletcher drilling earlier in the year.
Can't wait to see some numbers coming out of Mason, because Mason and Fletcher is all the same thing. Thank you, Simon. Drill faster. We've run out of questions here, so we may close off today. In closing, I'd just like investors and the people on the call to consider this. Our business continues to evolve and grow. The business can now fund its own capital requirements and, most importantly, consistently return capital to its shareholders. We now have multiple underground mines doing more than 1 million ton per annum each and now a range of open pits to support the increasing production profile. The transition to capital investment into processing hubs is a milestone for this business.
It very much shows and speaks to the productivity of our existing mines and shows an evolution of the business whereby now capital into our mills continues to grow the scale, but it's focused upon driving our costs down. I can't make the point more strongly. This is not about growth for growth's sake. This is about driving our cost base down and improving our operating margin. What do all those things lead to? Increased free cash flow and the ability to reinvest in the business and return capital. Look, thanks everyone for joining us today. The FY 2027 guidance and three-year outlook. There's a lot to unpack in the release, and we're happy to take questions offline or by email. Thanks for your time today.