Western Gold Resources (WGR) Q4 2025 TU earnings summary

Executive summary

• Signed a 24-month Toll Milling Agreement with Wiluna Mining Corporation, accelerating transition to production at the Gold Duke Project, with potential for a 6-month extension.

• Gold Duke Project features shallow, free-milling ore, enabling rapid, low-cost open-pit extraction and early production.

• Scoping Study update is well advanced, expected next quarter, with prior study showing a 617% IRR at A$3,500/oz; current gold prices exceed A$5,000/oz.

• Grade control and infill drilling planning, along with Request for Pricing (RFP), are well advanced.

• $1,052,991 raised via share placement in April 2025; $500,000 convertible notes converted to shares.

Financial highlights

• Cash on hand at quarter end: $608k.

• Raised $1,052,991 (before costs) through share placement at $0.0425 per share.

• Convertible notes of $500,000 converted into 15,625,000 shares.

• Net cash used in operating activities for the quarter: $(689)k.

• Net cash from financing activities: $984k for the quarter.

Outlook and guidance

• Updated Scoping Study to be released next quarter, reflecting higher gold prices and current cost assumptions.

• Plans to mobilise and commence grade control and infill drilling in the September 2025 quarter.

• Resource modelling of grade control and infill drilling to be released in the upcoming quarter.

• Ongoing review of historical database to extend Life of Mine (LOM).

• Company is planning to secure additional funding to support project advancement and corporate costs.