Published: August 9, 2024 |

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Westgold Resources and Karora Resources have completed the merger of Westgold and Karora to create a leading mid-tier gold producer and international gold company.

Westgold acquired 100 percent of the issued and outstanding shares of Karora by way of a statutory plan of arrangement under the Canada Business Corporations Act. The merger creates a larger, more diversified and, subject to the final approval of the TSX, dual listed gold company.

“Today marks the next phase of Westgold’s evolution into a larger, unhedged and well-funded Australian gold producer. Our value proposition is significantly enhanced with an expanded team, quality operating assets and an enviable pipeline of exploration prospects across two of Australia’s most productive gold fields,” said Westgold Managing Director and CEO Wayne Bramwell.

“The merger with Karora upsizes our Western Australian operating platform — an extensive and established asset base that can be increasingly leveraged for free cash generation and growth,” added Bramwell.

“I am proud to officially welcome our new shareholders and the Karora team to Westgold. Together, as a combined entity, we are positioned to become a leading global mid-tier gold producer focused on building a long term and sustainable business that consistently delivers value to our shareholders,” concluded Bramwell.

“I am excited for the next chapter in what has been a terrific journey for our shareholders and the Karora team. The growth of the company from a single mine with no mill to a multi-mine producer with two processing facilities has led us along an upward trajectory for nearly six years. The combination of Karora and Westgold to create a new Westgold is a transformative step that will ensure growth continues as an unhedged gold producer in a historically robust gold market,” said Karora Chairman and CEO Paul Huet.

“I wish to thank all our shareholders and the entire Karora team for their support and efforts along the way. I look forward to the continued success as we join Westgold to create a stronger future for all our stakeholders,” added Huet.

WESTGOLD BOARD

Westgold chair the Hon. Cheryl Edwardes AM will continue in her role, as will the other members of the incumbent Westgold board, including Westgold managing director and CEO, Wayne Bramwell.

In connection with the arrangement, Karora managing director, Australia, Leigh Junk, and Karora director Shirley In’t Veld have been appointed to Westgold’s board. Karora’s chair and CEO, Paul Huet, will continue with Westgold in a special advisory role to the Westgold board for six months, subject to contract finalization.

Leigh Junk brings more than 30 years of mining industry experience, including executive management and operations roles, and joined Karora in March 2023. Before this, he was managing director of Dacian Gold prior to its takeover by Genesis Minerals in 2022 and, prior to that, was managing director of Doray Minerals until its merger with Silver Lake Resources in 2019. Junk was a co-founder of Donegal Resources, a private company that successfully acquired and recommissioned several Nickel operations in the Kambalda, Western Australia area, until it was sold to Canadian miner Brilliant Mining Corp. In 2006, Junk has been a director of several public companies in the mining and financial sectors in both Australia and Canada.

Shirley In’t Veld has more than 30 years of career experience in mining, renewables and energy sectors. She is currently a director of Alumina Limited and Develop Global Ltd. She was formerly deputy chair of CSIRO (Commonwealth Science and Industrial Research Organisation), director of NBN Co. Limited (National Broadband Network Co.), Northern Star Resources Limited, Perth Airport, DUET Group, Asciano Limited and Alcoa of Australia Limited and a Council Member of the Chamber of Commerce and Industry of Western Australia. She was also the managing director of Verve Energy (2007 - 2012) and, previously, served in senior roles at Alcoa of Australia Limited, WMC Resources Ltd., Bond Corporation, and BankWest Perth. Veld is also a past chair of the Queensland Government Expert Electricity Panel and a member of the Renewable Energy Target Review Panel for the Australian Department of Prime Minister and Cabinet. She also served as a member of the COAG Energy Council Selection Panel, a Council member of the Australian Institute of Company Directors (Western Australia) and the SMART Infrastructure Facility (University of Wollongong).

Westgold Resources Limited is an innovative and progressive West Australian gold producer located in the Murchison and Bryah regions of WA. The company has tenure of more than 1,300 km and operates four underground mines and three processing plants with an installed processing capacity of approximately four million tonnes per annum. Operating on a ‘hub and spoke’ model, Westgold’s Murchison mines feed ore to its Meekatharra and Tuckabianna processing hubs and its Bryah Basin mines send ore to the Fortnum hub.

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