--     The major assumptions made and Mineral Resource 
                       model used for pit and stope optimisation (if 
                       appropriate). 
 
                 --     The mining dilution factors used. 
 
                 --     The mining recovery factors used. 
 
                 --     Any minimum mining widths used. 
 
                 --     The manner in which Inferred Mineral Resources are 
                       utilised in mining studies and the sensitivity of the 
                       outcome to their inclusion. 
 
                 --     The infrastructure requirements of the selected 
                       mining methods. 
Metallurgical                                                                 --     No nickel Ore Reserve is stated in this release. 
factors or 
assumptions 
                --     The metallurgical process proposed and the 
                       appropriateness of that process to the style of 
                       mineralisation. 
 
                 --     Whether the metallurgical process is well-tested 
                       technology or novel in nature. 
 
                 --     The nature, amount and representativeness of 
                       metallurgical test work undertaken, the nature of the 
                       metallurgical domaining applied and the corresponding 
                       metallurgical recovery factors applied. 
 
                 --     Any assumptions or allowances made for deleterious 
                       elements. 
 
                 --     The existence of any bulk sample or pilot scale test 
                       work and the degree to which such samples are 
                       considered representative of the orebody as a whole. 
 
                 --     For minerals that are defined by a specification, 
                       has the ore reserve estimation been based on the 
                       appropriate mineralogy to meet the specifications? 
Environmental                                                                 --     No nickel Ore Reserve is stated in this release. 
                --     The status of studies of potential environmental 
                       impacts of the mining and processing operation. 
                       Details of waste rock characterisation and the 
                       consideration of potential sites, status of design 
                       options considered and, where applicable, the status 
                       of approvals for process residue storage and waste 
                       dumps should be reported. 
Infrastructure                                                                --     No nickel Ore Reserve is stated in this release. 
                 --     The existence of appropriate infrastructure: 
                       availability of land for plant development, power, 
                       water, transportation (particularly for bulk 
                       commodities), labour, accommodation; or the ease with 
                       which the infrastructure can be provided or accessed. 
Costs            --     The derivation of, or assumptions made, regarding     --     No nickel Ore Reserve is stated in this release. 
                       projected capital costs in the study. 
                 --     The methodology used to estimate operating costs. 
                 --     Allowances made for the content of deleterious 
                       elements. 
                 --     The source of exchange rates used in the study. 
                 --     Derivation of transportation charges. 
                 --     The basis for forecasting or source of treatment and 
                       refining charges, penalties for failure to meet 
                       specification, etc. 
                 --     The allowances made for royalties payable, both 
                       Government and private. 
Revenue          --     The derivation of, or assumptions made regarding      --     No nickel Ore Reserve is stated in this release. 
factors                revenue factors including head grade, metal or 
                       commodity price(s) exchange rates, transportation and 
                       treatment charges, penalties, net smelter returns, 
                       etc. 
                 --     The derivation of assumptions made of metal or 
                       commodity price(s), for the principal metals, 
                       minerals and co-products. 
Market           --     The demand, supply and stock situation for the        --     No nickel Ore Reserve is stated in this release. 
assessment             particular commodity, consumption trends and factors 
                       likely to affect supply and demand into the future. 
                 --     A customer and competitor analysis along with the 
                       identification of likely market windows for the 
                       product. 
                 --     Price and volume forecasts and the basis for these 
                       forecasts. 
                 --     For industrial minerals the customer specification, 
                       testing and acceptance requirements prior to a supply 
                       contract. 
Economic                                                                      --     No nickel Ore Reserve is stated in this release. 
                  --     The inputs to the economic analysis to produce the 
                        net present value $(NPV)$ in the study, the source and 
                        confidence of these economic inputs including 
                        estimated inflation, discount rate, etc. 
 
                  --     NPV ranges and sensitivity to variations in the 
                        significant assumptions and inputs. 
Social 
                 --     The status of agreements with key stakeholders and     --     No nickel Ore Reserve is stated in this release 
                       matters leading to social licence to operate. 
 
Other            --     To the extent relevant, the impact of the following   --     No nickel Ore Reserve is stated in this release. 
                       on the project and/or on the estimation and 
                       classification of the Ore Reserves: 
                 --     Any identified material naturally occurring risks. 
                 --     The status of material legal agreements and 
                       marketing arrangements. 
                 --     The status of governmental agreements and approvals 
                       critical to the viability of the project, such as 
                       mineral tenement status, and government and statutory 
                       approvals. There must be reasonable grounds to expect 
                       that all necessary Government approvals will be 
                       received within the timeframes anticipated in the 
                       Pre-Feasibility or Feasibility study. Highlight and 
                       discuss the materiality of any unresolved matter that 
                       is dependent on a third party on which extraction of 
                       the reserve is contingent. 
Classification   --     The basis for the classification of the Ore Reserves  --     No nickel Ore Reserve is stated in this release. 
                       into varying confidence categories. 
                 --     Whether the result appropriately reflects the 
                       Competent Person's view of the deposit. 
                 --     The proportion of Probable Ore Reserves that have 
                       been derived from Measured Mineral Resources (if 
                       any). 
Audits or                                                                     --     No nickel Ore Reserve is stated in this release. 
reviews          --     The results of any audits or reviews of Ore Reserve 
                       estimates. 
Discussion of    --     Where appropriate a statement of the relative         --     No nickel Ore Reserve is stated in this release. 
relative               accuracy and confidence level in the Ore Reserve 
accuracy/              estimate using an approach or procedure deemed 
confidence             appropriate by the Competent Person. For example, the 
                       application of statistical or geostatistical 
                       procedures to quantify the relative accuracy of the 
                       reserve within stated confidence limits, or, if such 
                       an approach is not deemed appropriate, a qualitative 
                       discussion of the factors which could affect the 
                       relative accuracy and confidence of the estimate. 
                 --     The statement should specify whether it relates to 
                       global or local estimates, and, if local, state the 
                       relevant tonnages, which should be relevant to 
                       technical and economic evaluation. Documentation 
                       should include assumptions made and the procedures 
                       used. 
                 --     Accuracy and confidence discussions should extend to 
                       specific discussions of any applied Modifying Factors 
                       that may have a material impact on Ore Reserve 
                       viability, or for which there are remaining areas of 
                       uncertainty at the current study stage. 
                 --     It is recognised that this may not be possible or 
                       appropriate in all circumstances. These statements of 
                       relative accuracy and confidence of the estimate 
                       should be compared with production data, where 
                       available. 
 

SOURCE Westgold Resources Limited

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January 22, 2025 17:59 ET (22:59 GMT)