JMM

• New Murchison Gold (NMG) and Westgold Resources (Westgold) have entered into an Ore Purchase Agreement (OPA) which will underpin production from NMG’s Crown Prince deposit near Meekatharra, Western Australia in 2025.

• Subject to final regulatory permitting, under the OPA, NMG will commence mining from a new open pit operation at Crown Prince with a targeted commencement date of mid-2025.

• Ore will be hauled 33km by road to the Bluebird Gold Processing Plant, part of Westgold’s Murchison Gold Operations at Meekatharra.

• Ore will be sold to Westgold in several parcels (Ore Parcels) totalling 30-50kt per month with each Ore Parcel certified for grade, moisture and recovery from sampling at the Crown Prince site and a recovery factor agreed for each mining bench from test work replicating the Bluebird Mill circuit.

• The OPA has no fixed term although NMG envisages that most of Crown Prince ore is likely to be processed in an “Initial Period” which runs over the first 24 months of the agreement. Thereafter ore tonnages are to be agreed on a rolling three-month basis once production forecasts have been completed by NMG and Westgold has confirmed mill availability.

• Westgold will purchase ore from NMG based on contained gold in each Ore Parcel at the prevailing AUD gold price in the month the Ore Parcel is collected (minus processing costs and a capital recovery charge). Westgold must promptly collect Ore Parcels that are available for collection.

• The OPA is subject to shareholder approval (Listing Rule 10.1 requirement) at a general meeting of NMG shareholders to be held in late January or early February 2025.

• NMG and Westgold have also entered into an ancillary agreement (Licence and Access Water Discharge Deed) which facilitates NMG’s potential dewatering requirements at Crown Prince.

Alex Passmore, NMG’s CEO commented: “We are very pleased to announce the Ore Purchase Agreement with Westgold as it sees both companies working together to support the development of NMG’s Crown Prince deposit in a capitally efficient manner.

We see this Agreement as beneficial to all shareholders with Westgold acquiring additional high grade oxide ore feed to supplement its Meekatharra operations and NMG transitioning to a producer for modest capital.

The Bluebird Processing Plant owned by Westgold is ideal for NMG due to its close proximity and well-matched metallurgical process. We believe the robust frameworks and protocols we have put in place in this Agreement aligns both operational teams to a common goal of maximizing operational efficiency.

We thank the Westgold team for the technical and commercial work that has led to this Agreement and look forward to working collaboratively in making the development of Crown Prince a success”