# WGR: WGR Investor Presentation - October 2026 Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/wgr-wgr-investor-presentation-october-2026--c694dee5-93b1-45ac-b094-6c34f1abe369 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03152162 Publisher: asx Original announcement: 2026-10-13T22:58:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-14T00:21:19.295Z Atlas analysis updated: 2026-10-14T00:21:19.295Z - Company: Western Gold Resources Limited - Ticker: WGR - Exchange: ASX - Region: Western Australia - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Other, Resource update - Extracted: 2026-10-14 00:21:19 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Western Gold Resources has presented an expanded scoping study for the Gold Duke project in Western Australia, targeting 55,500 recovered ounces of gold. The study highlights an undiscounted operating surplus of A$72.9M and a 10-month payback period, supported by a mineral resource of 4.8Mt at 1.8g/t Au. Reasoning: The presentation details an expanded scoping study for the Gold Duke project, showing improved production targets and strong economic indicators including a high operating surplus and short payback. - Positive factor: Expanded scoping study shows significant undiscounted operating surplus of A$72.9M - Positive factor: Short 10-month payback period at A$6,100/oz gold price - Positive factor: High M&I resource percentage of 82% - Positive factor: Mining approvals already granted for Stage 1 deposits - Negative factor: Processing route not yet finalized \(subject to Wiluna or alternative\) - Negative factor: Requires A$5.35M pre-mining capital Facts used in scoring: 4 ## Classification and evidence **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The document references JORC 2012 compliance and a Competent Person, which is the Australian equivalent of NI 43-101 standards. Evidence · text > as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves \(JORC Code\). **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The presentation provides an updated Mineral Resource Estimate for the Gold Duke project. Evidence · text > Updated Mineral Resource Estimate ## Extracted facts Stored fact records: 4. Some facts used in scoring do not have a stored record. ## Resource Estimates (4) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/wgr-wgr-investor-presentation-october-2026--c694dee5-93b1-45ac-b094-6c34f1abe369#fact-resource-facts-0) Gold Duke · gold #### Identity - Project: Gold Duke - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: WGR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Richard Bray - Resource group id: resource:0899c3e51a72bc136963 - Deposit or zone: Gold Duke - Mining method: open\_pit - Material type: oxide - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 2762000 - Grade: 1.85 - Grade Unit: g/t - Contained Metal: 156000 - Contained Unit: koz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: Indicated resource component of the updated MRE. - Positive factor: High grade and significant tonnage Evidence · table > 2762 Context: 2762 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/wgr-wgr-investor-presentation-october-2026--c694dee5-93b1-45ac-b094-6c34f1abe369#fact-resource-facts-1) Gold Duke · gold #### Identity - Project: Gold Duke - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: WGR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Richard Bray - Resource group id: resource:b3926233f6c4ce640f7a - Deposit or zone: Gold Duke - Mining method: open\_pit - Material type: oxide - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 2058000 - Grade: 1.64 - Grade Unit: g/t - Contained Metal: 111000 - Contained Unit: koz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: Inferred resource component of the updated MRE. - Positive factor: Contributes to total resource scale - Negative factor: Inferred category implies lower geological confidence Evidence · table > 2058 Context: 2058 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/wgr-wgr-investor-presentation-october-2026--c694dee5-93b1-45ac-b094-6c34f1abe369#fact-resource-facts-2) Gold Duke · gold #### Identity - Project: Gold Duke - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: WGR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Richard Bray - Resource group id: resource:c48a1ff22b2cb3b65027 - Deposit or zone: Gold Duke - Mining method: open\_pit - Material type: oxide - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 2262000 - Grade: 1.85 - Grade Unit: g/t - Contained Metal: 156000 - Contained Unit: koz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: Indicated resource component of the updated MRE. - Positive factor: High grade and significant tonnage Evidence · table > 2262 Context: 2262 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/wgr-wgr-investor-presentation-october-2026--c694dee5-93b1-45ac-b094-6c34f1abe369#fact-resource-facts-3) Gold Duke · gold #### Identity - Project: Gold Duke - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: WGR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Richard Bray - Resource group id: resource:ea55ea346fe8171326a4 - Deposit or zone: Gold Duke - Mining method: open\_pit - Material type: oxide - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 2538000 - Grade: 1.64 - Grade Unit: g/t - Contained Metal: 111000 - Contained Unit: koz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: Inferred resource component of the updated MRE. - Positive factor: Contributes to total resource scale - Negative factor: Inferred category implies lower geological confidence Evidence · table > 2538 Context: 2538 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.