Karora Shareholders Approve Westgold Transaction

Westgold Resources Limited (ASX: $WGX) has received overwhelming support from Karora shareholders for the merger between Westgold and Karora. The vote, with approximately 99% in favor, satisfies the condition under the definitive Arrangement Agreement between the two companies. The transaction is expected to become effective on or about 1 August 2024, pending receipt of Canadian Court approval.

Executive Commentary on Karora Transaction Approval

The overwhelming support for this merger shown by Karora shareholders confirms the independently verified value and the compelling commercial rationale behind this transaction. With the integration of the Karora assets, the expanded Westgold will have strategic footprints across two of Western Australia's most prolific goldfields. With the integration of the Karora team, we create an agile Australian gold mining powerhouse that is focused on free cash generation and shareholder returns. Our integration planning is well advanced, and once final court orders are received and the transaction becomes effective, Westgold will formally welcome the Karora's shareholders, stakeholders, and team to the Westgold journey ahead.

Summary of Westgold's Karora Transaction Approval

The approval of the merger between Westgold and Karora by Karora shareholders with approximately 99% in favor paves the way for the creation of a well-funded, unhedged Australian gold company. The transaction, expected to become effective on or about 1 August 2024, pending receipt of Canadian Court approval, positions the expanded Westgold to have strategic footprints across two of Western Australia's most prolific goldfields. The company aims to focus on free cash generation and shareholder returns, with advanced integration planning in place. Westgold expresses gratitude to the Karora shareholders for their support and trust, and looks forward to the journey ahead once the transaction becomes effective.