WESTERN MINES GROUP THE MULGA TANK NICKEL SULPHIDE DISCOVERY PERTH ROADSHOW @westernmines 2-3 SEPTEMBER 2024 westernmines Western Mines Group ASX: WMG www.westernmines.com.au DISCLAIMER NATURE OF THIS DOCUMENT This presentation has been prepared by Western Mines Group Ltd ACN 640 738 834 (Company). The information is based on publicly available information, internally developed data and other sources. By receiving this presentation, you acknowledge and represent to the Company that you have read, understood and accepted the terms of this disclaimer. It is the responsibility of all recipients of this presentation to obtain all necessary approvals to receive this presentation and receipt of this presentation will be taken by the Company to constitute a representation and warranty that all relevant approvals have been obtained. This presentation is a visual aid and is not intended to be read as a stand-alone document. The material contains selected and abbreviated summary information about the Company and its activities current as at the date of this presentation. The material is of general background and does not purport to be complete. The Company is not responsible for providing updated information and assumes no responsibility to do so. NOT AN OFFER This presentation is for information purposes only and does not purport to be all inclusive or to contain all information about the Company or any of the assets, current or future, of the Company. This presentation does not comprise a prospectus, product disclosure statement or other offering document under Australian law (and will not be lodged with ASIC) or any other law. 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Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties and are based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of commodities, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. Readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. DISCLAIMER No representation or warranty, express or implied, is made by the Company that the material contained in this presentation will be achieved or prove to be correct. Except for statutory liability which cannot be excluded, each of the Company, its directors, officers, employees, advisers and agents expressly disclaims any responsibility for the accuracy, fairness, sufficiency or completeness of the material contained in this presentation, or any opinions or beliefs contained in this presentation, and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission there from. To the maximum extent permitted by the law, the Company disclaims any obligation to update or keep current the information contained in this presentation or to correct any inaccuracy or omission which may become apparent, or to furnish any person with any further information. Any opinions expressed in the presentation are subject to change without notice. COMPETENT PERSON STATEMENT The information in this announcement that relates to exploration results and the Exploration Target for the Mulga Tank Project complies with the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) and has been compiled and assessed under the supervision of Dr Caedmon Marriott, Managing Director of Western Mines Group Ltd. Caedmon is a member of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists and the Society of Economic Geologists. Caedmon has sufficient experience that is relevant to the styles of mineralisation and type of deposits under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Caedmon consents to the inclusion in this presentation of the matters based on his information in the form and context in which it appears. MONETARY VALUES Unless otherwise stated, all dollar values are in Australian Dollars (A$). The information in this presentation remains subject to change without notice. ASX:WMG Western Mines Group Company Presentation, September 2024 2 A NICKEL EXPLORATION COMPANY WESTERN MINES GROUP COMPANY OVERVIEW • Exceptional flagship project – discovery of a major komatiite hosted nickel sulphide mineral system under cover in WA • “Globally significant” – JORC Exploration Target 350Mt to 2,200Mt at 0.24- 10x “An exploration driven company looking to create value through discovery” 0.35% Ni • Exploration team lead by WA nickel expert Dr Ben Grguric • Nickel market at cyclical lows – significant discovery for the upswing • Tight capital structure with ~$20m market cap Western Mines Group Ltd ASX:WMG Shares Outstanding 80,901,077 Share Price (31/08/24) $0.28 Market Capitalisation $22.65 Million Cash (30/06/24) Unlisted Options ($0.30 strike) $2.13 Million 19,196,670 Equentia Natural Resources 7.5% • Recent investment from Dundee Corporation – international mining fund • Highly leveraged to ongoing exploration success Directors and Management 9.9% Top 20 Shareholders 45.5% SIGNIFICANT NEAR TERM NEWS FLOW | SMALL MARKET CAP | EXCITING RISK-REWARD Cautionary Statement on JORC Exploration Target: The Exploration Target has been prepared and reported in accordance with the 2012 edition of the JORC Code. The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. ASX:WMG Western Mines Group Company Presentation, September 2024 3 A SIGNIFICANT 18 MONTHS FOR THE COMPANY A MAJOR NICKEL DISCOVERY AGAINST TOUGH MARKET HEADWINDS $30,000 $1 .0 0 $0 .9 0 $0 .8 0 Nickel Price $0 .5 0 $0 .6 0 $20,000 $0 .3 0 JULY 2024 Continuous Mineralisation in Upper Part of MTD029 (EIS3) MAY 2024 High-Grade Sulphide Segregations at Depth in MTD029 (EIS3) All Phase 2 RC Holes Show Broad Sulphide Mineralisation APRIL 2024 MTD029 (EIS3) Diamond Drilling Update MTRC038 Assay Results up to 3.16% Ni and 1.20% Cu MTRC032 Assays Matrix Sulphide 6m at 1.01% Ni 0.32% Cu MARCH 2024 Further RC Results with 200m Zones of Mineralisation MTRC024 Assays – Matrix-Massive Sulphide Over 4.5% Ni FEBRUARY 2024 Semi-Massive Sulphide in Mulga Tank Phase 2 RC Holes MULGA TANK JORC EXPLORATION TARGET DECEMBER 2023 MTRC018 Assays Confirm Massive Sulphide 1.8% Ni, 4.9% Cu MTRC015 Assays Reveal Multiple Intersections Over 1% Ni JANUARY 2024 2024 Exploration Programs Commence at Mulga Tank More RC Intersections over 1% Ni at Mulga Tank NOVEMBER 2023 MTRC009 Assays Confirm 367m of Nickel Mineralisation First RC Assays Show Broad Zones of Mineralisation Completion of 7,000m RC Drilling Program at Mulga Tank DECEMBER 2022 Nickel Sulphide Mineralisation Seen in Hole MTD022 FEBRUARY 2023 MTD022 Assays Confirm Broad Disseminated Mineralisation MTD023 Extensive Mineralised System at Mulga Tank MTD022 Mineralogical Work Confirms Abundant Pentlandite MARCH 2023 Completion of EIS Hole MTD023 APRIL 2023 MTD026 Update and Expansion of Mulga Tank Drilling Aqua Regia Testwork Confirms Nickel Sulphide Association MTD023 Assays Confirm Discovery of Significant Nickel System JUNE 2023 Completion of Hole MTD026 and Upcoming MobileMT Survey MTD026 Mulga Tank Drilling Update AUGUST 2023 Aqua Regia Testwork Confirms Nickel Sulphide MTD026 Assays 840m of Nickel Sulphide Mineralisation MTD027 Expands Mineralisation 4km Across Mulga Tank SEPTEMBER 2023 RC Drilling Program Commences at Mulga Tank Mulga Tank Mineralogy Highlights Carbon Capture PotentialMTD026 OCTOBER 2023 MTD028 Disseminated Nickel Sulphide 140m at 0.49% Ni MTD027 Best Assays Yet at Mulga Tank MTD028 Further Nickel Sulphides at Mulga Tank 1/12 /2 3 4 Western Mines Group Company Presentation, September 2024 ASX:WMG 1/07 /2 4 1/06 /2 4 1/05 /2 4 1/04 /2 4 1/03 /2 4 1/02 /2 4 1/01 /2 4 1/11 /2 3 1/10 /2 3 1/09 /2 3 1/08 /2 3 1/07 /2 3 1/06 /2 3 1/05 /2 3 1/04 /2 3 1/03 /2 3 1/02 /2 3 1/01 /2 3 $15,000 $0 .0 0 1/12 /2 2 $25,000 WMG Share Price $0 .7 0 $0 .4 0 $0 .2 0 $0 .1 0 TAKEAWAYS FROM THE INDONESIAN NICKEL CONFERENCE • Indonesia growing to ~75% global production • But a lot of that RKEF-NPI is cash cost US$15,000/t, setting a hard floor in pricing, and grades % of nickel production making cash at difference LME prices are falling further Projected total Indonesian supply to 2030 100% 4000 85% 3500 75% 3000 65% 2500 55% 2000 45% 1500 35% 1000 25% 500 15% 30% 0 5% 20% 90% NPI FeNi MHP (from HPAL) Ni matte (Vale) Ore exports Other matte Metal Nickel sulphate Share world supply 70% % of industry % of world '000t Ni 80% 60% 50% 40% 10% 0% - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 22,000 24,000 26,000 28,000 30,000 LME price: $/tonne • Its ~90% owned and consumed by China – where will the western world get its nickel supply from? China and Indonesian shares on world nickel • Australian sulphide producers are the lowest quartile in CO2 intensity – nickel is ~36% of the CO2 budget of an EV Percent of total 80% 70% 60% 50% 40% 30% 20% 10% 0% Production Consumption WESTERN SULPHIDE DEPOSITS ABLE TO PRODUCE AT <$15,000/T WILL BECOME INCREASINGLY VALUABLE AND STRATEGIC ASSETS Sources: LME, CRU, Company reports, Wood Mackenzie, Macquarie Commodities Strategy June 2024 ASX:WMG Western Mines Group Company Presentation, September 2024 NICKEL: ITS TIME TO PICK A SIDE BATTLE OF CLEAN GREEN NICKEL SULPHIDE VERSUS DIRTY NICKEL LATERITE NICKEL LATERITE Around four times more energy and CO2 intensive than sulphide, large surficial deposits in tropical regions such as Indonesia are extremely environmentally destructive HIGH-GRADE MASSIVE NICKEL SULPHIDE High value per tonne deposits, hard to find on a size and scale that will meet supply shortfall e.g. major Nova Bollinger discovery “only” ~325,000t of contained Ni LARGE LOW-GRADE DISSEMINATED NICKEL SULPHIDE Largest nickel mines in the world, nickel “equivalent” of copper porphyry, economies of scale, deposits >1Mt of contained Ni able to supply +30kt/yr Ni for multiple decades, readily produce high-grade Ni concentrate Nickel Consumption Special Steels 5% Electroplating 6% Alloys/Superalloys 8% Batteries 15% Stainless Steel 65% LARGE LOW-GRADE NICKEL SULPHIDE WILL BECOME AN ESSENTIAL NEW SUPPLY Deposit Nickel (M&I Resource) Ni Grade Producing Norilsk-Talnakh (Russia) 11.3Mt 0.75% Yes Nornickel Dumont (Canada) 4.4Mt 0.27% No Magneto Investments Jinchuan (China) 4.4Mt 1.39% Yes Jinchuan Group Company Sotkamo (Finland) 3.9Mt 0.23% Yes Terrafame Crawford (Canada) 3.5Mt 0.23% No Canada Nickel GigaMetals Turnagain (Canada) 3.2Mt 0.21% No Mt Keith/Yakabindie (Australia) 2.6Mt 0.58% Yes BHP Decar (Canada) 2.4Mt 0.21% No FPX Nickel Source: Canada Nickel Investor Presentation April 2023 ASX:WMG Other 1% x4 Ni Bloomberg NEF Western Mines Group Company Presentation, September 2024 LOW-GRADE NICKEL CAN BE POSSIBLE IN WA DISPELLING THE MYTHS • Economies of scale are king – understood in gold or copper porphyries but seemingly not in nickel Factor Mine B • In 2007 Mt Keith (223Mt at 0.53% Ni) it was operating with >5:1 strip ratio • Only 11.5Mtpa concentrator processing capacity Mine C 0.75g/t Au 8.31g/t Au Open Pit/Underground Open Pit Underground Tonnes Mined 61,543,000t 1,076,000t Tonnes Processed 36,467,000t 1,084,000t Mining and Processing US$16.88/t proc. US$303.62/t proc. AISC US$1,067/oz US$1,509/oz Grade • “…what about Nickel West?” - very limited operational data disclosed but: Source: Newmont Annual Report 2023 Source: BHP, Media Tour to Nickel West, Mount Keith Operations (MKO), 20 September 2007 PROJECT REQUIREMENTS • Minimum 30Mtpa operation • >40year minelife CHALICE MINING GONNEVILLE SCOPING STUDY • >0.25% Ni orebody • 30Mtpa operation – unit mining cost A$3.10/t – 41% Ni recovery • >45% Ni recovery Source: Chalice Mining, ASX, Gonneville Scoping Study, 29 August 2023 • <2:1 strip ratio CANADA NICKEL CRAWFORD DFS • <A$4.00/t unit mining cost • 41Mtpa operation – unit mining cost C$1.96.t/t – 42% Ni recovery Source: Crawford Nickel Sulphide Project NI 43-101 Technical Report and Feasibility Study 2024 ASX:WMG Western Mines Group Company Presentation, September 2024 FRONTIER EXPLORATION IN A WORLD CLASS NICKEL PROVINCE YILGARN CRATON WESTERN AUSTRALIA • One of the world’s major nickel provinces • World-class examples of komatiite-hosted nickel deposits – Kambalda (35Mt @ 3.1% Ni), Perseverance (50Mt @ 2.3% Ni) and Mt Keith (643.7Mt @ 0.58% Ni) MULGA TANK Ni-Cu-PGE PROJECT • Frontier exploration play for major komatiite-hosted Ni-Cu-PGE deposits under cover • Strategically assembled 425km2 position on the under-explored Minigwal Greenstone Belt • Mulga Tank Ultramafic Complex (WMG 100%) is a "camp scale" project EXPLORATION MODELS ARE PERSEVERANCE AND MT KEITH Model PERSEVERANCE MT KEITH Type Type 1 Stratiform Basal Massive Sulphide Type 2 Interstitial Disseminated Sulphide Size 650m x 160m 1,900m x 400m ASX:WMG Western Mines Group Company Presentation, September 2024 8 BELT SCALE OPPORTUNITY WMG OWN 100% MAJOR KOMATIITE NICKEL SYSTEM UNDER COVER • Large adcumulate dunite body (~15km2) with interpreted komatiite channel flows extending NW over >12km • Drilling beneath sand cover - 60 out of 69 holes show nickel sulphide mineralisation • ALL THREE MINERALISATION STYLES PRESENT – Mt Keith, Perseverance and Kambalda ALL CRITCAL ELEMENTS OF A LARGE-SCALE WORKING SYSTEM Critical Process Description Source Komatiite magma Pathway Transport of komatiite magma through the crust Sulphur saturation Addition of sulphur and sulphur saturation of undersaturated magma Evidence Chemical and physical trap Sequestering metals into sulphides Physical concentration Concentration of metal-rich sulphides into deposits ? Adapted from: GSWA, Komatiite-Hosted Ni-Cu-PGE Deposits: A Mineral Systems Analysis, LL Grech, 2022 ASX:WMG Western Mines Group Company Presentation, September 2024 9 DISCOVERY OF EXTENSIVE MT KEITH-STYLE MAGMATIC SULPHIDE DISSEMINATED SULPHIDES OVER >500M INTERVALS • Deep EIS holes MTD023 and MTD026 intersected extensive disseminated magmatic sulphides • MTD023: Cumulative 693.5m at 0.28% Ni, 128ppm Co, 61ppm Cu, 27ppb Pt+Pd with S:Ni 1.1 • MTD026: Cumulative 840m at 0.28% Ni, 140ppm Co, 103ppm Cu, 24ppb Pt+Pd with S:Ni 1.6 • MTD027: Cumulative 694m at 0.31% Ni, 141ppm Co, 68ppm Cu, 30ppb Pt+Pd with S:Ni 1.0 • MTD028: Cumulative 466m at 0.35% Ni, 139ppm Co, 62ppm Cu, 43ppb Pt+Pd with S:Ni 1.0 WITH EXAMPLES OF SHALLOW MINERALISED INTERVALS: • MTD022: 114m at 0.31% Ni, 121ppm Co, 33ppm Cu from 124m inc. 14m at 0.48% Ni, 171ppm Co, 152ppm Cu from 168m • MTD026: 130m at 0.31% Ni, 136ppm Co, 122ppm Cu from 116m inc. 13m at 0.35% Ni, 142ppm Co, 301ppm Cu from 157m • Mineralogical work confirms abundant coarse grained pentlandite ASX:WMG Western Mines Group Company Presentation, September 2024 10 MULTIPLE BROAD ZONES OF DISSEMINATED MINERALISATION BRAVE LITTLE COMPANY DRILLING 1,500M DIAMOND HOLES ASX:WMG Western Mines Group Company Presentation, September 2024 11 INITIAL RC PROGRAM CONFIRMED SHALLOW MINERALISATION LARGE-SCALE OPEN-PIT POTENTIAL • Initial 22 hole, 7,035m RC program – 19 out of 22 holes mineralised PHASE 1 RC RESULTS: • MTRC001: Cumulative 253m at 0.24% Ni, 128ppm Co, 76ppm Cu, 27ppb Pt+Pd with S:Ni 1.4 • MTRC002: Cumulative 111m at 0.31% Ni, 136ppm Co, 69ppm Cu, 37ppb Pt+Pd with S:Ni 0.7 • MTRC003: Cumulative 175m at 0.26% Ni, 114ppm Co, 18ppm Cu, 19ppb Pt+Pd with S:Ni 0.6 • MTRC005: Cumulative 164m at 0.26% Ni, 134ppm Co, 114ppm Cu, 20ppb Pt+Pd with S:Ni 1.3 • MTRC006: Cumulative 159m at 0.29% Ni, 125ppm Co, 29ppm Cu, 12ppb Pt+Pd with S:Ni 0.6 • MTRC007: Cumulative 168m at 0.29% Ni, 133ppm Co, 50ppm Cu, 16ppb Pt+Pd with S:Ni 1.0 • MTRC008: Cumulative 91m at 0.24% Ni, 122ppm Co, 53ppm Cu, 15ppb Pt+Pd with S:Ni 1.1 • MTRC009: Cumulative 367m at 0.26% Ni, 133ppm Co, 74ppm Cu, 25ppb Pt+Pd with S:Ni 1.3 • MTRC010: Cumulative 106m at 0.25% Ni, 119ppm Co, 25ppm Cu, 15ppb Pt+Pd with S:Ni 1.0 • MTRC011: Cumulative 110m at 0.24% Ni, 128ppm Co, 75ppm Cu, 26ppb Pt+Pd with S:Ni 1.9 • MTRC012: Cumulative 190m at 0.22% Ni, 124ppm Co, 68ppm Cu, 21ppb Pt+Pd with S:Ni 1.8 • MTRC013: Cumulative 149m at 0.29% Ni, 131ppm Co, 42ppm Cu, 30ppb Pt+Pd with S:Ni 1.0 • MTRC014: Cumulative 158m at 0.26% Ni, 121ppm Co, 37ppm Cu, 20ppb Pt+Pd with S:Ni 0.5 • MTRC015: Cumulative 129m at 0.34% Ni, 156ppm Co, 164ppm Cu, 25ppb Pt+Pd with S:Ni 1.3 • MTRC016: 200m at 0.30% Ni, 139ppm Co, 92ppm Cu, 25ppb Pt+Pd from 103m with S:Ni 1.2 • MTRC017: Cumulative 183m at 0.26% Ni, 132ppm Co, 165ppm Cu, 16ppb Pt+Pd with S:Ni 1.6 • MTRC018: Cumulative 209m at 0.28% Ni, 129ppm Co, 381ppm Cu, 18ppb Pt+Pd with S:Ni 1.3 • MTRC019: 186m at 0.28% Ni, 135ppm Co, 78ppm Cu, 22ppb Pt+Pd from 90m with S:Ni 0.9 • MTRC020: Cumulative 220m at 0.28% Ni, 132ppm Co, 112ppm Cu, 18ppb Pt+Pd with S:Ni 1.1 ASX:WMG Western Mines Group Company Presentation, September 2024 12 GLOBALLY SIGNIFICANT NICKEL SULPHIDE SYSTEM JORC EXPLORATION TARGET 350Mt to 2,200Mt at 0.24% to 0.35% Ni, 120ppm to 150ppm Co, S:Ni 1.1 to 1.3 Higher-grade core W (2,800ppm Ni, 1,000ppm S cut-off) E Large lower-grade (1,500ppm Ni, 1,000ppm S cut-off) Dunite shell Cautionary Statement on JORC Exploration Target: The Exploration Target has been prepared and reported in accordance with the 2012 edition of the JORC Code. The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. ASX:WMG Western Mines Group Company Presentation, September 2024 13 PHASE 2 RC FOCUSED ON THE HIGHER-GRADE CORE INFILL DRILLING TARGETING FIRST RESOURCE • Further 17 hole 5,534m RC completed February-March 2024 • PROGRESSIVELY DE-RISK, IMPROVE CONFIDENCE AND AID RESOURCE EVALUATION PHASE 2 RC RESULTS: • MTRC023: Cumulative 115m at 0.28% Ni, 133ppm Co, 51ppm Cu, 27ppb Pt+Pd with S:Ni 0.9 • MTRC024: 199m at 0.31% Ni, 148ppm Co, 76ppm Cu, 23ppb Pt+Pd from 161m with S:Ni 1.1 • MTRC025: Cumulative 239m at 0.28% Ni, 139ppm Co, 72ppm Cu, 19ppb Pt+Pd with S:Ni 1.2 • MTRC026: 226m at 0.28% Ni, 125ppm Co, 62ppm Cu, 15ppb Pt+Pd from 86m with S:Ni 0.7 • MTRC027: Cumulative 193m at 0.26% Ni, 124ppm Co, 78ppm Cu, 22ppb Pt+Pd with S:Ni 1.0 • MTRC028: Cumulative 152m at 0.30% Ni, 134ppm Co, 109ppm Cu, 20ppb Pt+Pd with S:Ni 0.9 • MTRC029: Cumulative 138m at 0.25% Ni, 113ppm Co, 32ppm Cu, 6ppb Pt+Pd with S:Ni 0.6 • MTRC030: Cumulative 179m at 0.28% Ni, 126ppm Co, 41ppm Cu, 10ppb Pt+Pd with S:Ni 0.7 • MTRC031: 210m at 0.28% Ni, 137ppm Co, 104ppm Cu, 24ppb Pt+Pd from 87m with S:Ni 1.2 • MTRC032: 198m at 0.28% Ni, 145ppm Co, 249ppm Cu, 28ppb Pt+Pd from 108m with S:Ni 1.6 • MTRC033: Cumulative 184m at 0.27% Ni, 126ppm Co, 82ppm Cu, 18ppb Pt+Pd with S:Ni 0.9 • MTRC034: 240m at 0.30% Ni, 133ppm Co, 133ppm Cu, 36ppb Pt+Pd from 90m with S:Ni 1.0 • MTRC035: 220m at 0.28% Ni, 124ppm Co, 63ppm Cu, 25ppb Pt+Pd from 82m with S:Ni 0.7 • MTRC036: 182m at 0.27% Ni, 134ppm Co, 66ppm Cu, 27ppb Pt+Pd from 102m with S:Ni 1.0 • MTRC037: 224m at 0.29% Ni, 139ppm Co, 208ppm Cu, 25ppb Pt+Pd from 91m with S:Ni 1.0 • MTRC038: 199m at 0.31% Ni, 139ppm Co, 260ppm Cu, 27ppb Pt+Pd from 119m with S:Ni 1.3 • MTRC039: Cumulative 165m at 0.28% Ni, 125ppm Co, 73ppm Cu, 15ppb Pt+Pd with S:Ni 0.7 ASX:WMG Western Mines Group Company Presentation, September 2024 14 PHASE 3 RC TO FURTHER INFILL AND EXTEND ADDITIONAL 7,000M RC DRILLING PROGRAM • Infill around MTRC016 200m at 0.3% Ni and MTRC034 240m at 0.30% Ni • Follow-up on shallow high-grade results in MTRC032 and MTRC038 • Looking to extend mineralisation to south • First 19 holes ~6,000m complete ASX:WMG Western Mines Group Company Presentation, September 2024 15 EVIDENCE FOR PERSEVERANCE-STYLE HYBRID SYSTEM HIGH-GRADE COMPONENT TO MINERALISATION • Multiple zones of remobilised massive nickel sulphide veinlets and in-situ immiscible globules seen across the Complex • MTD012: 0.5m at 1.49% Ni, 0.04% Cu and 0.04% Co from 385.8m • MTD013: 1.6m at 0.83% Ni and 0.30g/t Pt+Pd from 304m inc. 0.4m at 1.34% Ni, 0.04% Co and 0.55g/t Pt+Pd from 304.4m and 0.4m at 1.29% Ni and 0.43g/t Pt+Pd from 153.6m • MTD022: 0.15m at 2.73% Ni, 0.08% Cu, 0.06% Co and 0.10g/t Pt+Pd from 525.15m and 0.5m at 1.42% Ni, 0.05% Cu, 0.04% Co and 0.41g/t Pt+Pd from 553m • MTD023: 1.5m at 1.88% Ni, 0.04% Cu, 0.07% Co from 402m • MTD026: 0.5m at 1.21% Ni, 0.05% Co, 0.15% Cu, 0.1g/t Pt+Pd from 116.5m and 0.3m at 1.88% Ni, 0.08% Co, 0.08% Cu, 0.2g/t Pt+Pd from 224.3m • MTD027: 1.0m at 1.05% Ni, 0.03% Co, 0.01% Cu, 0.1g/t Pt+Pd from 504m • Sulphide material migrates along faults and fractures – from where? ASX:WMG Western Mines Group Company Presentation, September 2024 16 SHALLOW HIGH-GRADE RESULTS IN RC DRILLING SEMI-MASSIVE NICKEL-COPPER SULPHIDE IN RC • Higher grade results in the central-eastern area of the Complex • MTD015: 1m at 1.11% Ni, 516ppm Co, 0.45% Cu, 62ppb Pt+Pd from 172m 3m at 1.32% Ni, 56ppm Co, 0.10% Cu, 34ppb Pt+Pd from 184m 2m at 1.71% Ni, 836ppm Co, 0.10% Cu, 0.4g/t Pt+Pd from 229m • MTD018: 1m at 1.84% Ni, 0.10% Co, 4.88% Cu, 26ppb Pt+Pd from 293m • MTD024: 1m at 1.28% Ni, 890ppm Co, 427ppm Cu, 37ppb Pt+Pd from 202m 3m at 2.19% Ni, 777ppm Co, 597ppm Cu, 9ppb Pt+Pd from 253m inc. 1m at 4.51% Ni, 0.16% Co, 0.14% Cu, 16ppb Pt+Pd from 253m • MTD032: 1m at 1.08% Ni, 602pm Co, 379ppm Cu, 83ppb Pt+Pd from 131m 6m at 1.01% Ni, 443ppm Co, 0.32% Cu, 0.12g/t Pt+Pd from 254m • MTD038: 2m at 1.51% Ni, 539ppm Co, 0.72% Cu, 94ppb Pt+Pd from 135m 1m at 3.16% Ni, 662ppm Co, 385ppm Cu, 0.18g/t Pt+Pd from 192m ASX:WMG Western Mines Group Company Presentation, September 2024 17 PROSPECTIVE UNEXPLORED KOMATIITE CHANNELS FERTILE KOMATIITE CHANNELS EXTEND 15KM • Komatiite sequence with A-B zones logged in the Panhandle • Evidence of prospective high-grade mineralisation: • MTD006: 0.25m at 3.8% Ni, 0.7% Cu and 0.7g/t PGE from 221.6m • MTD016: 0.3m at 1.57% Ni, 0.13% Cu and 0.12g/t Pt+Pd from 281.9m • 15km strike of interpreted channels completely unexplored – waiting grant E39/2299 • Completed belt-wide MobileMT survey – further geophysics planned RECENT $98,000 EIS AWARD TO DRILL FIRST RC HOLES • Four EIS holes looking to test interpretated komatiite channel geology • First drilling to test satellite bodies emanating from the main Mulga Tank Complex ASX:WMG Western Mines Group Company Presentation, September 2024 18 EXPLORATION STRATEGY BASED ON MINERALISATION STYLE PATHWAYS TO SHAREHOLDER VALUE 1 MT KEITH-STYLE EXTENDING DISSEMINATED SULPHIDE MINERALISATION Systematic RC - confirm lateral extent of disseminated mineralisation Initial Exploration Target estimate RESOURCE DRILL OUT Criteria: >1,000,000t [Ni], >0.25% Ni, top 200-300m Sighter metallurgical test work 2 PERSEVERANCE-STYLE TARGETING BASAL MASSIVE SULPHIDE MINERALISATION MobileMT 3D interpretation of the Mulga Tank Complex Targeted diamond drill program AIM TO DISCOVER SOURCE/S OF REMOBILISED MASSIVE SULPHIDE DHEM surveys 3 KAMBALDA-STYLE HIGH-GRADE CHANNEL MINERALISATION Grant of tenement E39/2299 Belt wide geophysics and targeting FIRST BELT WIDE DRILLING OF KAMBALDA-STYLE KOMATIITE CHANNELS >15KM First exploration drilling Company’s exploration plans subject to change without notice ASX:WMG Western Mines Group Company Presentation, September 2024 19 EXCITING DISCOVERY OPPORTUNITY EXPLORATION PHILOSOPHY • We believe multiple significant nickel deposits will be found at Mulga Tank • We strive to do high-quality technical exploration work • We are frugal with overheads to maximise exploration spend and minimise equity dilution • We want to change shareholders lives through share price increase not be a lifestyle • We offer a compelling risk vs reward and leverage to exploration success FOR FURTHER INFORMATION PLEASE CONTACT: Dr Caedmon Marriott Managing Director Western Mines Group Ltd FOLLOW US @westernmines Email: contact@westernmines.com.au Tel: +61 475 116 798 westernmines Western Mines Group This announcement has been authorised for release to the ASX by the Board of Western Mines Group Ltd Refer to Western Mines Group Ltd ASX Announcements (slide 4) for relevant disclosures, no material changes to previously disclosed information ASX:WMG Western Mines Group Company Presentation, September 2024 ASX: WMG www.westernmines.com.au 20