WESTERN MINES GROUP LTD ACN 640 738 834 HALF YEAR REPORT 31 DECEMBER 2024 Western Mines Group Ltd Corporate Directory 31 December 2024 Directors Mr Rex Turkington (Non-Executive Chairman) Dr Caedmon Marriott (Managing Director) Dr Benjamin Grguric (Non-Executive Technical Director) Mr Francesco Cannavo (Non-Executive Director) Company Secretaries Mr Ian Gregory Registered Office Level 3, 33 Ord Street, West Perth WA 6005 Principal Place of Business Level 3, 33 Ord Street, West Perth WA 6005 Tel: +61 475 116 798 Email: contact@westernmines.com.au Share Register Automic Group, Level 5, 126 Phillip Street Sydney NSW 2000 Tel: 1300 288 664 Auditor HLB Mann Judd (Vic) Partnership Level 9, 550 Bourke Street Melbourne VIC 3000 Solicitors Hamilton Locke Level 39, 152-158 St Georges Terrace, Perth WA 6000 Stock Exchange Listing Western Mines Group Ltd shares are listed on the Australian Securities Exchange (ASX code: WMG) 1 Western Mines Group Ltd Review of Operations 31 December 2024 REVIEW OF OPERATIONS Western Mines Group Ltd (WMG or Company) (ASX:WMG) is pleased to provide shareholders with the following Review of Operations for the half-year to 31 December 2024. The Company’s principal focus for the period remained the flagship Mulga Tank Ni-Co-Cu-PGE Project where exploration results continued to validate the discovery of a major nickel sulphide mineral system. During the period the Company completed a third phase of reverse circulation (RC) drilling with 19 holes drilled within the main body of the Complex along with five additional regional holes, four of which were drilled with the aid of an EIS grant (ASX, Regional EIS Drilling Confirms Belt-Scale Mineral System, 3 October 2024). The program was successful in its goals of infilling around previous drilling in the core of the Complex (holes MTRC040 to MTRC043) and extending mineralisation outside of previous tested zones (holes MTRC044 to MTRC058). The regional holes (MTRC059 to MTRC063) validated the geological interpretation of the wider Mulga Tank Complex and results confirmed highly prospective high-MgO komatiite lithologies with fertile Ni, S, and chalcophile elements, with predominantly abundant pentlandite (nickel iron sulphide) mineralisation observed (ASX, Assays and Petrology Confirm Fertile Komatiite System, 3 December 2024). Geochemical assay results for the 19 Phase 3 RC holes drilled within the main body of the Mulga Tank Complex showed extensive intervals of nickel sulphide mineralisation in all of the holes (ASX, Phase 3 RC Results Yield Broad Sulphide Mineralisation Zones, 13 September 2024; MTRC046: Two High-Grade Zones inc. 5m at 1.92% Ni 0.21% Cu, 17 September; Phase 3 Assays Extend Known Mineralisation at Mulga Tank, 26 September 2024; Further High-Grade Intervals up to 2.46% Ni 0.43% Cu, 9 October 2024; Further Phase 3 Assay Results up to 1.25% Ni 0.60% Cu, 17 October 2024). A number of the holes returned broad intersections of mineralisation over continuous ~200m lengths including: MTRC043 249m at 0.28% Ni, 129ppm Co, 62ppm Cu, 14ppb Pt+Pd from 111m S:Ni 0.8* MTRC046 193m at 0.33% Ni, 152ppm Co, 310ppm Cu, 25ppb Pt+Pd from 107m S:Ni 1.5* MTRC047 188m at 0.28% Ni, 129ppm Co, 57ppm Cu, 23ppb Pt+Pd from 112m S:Ni 1.1* MTRC052 192m at 0.28% Ni, 125ppm Co, 63ppm Cu, 11ppb Pt+Pd from 114m S:Ni 0.8* MTRC053 205m at 0.28% Ni, 129ppm Co, 85ppm Cu, 16ppb Pt+Pd from 87m S:Ni 1.0* MTRC054 200m at 0.28% Ni, 124ppm Co, 31ppm Cu, 10ppb Pt+Pd from 100m S:Ni 0.6* MTRC055 216m at 0.30% Ni, 144ppm Co, 109ppm Cu, 20ppb Pt+Pd from 84m S:Ni 1.2* MTRC056 201m at 0.31% Ni, 134ppm Co, 176ppm Cu, 15ppb Pt+Pd from 81m S:Ni 0.9 MTRC057 216m at 0.27% Ni, 139ppm Co, 159ppm Cu, 13ppb Pt+Pd from 84m S:Ni 1.1* MTRC058 209m at 0.29% Ni, 132ppm Co, 50ppm Cu, 18ppb Pt+Pd from 91m S:Ni 0.8* * Ending in mineralisation Further intersections of shallow higher grade results were encountered in a number of the holes, with results from hole MTRC046 showing the best high-grade intersection ever drilled at the project. A total of 23 intersections >1% Ni have now been observed within the 58 RC holes to date. Relatively shallow higher grade results from the Phase 3 program within the central core area of the Mulga Tank Complex include: 2 Western Mines Group Ltd Review of Operations 31 December 2024 MTRC046 10m at 0.81% Ni, 352ppm Co, 0.28% Cu, 77ppb Pt+Pd from 224m inc. 4m at 1.14% Ni, 501ppm Co, 803ppm Cu, 0.14g/t Pt+Pd from 224m and inc. 5m at 0.61% Ni, 258ppm Co, 0.49% Cu, 32ppb Pt+Pd from 229m 7m at 1.52% Ni, 578ppm Co, 0.16% Cu, 0.17g/t Pt+Pd from 282m inc. 5m at 1.92% Ni, 711ppm Co, 0.21% Cu, 0.18g/t Pt+Pd from 283m MTRC048 5m at 0.40% Ni, 115ppm Co, 33ppm Cu, 1ppb Pt+Pd from 266m 7m at 0.40% Ni, 141ppm Co, 33ppm Cu, 0ppb Pt+Pd from 279m 6m at 0.57% Ni, 195ppm Co, 92ppm Cu, 2ppb Pt+Pd from 289m inc. 1m at 1.20% Ni, 356ppm Co, 174ppm Cu, 0ppb Pt+Pd from 290m MTRC051 3m at 0.70% Ni, 400ppm Co, 0.38% Cu, 0.17g/t Pt+Pd from 147m inc. 1m at 1.18% Ni, 650ppm Co, 0.67% Cu, 0.31g/t Pt+Pd from 148m MTRC055 11m at 0.63% Ni, 211ppm Co, 535ppm Cu, 4ppb Pt+Pd from 175m inc. 4m at 1.16% Ni, 345ppm Co, 0.13% Cu, 6ppb Pt+Pd from 182m that inc. 2m at 1.97% Ni, 542ppm Co, 0.26% Cu, 12ppb Pt+Pd from 183m which inc. 1m at 2.46% Ni, 641ppm Co, 0.43% Cu, 18ppb Pt+Pd from 183m 7m at 0.48% Ni, 226ppm Co, 248ppm Cu, 42ppb Pt+Pd from 234m inc. 1m at 1.26% Ni, 489ppm Co, 431ppm Cu, 49ppb Pt+Pd from 239m MTRC056 27m at 0.45% Ni, 172ppm Co, 263ppm Cu, 51ppb Pt+Pd from 81m inc. 1m at 1.25% Ni, 398ppm Co, 0.15% Cu, 0.33g/t Pt+Pd from 96m MTRC057 1m at 0.88% Ni, 449ppm Co, 0.60% Cu, 71ppb Pt+Pd from 221m Assay results were received for the top 600m of deep diamond hole MTD029 (EIS3) during the period (Continuous Mineralisation in Upper Part of MTD029, 1 July 2024), with final assay results for the full hole recently received after the end of the period (Over 1,200m of Sulphide Mineralisation in MTD029 (EIS3), 19 February 2025). Geochemical assay results for the hole show four broad zones of disseminated nickel mineralisation with elevated Ni and S, in combination with highly anomalous Cu and PGE: MTD029 689m at 0.27% Ni, 133ppm Co, 71ppm Cu, 19ppb Pt+Pd from 108m 168m at 0.23% Ni, 130ppm Co, 99ppm Cu, 22ppb Pt+Pd from 866m 266m at 0.34% Ni, 146ppm Co, 86ppm Cu, 37ppb Pt+Pd from 1,192m 124m at 0.32% Ni, 126ppm Co, 50ppm Cu, 27ppb Pt+Pd from 1,534m Cumulative 1,247m at 0.28% Ni, 134ppm Co, 76ppm Cu, 24ppb Pt+Pd from 108m with S:Ni 1.0 The results show strong evidence for an extensive magmatic nickel sulphide mineral system with a number of richer mineralised intersections seen down the hole (within the overall broader zones), including a richer zones of mineralisation corresponding to similar results in holes MTD027 and MTD028: MTD029 126m at 0.42% Ni, 153ppm Co, 72ppm Cu, 45ppb Pt+Pd from 1,326m inc. 12m at 0.57% Ni, 181ppm Co, 96ppm Cu, 0.1g/t Pt+Pd from 1,326m that inc. 2m at 1.09% Ni, 242ppm Co, 189ppm Cu, 0.3g/t Pt+Pd from 1,334m and inc. 34m at 0.50% Ni, 160ppm Co, 68ppm Cu, 54ppb Pt+Pd from 1,416m 3 Western Mines Group Ltd Review of Operations 31 December 2024 The Company was corporately active on a number of fronts during the period. A binding Royalty Extinguishment Deed to buyback and extinguish the 1% NSR royalty over tenement E39/2132 held by the original tenement vendor (an unrelated party to the Company) was completed at the end of the period. This strategic transaction is significantly value accretive for the project and Company. It also opens a range of future project funding options through the re-sale of a royalty. The Company undertook a strategic review of its project portfolio during the period, with a view to streamlining and better focusing exploration efforts during 2025. This resulted in the surrender and expiry of the Broken Hill Bore and Rock of Ages projects respectively. A number of other projects have been earmarked for possible sale or joint venture where it is thought value can be realised. In November, the Company successfully completed a capital raise of $1,234,625 (before costs) with commitments received to issue 8,230,833 fully paid ordinary shares at an issue price of $0.15 per share. Funds will be used to support ongoing exploration at Mulga Tank (ASX, Capital Raise to Continue Progressing Mulga Tank, 25 November 2024; Capital Raise Update, 28 November 2024). A summary of WMG’s projects, recent exploration work and forward plans is given below. PROJECT OVERVIEW WMG holds a collection of six exploration projects, each 100% owned, focused on gold, base and battery metals and all located on a number of Western Australia’s major mineral belts. Figure 1: Map of WMG Project Locations 4 Western Mines Group Ltd Review of Operations 31 December 2024 MULGA TANK The Mulga Tank Project comprises exploration licences E39/2132, E39/2134 and E39/2223 and exploration licence application E39/2299, covering the Minigwal Greenstone Belt, 190km east-northeast of Kalgoorlie. The Minigwal Greenstone Belt is a NNW trending linear sequence of predominantly mafic and ultramafic lithologies; it is very under explored due to the presence of shallow sand cover and presents a “frontier” exploration opportunity for major Ni-Co-Cu-PGE and orogenic gold deposits. Exploration results from the Company’s various drilling programs at the Mulga Tank Project over the last two years have demonstrated significant nickel sulphide mineralisation and an extensive nickel sulphide mineral system within the Mulga Tank Ultramafic Complex. During the period the Company completed a third phase of reverse circulation (RC) drilling with 19 holes drilled within the main body of the Complex (ASX, First 19 Phase 3 RC Holes Complete at Mulga Tank, 2 September 2024) along with five additional regional holes, four of which were drilled with the aid of an EIS grant (ASX, Regional EIS Drilling Confirms Belt-Scale Mineral System, 3 October 2024). PREVIOUS RC DRILLING PROGRAMS At the end of 2023 the Company completed a 22 hole reverse circulation (RC) drilling program. This was the first drilling designed to systematically test the lateral continuity of the shallow, uppermost zone of disseminated nickel sulphide mineralisation within the main body of the Mulga Tank Ultramafic Complex (ASX, RC Drilling Program Commences at Mulga Tank, 20 September 2023; RC Drilling Expansion and Drilling for Equity, 17 October 2023; Completion of 7000m RC Drilling Program at Mulga Tank, 7 November 2023). Modelling of the Phase 1 RC results identified a significant shallow mineralised zone, which has been reported as an Exploration Target, in accordance with JORC 2012 (ASX, Mulga Tank JORC Exploration Target, 5 February 2024). The Company’s internal modelling work was reviewed by independent consultants CSA Global. The Exploration Target with an estimated range of potential mineralisation is: 350 to 2,200 million tonnes grading 0.24% to 0.35% Ni, 120 to 150ppm Co with S:Ni 1.1 to 1.3 In the first half of 2024, the Company completed a further 17 hole, 5,534m Phase 2 RC program predominantly focused on infilling the higher grade core area identified by the Company’s Exploration Target modelling (ASX, 2024 Exploration Programs Commence at Mulga Tank, 29 January 2024; Completion of Phase 2 RC Drilling Commencement of EIS3, 8 April 2024). The RC holes were planned around Phase 1 holes MTRC015 to MTRC018 in the centre of the main body of the Complex, in particular around MTRC016 that returned 200m at 0.31% Ni (including 35m at 0.45% Ni) from 103m. The drill hole spacing in this central area was reduced to approximately 200m x 200m (from the initial 500m x 300m spacing of the Phase 1 program) covering an area of around 800m x 900m. RECENT RC DRILLING During the second half of 2024 the Company completed a Phase 3 RC drilling program within the main body of the Complex (ASX, Exploration Activities Recommence at Mulga Tank, 4 July 2024; First 19 Phase 3 RC Holes Complete at Mulga Tank, 2 September 2024) along with five additional regional holes (ASX, Regional EIS Drilling Confirms Belt-Scale Mineral System, 3 October 2024). 5 Western Mines Group Ltd Review of Operations 31 December 2024 The program was focused on both further infill around previous drilling in the core of the Complex (holes MTRC040 to MTRC043) and also on extending mineralisation outside of previous tested zones and the JORC Exploration Target model shell (holes MTRC044 to MTRC058). Assay results for the 19 Phase 3 RC holes drilled within the main body of the Complex showed extensive intervals of nickel sulphide mineralisation in all of the holes (ASX, Phase 3 RC Results Yield Broad Sulphide Mineralisation Zones, 13 September 2024; MTRC046: Two High-Grade Zones inc. 5m at 1.92% Ni 0.21% Cu, 17 September; Phase 3 Assays Extend Known Mineralisation at Mulga Tank, 26 September 2024; Further HighGrade Intervals up to 2.46% Ni 0.43% Cu, 9 October 2024; Further Phase 3 Assay Results up to 1.25% Ni 0.60% Cu, 17 October 2024). Zones of mineralisation were generally defined by a combination of the various geochemical indicators and cutoff grades (Ni >0.15% and S >0.1%; Cu >20ppm, Pt+Pd >20ppb and S:Ni >0.5), with only minimal inclusion of unmineralised material below mineable width. A summary of the Phase 3 RC assay results are listed below (Figure 2): MTRC040 Cumulative 298m at 0.29% Ni, 131ppm Co, 65ppm Cu, 16ppb Pt+Pd with S:Ni 1.1* MTRC041 Cumulative 254m at 0.27% Ni, 133ppm Co, 82ppm Cu, 20ppb Pt+Pd with S:Ni 1.3* MTRC042 Cumulative 238m at 0.29% Ni, 133ppm Co, 96ppm Cu, 24ppb Pt+Pd with S:Ni 1.1* MTRC043 249m at 0.28% Ni, 129ppm Co, 62ppm Cu, 14ppb Pt+Pd from 111m S:Ni 0.8* MTRC044 Cumulative 187m at 0.28% Ni, 121ppm Co, 34ppm Cu, 10ppb Pt+Pd with S:Ni 0.8* MTRC045 Cumulative 174m at 0.28% Ni, 125ppm Co, 49ppm Cu, 14ppb Pt+Pd with S:Ni 0.7* MTRC046 193m at 0.33% Ni, 152ppm Co, 310ppm Cu, 25ppb Pt+Pd from 107m S:Ni 1.5* MTRC047 188m at 0.28% Ni, 129ppm Co, 57ppm Cu, 23ppb Pt+Pd from 112m S:Ni 1.1* MTRC048 Cumulative 173m at 0.29% Ni, 131ppm Co, 36ppm Cu, 19ppb Pt+Pd with S:Ni 0.7* MTRC049 Cumulative 170m at 0.26% Ni, 125ppm Co, 50ppm Cu, 11ppb Pt+Pd with S:Ni 1.0* MTRC050 Cumulative 164m at 0.28% Ni, 127ppm Co, 58ppm Cu, 13ppb Pt+Pd with S:Ni 1.0* MTRC051 Cumulative 156m at 0.27% Ni, 133ppm Co, 212ppm Cu, 17ppb Pt+Pd with S:Ni 1.4* MTRC052 192m at 0.28% Ni, 125ppm Co, 63ppm Cu, 11ppb Pt+Pd from 114m S:Ni 0.8* MTRC053 205m at 0.28% Ni, 129ppm Co, 85ppm Cu, 16ppb Pt+Pd from 87m S:Ni 1.0* MTRC054 200m at 0.28% Ni, 124ppm Co, 31ppm Cu, 10ppb Pt+Pd from 100m S:Ni 0.6* MTRC055 216m at 0.30% Ni, 144ppm Co, 109ppm Cu, 20ppb Pt+Pd from 84m S:Ni 1.2* MTRC056 201m at 0.31% Ni, 134ppm Co, 176ppm Cu, 15ppb Pt+Pd from 81m S:Ni 0.9 MTRC057 216m at 0.27% Ni, 139ppm Co, 159ppm Cu, 13ppb Pt+Pd from 84m S:Ni 1.1* MTRC058 209m at 0.29% Ni, 132ppm Co, 50ppm Cu, 18ppb Pt+Pd from 91m S:Ni 0.8* * Ending in mineralisation 6 Western Mines Group Ltd Review of Operations 31 December 2024 Figure 2: Phase 3 assay results for disseminated nickel sulphide mineralisation Further intersections of shallow higher grade results were encountered in a number of the Phase 3 holes, with results from hole MTRC046 showing the best high-grade intersection ever drilled at the project. Relatively shallow high-grade results from the program within the central core area of the Mulga Tank Complex include: MTRC046 10m at 0.81% Ni, 352ppm Co, 0.28% Cu, 77ppb Pt+Pd from 224m inc. 4m at 1.14% Ni, 501ppm Co, 803ppm Cu, 0.14g/t Pt+Pd from 224m and inc. 5m at 0.61% Ni, 258ppm Co, 0.49% Cu, 32ppb Pt+Pd from 229m 7m at 1.52% Ni, 578ppm Co, 0.16% Cu, 0.17g/t Pt+Pd from 282m inc. 5m at 1.92% Ni, 711ppm Co, 0.21% Cu, 0.18g/t Pt+Pd from 283m MTRC048 5m at 0.40% Ni, 115ppm Co, 33ppm Cu, 1ppb Pt+Pd from 266m 7m at 0.40% Ni, 141ppm Co, 33ppm Cu, 0ppb Pt+Pd from 279m 6m at 0.57% Ni, 195ppm Co, 92ppm Cu, 2ppb Pt+Pd from 289m inc. 1m at 1.20% Ni, 356ppm Co, 174ppm Cu, 0ppb Pt+Pd from 290m MTRC051 3m at 0.70% Ni, 400ppm Co, 0.38% Cu, 0.17g/t Pt+Pd from 147m inc. 1m at 1.18% Ni, 650ppm Co, 0.67% Cu, 0.31g/t Pt+Pd from 148m 7 Western Mines Group Ltd Review of Operations 31 December 2024 MTRC055 11m at 0.63% Ni, 211ppm Co, 535ppm Cu, 4ppb Pt+Pd from 175m inc. 4m at 1.16% Ni, 345ppm Co, 0.13% Cu, 6ppb Pt+Pd from 182m that inc. 2m at 1.97% Ni, 542ppm Co, 0.26% Cu, 12ppb Pt+Pd from 183m which inc. 1m at 2.46% Ni, 641ppm Co, 0.43% Cu, 18ppb Pt+Pd from 183m 7m at 0.48% Ni, 226ppm Co, 248ppm Cu, 42ppb Pt+Pd from 234m inc. 1m at 1.26% Ni, 489ppm Co, 431ppm Cu, 49ppb Pt+Pd from 239m MTRC056 27m at 0.45% Ni, 172ppm Co, 263ppm Cu, 51ppb Pt+Pd from 81m inc. 1m at 1.25% Ni, 398ppm Co, 0.15% Cu, 0.33g/t Pt+Pd from 96m 3m at 0.50% Ni, 237ppm Co, 0.40% Cu, 18ppb Pt+Pd from 273m MTRC057 1m at 0.88% Ni, 449ppm Co, 0.60% Cu, 71ppb Pt+Pd from 221m A total of 23 intersections >1% Ni have now been observed within the 58 RC holes to date. These intervals have generally only been logged as matrix to semi-massive sulphide in RC chips, highlighting the high tenor of the sulphide system. Figure 3: Higher grade assay results within the core of the Mulga Tank Ultramafic Complex 8 Western Mines Group Ltd Review of Operations 31 December 2024 REGIONAL RC DRILLING An additional five hole, 1,411m regional component of the Phase 3 RC program was designed to test the interpreted komatiite channel system (based on aeromagnetic interpretation), extending from the main body of the Mulga Tank Complex. These five RC holes were drilled to gain greater understanding of the geology of the wider Minigwal Greenstone Belt that has seen limited effective drill testing beneath ~60m of sand cover. Generally they targeted curvilinear magnetic high features emanating from the main body of the Complex which were interpreted to be part of an ultramafic komatiite channel system. The Panhandle feature and a chain of these magnetic features extend approximately 15km in a north-northwest direction up the Minigwal Belt. Four of the holes in tenement E39/2134 were drilled with the aid of one of WMG’s current EIS grants (ASX, WMG Wins Two More EIS Awards to Drill Mulga Tank, 29 April 2024). Geochemical assay results for holes MTRC062 (EIS6) and MTRC063 (EIS7) demonstrate hot, dynamic, high MgO komatiite flows with Ni, S and chalcophile element results highlighting a fertile nickel sulphide environment (ASX, Assays and Petrology Confirm Fertile Komatiite System, 3 December 2024). These results are further supported by petrographic analysis. The Company’s Technical Director Dr Ben Grguric completed mineralogical thin section work on samples from holes MTRC062 (EIS6) and MTRC063 (EIS7) to help characterise the rock types and the sulphide species observed in the holes. Pentlandite (nickel iron sulphide) was confirmed as the main sulphide species present with only minor pyrrhotite and pyrite (iron sulphides) observed. HoleID Hole Depth Ore Mineralogy Max bleb size Comments MTRC062 183-185m Pentlandite, minor violarite 1mm Gangue mainly fresh olivine and serpentinite MTRC062 195-197m Pentlandite, minor violarite, secondary pyrite 0.5mm Relatively abundant intercumulus blebs MTRC062 287-289m Pentlandite, some chips violarite altered 0.5mm Relatively abundant intercumulus blebs MTRC062 321-323m Pentlandite, minor violarite 2mm Some coarse blebs, incipient secondary violarite, talc gangue MTRC063 203-205m Pentlandite, minor violarite 0.6mm MTRC063 329-331m Pentlandite 0.5mm Fresh pentlandite Table 1: Polished section descriptions for holes MTR062 (EIS6) and MTRC063 (EIS7) Hole MTRC062 (EIS6) Mineralogical Investigation MTRC062 183m to 185m MTRC062 195m to 197m Table 2: Polished section images for hole MTRC62 (EIS6) (pn=pentlandite, ol=olivine, mt=magnetite) 9 MTRC062 287m to 289m Western Mines Group Ltd Review of Operations 31 December 2024 Hole MTRC063 (EIS7) Mineralogical Investigation MTRC063 203m to 205m MTRC063 329m to 331m Table 3: Polished section images for hole MTRC63 (EIS7) (pn=pentlandite, ol=olivine, mt=magnetite) Interpreted komatiite channel wireframe 3D Inversion MVI 0.05 SI Figure 4: 3D image of olivine cumulate package targeted by holes MTRC062 (EIS6) and MTRC63 (EIS7) 10 Western Mines Group Ltd Review of Operations 31 December 2024 Results from MTRC062 (EIS6) and MTRC063 (EIS7) were the standout of the program, returning 200-300m intersections of very prospective high MgO olivine cumulate in a fence across a large magnetic feature at the end of the Panhandle. Geochemical assay results and mineralogical work have confirmed nickel sulphide mineralisation in a hot, dynamic komatiite flow environment. The results from these initial holes successfully highlight the prospectivity of the komatiite channels to host high-grade Kambalda-style nickel sulphide mineralisation and demonstrate the belt-scale potential of the Mulga Tank nickel sulphide mineral system. This 1.3km long magnetic high body (Figure 4) and a number of look-a-like features along the trend (Figure 5) warrant further follow-up work including ground geophysics such as ground electromagnetics, targeting any discrete conductive targets within the komatiite channels. The Company will also likely look to extend MTRC063 (EIS7) with a diamond tail to target the basal contact within this area, providing a full section through the assemblage and also enable a DownHole ElectroMagnetic (DHEM) survey of the target. Figure 5: Komatiite channel targets along trend from EIS RC holes MTRC062 (EIS6) and MTRC063 (EIS7) 11 Western Mines Group Ltd Review of Operations 31 December 2024 DIAMOND HOLE MTD029 (EIS3) RESULTS Deep diamond hole MTD029 (EIS3) was drilled during the first half of 2024 and is located in the centre of the Mulga Tank Complex between RC holes MTRC015 and MTRC016 and previous diamond holes MTD023 (EIS1), MTD026 (EIS2) and MTD027 (ASX, Completion of Phase 2 RC Drilling Commencement of EIS3, 8 April 2024; High-Grade Sulphide Segregations at Depth in MTD029 (EIS3), 29 May 2024). The hole was positioned for multiple purposes, infilling the RC drilling program at this location and looking to test a conductive MobileMT anomaly around -700m RL, near the basal contact and for a sulphide enriched keel in the deepest part of the Complex. The hole was drilled to a total depth of 1,722m, the deepest hole drilled at the project, and intersected ~1,600m of variably serpentinised and talc-carbonate altered high MgO meso-adcumulate dunite ultramafic (66-1,658.2m), beneath 66m of sand cover (0-66m), before encountering a footwall of basalt and silicified shales at 1,658.2m depth (1,658.2-1,722m). Disseminated magmatic sulphides (trace to 2%) were observed at numerous intervals down the hole, cumulatively over more than 860m. In a number of places the disseminated sulphides coalesce into interstitial blebs (3 to 5% sulphide) between former olivine crystals. Multiple intersections of high-tenor remobilised nickel sulphide veinlets as well as large immiscible sulphide segregations were observed down the hole. These sulphide veinlets and segregations clearly demonstrate all the conditions and processes are present to form basal massive sulphide accumulations within the Mulga Tank Complex, with the most frequent and ‘active’ zones encountered to date seen within hole MTD029 (EIS3). Assay results for the top 600m of hole MTD029 (EIS3) were received during the period (Continuous Mineralisation in Upper Part of MTD029, 1 July 2024), with final assay results for the full hole recently received after the end of the period (Over 1,200m of Sulphide Mineralisation in MTD029 (EIS3), 19 February 2025). Geochemical assay results show near continuous mineralisation down the hole. This were generally defined by a combination of the various geochemical indicators and cut-off grades (Ni >0.15% and S >0.1%, Cu >20ppm, Pt+Pd >20ppb, S:Ni >0.5), with only minimal inclusion of unmineralised material below mineable width. Four broad zones of disseminated nickel mineralisation with elevated Ni and S, in combination with highly anomalous Cu and PGE were reported as: MTD029 689m at 0.27% Ni, 133ppm Co, 71ppm Cu, 19ppb Pt+Pd from 108m 168m at 0.23% Ni, 130ppm Co, 99ppm Cu, 22ppb Pt+Pd from 866m 266m at 0.34% Ni, 146ppm Co, 86ppm Cu, 37ppb Pt+Pd from 1,192m 124m at 0.32% Ni, 126ppm Co, 50ppm Cu, 27ppb Pt+Pd from 1,534m Cumulative 1,247m at 0.28% Ni, 134ppm Co, 76ppm Cu, 24ppb Pt+Pd from 108m with S:Ni 1.0 The results show strong evidence for an extensive magmatic nickel sulphide mineral system with a number of richer mineralised intersections seen down the hole (within the overall broader zones): MTD029 58m at 0.34% Ni, 138ppm Co, 108ppm Cu, 30ppb Pt+Pd from 204m inc. 8m at 0.48% Ni, 147ppm Co, 168ppm Cu, 35ppb Pt+Pd from 210m and inc. 10m at 0.40% Ni, 172ppm Co, 351ppm Cu, 61ppb Pt+Pd from 232m 19m at 0.44% Ni, 209ppm Co, 246ppm Cu, 64ppb Pt+Pd from 378m 12 Western Mines Group Ltd Review of Operations 31 December 2024 inc. 8m at 0.54% Ni, 250ppm Co, 371ppm Cu, 81ppb Pt+Pd from 389m that inc. 1m at 1.56% Ni, 548ppm Co, 0.12% Cu, 0.2g/t Pt+Pd from 395m 10m at 0.38% Ni, 167ppm Co, 91ppm Cu, 50ppb Pt+Pd from 568m 18m at 0.32% Ni, 141ppm Co, 70ppm Cu, 22ppb Pt+Pd from 700m 32m at 0.33% Ni, 142ppm Co, 48ppm Cu, 34ppb Pt+Pd from 1,002m 24m at 0.34% Ni, 132ppm Co, 113ppm Cu, 26ppb Pt+Pd from 1,262m 126m at 0.42% Ni, 153ppm Co, 72ppm Cu, 45ppb Pt+Pd from 1,326m inc. 12m at 0.57% Ni, 181ppm Co, 96ppm Cu, 0.1g/t Pt+Pd from 1,326m that inc. 2m at 1.09% Ni, 242ppm Co, 189ppm Cu, 0.3g/t Pt+Pd from 1,334m and inc. 34m at 0.50% Ni, 160ppm Co, 68ppm Cu, 54ppb Pt+Pd from 1,416m 20m at 0.46% Ni, 163ppm Co, 109ppm Cu, 32ppb Pt+Pd from 1,550m 13m at 0.41% Ni, 126ppm Co, 29ppm Cu, 54ppb Pt+Pd from 1,639m Figure 6: Location of WMG deep diamond holes drilled during 2024 13 Western Mines Group Ltd Review of Operations 31 December 2024 METALLURGICAL TEST WORK The upper portion of diamond hole MTD29 (EIS3) was drilled with larger diameter HQ core to provide material for initial metallurgical test work of the shallow disseminated mineralisation. Six intervals of mineralisation, totalling 62m downhole length and approximately 113kg weight, were selected from the top 150m to 300m depth of the hole. Each of the 6 intervals of core were crushed and sampled on a length weighted basis to form a 50kg bulk sample, representative of the hole. The remaining crushed material was kept as individual intervals and placed in cold storage. To date a series of 9 different rougher floatation tests have been conducted on the bulk sample material, each testing different factors including grind size (75um to 150um) and various reagents, with and without desliming of fines. Nickel sulphides have been successfully recovered in all of the tests, with the test work suggesting only around ~0.1% Ni is present as non-sulphide silicate nickel. Having successfully completed this initial sighter test work the Company has now moved on to Phase 2 of the metallurgical program. Incorporating the sighter results, further tests have been designed and planned to approximate a processing flowsheet. This enhanced scope of work is one of the Company’s principal focuses for the first half of 2025 and results will be announced to shareholders when available. EXTINGUISHMENT OF ROYALTY E39/2132 Towards the end of the quarter WMG completed a binding Royalty Extinguishment Deed to buyback and extinguish the 1% NSR royalty over tenement E39/2132 held by the original tenement vendor (an unrelated party to the Company). This royalty formed part of the original tenement purchase consideration (ASX, Prospectus, 16 July 2021). Tenement E39/2132, covering ~80km2, is the key part of the Mulga Tank Project, containing the main body of the Mulga Tank Ultramafic Complex. This tenement area has been the primary focus of the Company’s exploration work, with 18 diamond holes and 59 RC holes drilled since IPO. The consideration to extinguish the royalty is 800,000 fully paid ordinary shares in the Company (of which 50% escrowed for 12 months), 800,000 options over ordinary shares (with an exercise price of $0.30 per share, exercisable 4 years from the date of issue) and 400,000 performance rights (convertible into fully paid ordinary shares if the Company’s share price 20 day VWAP exceeds $0.60 per share). The Company believes this strategic transaction is significantly value accretive given the scale and potential of the Mulga Tank Project. With the key tenement of the project now being royalty free it also opens up future project funding opportunities through the re-sale of a royalty to specialised royalty investment groups. 14 Western Mines Group Ltd Review of Operations 31 December 2024 JASPER HILL The Jasper Hill Project comprises exploration licences E39/2073, E39/2079 and prospecting licence application P39/6267. The project is located approximately 80km southeast of Laverton and covers part of the poorly exposed Merolia Greenstone Belt, a NNW trending belt, up to 20km wide, that can be traced over 110km in a SSE direction from the Burtville Mining Centre. The project area is lightly explored but is contiguous to the historical producing mines of Lord Byron (160,000oz at 1.0g/t Au) and Fish (87,000oz at 4.1g/t Au) (ASX:BYR). Jasper Hill is the Company’s primary gold project containing a mineralised gold trend over 3km strike. Historical shallow, wide spaced, RAB and RC drilling during the 1980’s highlights a number of robust gold results within the tenement including: AJ10 14m at 1.58g/t Au from 14m, including 2m at 8.1g/t Au from 16m, PDH02 13m at 1.44g/t Au from 15m, including 5m at 3.11g/t Au from 15m and PDH03 18m at 1.28g/t Au from 14m, including 4m at 3.35g/t Au from 14m - with little or no follow up work since that time. The Company has previously completed field reconnaissance work involving geologi