ANNUAL REPORT 30 JUNE 2026 WESTERN MINES GROUP LTD ACN 640 738 834 Western Mines Group Ltd Corporate Directory 30 June 2026 Directors Mr Rex Turkington (Non-Executive Chairman) Dr Caedmon Marriott (Managing Director) Mr Francesco Cannavo (Non-Executive Director) Dr Benjamin Grguric (Non-Executive Director) Company Secretary Mr Ian Gregory Registered Of fi ce Unit 10, 448 Roberts Road Subiaco WA 6008 Principal Place of Business Unit 10, 448 Roberts Road Subiaco 6008 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 Tripoint Legal PO Box 9067 Nicholson Road, Subiaco WA 6008 Stock Exchange Listing Western Mines Group Ltd shares are listed on the Australian Securities Exchange (ASX code: WMG) Corporate Governance Statement www.westernmines.com.au/corporate/corporate-governance 1 Western Mines Group Ltd Letter from the Chairman 30 June 2026 LETTER FROM THE CHAIRMAN Dear Shareholders Last year we unveiled our Mulga Tank Ni-Co-Cu-PGE Project as the largest nickel sulphide deposit in Australia, and likely top 10 in the world, with our fi rst Mineral Resource Estimate in April 2025. It was a hard year in the nickel market with a lot of negative sentiment towards the nickel price. This year has started to see some green-shoots emerge with the nickel price rallying from the lows of $14,000-14,500/t to over $19,000/t before settling in a higher range around $16,000-17,000/t. Indonesia has been doing lots of the right things to manage the market and we see a positive thesis for nickel emerging. We continued to advance the Mulga Tank Project during the year with two further phases of RC and diamond drilling, with 37 holes drilled totalling 12,565.9m. Whilst some of the holes were in fi ll within the current resource many of them looked to extended known mineralisation in previously untested areas of the Complex. Surprises always occur as we drill new areas and one of the highlights was MTRC066, one of the best mineralised RC holes to date, returning a continuous intersection of 269m at 0.33% Ni, 144ppm Co, 215ppm Cu from 61m that included a shallow upper portion of 82m at 0.43% Ni, 318ppm C, 533ppm Cu from 61m, with higher- grade intervals of 6m at 1.18% Ni, 480ppm Co, 0.11% Cu from 94m and 3m at 0.96% Ni, 369ppm Co, 639ppm Cu from 140m. Using two EIS grants we also drilled further deep diamond holes with MTRC009 (EIS9) returning the richest basal intersection at the project to date of 116m at 0.50% Ni, 164ppm Co, 93ppm Cu, 59ppb Pt+Pd from 1,303m including 38m at 0.71% Ni, 207ppm Co, 188ppm Cu, 0.1g/t Pt+Pd from 1,324m, which included 12 results with 1m samples of over 1% Ni - further strengthening our belief that a Perseverance-style deposit could be down there somewhere. The team were successfully awarded two further EIS grants during the year, one towards further drilling in the Panhandle and the second geophysics grant towards an upcoming active seismic survey that could be very interesting in unlocking the 3D architecture of the Mulga Tank Complex. The Company completed a capital raise of $3.7m during the year and a recent raise of $2.7m just after the year end. We welcome Lowell Resources Fund as our new largest shareholder with a 10.6% holding and are always grateful for the ongoing support of many of our existing shareholders We will continue to progress what we believe is a globally signi fi cant nickel sulphide project at Mulga Tank and hope to continue to deliver further positive results from the project over the coming months. On behalf of the Board, I would like to thank you for your interest and your ongoing support of the Company. ___________________________ Rex Turkington Non-Executive Chairman 2 Western Mines Group Ltd Review of Operations 30 June 2026 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 fi nancial year ended 30 June 2026. The Company’s principal focus for the period remained the fl agship Mulga Tank Ni-Co-Cu-PGE Project where exploration results continued to build on the fi rst Mineral Resource Estimate for Mulga Tank released during the previous year (ASX, Mulga Tank Mineral Resource Over 5Mt Contained Nickel - Update, 10 April 2025) and further advance the largest nickel sulphide deposit in Australia. During the period the Company completed the fourth and fi fth phases of drilling at the project which included 31 reverse circulation (RC) drill holes, one diamond hole and three deep diamond hole tail extensions within the main body of the Complex (tenement E39/2132) and one deep diamond hole and one deep diamond hole tail extension within the Panhandle area of tenement E39/2134. One of the deep diamond hole tail extensions within tenement E39/2132 (MTRC009 EIS9) and the deep diamond hole (MTD030 EIS8) and deep diamond hole tail extension (MTRC063 EIS7) within tenement E39/2134 were drilled with the aid of two EIS grants (ASX, WMG Wins Two EIS Awards Totalling $440,000 for Mulga Tank, 28 April 2025). The Phase 4 program, consisting of 13 holes, was successful in its goals of in fi lling around previous drilling in the core of the Complex and stepping out to the south to extend known mineralisation outside of previously tested zones (MTRC064 to MTRC075 and MTD031). Standout results from this phase were seen in hole MTRC066 which was amongst the best mineralised shallow RC holes ever completed at the project and returned a continuous intersection of 269m at 0.33% Ni, 144ppm Co, 215ppm Cu from 61m that included a shallow upper portion of 82m at 0.43% Ni, 318ppm C, 533ppm Cu from 61m, with higher-grade intervals of 6m at 1.18% Ni, 480ppm Co, 0.11% Cu from 94m and 3m at 0.96% Ni, 369ppm Co, 639ppm Cu from 140m. The Phase 5 program, consisting of 19 RC holes, looked to further in fi ll within the current Mineral Resource Estimate, follow-up on previous higher-grade results and test new areas of the Complex up-dip from richer +0.40% Ni basal zones. Results up to MTRC087 (out of MTRC094) have been presented at the time of this report. In addition to these phases of RC drilling the Company completed the fi rst regional diamond drilling in tenement E39/2134 with two EIS co-funded holes MTRC063 EIS7 diamond tail and MTD030 EIS8 diamond hole. These holes looked to drill a stratigraphic section through the Panhandle magnetic high feature to gain a greater understanding of the geology of the body and further con fi rm the interpretation that the Panhandle represents a komatiite channel system, extending approximately 15km in a north-northwest direction up the Minigwal Belt. During the period the Company also began using existing RC holes from which to drill diamond tail extensions in order to further test the basal contact of the Mulga Tank Complex looking for enriched basal zones and potential Perseverance-style massive sulphide accumulations. EIS co-funded deep diamond hole MTRC009 (EIS9) was drilled to a depth of 1,540.5m and intersected a signi fi cant basal zone that return the richest basal intersection at the project to date of 116m at 0.50% Ni, 164ppm Co, 93ppm Cu, 59ppb Pt+Pd from 1,303m including 38m at 0.71% Ni, 207ppm Co, 188ppm Cu, 0.1g/t Pt+Pd from 1,324m, which included 12 results with 1m samples of over 1% Ni (ASX, MTRC009 Signi fi cant Basal Zone 116m at 0.50% Ni inc 38m at 0.71% Ni, 16 June 2026). 3 Western Mines Group Ltd Review of Operations 30 June 2026 Two further diamond tails were drilled from holes MTRC011 and MTRC001. These looked to step out from diamond hole MTD028 that returned an intersection of 140m at 0.49% Ni from 874m, including 82m at 0.55% Ni from 886m, in a zone of possible Perseverance-like “cloud sulphide”, containing multiple high-grade sulphide segregations, above the basal contact (ASX, MTD028 Disseminated Nickel Sulphide 140m at 0.49% Ni, 31 October 2023). MTRC011 diamond tail returned a signi fi cant upper zone of 128m at 0.39% Ni, 138pm Co from 490m including 36m at 0.50% Ni, 139ppm Co from 494m (ASX, MTRC011 128m at 0.39% Ni inc. 36m at 0.50% Ni, 5 February 2026) whilst diamond tail MTRC001 further tested the basal contact of the Complex up-dip from MTD028 and MTRC011 and demonstrated that this western portion of the Mulga Tank Complex is signi fi cantly uplifted (ASX, Basal Target Zone Along Mulga Tank Western Margin, 21 September 2026). The Company undertook a strategic review of its project portfolio during the year resulting in the surrender of the Pinyalling Project and sale of the Melita Project. The Company also opportunistically acquired two new projects to increase the Company’s nickel and copper focus on the margins of the Yilgarn Craton, by cheaply pegging two prospective tenements. The Fraser Range Project contains ground previously held by Legend Mining in joint venture wth Mark Creasy, hosting the mineralised Octagonal Intrusion, a highly prospective Ni-Cu sulphide target. The earlier stage Mt Narryer Project presents a large green fi eld exploration area in a cratonic margin setting with anomalous historical copper results (ASX, Project Portfolio Review and New Project Acquisition, 16 April 2026). The Company was successful with two more EIS grants applications during the year, being awarded $180,000 to drill komatiite targets within the Panhandle tenement E39/2134 (ASX, WMG Wins EIS Award to Drill Komatiite Targets at Mulga Tank, 10 October 2026) and was also awarded $250,000 of co-funding in the EIS Venture 3 Geophysics Program towards 50% of costs of an active seismic survey targeting the main body of the Mulga Tank Ultrama fi c Complex within tenement E39/2132 (ASX, WMG Wins $250,000 EIS Award for Mulga Tank Seismic Survey, 27 April 2026). The Company completed a capital raise during the year, raising $3,643,200 (before costs) through the issue of 16,560,000 shares at $0.22 per share, with 4,127,500 free attaching options, in October 2025. Shortly after the period end the Company competed a further capital raise of $2,709,488 (before costs) through the issue of 16,622,694 shares at $0.163 per share. The capital raise was led by a new cornerstone investor Lowell Resources Fund (ASX:LRT) becoming the Company’s largest shareholder with a 10.6% holding. Part of the raise included an equity swap whereby WMG received 499,002 units in LRT at an issue price of $2.004 per unit for total value of $1,000,000 in return for 6,134,969 of the WMG shares issued to Lowell. The Company welcomes our new signi fi cant shareholder and is grateful for the ongoing support of many of our existing shareholders during these capital raises. A summary of WMG’s projects, recent exploration work and forward plans is given below. 4 Western Mines Group Ltd Review of Operations 30 June 2026 MULGA TANK The Mulga Tank Project comprises exploration licences E39/2132, E39/2134 and E39/2223 and exploration licence applications E39/2299, E39/2609 and E39/2610, covering 449km2 of the Minigwal Greenstone Belt, 190km east-northeast of Kalgoorlie. The Minigwal Greenstone Belt is a NNW trending linear sequence of predominantly ma fi c and ultrama fi c lithologies; it is very under explored due to the presence of shallow sand cover and presents a “frontier” exploration opportunity for major Ni-Cu-PGE and orogenic gold deposits. Exploration results from the Company’s various drilling programs at the Mulga Tank Project over the last three years have demonstrated signi fi cant nickel sulphide mineralisation and an extensive nickel sulphide mineral system within the Mulga Tank Ultrama fi c Complex. During the period the Company completed the fourth and fi fth phases of drilling the project with a combination of both diamond and reverse circulation (RC) drilling. RC is used to in fi ll and prove up the extent of shallow disseminated nickel sulphide mineralisation, de fi ned by the Company’s Mineral Resource Estimate (ASX, Mulga Tank Mineral Resource Over 5Mt Contained Nickel, 10 April 2025), whilst diamond drilling continues to test deeper targets for basal massive sulphide. Results from the various exploration activities are discussed below. 5 Figure 1: Mulga Tank Project location Western Mines Group Ltd Review of Operations 30 June 2026 PHASE 4 DRILLING RESULTS The Phase 4 program commenced in July 2025 and consisted of 13 holes (MTRC064 to MTRC075 and MTD031) totalling 3,790m in the main body of the Mulga Tank Project. The holes were designed to in fi ll around previous drilling in the core of the Complex, particularly between the two areas of Indicated Resource, and also looked to step out to the south and extend known mineralisation outside of previously tested zones. The program was successful in its goals with assay results for all 13 holes showing extensive intervals of nickel sulphide mineralisation and standout results seen in hole MTRC066 which was amongst the best mineralised shallow RC holes ever completed at the project and returned a continuous intersection of 269m at 0.33% Ni, 144ppm Co, 215ppm Cu from 61m that included a shallow upper portion of 82m at 0.43% Ni, 318ppm C, 533ppm Cu from 61m, with higher-grade intervals of 6m at 1.18% Ni, 480ppm Co, 0.11% Cu from 94m and 3m at 0.96% Ni, 369ppm Co, 639ppm Cu from 140m in a previously undrilled area of the Complex (ASX, MTRC066 Best RC Hole to Date at Mulga Tank, 18 September 2025; High-grade Results up to 4.35% Ni and Drilling Update, 7 April 2026; Further High-Grade Results from Mulga Tank, 25 May 2026; Further High-Grade Results up to 2.26% Ni 0.35% Cu, 21 July 2026). Zones of mineralisation were generally de fi ned by a combination of the various geochemical indicators and cut- off 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. 6 Figure 2: Phase 4 assay results for disseminated nickel sulphide mineralisation Western Mines Group Ltd Review of Operations 30 June 2026 A summary of the Phase 4 RC assay results are listed below (Figure 2): MTRC064 Cumulative 147m at 0.27% Ni, 126ppm Co, 27ppm Cu, 19ppb Pt+Pd with S:Ni 0.9 MTRC065 243m at 0.26% Ni, 128ppm Co, 67ppm Cu, 15ppb Pt+Pd from 82m S:Ni 1.1* MTRC066 269m at 0.33% Ni, 144ppm Co, 215ppm Cu, 27ppb Pt+Pd from 61m S:Ni 1.1* MTRC067 Cumulative 171m at 0.27% Ni, 119ppm Co, 50ppm Cu, 18ppb Pt+Pd with S:Ni 1.2 MTRC068 Cumulative 200m at 0.29% Ni, 132ppm Co, 111ppm Cu, 20ppb Pt+Pd with S:Ni 1.0* MTRC069 225m at 0.32% Ni, 145ppm Co, 94ppm Cu, 18ppb Pt+Pd from 93m S:Ni 1.0* MTRC070 Cumulative 120m at 0.28% Ni, 135ppm Co, 85ppm Cu, 21ppb Pt+Pd with S:Ni 0.9 MTRC071 104m at 0.29% Ni, 137ppm Co, 78ppm Cu, 32ppb Pt+Pd from 115m S:Ni 1.1 MTRC072 Cumulative 198m at 0.26% Ni, 123ppm Co, 38ppm Cu, 11ppb Pt+Pd with S:Ni 0.8 MTRC073 Cumulative 173m at 0.31% Ni, 139ppm Co, 94ppm Cu, 21ppb Pt+Pd with S:Ni 1.2* MTRC074 Cumulative 218m at 0.26% Ni, 119ppm Co, 41ppm Cu, 18ppb Pt+Pd with S:Ni 0.9* MTRC075 Cumulative 215m at 0.28% Ni, 139ppm Co, 118ppm Cu, 20ppb Pt+Pd with S:Ni 1.7* MTD031 230.2m at 0.30% Ni, 131ppm Co, 104ppm Cu, 2ppb Pt+Pd from 90m S:Ni 1.3* * Ending in mineralisation Further intersections of shallow higher grade results were encountered in a number of the Phase 4 holes, with MTRC066 being one of the best mineralised holes drilled to date at the project. Relatively shallow high-grade results from the program within the central core area of the Mulga Tank Complex include: MTRC066 82m at 0.43% Ni, 183ppm Co, 533ppm Cu, 30ppb Pt+Pd from 61m inc. 15m at 0.75% Ni, 318ppm Co, 0.12% Cu, 26ppb Pt+Pd from 85m that inc. 6m at 1.18% Ni, 480ppm Co, 0.11% Cu, 46ppb Pt+Pd from 94m and inc. 3m at 0.96% Ni, 369ppm Co, 639ppm Cu, 49ppb Pt+Pd from 140m that inc. 1m at 1.41% Ni, 533ppm Co, 889ppm Cu, 62ppb Pt+Pd from 142m MTRC069 4m at 2.17% Ni, 870ppm Co, 941ppm Cu, 0.11g/t Pt+Pd from 289m inc. 1m at 4.35% Ni, 0.17% Co, 0.19% Cu, 0.29g/t Pt+Pd from 289m MTRC071 1m at 1.26% Ni, 504ppm Co, 579ppm Cu, 30ppb Pt+Pd from 125m MTRC073 3m at 1.18% Ni, 389ppm Co, 0.11% Cu, 70ppb Pt+Pd from 189m inc. 1m at 2.25% Ni, 708ppm Co, 0.21% Cu, 0.17g/t Pt+Pd from 190m MTD031 6m at 1.02% Ni, 366ppm Co, 303ppm Cu, 33ppb Pt+Pd from 259m 8m at 0.81% Ni, 269ppm Co, 340ppm Cu, 26ppb Pt+Pd from 298m inc. 1m at 1.44% Ni, 498ppm Co, 0.17% Cu, 0.11g/t Pt+Pd from 300m and inc. 1m at 1.83% Ni, 539ppm Co, 371ppm Cu, 55ppb Pt+Pd from 304m 7 Western Mines Group Ltd Review of Operations 30 June 2026 PHASE 5 DRILLING RESULTS The Phase 5 program commenced in May 2026 and consisted of 19 RC holes totalling 5,844m that looked to further in fi ll within the current Mineral Resource Estimate, follow-up on previous higher-grade results and test new areas of the Complex up-dip from richer +0.40% Ni basal zones. Results up to MTRC087 have been presented at the time of this report. A summary of the Phase 5 RC assay results are listed below (Figure 3): MTRC078 Cumulative 182m at 0.30% Ni, 131ppm Co, 147ppm Cu, 16ppb Pt+Pd with S:Ni 0.9* MTRC079 Cumulative 146m at 0.27% Ni, 124ppm Co, 66ppm Cu, 12ppb Pt+Pd with S:Ni 1.2* MTRC080 235m at 0.28% Ni, 134ppm Co, 228ppm Cu, 32ppb Pt+Pd from 83m S:Ni 1.3* MTRC081 Cumulative 154m at 0.29% Ni, 131ppm Co, 65ppm Cu, 20ppb Pt+Pd with S:Ni 0.8* MTRC082 213m at 0.28% Ni, 128ppm Co, 96ppm Cu, 17ppb Pt+Pd from 87m S:Ni 1.1* MTRC083 Cumulative 171m at 0.30% Ni, 134ppm Co, 57ppm Cu, 30ppb Pt+Pd with S:Ni 0.8* MTRC084 Cumulative 79m at 0.29% Ni, 113ppm Co, 34ppm Cu, 53ppb Pt+Pd with S:Ni 0.5 MTRC085 Cumulative 169m at 0.26% Ni, 125ppm Co, 54ppm Cu, 24ppb Pt+Pd with S:Ni 1.2 MTRC086 Cumulative 124m at 0.29% Ni, 115ppm Co, 11ppm Cu, 6ppb Pt+Pd with S:Ni 0.5* MTRC087 Cumulative 98m at 0.21% Ni, 117ppm Co, 74ppm Cu, 20ppb Pt+Pd with S:Ni 1.9* * Ending in mineralisation 8 Figure 3: Phase 5 assay results for disseminated nickel sulphide mineralisation Western Mines Group Ltd Review of Operations 30 June 2026 Further intersections of shallow higher grade results were encountered in a number of the Phase 5 holes. Relatively shallow high-grade results from the program within the central core area of the Mulga Tank Complex include: MTRC078 4m at 0.85% Ni, 374ppm Co, 0.21% Cu, 21ppb Pt+Pd from 293m inc. 1m at 2.26% Ni, 0.10% Co, 0.35% Cu, 68ppb Pt+Pd from 295m MTRC086 3m at 0.85% Ni, 252ppm Co, 21ppm Cu, 1ppb Pt+Pd from 199m inc. 1m at 1.61% Ni, 472ppm Co, 44ppm Cu, 2ppb Pt+Pd from 199m DIAMOND HOLE MTRC009 (EIS9) RESULTS Deep diamond hole MTRC009 (EIS9) was drilled at the end of 2025 and is located in the centre of the Mulga Tank Complex between previous deep diamond holes MTD028 and MTRC011 to the west-northwest and MTD026 (EIS2) and MTD029 (EIS3) to the east. All four of these previous holes showed an active basal zone at depth with multiple intersections of high-grade remobilised nickel sulphide veinlets and large immiscible sulphide segregations (ASX, High-Grade Sulphide Segregations at Depth in MTD029 (EIS3), 29 May 2024; High-Grade Sulphide Segregations at Depth in MTRC011, 30 October 2025). The hole was designed to target a magnetic high feature, from 3D magnetic inversion, coincident with a conductive MobileMT anomaly within this basal zone of the Complex. This feature sits in a possible fold hinge position at the base of the western margin. The hole was drilled as a diamond tail from Phase 1 RC hole MTRC009, saving over 500m of diamond drilling and drilled with the aid of one of WMG’s Round 31 EIS awards (ASX, WMG Wins Two EIS Awards Totalling $440,000 for Mulga Tank, 28 April 2025). MTRC009 (EIS9) was drilled to a total depth of 1,540.5m, and intersected ~900m of variably serpentinised and talc-carbonate altered high MgO meso-adcumulate dunite ultrama fi c (522-1,437.5m), before encountering the footwall of basalt and silici fi ed shales at 1,436m depth (1,436-1,540.5m). The dunite was divided by an approximately ~38m thick dolerite unit (559-597m) that most likely represents a later dyke/sill. This dolerite unit is something of a marker horizon and has been seen in multiple other deep diamond holes, generally ~800m above the eventual footwall contact. Disseminated magmatic sulphides (trace to 2%) were observed at numerous intervals down the hole, cumulatively over more than 300m. In a number of intervals the disseminated sulphides coalesce into interstitial blebs (3 to 5% sulphide) between former olivine crystals and graded up to coarsely disseminated in places (5-10% sulphide). Corresponding pXRF readings of Ni, with elevated Cu and S, support the likelihood of this being disseminated magmatic nickel sulphide mineralisation. Multiple intersections of high-grade remobilised massive nickel sulphide veinlets as well as large immiscible sulphide segregations were observed down the hole, con fi rmed by spot pXRF readings up to 55.0% Ni. 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 some the most frequent and ‘active’ zones encountered to date seen within hole MTRC009 (EIS9). Combined with previous RC sample assays (ASX, MTRC009 Assays Con fi rm 367m of Nickel Mineralisation, 30 November 2023) the geochemical results for the hole show broad intersections of disseminated nickel mineralisation with elevated Ni and S, in combination with anomalous Cu and PGE, which cumulatively total: 9 Western Mines Group Ltd Review of Operations 30 June 2026 820m at 0.30% Ni, 135ppm Co, 67ppm Cu, 27ppb Pt+Pd with S:Ni 1.1 The results show strong evidence for an extensive magmatic nickel sulphide mineral system with signi fi cant mineralised intersections down the hole including: MTRC009 188m at 0.27% Ni, 138ppm Co, 75ppm Cu, 26ppb Pt+Pd from 92m inc. 28m at 0.38% Ni, 158ppm Co, 87ppm Cu, 39ppb Pt+Pd from 121m and inc. 7m at 0.39% Ni, 161ppm Co, 107ppm Cu, 34ppb Pt+Pd from 161m 133m at 0.26% Ni, 126ppm Co, 62ppm Cu, 25ppb Pt+Pd from 321m 18m at 0.21% Ni, 132ppm Co, 78ppm Cu, 20ppb Pt+Pd from 464m 63m at 0.21% Ni, 125ppm Co, 101ppm Cu, 18ppb Pt+Pd from 494m 224m at 0.28% Ni, 129ppm Co, 52ppm Cu, 21ppb Pt+Pd from 622m 18m at 0.27% Ni, 129ppm Co, 51ppm Cu, 10ppb Pt+Pd from 856m 48m at 0.30% Ni, 117ppm Co, 22ppm Cu, 14ppb Pt+Pd from 950m 12m at 0.37% Ni, 143ppm Co, 52ppm Cu, 13ppb Pt+Pd from 1064m 116m at 0.50% Ni, 164ppm Co, 93ppm Cu, 59ppb Pt+Pd from 1303m inc. 38m at 0.71% Ni, 207ppm Co, 188ppm Cu, 0.10g/t Pt+Pd from 1324m In the bottom ~800m, MTRC009 (EIS9) shows similarities to other deep diamond holes in the trends in mineralisation observed, with the now familiar broad mineralised zone beneath the dolerite horizon, along with an active basal zone and a second upper active zone, divided by two unmineralised intervals. Similar to nearby hole MTD028, the basal zone of MTRC009 (EIS9) was the best mineralised section of the hole though MTRC009 (EIS9) was considerably richer than MTD028 in this basal zone returning 12 results from 1m sample intervals containing over 1% nickel. MTRC009 Basal Zone 116m at 0.50% Ni, 164ppm Co, 93ppm Cu, 59ppb Pt+Pd from 1303m inc. 38m at 0.71% Ni, 207ppm Co, 188ppm Cu, 0.10g/t Pt+Pd from 1324m that inc. 5m at 0.96% Ni, 264ppm Co, 257ppm Cu, 0.19g/t Pt+Pd from 1327m which inc. 1m at 1.18% Ni, 316ppm Co, 311ppm Cu, 60ppb Pt+Pd from 1328m and which inc. 1m at 1.47% Ni, 335ppm Co, 270ppm Cu, 0.43g/t Pt+Pd from 1331m and inc. 1m at 1.09% Ni, 267ppm Co, 211ppm Cu, 0.15g/t Pt+Pd from 1335m and inc. 3m at 1.49% Ni, 352ppm Co, 664ppm Cu, 0.17g/t Pt+Pd from 1339m and inc. 3m at 1.26% Ni, 327ppm Co, 320ppm Cu, 0.11g/t Pt+Pd from 1348m and inc. 1m at 1.04% Ni, 284ppm Co, 182ppm Cu, 92ppb Pt+Pd from 1353m and inc. 1m at 1.25% Ni, 369ppm Co, 345ppm Cu, 0.14g/t Pt+Pd from 1360m inc. 1m at 2.34% Ni, 626ppm Co, 233ppm Cu, 0.15g/t Pt+Pd from 1382m These results further reinforce the strongly held view that the Mulga Tank Complex could host a signi fi cant Perseverance-style basal massive sulphide deposit somewhere along its basal contact. These results are also important in the context that visual observations from the hole showed remobilised massive sulphide segregations, veinlets and large immiscible globules of generally less than 10-20% sulphide content over 1m sample intervals (ASX, MTRC009 (EIS9) High-Grade Remobilised Massive Sulphide, 22 December 2025). 10 Western Mines Group Ltd Review of Operations 30 June 2026 This demonstrates the high-tenor nature of the huge Mulga Tank sulphide mineral system and where in-situ accumulations of semi-massive to massive sulphide could be encountered then Perseverance-style results would be expected. DIAMOND HOLES MTRC001 AND MTRC011 Further deep diamond holes were drilled as diamond tail extensions to Phase 1 RC holes MTRC001 and MTRC011. Hole MTRC001 is located ~600m S of hole MTRC011, which itself was ~400m SW of MTD028. Hole MTD028 returned an intersection of 140m at 0.49% Ni from 874m, including 82m at 0.55% Ni from 886m, in a zone of possible Perseverance-like “cloud sulphide”, containing multiple high-grade sulphide segregations, above the basal contact (ASX, MTD028 Disseminated Nickel Sulphide 140m at 0.49% Ni, 31 October 2023). MTRC011 diamond tail aimed to step out from hole MTD028 (ASX, MTRC011 128m at 0.39% Ni inc. 36m at 0.50% Ni, 5 February 2026) whilst diamond tail MTRC001 looked to further test the basal contact of the Complex up-dip from MTD028 and MTRC011. The MTRC001 diamond tail extension was drilled from 444m to a total depth of 895.1m and intersected ~410m of variably serpentinised and talc-carbonate altered high MgO adcumulate dunite ultrama fi c (444-855.5m), before encountering a footwall of basalt and silici fi ed shales at 855.5m depth (855.5-895.1m). 11 Figure 5: WMG deep diamond holes intersecting basal contact of the Mulga Tank Complex Western Mines Group Ltd Review of Operations 30 June 2026 Disseminated magmatic sulphides (trace to 2%) were observed at numerous intervals down the hole. In a number of places the disseminated sulphides coalesce into interstitial blebs (3 to 5% sulphide) between former olivine crystals. Diamond tail extension MTRC011 was drilled from 312m to a total depth of 934.1m and intersected ~550m of variably serpentinised and talc-carbonate altered high MgO adcumulate dunite ultrama fi c (312-864.2m), before encountering a footwall of basalt and silici fi ed shales at 864.2m depth (864.2-934.1m). Disseminated magmatic sulphides (trace to 2%) were observed at numerous intervals down the hole, cumulatively over more than 250m. In a number of places the disseminated sulphides coalesce into interstitial blebs (3 to 8% sulphide) between former olivine crystals. A number of intersections of high-tenor nickel sulphide immiscible globules and semi-massive sulphide segregations were observed towards the base of the hole similar to those seen in MTD028. These sulphide globules and segregations clearly demonstrate all the conditions and processes are present to form basal massive sulphide accumulations within the Mulga Tank Complex. Combined with previous RC sample assays (ASX, First RC Assays Show Broad Zones of Mineralisation, 14 November 2023) the results from the hole MTRC001 cumulatively total: MTRC001 442m at 0.26% Ni, 129ppm Co, 78ppm Cu, 27ppb Pt+Pd with S:Ni 1.4 These geochemical results for the entire hole show the now familiar geochemical signature of the basal portion of the Complex with broad intersections of disseminated nickel mineralisation with elevated Ni and S, in combination with anomalous Cu and PGE, divided by two horizons of barren unmineralised dunite lacking S, Cu and PGE: MTRC001 163m at 0.20% Ni, 123ppm Co, 80ppm Cu, 19ppb Pt+Pd from 94m 29m at 0.42% Ni, 138ppm Co, 85ppm Cu, 17ppb Pt+Pd from 344m 74m at 0.28% Ni, 138ppm Co, 63ppm Cu, 63ppb Pt+Pd from 382m inc. 2m at 0.43% Ni, 145ppm Co, 54ppm Cu, 22ppb Pt+Pd from 382m and inc. 5m at 0.48% Ni, 166ppm Co, 178ppm Cu, 21ppb Pt+Pd from 410m and inc. 14m at 0.41% Ni, 150ppm Co, 69ppm Cu, 0.15g/t Pt+Pd from 442m 23m at 0.35% Ni, 130ppm Co, 17ppm Cu, 4ppm Pt+Pd from 629m 79m at 0.23% Ni, 115ppm Co, 69ppm Cu, 18ppb Pt+Pd from 675m inc. 7m at 0.37% Ni, 150ppm Co, 57ppm Cu, 8ppb Pt+Pd from 677m and inc. 6m at 0.40% Ni, 161ppm Co, 122ppm Cu, 45ppb Pt+Pd from 734m 74m at 0.32% Ni, 142ppm Co, 115ppm Cu, 31ppb Pt+Pd from 762m inc. 23m at 0.42% Ni, 144ppm Co, 74ppm Cu, 44ppb Pt+Pd from 812m Assay results for MTRC011 combined with previous RC sample assays (ASX, MTRC009 Assays Con fi rm 367m of Nickel Mineralisation, 30 November 2023) show broad intersections of disseminated nickel mineralisation with elevated Ni and S, in combination with anomalous Cu and PGE, which cumulatively total: 466m at 0.32% Ni, 130ppm Co, 49ppm Cu, 23ppb Pt+Pd with S:Ni 0.8 12 Western Mines Group Ltd Review of Operations 30 June 2026 The results show strong evidence for an extensive magmatic nickel sulphide mineral system with signi fi cant mineralised intersections down the hole including: MTRC011 80m at 0.22% Ni, 126ppm Co, 73ppm Cu, 26ppb Pt+Pd from 163m inc. 1m at 1.08% Ni, 321ppm Co, 397ppm Cu, 0.11g/t Pt+Pd from 223m 9m at 0.34% Ni, 148ppm Co, 117ppm Cu, 33ppb Pt+Pd from 276m 87m at 0.32% Ni, 135ppm Co, 67ppm Cu, 31ppb Pt+Pd from 291m 128m at 0.39% Ni, 138ppm Co, 50ppm Cu, 25ppb Pt+Pd from 490m inc. 36m at 0.50% Ni, 139ppm Co, 55ppm Cu, 49ppb Pt+Pd from 494m and inc. 8m at 0.41% Ni, 164ppm Co, 108ppm Cu, 34ppb Pt+Pd from 568m 162m at 0.32% Ni, 123ppm Co, 22ppm Cu, 16ppb Pt+Pd from 694m PANHANDLE DIAMOND DRILLING Deep diamond holes MTRC063 (EIS7) and MTD030 (EIS8) were designed to test the ~1.5km long magnetic high feature at the end of the Panhandle within tenement E39/2134, that extends west-northwest from the main body of the Mulga Tank Ultrama fi c Complex. This feature is interpreted as a komatiite channel fl ow body and the holes aimed to drill a stratigraph