Announcement PDF Western Mines Group Ltd (WMG or Company) (ASX:WMG) is very pleased to inform shareholders of an updated Mineral Resource Estimate for the shallow disseminated nickel sulphide mineralisation at the Mulga Tank Ni-Cu-Co-PGE Project, on the Minigwal Greenstone Belt, in Western Australia’s Eastern Goldfields. The 32 holes from recent Phase 4 and Phase 5 drilling have been incorporated into the Company’s previous resource modelling (ASX, Mulga Tank Mineral Resource over 5Mt Contained Nickel, 10 April 2025) to produce an updated Mineral Resource Estimate. The Company’s internal modelling work has been reviewed by independent consultants ERM. The Mineral Resource Estimate using a 0.20% Ni cut-off grade is: Total Resource 2,647 Mt grading 0.27% Ni, 131ppm Co, 77ppm Cu, 19ppb Pt+Pd S:Ni 1.0 Of which: Indicated 1,121 Mt grading 0.28% Ni, 133ppm Co, 90ppm Cu, 19ppb Pt+Pd S:Ni 1.0 Inferred 1,526 Mt grading 0.27% Ni, 130ppm Co, 68ppm Cu, 19ppb Pt+Pd S:Ni 0.9 With contained metal within the Total Resource of: 7.2Mt Ni, 347kt Co, 205kt Cu and 1.6Moz Pt + Pd ASX:WMG www.westernmines.com.au 1 Western Mines Group Ltd Unit 10, 448 Roberts Road Subiaco WA 6008 HIGHLIGHTS • Completion of an updated Mineral Resource Estimate for the shallow disseminated nickel sulphide mineralisation at the Mulga Tank Ni-Co-Cu-PGE Project (in accordance with JORC 2012) • Inclusion of 32 Phase 4 and 5 drill holes resulting in +35% increase in Total Tonnes, +98% increase in Indicated Tonnes and +18% increase in Total Tonnes above 0.32% Ni cut-off • Globally significant, large-scale, open-pit able nickel sulphide deposit defined at 0.20% Ni cut-off: Indicated 1,121Mt at 0.28% Ni, 133ppm Co, 90ppm Cu, 19ppb Pt+Pd with S:Ni 1.0 Inferred 1,526Mt at 0.27% Ni, 130ppm Co, 68ppm Cu, 19ppb Pt+Pd with S:Ni 0.9 Total Resource 2,647Mt at 0.27% Ni, 131ppm Co, 77ppm Cu, 19ppb Pt+Pd with S:Ni 1.0 • Total Resource contained metal of 7.2Mt Ni, 347kt Co, 205kt Cu, 1.6Moz Pt+Pd • Mineral Resource constrained to depth and area of the Company’s current drilling results - with mineralisation open in many directions • Company’s modelling and Mineral Resource Estimate reviewed by independent consultants ERM Australia Consultants Pty Ltd (ERM) • Updated resource forms part of first Scoping Study being completed for the project MULGA TANK MINERAL RESOURCE OVER 7MT CONTAINED NICKEL ASX RELEASE 26 OCTOBER 2026 Telephone: +61 475 116 798 Email: contact@westernmines.com.au Shares on Issue: 130.37m Share Price: $0.115 Market Cap: $15.00m Cash: $1.58m (30/06/26) The updated Mineral Resource Estimate represents a significant increase from the initial April 2025 estimate and shows: • +35% increase in Total Resource Tonnes and Total Contained Nickel Metal • +98% increase in Indicated Resource Tonnes and Indicated Contained Nickel Metal • +18% increase in Total Resource Tonnes above 0.32% Ni cut-off Commenting on the Mulga Tank Mineral Resource, WMG Managing Director Dr Caedmon Marriott said: “Over the last 18 months we’ve completed further Phase 4 and Phase 5 drilling with an additional 32 RC and shallow diamond holes. Results from these programs have been included into our resource modelling and today’s updated resource estimate. Last years initial MRE for Mulga Tank was a significant milestone for both the project and the Company and with today’s announcement it gets bigger and better - what we believe is firmly the largest nickel sulphide deposit in Australia and top 10 in the world. The Mineral Resource Estimate focuses on just the shallow disseminated mineralisation, constrained by our current drilling, in what could be a large open pit scenario. One of the aims of the Phase 4 and 5 programs was to increase drilling density and upgrade the Indicated resource tonnes, which was successful with a 98% increase. A further aim was to try and target higher grade tonnes, which again appears successful with an 80% increase in Indicated resource tonnes and an 18% increase in Total resource tonnes above a 0.32% Ni cut-off. The results from this upgraded resource will feed into a mine plan and initial Scoping Study the Company is currently working on for the project” MULGA TANK MINERAL RESOURCE ESTIMATE Exploration results from the Company’s various drilling programs at the Mulga Tank Project have demonstrated significant nickel sulphide mineralisation and an extensive nickel sulphide mineral system within the Mulga Tank Ultramafic Complex. WMG has undertaken a combination of both diamond and reverse circulation (RC) drilling. With this two pronged approach, RC is used to infill and prove up the extent of shallow disseminated nickel sulphide mineralisation, defined by the Company’s Mineral Resource Estimate (ASX, Mulga Tank Mineral Resource Over 5Mt Contained Nickel, 10 April 2025), whilst the diamond drilling program continues to test deeper targets for basal massive sulphide. Since the initial Mineral Resource Estimate, the Company has completed two further phases of predominantly RC drilling totalling 32 holes for 9,634m. Results from all the drilling to date have recently been incorporated into a block model that identifies a significant mineralised zone in the main body of the Mulga Tank Complex. This mineralised zone has been reported as a Mineral Resource Estimate, in accordance with the JORC 2012. The Mulga Tank October 2026 Mineral Resource (Tables 1 and 2) at a 0.20% Ni cut-off grade is estimated to be: Indicated 1,121 Mt grading 0.28% Ni, 133ppm Co, 90ppm Cu, 19ppb Pt+Pd S:Ni 1.0 Inferred 1,526 Mt grading 0.27% Ni, 130ppm Co, 68ppm Cu, 19ppb Pt+Pd S:Ni 1.0 Total Resource 2,647 Mt grading 0.27% Ni, 131ppm Co, 77ppm Cu, 19ppb Pt+Pd S:Ni 1.0 ASX:WMG www.westernmines.com.au 2 ASX RELEASE | MULGA TANK MINERAL RESOURCE OVER 7MT CONTAINED NICKEL Representing contained metal values of: Indicated Contained 3.1Mt Ni, 149kt Co, 101kt Cu and 690Koz Pt +Pd Inferred Contained 4.1Mt Ni, 198kt Co, 104kt Cu and 939Koz Pt +Pd Total Contained 7.2Mt Ni, 347kt Co, 205kt Cu and 1.6Moz Pt + Pd ASX:WMG www.westernmines.com.au 3 Ni Cut Off (%) Category Tonnes (Mt) Ni (%) Co (ppm) Cu (ppm) Pt+Pd (ppb) S (%) S:Ni 0.16 Indicated 1,134 0.27 133 91 19 0.29 1.1 Inferred 1,551 0.27 129 68 19 0.26 1.0 Total 2,685 0.27 131 78 19 0.27 1.0 0.20 Indicated 1,121 0.28 133 90 19 0.29 1.0 Inferred 1,526 0.27 130 68 19 0.26 1.0 Total 2,647 0.27 131 77 19 0.27 1.0 0.24 Indicated 989 0.28 134 91 19 0.29 1.0 Inferred 1,300 0.28 130 69 19 0.25 0.9 Total 2,289 0.28 132 78 19 0.27 1.0 0.28 Indicated 481 0.30 139 108 21 0.29 1.0 Inferred 516 0.30 134 76 21 0.26 0.9 Total 997 0.30 136 92 21 0.28 0.9 0.32 Indicated 78 0.34 153 194 28 0.41 1.2 Inferred 43 0.33 146 106 29 0.35 1.1 Total 121 0.34 151 163 28 0.39 1.1 Ni Cut Off (%) Category Contained Ni (Mt) Contained Co (kt) Contained Cu (kt) Contained Pt+Pd (koz) 0.16 Indicated 3.1 151 103 698 Indicated 4.1 201 106 952 Total 7.3 351 208 1,650 0.20 Indicated 3.1 149 101 690 Inferred 4.1 198 104 939 Total 7.2 347 205 1,629 0.24 Indicated 2.8 132 90 607 Inferred 3.6 169 89 804 Total 6.4 302 179 1,412 0.28 Indicated 1.5 67 52 321 Inferred 1.5 69 39 347 Total 3.0 136 91 667 0.32 Indicated 0.3 12 15 70 Inferred 0.1 6 5 40 Total 0.4 18 20 110 Table 1: Mineral Resource Estimate at 0.20% Ni cut-off with Grade-Tonnes details Numbers may not add up due to rounding Table 2: Mineral Resource Estimate at 0.20% cut-off with Contained Metal details Numbers may not add up due to rounding ASX RELEASE | MULGA TANK MINERAL RESOURCE OVER 7MT CONTAINED NICKEL WMG believes the Mulga Tank October 2026 Mineral Resource further extends Mulga Tank as the largest nickel sulphide deposit in Australia and is very likely in the top 10 nickel sulphide resources in the world. Figure 1 below shows the largest nickel sulphide deposits in Australia in terms of total resources of contained nickel metal (Appendix 2 for details): BLOCK MODELLING DETAILS The Company focused its modelling work on an approximate 3.7km x 2.0km area in the centre of the main body of the Mulga Tank Complex. The relevant WMG drill holes from the project database used in the modelling are shown in Figure 2 below (Appendix 1). ASX:WMG www.westernmines.com.au 4 Figure 2: Plan view of area of investigation and drill holes used in block modelling Contained Nickel (Kt) 0 2,000 4,000 6,000 8,000 1: Largest nickel sulphide resources in Australia by total contained nickel metal (min. 100Kt Ni) ASX RELEASE | MULGA TANK MINERAL RESOURCE OVER 7MT CONTAINED NICKEL The block model was divided into three geological domains, the sand cover (average 65m), a narrow oxidised domain (sub-divided into an upper completely oxidised and lower partially oxidised zones) and the main host dunite unit containing disseminated sulphide mineralisation (Figure 7). The Mineral Resource Estimate is reported for the dunite domain only and nickel within the oxidised/transitional domain is specifically excluded from the reported results. The block model (Figure 3) used a parent block size of 50m x 50m x 10m (being approximately half the minimum drill spacing). Drill hole assay compositing was done at 2m with a top-cut of approximately the 99th percentile nickel assay value of 9,000ppm Ni applied to the raw sample data. Ordinary Kriging (OK) estimation was performed using multiple passes at 250m, 400m and 800m search radius incorporating a minimum three drill holes. The first pass distance was determined from variography results for nickel (250m) and sulphur (300m). Two zones with closer drill hole spacing within the parent block model were identified and wireframed to define the resource classification boundaries. The first zone, with drill holes nominally spaced at 200m x 200m (and approximately corresponding to a first pass of 280m with minimum three drill holes), was defined as the extents of the total resource and classified as Inferred (Figure 4). Within this total resource, a second zone with drill holes nominally spaced at 100m x 100m (approximately corresponding to a first pass of 140m with minimum three drill holes) was classified as Indicated. Blocks within the mineralisation domain, but outside of the Indicated and Inferred classification boundaries, were categorised as Unclassified (Figure 5). ASX:WMG www.westernmines.com.au 5 Figure 3: Mulga Tank Parent Block Model for the dunite domain Outline of main Mulga Tank dunite body, viewed from south looking north, coloured by Ni% >0.43% Ni <0.12% Ni 0.27% Ni ASX RELEASE | MULGA TANK MINERAL RESOURCE OVER 7MT CONTAINED NICKEL ASX:WMG www.westernmines.com.au 6 Figure 4: Mulga Tank Total Mineral Resource Block Model for the dunite domain Outline of main Mulga Tank dunite body, viewed from south looking north, coloured by Ni% Figure 5: Mulga Tank Mineral Resource categories for the dunite domain Outline of main Mulga Tank dunite body, viewed from south looking north >0.43% Ni <0.12% Ni 0.27% Ni Indicated Inferred Unclassified ASX RELEASE | MULGA TANK MINERAL RESOURCE OVER 7MT CONTAINED NICKEL SUMMARY OF RELEVANT EXPLORATION DATA Since listing in July 2021 WMG has undertaken a series of exploration programs at the Mulga Tank Project which have included: 30 diamond and diamond tail drill holes totalling 17,879.7m 94 reverse circulation (RC) drill holes totalling 28,939.5m 29,898 drill hole assay samples 35,549 diamond core pXRF measurements Mineralisation and host rock characterisation including optical petrography, SEM-EDS microanalysis and whole rock quantitative XRD analysis Various geophysical surveys including: DownHole ElectroMagnetics (DHEM), Moving Loop ElectroMagnetics (MLEM), ground gravity and airborne MobileMT (MagnetoTellurics) In addition, historical exploration at the Mulga Tank project has included 12 diamond drill holes totalling 4,399.4m. These drill holes have been included in the project database when considering the geological interpretation of the Complex and dimensions of the dunite intrusion. However, they have been generally excluded from the geochemical modelling of mineralisation as the various historical assay suites often lacked elements WMG considers critical to the interpretation, such as sulphur (S), and/or the historical drill holes which fell outside the area investigated by the modelling. INDEPENDENT REVIEW OF MINERAL RESOURCE ESTIMATE ERM has reviewed the data inputs and methodology used to generate the Mulga Tank Mineral Resource Estimate, including validation of the resource figures pertaining to this announcement. ERM is of the opinion that the input data is sound, and the interpretation and methodology used to generate the Mineral Resource Estimate is reasonable and acceptable by current industry standards, for the type and style of mineralisation. ERM are satisfied the data, interpretation and methodology support the reporting of a Mineral Resource Estimate in accordance with the JORC Code (2012). ASX:WMG www.westernmines.com.au 7 ASX RELEASE | MULGA TANK MINERAL RESOURCE OVER 7MT CONTAINED NICKEL TECHNICAL OVERVIEW The Company provides the following summary of material information relating to the Mineral Resource Estimate in accordance with ASX Listing Rule 5.8.1. Further details are provided in the accompanying JORC Tables. GEOLOGY AND GEOLOGICAL INTERPRETATION The Mulga Tank Project is located on the Minigwal Greenstone Belt, which lies in the southern Duketon Domain of the Burtville Terrane of the Yilgarn Craton, Western Australia (Figure 6). The Minigwal Greenstone belt is interpreted from aeromagnetics and historical drilling to consist of two belts of northwesterly trending assemblages of ultramafic, mafic volcanic and sedimentary rocks fault bounded by granite to the east and west. The eastern belt comprises faulted granite and gneiss with thrust-repeated interlayered units of greenstone, BIF and ultramafic to mafic volcanic rocks. The western belt comprises structurally controlled, steeply dipping ultramafic and mafic rocks adjacent to granites. Sub-parallel structures and dolerite dykes that trend east-west cut both belts. Within the project area the Archaean bedrock is masked by sand cover of up to 70m. The tenements cover the Mulga Tank Ultramafic Complex, interpreted from a major regional magnetic high and historical drilling. An approximately oval magnetic high feature within tenement E39/2132 has been shown by drilling to be a lopolith shaped dunite intrusion. The high MgO dunite consists of coarse-grained olivine, displaying predominantly adcumulate to extreme adcumulate texture, with varying degrees of serpentinisation, interstitial magnetite, minor chlorite and sulphides. In places complete serpentinisation of the dunite has taken place with former olivine cumulate textures pseudomorphically replaced by lizardite. Elsewhere serpentinisation has destroyed primary textural features. Curvilinear magnetic features emanating from the dunite are interpreted to represent komatiite channel flows. This interpretation of komatiite channels has been confirmed by the first recent regional RC drilling. The surrounding footwall of the dunite and komatiite channels consists of basalt and interbedded chert and sulphidic black shales. ASX:WMG www.westernmines.com.au 8 Figure 6: Location of Mulga Tank Project ASX RELEASE | MULGA TANK MINERAL RESOURCE OVER 7MT CONTAINED NICKEL Diamond drilling of the dunite intrusion has demonstrated the extensive presence of intercumulus sulphide blebs (predominantly pentlandite), localised at the interstices between former olivine crystals. This texture is often considered evidence of cotectic olivine-sulphide precipitation and characteristic of Type 2 nickel sulphide systems, exemplified by the Mount Keith deposit. Drilling has also encountered intersections of thin (<20cm) high-tenor massive sulphide veins and immiscible sulphide globules. The presence of this type of mineralisation in addition to intercumulus sulphide is considered evidence that Mulga Tank represents a so-called Hybrid system, in which both cotectic precipitation and gravity settling of sulphides has occurred. This markedly increases the prospectivity of the system, allowing for possible significant basal accumulations of massive and matrix sulphide. DRILLING TECHNIQUES A combination of both diamond core and reverse circulation (RC) drilling has been undertaken by WMG at the Mulga Tank Project. Diamond core drilling was predominantly NQ2 diameter, with a minor amount of larger HQ core. Due to the sometimes free flowing sand cover mud rotary drilling was used to drill through the sand until competent rock, with the diamond or RC then commencing below the sand. A total of 30 diamond and diamond tail drill holes totalling 17,879.7m and 94 RC drill holes totalling 28,939.5m have been drilled across the project area since April 2022, of which, 21 diamond and diamond tail drill holes totalling 14,039.7.3m and 89 RC drill holes totalling 27,528.5m were drilled within the main body of the Mulga Tank Complex and used in the Mineral Resource Estimate. SAMPLING AND SUB-SAMPLING TECHNIQUES Diamond core was cut in half and quarters and sampled on either geological intervals or 1m or 2m lengths for geochemical analysis - the majority of sampling being 2m quarter core samples. Individual 1m RC samples were collected directly from the rig sampling system. SAMPLING ANALYSIS AND METHODS Samples were crushed and pulverised to >85% passing 75um to produce a sub-sample for analysis by four acid digest and multi-element ICP-AES (ME-ICP61), precious metals fire assay (Au, Pd, Pt) (PGM-ICP23) and loss on ignition at 1,000°C (ME-GRA05). Bulk density measurements on diamond drill core samples were performed by the water displacement method by the laboratory (OA-GRA09) and the Company. RESOURCE ESTIMATION METHODOLOGY The Mulga Tank October 2026 Mineral Resource Estimate is based on the WMG Mulga Tank drilling database which includes all drilling results up until mid-October 2026. Standard database validation checks and analysis, including analysis of QAQC data, was completed prior to the resource estimation work. The area of interest was wireframed and divided into four geological domains (Figure 7): SAN - the sand cover above the Mulga Tank Complex (density 1.5) - all drill hole collars located by DGPS and used to create Sand Cover Surface DTM COX - completely oxidised zone beneath the sand cover (density 2.3) - a target for magnesite mineralisation POX - partially oxidised zone (density 2.5) - thin transition zone to fresh dunite UD - dunite containing disseminated sulphide mineralisation (density 2.7) - which was limited to a floor depth of 0RL, approximately 450m below surface. ASX:WMG www.westernmines.com.au 9 ASX RELEASE | MULGA TANK MINERAL RESOURCE OVER 7MT CONTAINED NICKEL Drill hole sample assay data was composited to 2m downhole lengths based on statistical analysis of sample data (2m, 3m and 5m comparison) and sample length distributions (84% 1m, 15% 2m, 1% <1m). Given the focus of the resource on predominantly Type 2 disseminated nickel sulphide mineralisation a top-cut of the 99th percentile nickel assay value of 9,000ppm Ni was applied to the raw sample data. Hard domain boundaries were used between the geological domains, meaning only composites within the domain were used to estimate inside that domain. Variography was undertaken on the composited sample data, with particular focus on nickel and sulphur, and used to determine search space parameters and grade continuity. The variogram models for Ni indicate a search of 300m in both the X and Y directions and about 20-30m in the Z direction and for S indicate a search of 250m in the X and Y directions and about 30m in the Z direction (Figure 8). A first pass search radius of 250m in the X and Y direction and 30m in the Z direction were chosen for Ordinary Kriging (OK) estimation. ASX:WMG www.westernmines.com.au 10 Figure 7: Mulga Tank wireframe geological domains Outline of main Mulga Tank dunite body, viewed from south looking north Figure 8: Variogram models for Ni SAN COX POX UD ASX RELEASE | MULGA TANK MINERAL RESOURCE OVER 7MT CONTAINED NICKEL Each of the geological domains were block modelled using a parent block size of 50m x 50m x 10m, being approximately half the minimum drill spacing, creating a block model with dimensions 3,700m x 2,100m x 460m. The Ordinary Kriging (OK) estimation method was used to estimate Ni, S, Co, Cu, Pd, Pt and Cr into the 3D block model with estimation performed in three passes: First Pass - 250m search radius incorporating a minimum three drill holes Second Pass - 400m search radius incorporating a minimum three drill holes Third Pass - 800m search radius incorporating a minimum three drill holes Whilst all four domains (SAN, COX, POX and UD) were block modelled the Mineral Resource Estimate is only reported for the dunite domain (UD), and nickel within the oxidised domains (COX and POX) is specifically excluded from the reported results. Validation of the block model was completed by: • Visual inspection of the block model estimation in comparison to raw and composited drill data on a section-by-section basis (Figure 9) • Volumetric comparison of the wireframe/solid volume to that of the block model volume for each domain • Global statistical comparison of input and block grades, and local composite grade relationship plots (swath plots, to the block model estimated grade for each domain CLASSIFICATION CRITERIA Two zones with closer drill hole spacing within the parent block model were identified and wireframed to define the resource classification boundaries. The first zone, with drill holes nominally spaced at 200m x 200m (and approximately corresponding to a first pass radius of 280m with minimum three drill holes), was defined as the total resource and classified as Inferred. Within this total resource, a second zone with drill holes nominally spaced at 100m x 100m (approximately corresponding to a first pass radius of 140m with minimum three drill holes) was classified as Indicated. Blocks within the mineralisation domain, but outside of the Indicated and Inferred classification boundaries, were categorised as Unclassified (Figure 5). ASX:WMG www.westernmines.com.au 11 Figure 9: Visual inspection of block model and drill hole composites (section NS along E520650) ASX RELEASE | MULGA TANK MINERAL RESOURCE OVER 7MT CONTAINED NICKEL CUT-OFF GRADES The Mulga Tank October 2026 Mineral Resource Estimated is reported at cut-off grade of 0.20% Ni similar to the previous April 2025 estimate. This cut-off grade was chosen for a number of reasons: • Many Canadian large, low-grade nickel sulphide deposits such as Canada Nickel Company’s Crawford Project use a cut-off grade of 0.10% Ni (Crawford Nickel Sulphide Project NI 43-101 Technical Report and Feasibility Study, 1 October 2023) so a cut-off of twice this value, and close to the Crawford Project overall average grade of 0.23% Ni, was deemed appropriate to demonstrate the potential superiority of the Mulga Tank deposit • A cut-off of 0.20% Ni was calculated using the cut-off grade calculation formula: Economic Cut-Off = (M + P + O) / r x (p-v) Where M = mining cost, P = processing cost, O = overhead/G&A cost, r = metallurgical recovery, p = nickel price and v = selling cost MINING AND METALLURGICAL TEST WORK AND PARAMETERS Given the shallow nature of the mineralisation it is anticipated that material would be extracted by open pit mining and then processed on-site by conventional flotation mineral beneficiation methods to produce a saleable nickel sulphide concentrate. The large low-grade resource would be best exploited by a large scale operation, benefiting from the economies of scale. Peer comparison against similar large low-grade gold and base metal projects suggest a modern large open pit operation with a mining and processing rate of 20Mt to 40Mt per year of ore could be envisaged. The Company has completed engineering capital cost estimates and operating cost estimates for a 20Mt per year operation, scalable to 40Mt per year. These will form the basis of an initial Scoping Study currently being completed for the project. The Company has also conducted preliminary benchmarking studies on a number of global large low-grade nickel sulphide deposits, as well as, benchmarking against large-scale gold and base metal project in Western Australia, in order to gauge potential unit operating costs and project parameters (Table 3). WMG has completed preliminary sighter metallurgical test work on a bulk sample of material taken from the upper portion (150m to 300m) of diamond hole MTD029 (EIS3). A series of different rougher flotation tests have been conducted on the bulk sample material, each testing a range of different factors including grind size (38um to 150um) and various reagents. Nickel sulphides have been successfully recovered in all of the tests. The Company notes the recoveries used in feasibilities studies for Canadian large low-grade nickel sulphide projects such as Crawford and Dumont of 41% LoM and 43% LoM respectively. These fall within the range of results achieved by WMG to date and the Company will use the assumption of 40-45% recovery for Mulga Tank for the time being until more extensive test work has been completed. ASX:WMG www.westernmines.com.au 12 ASX RELEASE | MULGA TANK MINERAL RESOURCE OVER 7MT CONTAINED NICKEL REASONABLE PROSPECTS FOR EVENTUAL ECONOMIC EXTRACTION This Mineral Resource Estimate is presented on an unconstrained basis (i.e. not constrain within an open-pit shell) in a like-for-like comparison to the previous April 2025 resource estimate (ASX, Mulga Tank Mineral Resource over 5Mt Contained Nickel, 10 April 2025), that was also unconstrained. A pit shell constrained resource may produce materially different numbers to those presented above. WMG believes the Mulga Tank deposit has reasonable prospects for eventual economic extraction (RPEEE), which is why the Company has continued to explore and advance the project even during the downturn in the nickel price cycle over the last few years. The Company is in the process of completing a first Scoping Study for the project over the next few weeks, based on this upgraded Mineral Resource Estimate. This Scoping Study will better demonstrate in detail the RPEEE of the resource in comparison to any statements made here. Early indications suggest the results for capital cost and operating cost estimates should be in line with assumptions made in the section above along with previous assumptions made in the April 2025 resource estimate. The Company is pleased to present this updated Mineral Resource Estimate for the Mulga Tank Project. It represents another significant milestone for the project. The team is excited to continue to advance the project and is in the process of planning and developing further exploration programs for 2027. We look forward to updating shareholders as they progress. For further information please contact: Dr Caedmon Marriott Managing Director Tel: +61 475 116 798 Email: contact@westernmines.com.au ASX:WMG www.westernmines.com.au 13 Project/Source Operation Size Unit Mining Cost Unit Processing Cost Costmine Intelligence (Global mining cost database) 29.2Mtpa US$ 2.20 per tonne US$ 6.80 per tonne Canada Nickel - Crawford Nickel Project (Crawford Nickel Sulphide Project NI 43-101 Technical Report and Feasibility Study, 1 October 2023) 43.8Mtpa US$ 4.78 per tonne ore (Strip ratio 2.3:1) US$ 5.19 per tonne ore Dumont Nickel - Dumont Nickel Project (Technical Report on the Dumont Ni Project, Launay and Trécesson Townships, Quebec, Canada, 11 July 2019) 38.3Mtpa C$ 3.82 per tonne ore (Strip ratio 1:1) C$ 5.20 per tonne ore Chalice Mining - Gonneville Project (Gonneville Nickel-Copper-PGE Project Scoping Study, 29 August 2023) 30Mtpa A$ 3.80 per tonne mined (Strip ratio 1.8:1) A$ 27.50 per tonne processed (Hydrometallurgical processing) Newmont - Boddington Gold Mine (Boddington Operations Western Australia, Australia, NI 43-101 Technical Report, 31 December 2018) 40.2Mtpa A$ 4.22 per tonne ore (Strip ratio 1:1) A$ 9.71 per tonne ore Newmont - Boddington Gold Mine (Newmont Annual Report 2024) 34.9Mtpa US$ 17.58 per tonne direct mining and production cost with ~1:1 strip ratio for 2024 Caravel Minerals - Caravel Copper Project (Caravel Copper Project Pre-Feasibility Study, July 2022, and Caravel Copper Project Pre-Feasibility Study Update, 20 September 2022) 27Mtpa A$ 3.06 all-in per tonne mined (Strip ratio 1.3:1) A$ 9.26 all-in per tonne ore Table 3: Benchmarking unit operating costs of various large low-grade nickel, gold and base metal projects ASX RELEASE | MULGA TANK MINERAL RESOURCE OVER 7MT CONTAINED NICKEL COMPETENT PERSON STATEMENT The information in this announcement that relates to the Mineral Resource Estimate 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 Australian Institute of Geoscientists and a Member of the Society of Economic Geologists. He has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. Caedmon consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. ASX:WMG www.westernmines.com.au 14 This announcement has been authorised for release to the ASX by Dr Caedmon Marriott, Managing Director ASX RELEASE | MULGA TANK MINERAL RESOURCE OVER 7MT CONTAINED NICKEL APPENDIX 1 - DRILL HOLE COLLARS HoleID Easting (MGA51) Northing (MGA51) Elevation (m) Total Depth (m) Azimuth Dip MTD012 518664 6