Announcement PDF WESTERN MINES GROUP LTD ACN 640 738 834 ANNUAL REPORT 30 JUNE 2025 Western Mines Group Ltd Corporate Directory 30 June 2025 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 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 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) Corporate Governance Statement www.westernmines.com.au/corporate/corporate-governance fi 1 Western Mines Group Ltd Letter from the Chairman 30 June 2025 LETTER FROM THE CHAIRMAN Dear Shareholders Welcome to our 2025 Annual Report. In last years report I pondered that results from our Mulga Tank project “demonstrate the discovery of a signi cant nickel sulphide mineral system, that could be up there as the largest in Australia, if not the world”. Over this last year, despite the negative sentiment in the nickel market, we have remained focused on advancing the Mulga Tank Ni-Co-Cu-PGE Project, and in April announced a rst Mineral Resource Estimate, making it comfortably the largest nickel sulphide deposit in Australia, and already likely top 10 in the world. The initial resource estimate totalled 1,968Mt at 0.27% Ni, 131ppm Co, 82ppm Cu, 17ppb Pt+Pd, S:Ni 0.9 of which 565Mt at 0.28% Ni, 134ppm Co, 104ppm Cu, 18ppb Pt+Pd, S:Ni 1.0 was classi ed as Indicated and 1,403Mt at 0.27% Ni, 129ppm Co, 73ppm Cu, 17ppb Pt+Pd, S:Ni 0.9 was classi ed as Inferred (using 0.20% Ni cut-off). This represents over 5.3Mt of contained nickel, found for approximately $10m exploration spend over the last four years. My congratulations go to the entire exploration team. We will continue to progress this large open pit-able deposit through metallurgical test work and scoping studies but a lot of the excitement of the project remains the ongoing exploration potential of the belt scale Mulga Tank Ultrama c Complex. During the year the team completed the rst regional RC holes targeting komatiite channel ows in tenement E39/2134, with the aid of an EIS grant. This con rmed our geological interpretation and demonstrated a fertile komatiite system. The team also completed further work investigating the multiple occurrences of high-grade massive sulphide we have encountered throughout the Complex. We are beginning to understand some of the architecture of the system and are increasingly convinced this could be a hybrid system more akin to Perseverance… that could host a real “monster” at depth. The Company completed two small capital raises during the year, raising a totalling of $2.59m, which along with our frugal and ef cient exploration, has enabled us to continue to drill and explore the exciting Mulga Tank Project. We will continue to progress what we believe is globally signi cant nickel sulphide project at Mulga Tank despite cyclical market challenges 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 fi fl fi fi fi fi fi fi fi fi 2 Western Mines Group Ltd Review of Operations 30 June 2025 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 nancial year ended 30 June 2025. The Company’s principal focus for the period remained the agship Mulga Tank Ni-Co-Cu-PGE Project where exploration results continued to validate the discovery of a major nickel sulphide mineral system. This culminated with the release of a rst Mineral Resource Estimate for Mugla Tank in April (ASX, Mulga Tank Mineral Resource Over 5Mt Contained Nickel - Update, 10 April 2025), a major milestone for the Company. 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 ve additional regional holes, four of which were drilled with the aid of an EIS grant (ASX, Regional EIS Drilling Con rms Belt-Scale Mineral System, 3 October 2024). The program was successful in its goals of in lling 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 con rmed 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 Con rm Fertile Komatiite System, 3 December 2024). Modelling of all the Company’s drilling results to date has identi ed a signi cant mineralised zone in the main body of the Mulga Tank Complex, which was reported as a Mineral Resource, in accordance with JORC 2012 (ASX, Mulga Tank Mineral Resource Over 5Mt Contained Nickel - Update, 10 April 2025). The Company’s internal modelling work was reviewed by independent consultants ERM. The Mulga Tank March 2025 Mineral Resource (Tables 1 and 2) at a 0.20% Ni cut-off grade is estimated to be: Indicated 565 million tonnes grading 0.28% Ni, 134ppm Co, 104ppm Cu, 18ppb Pt+Pd S:Ni 1.0 Inferred 1,403 million tonnes grading 0.27% Ni, 129ppm Co, 73ppm Cu, 17ppb Pt+Pd S:Ni 0.9 Total Resource 1,968 million tonnes grading 0.27% Ni, 131ppm Co, 82ppm Cu, 17ppb Pt+Pd S:Ni 0.9 Representing contained metal values of: Indicated Contained 1.6Mt Ni, 76Kt Co, 59Kt Cu and 327Koz Pt +Pd Inferred Contained 3.8Mt Ni, 181Kt Co, 102Kt Cu and 748Koz Pt +Pd Total Contained 5.3Mt Ni, 257Kt Co, 161Kt Cu and 1,075Koz Pt + Pd WMG believes the Mulga Tank Mineral Resource represents the largest nickel sulphide deposit in Australia and is likely in the top 10 nickel sulphide resources of the world. 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 signi cantly value accretive for the project and Company. It also opens a range of future project funding options through the re-sale of a royalty. fi fi fl fi fi fi fi fi fi fi fi 3 Western Mines Group Ltd Review of Operations 30 June 2025 Given the signi cant rise in the gold price during the period the Company was active with eld exploration and targeting work across a number of its other projects. Field reconnaissance work, soil sampling, high-resolution ground magnetic and ground gravity surveys were completed at the Jasper Hill Gold Project and Melita Project. Similarly ground gravity surveys and eld reconnaissance work were undertaken at the Youanmi and Pinyalling Projects. A number of drilling targets are emerging at the Jasper Hill Gold Project that may advance further during the next nancial year. The Company undertook a strategic review of its project portfolio during the period, with a view to streamlining and better focusing exploration efforts going forward. This resulted in the surrender of the Broken Hill Bore and Pavarotti Projects and expiry of the Rock of Ages Project. The Company was successful with two more EIS grants applications during the year, being awarded a total of $440,000 for three deep diamond holes at Mulga Tank, one in tenement E39/2132 and the rst two diamond holes targeting komatiite channel ows in tenement E39/2134. The Company completed two capital raises during the year, raising $1,234,625 (before costs) in November 2024, through a placement of 8,230,833 shares at $0.15 per share and a second raise of $1,287,000 (before costs) through the issue of 6,435,000 shares at $0.20 per share, with 6,435,000 free attaching options, in June 2025. The Company 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. fi fi fi fl fi fi 4 Western Mines Group Ltd Review of Operations 30 June 2025 MULGA TANK The Mulga Tank Project comprises exploration licences E39/2132, E39/2134 and E39/2223 and exploration licence application E39/2299, covering 425km2 of the Minigwal Greenstone Belt, 190km east-northeast of Kalgoorlie. The Minigwal Greenstone Belt is a NNW trending linear sequence of predominantly ma c and ultrama 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 two years have demonstrated signi cant nickel sulphide mineralisation and an extensive nickel sulphide mineral system within the Mulga Tank Ultrama c 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 ve additional regional holes, four of which were drilled with the aid of an EIS grant (ASX, Regional EIS Drilling Con rms Belt-Scale Mineral System, 3 October 2024). Results from the various exploration activities are discussed below. Figure 1: Mulga Tank Project location fi fi fi fi fi fi 5 Western Mines Group Ltd Review of Operations 30 June 2025 RC DRILLING RESULTS 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 ve additional regional holes (ASX, Regional EIS Drilling Con rms Belt-Scale Mineral System, 3 October 2024). The program was focused on both further in ll 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 de ned 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. Figure 2: Phase 3 assay results for disseminated nickel sulphide mineralisation fi fi fi fi 6 Western Mines Group Ltd Review of Operations 30 June 2025 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 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 30 June 2025 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 Ultrama c Complex fi 8 Western Mines Group Ltd Review of Operations 30 June 2025 REGIONAL RC DRILLING An additional ve 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 ve 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 ultrama c 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 ows with Ni, S and chalcophile element results highlighting a fertile nickel sulphide environment (ASX, Assays and Petrology Con rm 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 con rmed as the main sulphide species present with only minor pyrrhotite and pyrite (iron sulphides) observed. 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) fi fi fi fl fi fi 9 Western Mines Group Ltd Review of Operations 30 June 2025 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 con rmed nickel sulphide mineralisation in a hot, dynamic komatiite ow 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) fi fl 10 Western Mines Group Ltd Review of Operations 30 June 2025 DIAMOND HOLE MTD029 (EIS3) RESULTS Deep diamond hole MTD029 (EIS3) was drilled during the rst 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, in lling 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 ultrama c (66-1,658.2m), beneath 66m of sand cover (0-66m), before encountering a footwall of basalt and silici ed 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 nal 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 de 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, 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 fi fi fi fi fi fi 11 Western Mines Group Ltd Review of Operations 30 June 2025 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 12 Western Mines Group Ltd Review of Operations 30 June 2025 MINERAL RESOURCE ESTIMATE Results from all the drilling to date have recently been incorporated into a block model that identi es a signi cant mineralised zone in the main body of the Mulga Tank Complex. This mineralised zone was reported as a Mineral Resource Estimate, in accordance with JORC 2012 (ASX, Mulga Tank Mineral Resource Over 5Mt Contained Nickel - Update, 10 April 2025). The Mulga Tank April 2025 Mineral Resource (Tables 1 and 2) at a 0.20% Ni cut-off grade is estimated to be: Indicated 565 million tonnes grading 0.28% Ni, 134ppm Co, 104ppm Cu, 18ppb Pt+Pd S:Ni 1.0 Inferred 1,403 million tonnes grading 0.27% Ni, 129ppm Co, 73ppm Cu, 17ppb Pt+Pd S:Ni 0.9 Total Resource 1,968 million tonnes grading 0.27% Ni, 131ppm Co, 82ppm Cu, 17ppb Pt+Pd S:Ni 0.9 Representing contained metal values of: Indicated Contained 1.6Mt Ni, 76Kt Co, 59Kt Cu and 327Koz Pt +Pd Inferred Contained 3.8Mt Ni, 181Kt Co, 102Kt Cu and 748Koz Pt +Pd Total Contained 5.3Mt Ni, 257Kt Co, 161Kt Cu and 1,075Koz Pt + Pd WMG believes the Mulga Tank April 2025 Mineral Resource represents the largest nickel sulphide deposit in Australia and is likely in the top 10 nickel sulphide deposits in the world in terms of total resources of contained nickel metal. 0.20 0.24 0.28 0.32 Tonnes (Mt) Ni (%) Co (ppm) Cu (ppm) Pt+Pd (ppb) S (%) S:Ni Indicated 573 0.28 134 105 18 0.29 1.0 Inferred 1,432 0.27 129 73 17 0.24 0.9 Total 2,005 0.27 131 82 17 0.25 0.9 Indicated 565 0.28 134 104 18 0.29 1.0 Inferred 1,403 0.27 129 73 17 0.24 0.9 Total 1,968 0.27 131 82 17 0.25 0.9 Indicated 501 0.28 134 104 18 0.28 1.0 Inferred 1,190 0.28 130 72 17 0.23 0.8 Total 1,692 0.28 131 82 16 0.24 0.9 Indicated 249 0.30 139 120 19 0.29 0.9 Inferred 443 0.30 134 83 17 0.25 0.8 Total 691 0.30 136 96 18 0.26 0.9 Indicated 44 0.34 158 229 28 0.40 1.2 Inferred 60 0.33 146 112 22 0.34 1.0 Total 103 0.33 151 161 25 0.37 1.1 Table 1: Mineral Resource details - tonnes and grades Numbers may not add up due to rounding 13 fi 0.16 Category fi Ni Cut Off (%) Western Mines Group Ltd Review of Operations 30 June 2025 Ni Cut Off (%) 0.16 0.20 0.24 0.28 0.32 Category Contained Ni (Mt) Contained Co (kt) Contained Cu (kt) Contained Pt+Pd (koz) Indicated 1.6 77 60 332 Indicated 3.8 185 105 766 Total 5.4 262 165 1,098 Indicated 1.6 76 59 327 Inferred 3.8 181 102 748 Total 5.3 257 161 1,075 Indicated 1.4 67 52 284 Inferred 3.3 154 86 614 Total 4.7 221 138 898 Indicated 0.8 35 30 151 Inferred 1.3 59 37 244 Total 2.1 94 66 395 Indicated 0.1 7 10 40 Inferred 0.2 9 7 42 Total 0.3 16 17 82 Table 2: Mineral Resource details - contained metals Numbers may not add up due to rounding The Company focused its modelling work on an approximate 3.1km x 1.8km area in the centre of the main body of the Mulga Tank Complex. The block model was divided into three geological domains, the sand cover, a narrow oxidised zone and then dunite containing disseminated sulphide mineralisation. The Mineral Resource Estimate is reported for the dunite domain only and nickel within the oxidised domain is speci cally excluded from the reported results. The block model (Figure 7) 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 the 99th percentile nickel assay value of 6,958ppm Ni applied to the raw sample data. Inverse Distance Weighting (IDW2) estimation was performed using multiple passes at 250m, 400m and 800m search radius incorporating a minimum three drill holes. The rst pass distance was determined from variography results for nickel (250m) and sulphur (300m). fi fi 14 Western Mines Group Ltd Review of Operations 30 June 2025 >0.43% Ni 0.27% Ni <0.12% Ni Figure 7: Mulga Tank Parent Block Model for the dunite domain Outline of main Mulga Tank dunite body, viewed from south looking north, coloured by Ni% Two zones with closer drill hole spacing within the parent block model were identi ed and wireframed to de ne the resource classi cation boundaries. The rst zone, with drill holes nominally spaced at 200m x 200m (and approximately corresponding to a rst pass of 280m with minimum three drill holes), was de ned as the Total Resource and classi ed as Inferred (Figure 8). Within this Total Resource, a second zone with drill holes nominally spaced at 100m x 100m (approximately corresponding to a rst pass of 140m with minimum three drill holes) was classi ed as Indicated. Blocks within the mineralisation domain, but outside of the Indicated and Inferred classi cation boundaries, were categorised as Unclassi ed (Figure 9). >0.43% Ni 0.27% Ni <0.12% Ni Figure 8: 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% fi fi fi fi fi fi fi fi fi fi fi 15 Western Mines Group Ltd Review of Operations 30 June 2025 Indicated Inferred Unclassi ed Figure 9: Mulga Tank Mineral Resource categories for the dunite domain Outline of main Mulga Tank dunite body, viewed from south looking north Independent consultants ERM reviewed the data inputs and methodology used to generate the Mulga Tank Mineral Resource Estimate. 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 industry standards, for the type and style of mineralisation. ERM are satis ed the data, interpretation and methodology support the reporting of a Mineral Resource Estimate in accordance with the JORC Code (2012). 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 suf cient 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 de ned 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. fi fi fi fi 16 Western Mines Group Ltd Review of Operation