Announcement PDF WESTERN MINES GROUP LTD ACN 640 738 834 ANNUAL REPORT 30 JUNE 2024 Western Mines Group Ltd Corporate Directory 30 June 2024 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 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 Moray & Agnew Lawyers Level 6, 505 Collins Street, Melbourne VIC 3000 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 2024 LETTER FROM THE CHAIRMAN Dear Shareholders Welcome to our 2024 Annual Report, for what has been a “step change” year for the Company. We have remained focused on advancing our agship Mulga Tank Ni-Co-Cu-PGE Project, where results continue to 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. It is this potential of the project that has kept us going through what has been dif cult market conditions for junior resource companies and the nickel market in particular. Building on our Exploration Incentive Scheme (EIS) funded “discovery” holes in the rst half of 2023 we have moved through several phases of shallow RC drilling and further deep diamond drilling; with the team completing ~17,000m of drilling during the nancial year 2023-2024. The RC drilling has highlighted a signi cant Mt Keith-style disseminated sulphide system within the Mulga Tank Complex. Amazingly, 36 of the 39 Phase 1 and 2 holes were mineralised, with broad intervals of shallow mineralisation seen in the top 300 vertical metres spread over an area of 2.5km x 1.3km. In February, an Exploration Target, reported in accordance with JORC 2012, was estimated for this zone based on the Phase 1 drilling of 350Mt to 2,200Mt at 0.24% to 0.35% Ni, 120ppm to 150ppm Co with S:Ni 1.1 to 1.3. Further drilling, with the Phase 2 RC targeting in ll with the higher grade core of the Complex and current Phase 3 program, aims to de ne a nickel sulphide deposit that could potentially be amenable to a large scale open pit mining operation. The Company successfully won three more EIS grants during the year totalling $538,000 for two further deep diamond holes and the rst regional RC holes targeting komatiite channel ows in tenement E39/2134. The Company completed three small capital raises during the year, raising a total of $3.83m, 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 fl fi fi fi fi fi fi 2 Western Mines Group Ltd Review of Operations 30 June 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 nancial year ended 30 June 2024. The Company’s principal focus for the year was the agship Mulga Tank Ni-Co-Cu-PGE Project where results during the period continued to demonstrate the discovery of a major nickel sulphide mineral system. Extensive disseminated nickel sulphide mineralisation was encountered in our EIS co-funded “discovery holes” MTD023 (EIS1) MTD026 (EIS2), characteristic of the Type 2 Mt Keith-style model, at the end of FY2023 (ASX, Completion of EIS Hole MTD023, 6 March 2023; Completion of MTD026 and Upcoming MobileMT Survey, 27 June 2023). The focus for FY2024 has been on de ning the size and scale of this extensive mineral system with further diamond drilling and the rst phases of reverse circulation (RC) drilling. Figure 1: Mulga Tank Project location fl fi fi fi 3 Western Mines Group Ltd Review of Operations 30 June 2024 The Company completed a further deep diamond hole MTD027, in a previously undrilled area on the eastern margin of the Complex. The hole encountered >950m of visible sulphide mineralisation (ASX, MTD027 Expands Mineralisation 4km Across Mulga Tank, 28 August 2023). Together with EIS holes MTD023 (~1.7km to WNW) and MTD026 (~1km to WSW), hole MTD027 demonstrates a very extensive magmatic nickel sulphide mineral system within the Mulga Tank Complex, shown across the entire ~4.5km wide main body. Additional deep diamond holes MTD028 and MTD029 (EIS3) were also drilled during the year (ASX, MTD028 Further Nickel Sulphides at Mulga Tank, 2 October 2023; High-Grade Sulphide Segregations at Depth in MTD029 (EIS3), 29 May 2024). As well as yielding further broad intervals of disseminated sulphide mineralisation, holes MTD027 to MTD029 (EIS3) highlighted some of the strongest evidence to date that the Complex actually hosts hybrid Type 1/2 Perseverance-style system with the possibility of discovering basal massive sulphide deposits. Numerous intersections of thin, high-tenor massive sulphide veins, large immiscible globules and in MTD029 (EIS3) high-grade sulphide segregations were observed in the drill core. At the end 2023 the Company completed a 22 hole RC drilling program. This was the rst drilling program designed to systematically test the lateral continuity of the shallow, uppermost zone of disseminated nickel sulphide mineralisation observed in the Company’s diamond holes MTD012, MTD022, MTD023, MTD026, MTD027 and MTD028 within the main body of the Mulga Tank Ultrama c 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). Assay results from the 22 Phase 1 RC holes con rm the drilling was successful in targeting shallow mineralisation with cumulatively around ~50% of the samples from 19 of the holes showing mineralisation - with elevated Ni and S, in combination with highly anomalous Cu and PGE. This uppermost zone of disseminated mineralisation appears to be laterally very extensive and is certainly not constrained by this initial RC program. Modelling of all the Company’s drilling results up to and including the Phase 1 RC identi ed a signi cant mineralised zone in the main body of the Mulga Tank Complex. This zone was reported as an Exploration Target, in compliance 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 Following the JORC Exploration Target estimate the Company completed at second phase of RC drilling. The further 17 hole, 5,534m Phase 2 RC program predominantly focused on in lling the higher grade core area identi ed by the 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 targeted 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. Visible sulphide mineralisation was observed in the Phase 2 RC holes (ASX, Semi-Massive Sulphide in Mulga Tank Phase 2 RC Holes, 29 February 2024) and assay results from all 17 holes returned broad intersections of sulphide mineralisation, including some higher grade results where semi-massive sulphide was observed (ASX, MTRC024 Assays - Matrix-Massive Sulphide over 4.5% Ni; MTRC032 Assays Matrix Sulphide 6m at 1.01% Ni 0.32% Cu, 10 April 2024; MTRC038 Assay Results up to 3.16% Ni and 1.20% Cu, 16 April 2024; All Phase 2 RC Holes Show Broad Sulphide Mineralisation, 14 May 2024). fi fi fi fi fi fi fi 4 Western Mines Group Ltd Review of Operations 30 June 2024 As a complementary technique to the ongoing drilling programs, the Company engaged Expert Geophysics to undertake a MobileMT survey at Mulga Tank at the beginning of the period. MobileMT (Mobile MagnetoTellurics) is the latest innovation in airborne electromagnetic technology and the most advanced generation of Airborne Natural Source Audio Frequency Magnetotelluric (AFMAG) technologies. This deep resistivity mapping tool aims to further unlock the 3D architecture of the Complex and target accumulations of massive nickel sulphide (ASX, Completion of MTD026 and Upcoming MobileMT Survey, 27 June 2023). The survey was conducted across the entire Mulga Tank Complex and parts of the surrounding Minigwal Greenstone Belt (ASX, Completion of MobileMT Survey at Mulga Tank, 8 August 2023). During the year the Company was able to acquire neighbouring tenement E39/2134 held by Dynamic Metals (ASX:DYM), contiguous to the Company’s current Mulga Tank project area. The acquisition expands WMG’s project area to 425km2, covering approximately 37km strike and the entire under explored Minigwal Greenstone Belt. Acquisition consideration of $20,000 cash, 100,000 fully paid ordinary shares in the Company, 200,000 options over ordinary shares (with an exercise price of $0.60 per share, exercisable 3 years from the date of issue) and a 1% Net Smelter Royalty (ASX, WMG Consolidates Entire Mulga Tank Complex, 3 October 2023). The Company was successful with three more EIS grants applications during the year, being awarded a total of $538,000 for two further deep diamond holes and the rst regional RC holes targeting komatiite channel ows in tenement E39/2134. The Company completed three capital raises during the year, raising $1,238,040 (before costs) in October 2023, through a placement of 4,243,000 shares at $0.28 per share to; a second raise of $1,052,495 (before costs) through the issue of 7,016,636 shares at $0.15 per share in March 2024 and a third raise of $1,537,000 (before costs) through the issue of 4,803,125 shares at $0.32 per share in June 2024. We have experienced dif cult market conditions for junior resource companies, and the nickel market in particular, and the Company is grateful for the support of many of our existing shareholders during these capital raises. Given the signi cant rise in the gold price during the period the Company was also active with eld exploration and targeting work across a number of its other projects. Field reconnaissance work, soil sampling, highresolution ground magnetic and ground gravity surveys were completed at the Jasper Hill Gold Project and Melita Project. Similarly ground magnetic and ground gravity surveys were undertaken at the Youanmi Gold Project. Field reconnaissance work targeting both gold and lithium pegmatite mineralisation was also completed at the Pinyalling Project. A number of drilling targets are emerging at the Jasper Hill Gold Project that may advance further during the next nancial year. fl fi fi fi fi fi 5 Western Mines Group Ltd Review of Operations 30 June 2024 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 18 months have demonstrated signi cant nickel sulphide mineralisation and an extensive nickel sulphide mineral system within the Mulga Tank Ultrama c Complex. The Company completed three deep diamond holes and two programs of RC drilling during the year for a total of ~17,000m of drilling. The Company also engaged Expert Geophysics to undertake a MobileMT survey across the entire Mulga Tank Complex and parts of the surrounding Minigwal Greenstone Belt. Results from the various exploration activities are discussed below. DIAMOND DRILLING RESULTS Holes MTD027, MTD028 and MTD029 (EIS3) were completed during the year (ASX, MTD027 Expands Mineralisation 4km Across Mulga Tank, 28 August 2023; MTD028 Further Nickel Sulphides at Mulga Tank, 2 October 2023; High-Grade Sulphide Segregations at Depth in MTD029 (EIS3), 29 May 2024). Hole MTD027 was located on the eastern side of the Mulga Tank Complex in an area that has had no previous drilling. The hole was designed to test a coincident gravity and magnetic high, a minor MLEM anomaly, and the presence of nickel sulphide mineralisation in this area. The hole was drilled to a total depth of 1,662.3m, the deepest hole drilled at the project, and intersected ~1,500m of variably serpentinised and talc-carbonate altered high MgO meso to adcumulate dunite ultrama c (84-1,630.9m), beneath 84m of sand cover (0-84m), before encountering a footwall of basalt and silici ed shales at 1,630.9m depth (1,630.9-1,662.3m). Disseminated magmatic sulphides (trace to 2%) were observed at numerous intervals down the hole, starting from around 216m depth. In a number of places the disseminated sulphides coalesced into interstitial blebs (3 to 5% sulphide) between former olivine crystals. Corresponding pXRF readings of Ni, with elevated Cu and S, support the likelihood of being disseminated magmatic nickel sulphide mineralisation. Frequent intersections of high-tenor in-situ nickel sulphide globules and remobilised massive nickel sulphide veinlets were also observed down the length of the hole. A number of good examples of high-grade nickel sulphide material lling fractures in the rock were seen, including shallow examples in the top 200m of the hole. This is a very positive observation, in a new previously undrilled area, and opens up the eastern margin in the search for massive sulphide sources or deposits within the Complex (Perseverance-style basal massive sulphide) and not just limited to the western margin where previously encountered. Overall hole MTD027 showed a number of similarities with the two EIS deep holes MTD023 (~1.7km to the WNW) and MTD026 (~1km to the WSW) with the meso to adcumulate texture of the host dunite perhaps indicating a sightly higher position in the system. Similar intersections of disseminated sulphides to the EIS holes were observed along with frequent examples of remobilised massive sulphide veinlets logged down the hole. fi fi fi fi fi fi fi 6 Western Mines Group Ltd Review of Operations 30 June 2024 Figure 2: Mulga Tank disseminated sulphide mineralisation in deep diamond drill holes Hole MTD028 was located on the western side of the Mulga Tank Complex between previous holes MTD022 and MTD023 (EIS1). The hole was designed to test the continuity of mineralisation between these holes, possible association of mineralisation with magnetic highs and also further test the large W Conductor EM anomaly at depth. The hole was drilled to a total depth of 1,107.5m and intersected ~950m of variably serpentinised and talccarbonate altered high MgO meso to adcumulate dunite ultrama c (75-1,040.3m), beneath 75m of sand cover (0-75m), before encountering the usual footwall assemblage of black shale, basalt and silici ed shales at 1,040.3m depth (1,040.3-1,107.5m). fi fi 7 Western Mines Group Ltd Review of Operations 30 June 2024 The upper ~300m of the dunite was divided by three basalt-dolerite dykes/sills (one larger ~30m and two smaller <5m). These may correspond to the dolerite unit seen at around ~730m depth in holes MTD023 (EIS1), MTD026 (EIS2) and MTD027 but in a shallower position. The western portion of the Complex is interpreted to be fractured into fault blocks and these may be relatively uplifted versus the eastern portion of the Complex. Disseminated magmatic sulphides (trace to 2%) were observed at numerous intervals down the hole, starting from around 138m depth. In a number of places the disseminated sulphides coalesced into interstitial blebs (3 to 5% sulphide) between former olivine crystals. A number of intersections of high-tenor remobilised massive nickel sulphide veinlets were also observed in the deeper portion of the hole, similar to those seen in surrounding holes MTD012, MTD013, MTD022 and MTD022W1, and MTD023 (EIS1). This continues to con rm the basal contact of the Complex to be highly prospective for massive sulphide accumulations. Overall hole MTD028 showed similarities with the two neighbouring holes MTD022 (~600m to the W) and MTD023 (EIS1) (~500m to the WSW). Similar intersections of disseminated sulphides were observed to MTD023 (EIS1) occurring in four broad zones, though visible mineralisation was perhaps somewhat masked by the structural overprint in this area and the presence of the shallow later stage basalt-dolerite dykes/sills. A number of examples of remobilised massive sulphide veinlets were logged in the deeper portion of the hole furthering con rming the prospectivity of the basal contact of the Complex for massive sulphide accumulations. Hole MTD029 (EIS3) was located in the centre of the Mulga Tank Complex between previous diamond holes MTD023 (EIS1), MTD026 (EIS2) and MTD027. 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. Corresponding pXRF readings of Ni, with elevated Cu and S, along with mineralogical thin section analysis, support the likelihood of this being disseminated magmatic nickel sulphide mineralisation. Multiple intersections of high-tenor remobilised nickel sulphide veinlets as well as large immiscible sulphide segregations were observed down the hole, con rmed by spot pXRF readings up to 57.3% 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 the most frequent and ‘active’ zones encountered to date seen within hole MTD029 (EIS3). The visual observations from these three diamond hole are clearly hallmarks of a very signi cant working sulphide mineral system that has now been demonstrated in large parts of the Mulga Tank Complex. fi fi fi fi fi fi fi 8 Western Mines Group Ltd Review of Operations 30 June 2024 RC DRILLING PROGRAMS At the end of 2023 the Company completed a 22 hole Phase 1 RC drilling program. This was the rst drilling program designed to systematically test the lateral continuity of the shallow, uppermost zone of disseminated nickel sulphide mineralisation observed in the Company’s diamond holes MTD012, MTD022, MTD023, MTD026, MTD027 and MTD028 within the main body of the Mulga Tank Ultrama c 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). The holes were spaced at approximately 500m x 300m and cover a 2,500m x 1,000m area across the centre of the Complex. Each hole was designed to a target depth of ~300m, which was achieved in all but three holes, for a total of 7,035.5m - of which the top ~60m of each hole, or 1,321m in total, was mud-rotary drilling through the sand cover. Of these 22 holes, 19 holes demonstrated signi cant evidence for “live” magmatic sulphide chemical processes and nickel sulphide mineralisation, often accompanied by observations of visible sulphide in RC drill chips in the geological logging. Figure 3: Phase 1 RC assay results for shallow nickel sulphide mineralisation in the Mulga Tank Complex fi fi fi 9 Western Mines Group Ltd Review of Operations 30 June 2024 A further 17 hole, 5,534m Phase 2 RC program predominantly focus on in lling the higher grade core area identi ed by the Company’s JORC Exploration Target modelling of the Phase 1 results (ASX, 2024 Exploration Programs Commence at Mulga Tank, 29 January 2024; Completion of Phase 2 RC Drilling Commencement of EIS3, 8 April 2024). The follow-up holes were focused 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. Each hole was designed to a target depth of 300-350m, which was achieved in all holes, for a total of 5,534m - of which the top ~60m of each hole, or 1,064m in total, was mud-rotary drilling through the sand cover. All 17 of the Phase 2 holes demonstrated signi cant evidence for “live” magmatic sulphide chemical processes and nickel sulphide mineralisation. Visible sulphide mineralisation was observed in the Phase 2 RC holes, in places grading up to semi-massive sulphide abundance of 20-40% sulphide content in RC drill chips (ASX, Semi-Massive Sulphide in Mulga Tank Phase 2 RC Holes, 29 February 2024). Figure 4: Phase 2 assay results for shallow disseminated nickel sulphide mineralisation around the core area fi fi fi 10 Western Mines Group Ltd Review of Operations 30 June 2024 A third phase of RC drilling commenced after the end of the period (ASX, Exploration Activities Recommence at Mulga Tank, 4 July 2024). This program will look to follow-up on higher grade holes MTRC032 and MTRC038 extending mineralisation further to the south, as well as look to prove up further mineralisation >0.40% Ni around hole MTRC016 in the core of the Complex, as a “starter pit” resource. GEOCHEMICAL ASSAY RESULTS Assay results for holes MTD027 and MTD028 show prospective high-temperature adcumulate-extreme adcumulate dunite host rock down the length of both holes, averaging 48.4% MgO, 0.25% Al2O3 (volatile free), over 1,501m for MTD027 and 47.9% MgO, 0.35% Al2O3 (volatile free), over a cumulative 935m for MTD028. Multiple broad intersections of disseminated nickel mineralisation with elevated Ni and S, in combination with highly anomalous Cu and PGE, show strong evidence for an extensive “live” magmatic nickel sulphide mineral system, and con rm the visual observations (ASX, MTD027 Best Assay Results Yet at Mulga Tank, 4 October 2023; MTD028 Disseminated Nickel Sulphide 140m at 0.49% Ni, 31 October 2023). Signi cant mineralised intersections include: MTD027 64m at 0.27% Ni, 133ppm Co, 55ppm Cu, 17ppb Pt+Pd from 122m 38m at 0.32% Ni, 154ppm Co, 114ppm Cu, 44ppb Pt+Pd from 210m 30m at 0.34% Ni, 157ppm Co, 112ppm Cu, 46ppb Pt+Pd from 290m 100m at 0.32% Ni, 136ppm Co, 49ppm Cu, 30ppb Pt+Pd from 430m 118m at 0.29% Ni, 136ppm Co, 60ppm Cu, 25ppb Pt+Pd from 578m 130m at 0.24% Ni, 127ppm Co, 81ppm Cu, 22ppb Pt+Pd from 894m 96m at 0.40% Ni, 161ppm Co, 99ppm Cu, 43ppb Pt+Pd from 1,208m inc. 38m at 0.56% Ni, 159ppm Co, 105ppm Cu, 65ppb Pt+Pd from 1,262m inc. 8m at 1.11% Ni, 181ppm Co, 143ppm Cu, 91ppb Pt+Pd from 1,270m 78m at 0.36% Ni, 139ppm Co, 40ppm Cu, 30ppb Pt+Pd from 1,450m 40m at 0.33% Ni, 151ppm Co, 18ppm Cu, 37ppb Pt+Pd from 1,556m Which cumulatively total: 694m at 0.31% Ni, 141ppm Co, 68ppm Cu, 30ppb Pt+Pd And: MTD028 16m at 0.31% Ni, 139ppm Co, 16ppm Cu, 19ppb Pt+Pd from 134m 30m at 0.30% Ni, 124ppm Co, 10ppm Cu, 15ppb Pt+Pd from 158m 20m at 0.27% Ni, 116ppm Co, 29ppm Cu, 21ppb Pt+Pd from 219m 24m at 0.27% Ni, 111ppm Co, 23ppm Cu, 21ppb Pt+Pd from 282m 120m at 0.32% Ni, 137ppm Co, 65ppm Cu, 44ppb Pt+Pd from 410m 116m at 0.27% Ni, 127ppm Co, 59ppm Cu, 39ppb Pt+Pd from 630m 140m at 0.49% Ni, 161ppm Co, 92ppm Cu, 61ppb Pt+Pd from 874m inc. 82m at 0.55% Ni, 173ppm Co, 114ppm Cu, 74ppb Pt+Pd from 886m Which cumulatively total: 466m at 0.35% Ni, 139ppm Co, 63ppm Cu, 43ppb Pt+Pd with S:Ni 1.0 fi fi 11 Western Mines Group Ltd Review of Operations 30 June 2024 Whilst the visible disseminated mineralisation, con rmed by assay results, clearly demonstrates extensive Type 2 Mt Keith-style nickel sulphide mineralisation, there is increasing evidence of a likely Type 1/2 hybrid nickel sulphide mineral system more akin to Perseverance-style mineralisation (basal massive sulphide component). This includes numerous examples of remobilised massive sulphide veinlets throughout the Complex, visible larger in-situ immiscible sulphide globules in hole MTD027 and assay results suggesting possible Perseverancestyle heavily disseminated “cloud” sulphide at depth in the holes: MTD027 1.0m at 1.05% Ni, 290ppm Co, 111ppm Cu, 110ppb Pt+Pd from 504m MTD027 96m at 0.40% Ni, 161ppm Co, 99ppm Cu, 43ppb Pt+Pd from 1,208m inc. 38m at 0.56% Ni, 159ppm Co, 105ppm Cu, 65ppb Pt+Pd from 1,262m inc. 8m at 1.11% Ni, 181ppm Co, 143ppm Cu, 91ppb Pt+Pd from 1,270m Initial assay results were received for the top ~600m of hole MTD029 (EIS3) with near continuous mineralisation observed down the hole. The broad mineralised intersection was de ned as: MTD029 494m at 0.29% Ni, 135ppm Co, 74ppm Cu, 20ppb Pt+Pd from 108m with S:Ni 1.0 With a number of higher grade intervals including: 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 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 Zones of mineralisation in the geochemical assay results for the Phase 1 and 2 RC drilling programs were generally de ned by a combination of the various geochemical indicators and cut-off grades (Ni >0.15% coincident with 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 1 RC assay results are listed below: MTRC001 Cumulative 253m at 0.24% Ni, 128ppm Co, 76ppm Cu, 27ppb Pt+Pd with S:Ni 1.4 MTRC002 Cumulative 111m at 0.31% Ni, 136ppm Co, 69ppm Cu, 37ppb Pt+Pd with S:Ni 0.7 MTRC003 Cumulative 175m at 0.26% Ni, 114ppm Co, 18ppm Cu, 19ppb Pt+Pd with S:Ni 0.6 MTRC004 No signi cant mineralisation MTRC005 Cumulative 164m at 0.26% Ni, 134ppm Co, 114ppm Cu, 20ppb Pt+Pd with S:Ni 1.3* MTRC006 Cumulative 159m at 0.29% Ni, 125ppm Co, 29ppm Cu, 12ppb Pt+Pd with S:Ni 0.6* MTRC007 Cumulative 168m at 0.29% Ni, 125ppm Co, 29ppm Cu, 12ppb Pt+Pd with S:Ni 1.0* MTRC008 Cumulative 91m at 0.24% Ni, 122ppm Co, 53ppm Cu, 15ppb Pt+Pd with S:Ni 1.1 MTRC009 Cumulative 367m at 0.26% Ni, 133ppm Co, 74ppm Cu, 25ppb Pt+Pd with S:Ni 1.3 MTRC010 Cumulative 106m at 0.25% Ni, 119ppm Co, 25ppm Cu, 15ppb Pt+Pd with S:Ni 1.0 fi fi fi fi 12 Western Mines Group Ltd Review of Operations 30 June 2024 MTRC011 Cumulative 110m at 0.24% Ni, 128ppm Co, 75ppm Cu, 26ppb Pt+Pd with S:Ni 1.9 MTRC012 Cumulative 190m at 0.22% Ni, 124ppm Co, 68ppm Cu, 21ppb Pt+Pd with S:Ni 1.8 MTRC013 Cumulative 149m at 0.29% Ni, 131ppm Co, 42ppm Cu, 30ppb Pt+Pd with S:Ni 1.0 MTRC014 Cumulative 158m at 0.26% Ni, 121ppm Co, 37ppm Cu, 20ppb Pt+Pd with S:Ni 0.5 MTRC015 Cumulative 129m at 0.34% Ni, 156ppm Co, 163ppm Cu, 25ppb Pt+Pd with S:Ni 1.3 MTRC016 200m at 0.30% Ni, 139ppm Co, 92ppm Cu, 25ppb Pt+Pd from 103m S:Ni 1.2 MTRC017 Cumulative 183m at 0.26% Ni, 132ppm Co, 165ppm Cu, 16ppb Pt+Pd with S:Ni 1.6 MTRC018 Cumulative 209m at 0.28% Ni, 129ppm Co, 381ppm Cu, 18ppb Pt+Pd with S:Ni 1.3* MTRC019 MTRC020 186m at 0.28% Ni, 135ppm Co, 78ppm Cu, 22ppb Pt+Pd from 90m S:Ni 1.2 Cumulative 220m at 0.28% Ni, 132ppm Co, 112ppm Cu, 18ppb Pt+Pd with S:Ni 1.1* MTRC021 No signi cant mineralisation MTRC022 No signi cant mineralisation * Ending in mineralisation A summary of the Phase 2 RC assay results are listed below: MTRC023 Cumulative 115m at 0.28% Ni, 133ppm Co, 51ppm Cu, 27ppb Pt+Pd with S:Ni 0.9 MTRC024 MTRC025 199m at 0.31% Ni, 148ppm Co, 76ppm Cu, 23ppb Pt+Pd from 161m S:Ni 1.1* Cumulative 239m at 0.28% Ni, 139ppm Co, 72ppm Cu, 19ppb Pt+Pd with S:Ni 1.2* MTRC026 226m at 0.28% Ni, 125ppm Co, 62ppm Cu, 15ppb Pt+Pd from 86m S:Ni 0.7 MTRC027 Cumulative 193m at 0.26% Ni, 124ppm Co, 78ppm Cu, 22ppb Pt+Pd with S:Ni 1.0* MTRC028 Cumulative 152m at 0.30% Ni, 134ppm Co, 109ppm Cu, 20ppb Pt+Pd with S:Ni 0.9 MTRC029 Cumulative