MINREX RESOURCES LIMITED — Capital/Financing Update 2025

May 4, 2025

ASX Release

5 May 2025 ASX Code: WC1

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IMMINENT COPPER-GOLD DRILLING AT FRASER RANGE

Highlights

• Heritage surveys completed and statutory approvals now received for Fraser Range drilling program

• RC drill program to commence imminently - expected mid May 2025

• Five priority targets for copper-gold and base metals (IOCG and BHT style targets) to be drill tested with eight RC drill holes

• Drilling program fully funded by Minrex Resources Limited as per previously announced farmout option agreement

West Cobar Metals Limited (ASX: WC1) (“West Cobar”, “the Company”) is pleased to announce that all approvals have been received and a drilling program is set to commence at the Company’s 100%-owned Fraser Range Project, 120 km north-east of Esperance in southern Western Australia.

The project area lies in the Biranup Zone, a structural extension of the Fraser Zone that hosts the Nova-Bollinger nickel-copper deposit and is of similar age to the Iron Oxide Copper Gold (IOCG) mineralisation in the Gawler Craton. Potential also exists within this region for Broken Hill type Deposits (BHT).

Heritage surveys have been completed and DEMIRS Programme of Works approvals also received for drill testing of three IOGC and two BHT targets. Eight reverse circulation (RC) holes will be drilled to depths of 200300m to test the five prospects (see Figure 1) developed through a review and reprocessing of existing data to determine the presence of IOCG or BHT mineralisation.

The program is fully funded by Minrex Resources Limited under the farmout option agreement executed (as per ASX announcement on 26 March 2025). It is anticipated that the drilling rig will arrive on site around mid May 2025, with drilling operations to commence shortly afterwards.

West Cobar Metals’ Managing Director, Matt Szwedzicki, commented: “We are excited to have received heritage clearances and statutory approvals for this exciting copper/gold drilling program.

Under the funding deal with Minrex, we will be exploring for major greenfields targets in outstanding structural settings and we expect to have the drill rig on site around mid May 2025, with operations to commence shortly afterwards.”

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Figure 1: Geology showing the five IOCG and BHT targets to be tested, and areas containing established resources

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-ENDS-

This ASX announcement has been approved by the Board of West Cobar Metals Limited.

About West Cobar Metals Limited

West Cobar Metals Limited is an ASX listed exploration and development company focused on progressing the Bulla Park copper antimony project in NSW, the Salazar Critical Mineral Project in NSW and exploring the Fraser Range Project in WA for copper and gold.

Address: Suite B9, 431 Roberts Rd, Subiaco WA 6008 Phone: +61 8 9287 4600 Website: www.westcobarmetals.com.au Email: info@westcobarmetals.com.au ACN: 649 994 669

Further information:

Matt Szwedzicki Luke Forrestal Managing Director GRA Partners ms@westcobarmetals.com.au luke.forrestal@grapartners.com.au +61 8 9287 4600 +61 411 479 144

This announcement has been prepared for publication in Australia and may not be released or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration of the US Securities Act and applicable US state securities laws.

Forward looking statement

Certain information in this document refers to the intentions of West Cobar, but these are not intended to be forecasts, forward looking statements or statements about the future matters for the purposes of the Corporations Act or any other applicable law. The occurrence of the events in the future are subject to risk, uncertainties and other actions that may cause West Cobar's actual results, performance or achievements to differ from those referred to in this document. Accordingly, West Cobar and its affiliates and their directors, officers, employees and agents do not give any assurance or guarantee that the occurrence of these events referred to in the document will actually occur as contemplated.

Statements contained in this document, including but not limited to those regarding the possible or assumed future costs, performance, dividends, returns, revenue, exchange rates, potential growth of West Cobar, industry growth or other projections and any estimated company earnings are or may be forward looking statements. Forward-looking statements can generally be identified by the use of words such as ‘project’, ‘foresee’, ‘plan’, ‘expect’, ‘aim’, ‘intend’, ‘anticipate’, ‘believe’, ‘estimate’, ‘may’, ‘should’, ‘will’ or similar expressions. These statements relate to future events and expectations and as such involve known and unknown risks and significant uncertainties, many of which are outside the control of West Cobar. Actual results, performance, actions and developments of West Cobar may differ materially from those expressed

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or implied by the forward-looking statements in this document.

Such forward-looking statements speak only as of the date of this document. There can be no assurance that actual outcomes will not differ materially from these statements. To the maximum extent permitted by law, West Cobar and any of its affiliates and their directors, officers, employees, agents, associates and advisers:

• disclaim any obligations or undertaking to release any updates or revisions to the information to reflect any change in expectations or assumptions;

• do not make any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the information in this document, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement; and

• disclaim all responsibility and liability for these forward-looking statements (including, without limitation, liability for negligence).

Competent Person Statement and JORC Information

The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the ‘JORC Code’) sets out minimum standards, recommendations and guidelines for Public Reporting in Australasia of Exploration Results, Mineral Resources and Ore Reserves.

The information contained in this announcement that relates to the exploration information at West Cobar’s projects fairly reflects information compiled by Mr David Pascoe, who is Head of Technical and Exploration of West Cobar Metals Limited and a Member of the Australian Institute of Geoscientists. Mr Pascoe has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Pascoe consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

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