SSH GROUP LTD — Capital/Financing Update 2025

Jan 14, 2025

ASX Release

15 January 2025

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Preferred Mining Contractor for Gold Duke Project with Deferred Payment Facility

HIGHLIGHTS

• WGR has issued a non-binding notice to SSH Group Limited (ASX:SSH), selecting them as the preferred mining contractor for the Gold Duke Project in Western Australia.

• SSH Group has proposed a capital facility under a deferred payment arrangement, designed to support WGR's cash flow as it begins operations at the Gold Duke Project.

• A binding obligation to be created on the execution of a Master Services Agreement (MSA) with SSH Group, along with the finalisation of the capital facility.

• WGR entering the MSA will be subject to key internal milestones, including the execution of a toll treatment or ore purchase agreement and a Final Investment Decision by the WGR Board.

• Comprehensive Mining Services: SSH Group to provide a full turnkey solution, covering site establishment, mining, and ore haulage to third-party processing facilities.

• SSH has formed alliances with highly experienced contractors to support the project including mining and civil and technical services provider specialising in mining operations.

• First-stage production will focus on a portion of the four deposits across Eagle, Emu, Gold King, and Golden Monarch, which has a Production Target of 447Kt at 2.55 g/t Au for 34,000 oz[1] .

• This is yet another key milestone in the Company’s strategy to achieve ‘shovel ready’ status for the project, that includes a deferred payment facility.

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Western Gold Resources ( ASX: WGR ) (“ WGR ” or “ the Company ”) is pleased to advise that after completing a detailed competitive pricing review, it has selected SSH Group Limited (ASX:SSH), as the preferred mining contractor for the Gold Duke Project in Western Australia.

1 See ASX announcement 25[th] September 2024 “Positive Scoping Study for Gold Duke Project”

The appointment is non-binding to either party and will only become binding on the execution Master Services Agreement (MSA) with SSH Group. WGR will progress the negotiation process with SSH Group in due course to reach agreement on all outstanding commercial terms and conditions within the MSA.

WGR entering the MSA will be subject to key internal milestones, including the execution of a toll treatment or ore purchase agreement and a Final Investment Decision by the WGR Board.

Further to this SSH Group has proposed a capital facility under a deferred payment arrangement, designed to support WGR's cash flow as it begins operations at the Gold Duke Project. This funding facility is non-dilutionary and potentially reduces the level of future funding required in the earlier stages of the Gold Duke Project.

SSH Group is a ASX Listed Perth based service provider with a strong presence in the Mining, Civil, and Construction industries. The collaboration leverages SSH Group’s strategic alliances with proven contractors, ensuring the efficient development and operation of the Gold Duke Project. SSH Group will manage all aspects of these operations in compliance with the relevant regulations, permitting requirements, and health and safety standards.

Under the direction of SSH Group together with their strategic alliances, they will manage mining services and haulage, leveraging decades of experience in gold mining operations, with a particular focus on the Western Australian Goldfields. They will also oversee all technical services for the project, ensuring all technical aspects are managed effectively. These alliance partners position the Gold Duke Project for successful development and operations in the near term.

The company is in detailed discussions with multiple nearby processing plants within an economic distance of the Gold Duke Project.

WGR Managing Director Cullum Winn commented:

“The issuing of a notice to our preferred mining contractor, SSH Group, marks another significant milestone as we advance the Gold Duke Project toward 'shovel-ready' status. This achievement builds on recent milestones, including increased confidence in our Gold King deposit[2] , excellent metallurgical test results[3] , and expanded mining proposal approvals for the Gold King deposit[4] . These developments further strengthen our position in ongoing discussions with potential processing plants located within an economic distance of the Gold Duke Project."

The Company will continue to provide regular market updates on project development activities and report on updates as soon as they become available.

2 See ASX announcement 17th December 2024 “Increased Confidence Level at Gold King Deposit - Amendment” 3 See ASX announcement 29th November 2024 “Excellent Metallurgical at Gold Duke Project - Amendment” 4 See ASX announcement 4th November 2024 “Gold Duke Receives Expanded Approval of Mining Proposal”

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Figure 1. Approved mine layout the Gold Duke project.

AUTHORISED FOR RELEASE ON THE ASX BY THE COMPANY'S BOARD OF DIRECTORS

For further information:

Gary Lyons Cullum Winn Chairman Managing Director E: garylyons@heiniger.com.au E: cullumw@westerngoldresources.com.au

2 See ASX announcement 17th December 2024 “Increased Confidence Level at Gold King Deposit - Amendment” 3 See ASX announcement 29th November 2024 “Excellent Metallurgical at Gold Duke Project - Amendment” 4 See ASX announcement 4th November 2024 “Gold Duke Receives Expanded Approval of Mining Proposal”

Forward looking statements

This announcement contains forward-looking statements which are identified by words such as ‘may’, ‘could’, ‘believes’, ‘estimates’, ‘targets’, ‘expects’, or ‘intends’ and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this announcement, are expected to take place. Such forward-looking statements does not guarantee future performance and involve known and unknown risks, uncertainties, assumptions, and other important factors, many of which are beyond the control of the Company, the directors and our management. We cannot and do not give any assurance that the results, performance or achievements expressed or implied by the forwardlooking statements contained in this prospectus will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. We have no intention to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this announcement, except where required by law. These forward-looking statements are subject to various risk factors that could cause our actual results to differ materially from the results expressed or anticipated in these statements.

Comptent Persons

There is information in this announcement relating to exploration results which were previously announced on the ASX before 15 January 2025. Other than as disclosed in this announcement, the Company confirms that it is not aware of any further new information or data that materially affects the information included in the original market announcements by Western Gold Resources Limited referenced in this report, and in the case of the Company’s previously announced Scoping Study, the Company confirms that all material assumptions and technical parameters underpinning the forecast financial information in the relevant market announcement continue to apply and have not materially changed. To the extent disclosed above, the Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

2 See ASX announcement 17th December 2024 “Increased Confidence Level at Gold King Deposit - Amendment” 3 See ASX announcement 29th November 2024 “Excellent Metallurgical at Gold Duke Project - Amendment”

4 See ASX announcement 4th November 2024 “Gold Duke Receives Expanded Approval of Mining Proposal”