WESTAR RESOURCES LIMITED — Capital/Financing Update 2021

May 2, 2021

ASX Announcement

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Acquisition of the Historical High-Grade Birrigrin Mining Centre at Gidgee South

HIGHLIGHTS

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• Extremely high-grade gold mined from the Historical Birrigrin Mining Centre in the early 1900’s of up to 196.23 g/t gold, with over 30 historical shafts in the area

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• The Birrigrin Mining Centre acquisition provides contiguous tenure and further enhances the prospectivity of Westar’s Gidgee South Gold Project

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• The asset has been held by the vendors since 1994 with no modern or systematic exploration conducted during this time

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• Planning underway to commence exploration immediately with drilling to commence at Gidgee South imminently

Westar Resources Limited (ASX: WSR) (“ Westar ” or the “Company” ) is pleased to announce the completion of negotiations to facilitate Westar becoming the 100% beneficial owner of the historical Birrigrin Mining Centre, adjoining the Gidgee South Gold Project.

Westar Managing Director Karl Jupp commented:

“The exceptional historic gold grades reported from Birrigrin, combined with a lack of modern exploration, provides a unique and synergistic opportunity to consolidate Westar’s holding in the area and build on the exciting potential of the Gidgee South Gold Project . The Westar geology team are immediately progressing exploration plans at Birrigrin in additional to final preparations for the maiden RC drilling program at Gidgee South, which will test multiple high-priority targets . ”

The Birrigrin Mining Centre consists of a single mining tenement, M57/352, and adjoins Westar’s Gidgee South exploration lease 57/1055 (Figure 1). Birrigrin hosts a number of historic gold mines that have recorded extremely high-grade gold production. (Table 1 and Figures 1 and 3).

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Registered Address

A P

Board Members

T +61 08 6188 7675 E admin@westar.net.au W www.westar.net.au

Gold Projects

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Table 1: Gold Grades from a number of historical mines in the Birrigrin Mining Centre (Grade data from Minedex)

Mine	Grade g/t
Independence	13.3
Stranger	40.25
Wheel Ellen	196.23
Hawthorne	30.69
Golden spur	12.77
Reply	10.68
Pelerin	51.87
Belfast	56.37
Hawthorne	27.66

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Figure 1: Birrigrin Mining Centre Location Plan
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Historic Activity Overview

Newspaper reports of Birrigrin from circa 1900 include:

Wheel Ellen Mine “…44 tons processed for 886 Oz of gold, the average per ton is 20 ounces” Hawthorn Mine “...has turned in 1300 ounces from about 900 tons of stone”

Pelerin Mine “…775 tons of stone have been treated for a total of 2443 ounces of gold” and “ A look over the dump will convince anyone of its richness, both coarse and fine gold being freely visible” .

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Figure 2: View of the Pelerin mining area within the Birrigrin Mining Centre

Many of the historic workings were developed around surface quartz veining, which were known to be up to several metres wide. Depths of the shafts is highly variable, but known to be largely dependent on the ability to dewater once the water table was reached.

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Figure 3: Birrigrin Mining Centre Selected Historic Workings showing historic Gold Grades from Minedex

The area defined under M57/352 comprises 113.6 hectares, having been originally marked out in 1992 and held by the vendors or related parties since 1994. Activities have been limited to prospecting for surface and alluvial gold, with no modern or systematic exploration conducted during this time.

Outright Purchase Completed

Westar has completed the outright purchase of Birrigrin from a private consortium of prospectors for AUD$80,000. There are no ongoing obligations or royalty payments between Westar and the vendors and M57/352 is unencumbered.

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Birrigrin Geology

Birrigrin is an extension of the 100% Westar owned Gidgee South exploration tenure and is considered highly prospective for shear hosted and quartz lode hosted gold mineralisation within a greenstone terrane (Figure 4). Westar engaged PGN Geoscience to undertake a geological assessment of Birrigrin, as part of a broader study of the Gidgee South Project (figures 5 and 6).

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Figure 4: Birrigrin Mining Centre and Gidgee South Interpreted Geology

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Figure 5: Birrigrin Mining Centre Interpreted Geology
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Figure 6: Birrigrin Mining Centre Reprocessed TMI Magnetics (PGN Geosciene)

Future Exploration

Westar is investigating various methodologies to rapidly advance exploration activities at Birrigrin, including a possible Deep Ground Penetrating Radar (DGPR) Survey to define the historic workings and possible gold bearing quartz reefs within 100m of the ground surface.

Pending the timing of the DGPR and drill rig availability, Westar will assess expediting RC drilling at the Birrigrin Mining Centre in conjunction with the maiden RC drill program at Gidgee South.

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For the purpose of Listing Rule 15.5, this announcement has been authorised by the board of Westar Resources Ltd.

ENQUIRIES

Karl Jupp, Managing Director & CEO +61 8 6188 7675 kjupp@westar.net.au

ABOUT WESTAR RESOURCES

Westar Resources (ASX:WSR) is a Perth-based mineral exploration company focused on creating value for shareholders through the development of high-quality gold assets in Western Australia. Westar’s projects are strategically located in highly prospective parts of some of WA’s most prolific goldfields including Sandstone, Mt Magnet, Southern Cross and Nullagine. The Company’s strategy is to apply a systematic approach to the assessment and prioritisation of its projects, all of which have the potential to produce material discoveries.

COMPETENT PERSON STATEMENT

The information in this announcement that relates to exploration results is based on and fairly represents information compiled by Kelvin Fox, a competent person who is a member of the AusIMM. Kelvin Fox is employed by Westar Resources Limited. Kelvin Fox has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves. Kelvin Fox consents to the inclusion in this announcement of the matters based on his work in the form and context in which it appears.