WESTERN MINES GROUP LTD — Capital/Financing Update 2021

Nov 10, 2021

ASX Announcement 11 November 2021

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Completion of Jasper Hill Tenement Acquisition

Key Points

• [Completion of the acquisition of neighbouring tenement E39/2073 to expand the ] Jasper Hill Gold Project

• [Payment of purchase consideration - $50,000 cash, issue of 350,000 shares, 700,000 ] options and grant of 1% NSR

• [Consolidates 3km known mineralised gold trend and WMG’s position on the under ] explored Merolia Greenstone Belt

• [Tenement E39/2073 contains a number of robust gold results from historical shallow ] drilling during the 1980’s including[1] :

AJ10: 14m at 1.58g/t Au from 14m inc. 2m at 8.1g/t Au from 16m PDH02: 13m at 1.44g/t Au from 15m inc. 5m at 3.11g/t Au from 15m PDH03: 18m at 1.28g/t Au from 14m inc. 4m at 3.35g/t Au from 14m

• [Imminent site visit planned to commence ground exploration work and preparations for ] drilling programs in 2022

Western Mines Group Ltd (WMG or Company) ( ASX:WMG ) is pleased to update shareholders on the completion of the acquisition of tenement E39/2073 at the Jasper Hill Gold Project.

Summary

In accordance with the terms of the acquisition agreement WMG has completed the purchase of 100% of neighbouring tenement E39/2073 at the Jasper Hill Gold Project ( ASX, WMG Acquires Key Ground at Jasper Hill Gold Project, 8 October 2021 ). The Company has now made payment of the acquisition consideration of $50,000 in cash, issued 350,000 fully paid ordinary shares in the Company and 700,000 options over ordinary shares (with an exercise price of $0.30 per share, exercisable 3 years from the date of issue) and granted a 1% Net Smelter Royalty (NSR) to the tenement Vendors, Thomas Williams and Neelesh Bhasin.

Tenement E39/2073 is contiguous to the Company’s current Jasper Hill project area and contains the extension of a 3km known mineralised gold trend, to the north of WMG’s tenement P39/6267 ( ASX, Jasper Hill Gold Project Tenement Grant and Project Expansion, 2 August 2021 ). This mineralised trend has been largely held in private ownership over the last 30 years and is significantly under explored.

Historical shallow, wide spaced, RAB and RC drilling during the 1980’s highlights a number of robust gold results within the tenement including[1] : AJ10 14m at 1.58g/t Au from 14m, including 2m at 8.1g/t Au from 16m, PDH02 13m at 1.44g/t Au from 15m, including 5m at 3.11g/t Au from 15m and PDH03 18m at 1.28g/t Au from 14m, including 4m at 3.35g/t Au from 14m - with little or no follow up work since that time.

WMG has an imminent site visit planned to commence ground exploration work and preparations for initial drilling programs in 2022.

1. Refer previous ASX announcements 2 August 2021 and 8 October 2021, no change to historical results previously reported

ASX:WMG

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ASX Announcement 11 November 2021

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Commenting on the Jasper Hill Gold Project, WMG Managing Director Caedmon Marriott said:

“As highlighted at our recent AGM we have some ambitious plans for 2022 and Jasper Hill is very much part of that as the Company’s primary gold project, alongside our flagship Ni-CuPGE project at Mulga Tank.

This is a great acquisition of an exciting piece of ground that consolidates our project area over a 3km long known mineralised gold trend that has previously only been lightly drilled. There are some very interesting and robust shallow intersections of gold over broad widths just 10-15m below surface; a number of which show higher grade portions. These have seen no real follow up work since the 1980’s.

We look forward to getting out on the ground within the next few weeks and starting to prepare for initial drilling programs as soon as we can in the first half of 2022.”

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ASX Announcement 11 November 2021

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The Company looks forward to updating shareholders on the progress of exploration activities at Jasper Hill in due course.

For further information please contact: Dr Caedmon Marriott Managing Director Tel: +61 475 116 798 Email: contact@westernmines.com.au

This announcement has been authorised for release to the ASX by the Board of Western Mines Group Ltd

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www.westernmines.com.au

ASX Announcement 11 November 2021

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About WMG

Western Mines Group Ltd

ACN 640 738 834 Level 3, 33 Ord Street West Perth WA 6005

Board

Rex Turkington Non-Executive Chairman

Dr Caedmon Marriott Managing Director

Francesco Cannavo Non-Executive Director

Paul Burton Non-Executive Director

Capital Structure

Shares: 44.15m Options: 18.4m Share Price: $0.195 Market Cap: $8.61m Cash (30/09/21): $5.03m

Follow us

@westernmines westernmines Western Mines Group

Western Mines Group Ltd (ASX:WMG) is a mineral exploration company driven by the goal to create significant investment returns for our shareholders through exploration and discovery of high-value gold and nickel sulphide deposits across a portfolio of highly-prospective projects located on major mineral belts of Western Australia.

Our flagship project and current primary focus is the Mulga Tank Ni-Cu-PGE Project, a major dunite intrusive found on the under-explored Minigwal Greenstone Belt. Previous work shows significant evidence for a working sulphide mineral system and is considered highly prospective for Ni-Cu-PGE mineralisation.

WMG holds numerous other projects across major WA mineral belts including Melita (Au), midway between Kookynie and Leonora in the heart of the WA Goldfields and Jasper Hill (Au), with numerous prospective gold trends extending from the adjacent Lord Byron and Fish historical gold mines. The Company is also actively exploring Youanmi (Au), Pavarotti (Ni-Cu-PGE), Rock of Ages (Au), Broken Hill Bore (Au) and Pinyalling (Au).

Competent Persons Statement

The information in this announcement that relates to Exploration Results and other technical information complies with the 2012 Edition of the 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 Australasian Institute of Mining and Metallurgy. He has sufficient 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 defined 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.

Disclaimer

Some of the statements appearing in this announcement may be in the nature of forward looking statements. You should be aware that such statements are only predictions and are subject to inherent risks and uncertainties. Those risks and uncertainties include factors and risks specific to the industries in which WMG operates and proposes to operate as well as general economic conditions, prevailing exchange rates and interest rates and conditions in the financial markets, among other things. Actual events or results may differ materially from the events or results expressed or implied in any forward looking statement. No forward looking statement is a guarantee or representation as to future performance or any other future matters, which will be influenced by a number of factors and subject to various uncertainties and contingencies, many of which will be outside WMG’s control.

WMG does not undertake any obligation to update publicly or release any revisions to these forward looking statements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions contained in this announcement. To the maximum extent permitted by law, none of WMG, its Directors, employees, advisors or agents, nor any other person, accepts any liability for any loss arising from the use of the information contained in this announcement. You are cautioned not to place undue reliance on any forward looking statement. The forward looking statements in this announcement reflect views held only as at the date of this announcement.

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