WESTERN MINES GROUP LTD — Capital/Financing Update 2021

Aug 26, 2021

ASX Announcement 27 August 2021

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Rock of Ages RC Drilling Mobilisation

Highlights

• [RC drill rig mobilising to site for maiden drilling program at Rock of Ages Project ]

• [Initial 800m program targeting extensive trend of historical high-grade gold workings ]

• [6 holes ranging from 100m to 170m depth designed to test for a high-grade shoot ] beneath the main central shafts

• [Historical recorded high-grade gold production from the Rock of Ages workings of ] 2,074 oz Au at 50g/t Au

Western Mines Group Ltd (WMG or Company) ( ASX:WMG ) is pleased to update shareholders on the commencement of a maiden drilling program at the Rock of Ages Project.

Summary

WMG has contracted JDC Drilling to undertaken a maiden drilling program at the Company’s Rock of Ages Project. The drill rig and WMG team are currently mobilising to site for drilling to commence over the weekend.

An initial 800m program has been designed to test the extensive trend of historical shafts and workings, with 6 holes ranging from 100m to 170m depth targeting high-grade gold shoots or lodes beneath the main central workings. A second Program of Work has recently been granted to facilitate an expansion of the program if necessary.

The historical Rock of Ages workings, consist of a series of shallow mine shafts and workings over approximately 600m strike, associated with quartz veining and ferruginous cherts, within felsic volcanic schists. Historical records indicate 2,074oz Au was mined from the workings between 1902 and 1911 at an average grade of 50g/t Au.

This will be the first program to properly test the depth potential of the high-grade gold mineralisation since a poor attempt by Esmeralda Exploration in the 1980’s. Esmeralda drilled 7 holes to a maximum depth of 50m and average depth of 42m but this drilling was largely ineffective, either encountering mined out stopes down to a vertical depth of approximately 35m or ending in the hanging wall before reaching the target mineralised horizon.

Commenting on the Rock of Ages Project, WMG Managing Director Caedmon Marriott said:

“Its exciting to get the Company’s maiden drilling program underway! The depth potential of the mineralisation at Rock of Ages has never been properly tested and this program will be the first to do so. The old timers chased high-grade gold at 50g/t Au down hand dug shafts and stopes to 30-35m below surface, along what appears to be a consistent mineralised horizon. We’re hoping this well mineralised system could open out at depth.

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ASX:WMG

www.westernmines.com.au

ASX Announcement 27 August 2021

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Project Overview

The Rock of Ages Project comprises prospecting licence P38/4203 and is located approximately 32km southeast of Laverton. The project lies on the Laverton Greenstone Belt, around 4.5km south of the historical Burtville Mining Centre and is surrounded by Focus Minerals (ASX:FML) Laverton Gold Project, with the neighbouring deposits of Burtville (206,000oz at 0.96g/t Au) and Karridale (1.19Moz at 1.33g/t Au) within a 5km radius.

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Figure 1: Location of Rock of Ages Project

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Figure 2: Rock of Ages Area of Main Shafts, Workings and Mullock Dumps

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www.westernmines.com.au

ASX Announcement 27 August 2021

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WMG Drill Planning

WMG has planned a 6 hole program totalling 800m designed to test beneath the main central cluster of shafts and workings and area of extensive mullock dumps. The holes will range from 100m to 170m depth targeting an inferred sub-vertical mineralised horizon dipping towards the west. This initial program is anticipated to take 5 to 7 days to complete.

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600m
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Figure 3: Schematic 3D Image Showing N-S Trend of Rock of Ages Workings and Planned WMG Drill Holes Targeting Beneath Main Shaft Area (red)

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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ASX:WMG

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ASX Announcement 27 August 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: 43.8m Options: 18.4m Share Price: $0.175 Market Cap: $7.45m Cash (30/06/21): $5.5m

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@westernmines westernmines Western Mines Group

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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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