WESTERN MINES GROUP LTD

==> picture [596 x 130] intentionally omitted <==

----- Start of picture text -----

ASX RELEASE
14 NOVEMBER 2023
----- End of picture text -----

FIRST RC ASSAYS SHOW BROAD ZONES OF MINERALISATION

HIGHLIGHTS

==> picture [521 x 12] intentionally omitted <==

First geochemical assay results received for RC holes MTRC001 and MTRC002 at Mulga Tank
Results highlight broad zones of nickel sulphide mineralisation - elevated Ni and S coincident with highly anomalous Cu and PGE:
MTRC001 162m at 0.20% Ni, 123ppm Co, 81ppm Cu, 19ppb Pt+Pd from 95m 29m at 0.42% Ni, 138ppm Co, 85ppm Cu, 17ppb Pt+Pd from 344m 62m at 0.25% Ni, 136ppm Co, 61ppm Cu, 53ppb Pt+Pd from 382m
MTRC002 29m at 0.24% Ni, 141ppm Co, 103ppm Cu, 23ppb Pt+Pd from 97m 19m at 0.28% Ni, 112ppm Co, 9ppm Cu, 30ppb Pt+Pd from 182m 63m at 0.35% Ni, 141ppm Co, 71ppm Cu, 46ppb Pt+Pd from 226m
inc. 23m at 0.44% Ni, 154ppm Co, 118ppm Cu, 70ppb Pt+Pd from 236m
- and inc. 9m at 0.43% Ni, 131ppm Co, 18ppm Cu, 34ppm Pt+Pd from 272m
Geochemical characterisation shows high MgO adcumulate dunite averaging MTRC001 48.3% MgO, 0.16% Al2O3 and MTRC002 46.5% MgO, 0.20% Al2O3 (volatile free)
With cumulative 50-60% of the samples from both holes showing mineralisation the results confirm the RC drilling program is so far successful in testing the continuity of the uppermost zone of mineralisation seen in the Company’s diamond drilling results

==> picture [521 x 12] intentionally omitted <==

Western Mines Group Ltd (WMG or Company) (ASX:WMG) is pleased to update shareholders on geochemical assay results recently received for reverse circulation (RC) drill holes MTRC001 and MTRC002 at the Mulga Tank Ni-Cu-Co-PGE Project, on the Minigwal Greenstone Belt, in Western Australia’s Eastern Goldfields.

WMG completed a 22 hole RC drilling program (totalling 7,035.5m) designed to systematically test the extent of the uppermost zone of shallow disseminated nickel sulphide mineralisation observed in the Company’s diamond core holes across the centre of the Mulga Tank Ultramafic Complex ( ASX, Completion of 7000m RC Drilling Program at Mulga Tank, 7 November 2023 ).

First assay results have now been received for holes MTRC001 and MTRC002 which highlight broad intersections of nickel sulphide mineralisation. Cumulatively around 50-60% of the samples from both of the holes appear to show mineralisation with elevated Ni and S, in combination with highly anomalous Cu and PGE. These results confirm the drilling was successful in targeting the uppermost zone of shallow mineralisation and bodes well for the results from the remainder of the program.

==> picture [521 x 12] intentionally omitted <==

Level 3, 33 Ord Street West Perth WA 6005 ASX:WMG

Shares on Issue: 66.71m Share Price: $0.285 Market Cap: $19.01m Cash: $3.07m (31/10/23)

Telephone: +61 475 116 798 Email: [email protected] www.westernmines.com.au

ASX RELEASE | FIRST RC ASSAYS SHOW BROAD ZONES OF MINERALISATION

==> picture [394 x 12] intentionally omitted <==

==> picture [99 x 48] intentionally omitted <==

down the holes including:

MTRC001 162m at 0.20% Ni, 123ppm Co, 81ppm Cu, 19ppb Pt+Pd from 95m 29m at 0.42% Ni, 138ppm Co, 85ppm Cu, 17ppb Pt+Pd from 344m 62m at 0.25% Ni, 136ppm Co, 61ppm Cu, 53ppb Pt+Pd from 382m Cumulative 253m at 0.24% Ni, 128ppm Co, 76ppm Cu, 27ppb Pt+Pd with S:Ni 1.4 MTRC002 29m at 0.24% Ni, 141ppm Co, 103ppm Cu, 23ppb Pt+Pd from 97m 19m at 0.28% Ni, 112ppm Co, 9ppm Cu, 30ppb Pt+Pd from 182m 63m at 0.35% Ni, 141ppm Co, 71ppm Cu, 46ppb Pt+Pd from 226m inc. 23m at 0.44% Ni, 154ppm Co, 118ppm Cu, 70ppb Pt+Pd from 236m and inc. 9m at 0.43% Ni, 131ppm Co, 18ppm Cu, 34ppb Pt+Pd from 272m Cumulative 111m at 0.31% Ni, 136ppm Co, 69ppm Cu, 37ppb Pt+Pd with S:Ni 0.7

“Its great to see the first results from the RC program starting to come through. We sent just over 5,700 samples to the lab and we should see a steady flow of results over the next month or two.

The 22 hole RC program targeted a significant portion of the main body of the Complex, covering an area of approximately 2.5km x 1km in which we’d previously only drilled four diamond holes. The RC drilling dramatically increases the drilling density in this ‘core’ of the Complex and will yield extremely valuable data in testing the lateral continuity of shallow disseminated mineralisation, as well as beginning to systematically characterise the geology and geochemistry of the system.

mineralisation is working with broad zones of mineralisation identified in both holes. Around 50-60% of the samples from both holes showed the geochemical signature of mineralisation. These are positive initial results as the program looks to test a volume of some 650,000,000 cubic metres which could host significant nickel in sulphide - and hole MTRC001 was located in the southwestern corner of the area drilled so mineralisation is likely not constrained to this initial area.”

MULGA TANK RC DRILLING PROGRAM

WMG has been undertaking continuous drilling programs at the Mulga Tank Project since November 2022, with exciting exploration results demonstrating significant nickel sulphide mineralisation and an extensive nickel sulphide mineral system within the Mulga Tank Ultramafic Complex ( ASX, MTD023 Assays Confirm Discovery of Significant Nickel Sulphide System, 5 April 2023; MTD026 Assays - 840m of Nickel Sulphide Mineralisation, 30 August 2023; MTD027 Expands Mineralisation 4km Across Mulga Tank, 28 August 2023 ).

The Company recently completed a 22 hole RC drilling program designed to systematically test the lateral continuity of the shallow, uppermost zone of disseminated nickel sulphide mineralisation observed in the Company’s diamond holes MTD012, MTD022, MTD023, MTD026, MTD027 and MTD028 within the main body of the Mulga Tank Ultramafic Complex ( ASX, Completion of 7000m RC Drilling Program at Mulga Tank, 7 November 2023 ) (Figure 7).

ASX:WMG

www.westernmines.com.au

ASX RELEASE | FIRST RC ASSAYS SHOW BROAD ZONES OF MINERALISATION

==> picture [394 x 12] intentionally omitted <==

==> picture [99 x 48] intentionally omitted <==

The holes were spaced at approximately 500m x 300m and cover a 2,500m x 1,000m area across the centre of the Complex. Each hole was designed to a target depth of ~300m, which was achieved in all but three holes, for a total of 7,035.5mm - of which the top ~60m of each hole, or 1,321m in total, was mud-rotary drilling through the sand cover.

All holes were sampled at 1m intervals from the start of RC drilling (i.e. base of mud rotary) with a total of 5,721 samples delivered to the ALS laboratory in Perth for geochemical assay.

HIGH MGO ADCUMULATE DUNITE

Assay results for MTRC001 averaged 48.3% MgO and 0.16% Al2O3 portion of the hole, whilst MTRC002 averaged 46.5% MgO and 0.20% Al2O3 (volatile free) over 222m of ultramafic. Using Al2O3 as a proxy for interstitial material and MgO as a proxy for temperature, geochemical characterisation shows the host rock to be nearly entirely high-temperature, adcumulate to extremely adcumulate dunite with Al2O3 generally less than 0.5% and MgO greater than 40%.

==> picture [511 x 153] intentionally omitted <==

Figure 1: MTRC001 MgO and Al2O3 (volatile free)

==> picture [511 x 155] intentionally omitted <==

Figure 2: MTRC002 MgO and Al2O3 (volatile free)

This observation of extensive intersections of high MgO adcumulate dunite within the complex, starting essentially immediately under the sand cover, has positive implications for the targeting of large volume, low grade Type 2 Mt-Keith style disseminated nickel sulphide deposits within the Mulga Tank Complex.

ASX:WMG

www.westernmines.com.au

ASX RELEASE | FIRST RC ASSAYS SHOW BROAD ZONES OF MINERALISATION

==> picture [394 x 12] intentionally omitted <==

==> picture [99 x 48] intentionally omitted <==

EVIDENCE FOR NICKEL SULPHIDE MINERALISATION

Broad intersections of visible disseminated nickel sulphide mineralisation have frequently been observed in the Company’s diamond core drilling. This style on mineralisation is harder to see in RC drill chips but intersections of visual mineralisation were observed in the geological logging of a number of the RC holes e.g. MTRC009 where ~390m of disseminated sulphide was observed down the hole. The geochemical assay results for holes MTRC001 and MTRC002 show the geochemical signature of nickel sulphide mineralisation and demonstrate significant evidence for “live” magmatic sulphide chemical processes.

In the absence of magmatic sulphide processes nickel is incorporated into olivine during crystallisation and essentially trapped within the dunite host rock. Whereas, in “live” sulphur saturated mineral systems the nickel will partition into potentially “recoverable” nickel sulphide form. A number of elements, such as Cu and in particular PGE’s (Pt and Pd), have high affinity for sulphide (chalcophile), and in combination with S (and the S:Ni ratio) are used as geochemical indicators to confirm the presence of active magmatic sulphide processes.

The assay results for MTDRC001 and MTRC002 demonstrate a number of broad zones of highly anomalous Cu and PGE’s in combination with elevated S, and a S:Ni ratio greater than 0.5 (Figures 3 to 6).

==> picture [511 x 154] intentionally omitted <==

Figure 3: MTRC001 Cu and Pt+Pd

==> picture [511 x 155] intentionally omitted <==

Figure 4: MTRC001 S:Ni Ratio

ASX:WMG

www.westernmines.com.au

ASX RELEASE | FIRST RC ASSAYS SHOW BROAD ZONES OF MINERALISATION

==> picture [394 x 12] intentionally omitted <==

==> picture [99 x 48] intentionally omitted <==

==> picture [511 x 153] intentionally omitted <==

Figure 5: MTRC002 Cu and Pt+Pd

==> picture [511 x 154] intentionally omitted <==

Figure 6: MTRC002 S:Ni Ratio

by a combination of the various geochemical indicators and cut-off grades (Ni >0.16%, Cu >20ppm, Pt+Pd >20ppb, S >0.1% and S:Ni >0.5), with only minimal inclusion of unmineralised material below mineable width. The broad mineralised intersections defined were:

ASX:WMG

www.westernmines.com.au

ASX RELEASE | FIRST RC ASSAYS SHOW BROAD ZONES OF MINERALISATION

==> picture [394 x 12] intentionally omitted <==

==> picture [99 x 48] intentionally omitted <==

DISCUSSION

approximately 650,000,000 cubic metres in the centre of the main body (assuming ~320m average drill hole depth and ~60m sand cover). The drilling aims to test the lateral continuity of the shallow, uppermost zone of disseminated nickel sulphide mineralisation observed in the Company’s diamond holes MTD012, MTD022, MTD023, MTD026, MTD027 and MTD028 (Figure 7). The results from this RC drilling should offer a step change in the understanding of the geology and geochemistry of the Complex and its potential to host a significant disseminated nickel sulphide deposit amenable to large scale open-pit mining.

==> picture [517 x 269] intentionally omitted <==

----- Start of picture text -----

Approximate zone
tested by RC drilling
----- End of picture text -----

Figure 7: Cross-section through the Mulga Tank Complex showing approximate zone tested by RC drilling

shallow mineralisation, with numerous broad intervals of interpreted nickel sulphide mineralisation identified in the holes. Around 50-60% of the samples from both holes showed the geochemical signature of nickel sulphide mineralisation with elevated Ni and S, in combination with highly anomalous chalcophile elements Cu and PGE.

Holes MTRC001 and MTRC002 are located towards the fringe, in the southwestern corner, of the main area being tested and extend the current zone of known mineralisation (Figure 8). Hole MTRC001 located right on the edge of the drilled area highlights that mineralisation is not in anyway limited to the zone being tested and very likely extends outside this initial area. It is hoped these results bode well for the remainder of the program given that significant visible mineralisation has been observed in the likes of hole MTRC009 in the centre of the drilling.

The Company continues to believe this central area of the main body of the Mulga Tank Complex could host globally significant quantities of disseminated Mt Keith-style nickel sulphide mineralisation which could be amenable to large scale, open-pit mining operation.

ASX:WMG

www.westernmines.com.au

ASX RELEASE | FIRST RC ASSAYS SHOW BROAD ZONES OF MINERALISATION

==> picture [394 x 12] intentionally omitted <==

==> picture [99 x 48] intentionally omitted <==

==> picture [483 x 483] intentionally omitted <==

The Company looks forward to regularly updating shareholders on the assay results from the RC drilling program as they become available.

For further information please contact:

Dr Caedmon Marriott Managing Director Tel: +61 475 116 798 Email: [email protected]

This announcement has been authorised for release to the ASX by Dr Caedmon Marriott, Managing Director

ASX:WMG

www.westernmines.com.au

ASX RELEASE | FIRST RC ASSAYS SHOW BROAD ZONES OF MINERALISATION

==> picture [394 x 12] intentionally omitted <==

==> picture [99 x 48] intentionally omitted <==

APPENDIX

HoleID	From (m)	To (m)	Interval (m)	Ni (%)	Co (ppm)	Cu (ppm)	Pt + Pd (ppb)
MTRC001	95	257	162	0.20	123	81	19
MTRC001	344	373	29	0.42	138	86	17
MTRC001	382	444	62	0.25	136	61	53
MTRC002	97	126	29	0.24	141	23	21
MTRC002	182	201	19	0.28	112	65	44
MTRC002	226 inc. 236 and inc. 272	289 259 281	63 23 9	0.35 0.44 0.43	141 154 131	71 118 18	46 70 34

HoleID	Easting (MGA51)	Northing (MGA51)	Total Depth (m)	Azimuth	Dip
MTRC001	519403	6688703	444	261	-65
MTRC002	519906	6688994	300	275	-70

Table 2: Collar details for holes MTRC001 and MTRC002

ASX:WMG

www.westernmines.com.au

ASX RELEASE | FIRST RC ASSAYS SHOW BROAD ZONES OF MINERALISATION

==> picture [394 x 12] intentionally omitted <==

==> picture [99 x 48] intentionally omitted <==

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

Dr Benjamin Grguric Technical Director

Capital Structure

Shares: 66.71m Options: 21.12m Share Price: $0.285 Market Cap: $19.01m Cash (31/10/23): $3.07m

@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 highlyprospective projects located on major mineral belts of Western Australia.

major ultramafic complex found on the under-explored Minigwal Greenstone Belt. Exploration results show significant evidence for an extensive working nickel sulphide mineral system and is considered highly prospective for Ni-Cu-PGE mineralisation.

The Company’s primary gold project is Jasper Hill, where WMG has strategically consolidated a 3km mineralised gold trend with walk-up drill targets. WMG has a diversified portfolio of other projects including Melita (Au, Cu-Pb-Zn), midway between Kookynie and Leonora in the heart of the WA Goldfields; Youanmi (Au), Pavarotti (Ni-Cu-PGE), Rock of Ages (Au), Broken Hill Bore (Au) and Pinyalling (Au, Cu, Li).

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, a Member of the Society of Economic Geologists 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.

ASX:WMG

www.westernmines.com.au

ASX RELEASE | FIRST RC ASSAYS SHOW BROAD ZONES OF MINERALISATION

==> picture [394 x 12] intentionally omitted <==

==> picture [99 x 48] intentionally omitted <==

MULGA TANK PROJECT

JORC CODE, 2012 EDITION - TABLE 1 SECTION 1: SAMPLING TECHNIQUES AND DATA

Criteria	JORC Code explanation	Commentary
Sampling techniques	• Nature and quality of sampling (eg cut channels, random chips, or specifc specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fre assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	• Reverse circulation (RC) drilling was completed using standard industry best practice • Individual 1m samples were collected directly from the rig sampling system. Samples were crushed and pulverised to produce a sub- sample for analysis by either multi-element ICP-AES (ME-ICP61 and ME-ICP41), precious metals fre assay (Au-AA25 or PGM-ICP23) and loss on ignition at 1,000°C (ME-GRA05)
Drilling techniques	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	• Reverse circulation percussion drilling rig with a 5.25inch face sampling bit
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fne/ coarse material.	• Standard drilling techniques using “best practice” to maximise sample recovery • Information not available to assess relationship between sample recovery and grade

ASX:WMG

www.westernmines.com.au

ASX RELEASE | FIRST RC ASSAYS SHOW BROAD ZONES OF MINERALISATION

==> picture [394 x 12] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.	• Drill holes geologically logged on a metre basis • Logging is to a level of detail suffcient to support a Mineral Resource estimation, though further information would be required • Logging is qualitative in nature and recorded lithology, mineralogy, mineralisation, weathering, colour, and other features of the samples. Chip trays were photographed in both dry and wet form • Drillhole was logged in full, apart from rock rolled pre-collar intervals
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffed, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for feld duplicate/ second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	• Individual 1m samples were collected directly from the rig sampling system. Samples were crushed and pulverised to produce a sub- sample for analysis by either multi-element ICP-AES (ME-ICP61 and ME-ICP41), precious metals fre assay (Au-AA25 or PGM-ICP23) and loss on ignition at 1,000°C (ME-GRA05) • Majority of samples were dry however some ground water was encountered and some samples were taken wet • Industry standard sample preparation techniques were undertaken and considered appropriate for the sample type and material sampled • The sample size is considered appropriate to the grain size of the material being sampled
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	• Samples analysed by four-acid digest multi- element ICP-AES (ME-ICP61) or precious metals fre assay (Au-AA25 or PGM-ICP23) are considered total or near total techniques • Samples analysed by aqua regia digest multi- element ICP-AES (ME-ICP41) is considered a partial technique of soluble sulphide • Standards, blanks and duplicate samples were introduced through-out the sample collection on a 1:20 ratio to ensure quality control • ALS will also undertake duplicate analysis and run internal standards as part of their assay regime
Verifcation of sampling and assaying	• The verifcation of signifcant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verifcation, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	• Primary logging data was collected using Ocris logging system on a laptop computer, • Signifcant reported assay results were verifed by multiple alternative company personnel • All logging and assay data was compiled into a SQL database server

ASX:WMG

www.westernmines.com.au

ASX RELEASE | FIRST RC ASSAYS SHOW BROAD ZONES OF MINERALISATION

==> picture [394 x 12] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specifcation of the grid system used. • Quality and adequacy of topographic control.	• Drill holes located using a handheld GPS with accuracy of +/-3m • Downhole surveys were performed at collar and end of hole • Coordinates are in GDA94 UTM Zone 51
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is suffcient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifcations applied. • Whether sample compositing has been applied.	• The drilling completed was reconnaissance in nature designed to test specifc geological targets for frst pass exploration purposes only
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	• The drilling was planned to be approximately perpendicular to the interpreted stratigraphy and mineralisation
Sample security	• The measures taken to ensure sample security.	• Samples were delivered to the laboratory by company personnel
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• No audits or reviews of drilling sampling techniques or data by external parties at this stage of exploration • An internal review of sampling techniques and data will be completed

SECTION 2: REPORTING OF EXPLORATION RESULTS

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• Tenement E39/2132, tenement applications E39/2223 and E39/2299 • Held 100% by Western Mines Group Ltd • 1% NSR to original tenement holder • Native Title Claim by Upurli Upurli Nguratja not yet determined • No known historical or environmentally sensitive areas within the tenement area • Tenement is in good standing
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Previous exploration over the Mulga Tank project area by various companies dates back to the 1980s • Of these, more detailed exploration was completed by BHP Minerals Pty Ltd (1982– 1984), MPI Gold Pty Ltd (1995–1999), North Limited (1999–2000), King Eagle Resources Pty Ltd (2004–2012), and Impact (2013–2018)

ASX:WMG

www.westernmines.com.au

ASX RELEASE | FIRST RC ASSAYS SHOW BROAD ZONES OF MINERALISATION

==> picture [394 x 12] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
Geology	• Deposit type, geological setting and style of mineralisation.	• The geology of the project area is dominated by the irregular shaped Mulga Tank serpentinised metadunite intrusive body measuring ~5km x 5km, hosted within metasediments, mafc to felsic schists and foliated metagranite of the northwest trending Archean Minigwal Greenstone Belt • Previous drilling intersected disseminated and narrow zones of massive nickel-copper sulphide mineralisation within the dunite intrusion • The intrusion is concealed under variable thicknesses of cover (up to 70 m in places) with the interpretation of the bedrock geology based largely on aeromagnetic data and limited drilling
Drill hole information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: • easting and northing of the drill hole collar • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • dip and azimuth of the hole • down hole length and interception depth hole length. • If the exclusion of this information is justifed on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	• A listing of the drill hole information material to the understanding of the exploration results provided in the body of this announcement • The use of any data is recommended for indicative purposes only in terms of potential Ni-Cu-PGE mineralisation and for developing exploration targets
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	• No metal equivalent values have been quoted • Results where stated have been normalised to a volatile free sample based on the LOI at 1,000°C results using the formula M(VF) = M / (100%-LOI%)
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	• The drillhole was oriented to intersect perpendicular to the mineralisation or stratigraphy • The relationship of the downhole length to the true width is not known
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any signifcant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• Appropriate maps, photos and tabulations are presented in the body of the announcement

ASX:WMG

www.westernmines.com.au

ASX RELEASE | FIRST RC ASSAYS SHOW BROAD ZONES OF MINERALISATION

==> picture [394 x 12] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• Reporting of signifcant intersections in Table 2 • Reporting of majority of all sample results on charts within the document
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• Not applicable
Further work	• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	• Future exploration planned includes further drill testing of targets identifed • Exploration is at an early stage and future drilling areas will depend on interpretation of results

ASX:WMG

www.westernmines.com.au

AI assistant

WESTERN MINES GROUP LTD Capital/Financing Update 2023

66068_rns_2023-11-13_c75b0eba-0671-48b1-aaf2-a7a77d5a93b8.pdf

FIRST RC ASSAYS SHOW BROAD ZONES OF MINERALISATION

HIGHLIGHTS