WESTERN MINES GROUP LTD — Interim / Quarterly Report 2021

Oct 26, 2021

ASX Announcement 27 October 2021

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Quarterly Activities Report September 2021

Highlights

• Successful completion of IPO - WMG now well funded for high-impact exploration across the project portfolio with $5.03m in cash at quarter end

• [Commencement of high-resolution, high-powered MLEM survey at the flagship Mulga ] Tank Ni-Cu-PGE Project

• [Maiden drilling program at Rock of Ages intersected high-grade gold mineralisation, ] significant results include:

RARC005 4m at 5.08g/t Au from 90m inc. 2m at 9.18g/t Au from 90m RARC006 4m at 2.71g/t Au from 84m and 2m at 1.03g/t Au from 58m

• [Targets emerging at the Melita Project near Kookynie with ongoing field exploration ] programs for high-grade gold and Cu-Pb-Zn mineralisation

• [Expansion of Jasper Hill Gold Project with acquisition of licences consolidating highly ] prospective 3km mineralised gold trend, robust historical drill results include:

AJ10 14m at 1.58g/t Au from 14m inc. 2m at 8.10g/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 PDH07 4m at 3.40g/t Au from 12m inc. 1m at 9.80g/t Au from 14m

Western Mines Group Ltd (WMG or Company) ( ASX:WMG ) is pleased to provide shareholders with the following Quarterly Activities Report to the end of September 2021, along with an accompanying Appendix 5B.

Overview

At the beginning of the quarter the Company successfully completed its Initial Public Offering (IPO) and was admitted to the ASX Offical List. WMG is now well funded for our planned high-impact exploration programs, with $5.03m in cash at the quarter end. Exploration activity has been ramping up across a number of key projects during a very active first quarter for the Company.

A high-resolution, high-powered Moving Loop Electromagnetic (MLEM) survey is underway at the Company’s flagship Mulga Tank Ni-Cu-PGE Project. The survey will cover the entire ultramafic intrusion, of over 28km[2] , exploring for electromagnetic bedrock conductors that could be associated with deposits of massive Ni-Cu-PGE sulphides. During the quarter results were received for a ground gravity survey undertaken in June; part of a series of high-resolution ground based geophysical surveys WMG is undertaking ( ASX, Geophysical Surveys to Unlock Mulga Tank Ni-Cu-PGE Project, 25 August 2021 ) aimed at unlocking the project - in order to define and derisk robust drill targets.

The Company successfully completed its maiden drilling program within 7 weeks of listing, intersecting high-grade gold mineralisation at the Rock of Ages Project ( ASX, Maiden Drilling Intersects High-Grade Gold at Rock of Ages, 14 October 2021 ). The program was the first to properly test the potential of the historical Rock of Ages gold workings.

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Standout results from the 2m composite assay results of the initial 5 hole program include RARC005 4m at 5.08g/t Au from 90m, including 2m at 9.18g/t Au from 90m and RARC006 4m at 2.71g/t Au from 84m and 2m at 1.03g/t Au from 58m.

Major field exploration programs have been ongoing at the Company’s Melita Project, located in the Leonora-Kookynie region ( ASX, Major Field Exploration Program Commences at Melita, 11 August 2021 ) ( ASX, Completion of Initial Field Program at Melita, 16 September 2021 ). This multi-phase program is targeting both high-grade gold and copper-lead-zinc (Cu-Pb-Zn) mineralisation. Initial results show numerous targets emerging across the Princess Melita and Airstrip Gossan areas, with further work currently underway at Kylie’s Patch and other areas.

During the quarter WMG’s tenement E39/2079 at the Jasper Hill Gold Project was granted ( ASX, Jasper Hill Gold Project Tenement Grant and Project Expansion, 2 August 2021 ) and the Company strategically expanded the project, pegging tenement P39/6267 and acquiring neighbouring tenement E39/2073 ( ASX, WMG Acquires Key Ground at Jasper Hill Gold Project, 8 October 2021 ). This expansion consolidates an exciting 3km long mineralised gold trend that is significantly under explored and was largely held in private ownership over the last 30 years. Jasper Hill is now the Company’s primary gold project with exploration activity planned during the current quarter.

Project Overview

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Figure 1: Map of WMG project locations

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Mulga Tank

The Mulga Tank Project comprises exploration licence E39/2132 and exploration licence application E39/2223, covering approximately 113km[2] of the southern end of the Minigwal Greenstone Belt, 190km east-northeast of Kalgoorlie. The Minigwal Greenstone Belt is a NNW trending linear sequence of predominantly mafic and ultramafic lithologies with a strike of approximately 40km. The belt is very under explored due to the presence of shallow sand cover. Tenement E39/2132 contains the entire Mulga Tank Dunite Intrusion, a major ultramafic intrusion and a key feature of the area, considered highly prospective for Ni-Cu-PGE magmatic sulphide mineralisation.

The Minigwal Belt and Mulga Tank dunite was first identified by BHP in the 1980’s, whilst the most recent exploration work by Impact Minerals (ASX:IPT) (2013-2016) demonstrated a working Ni-Cu-PGE magmatic sulphide mineral system, with sulphide intersections observed within 8 diamond drill holes drilled to test several EM geophysical anomalies - including 2m at 1.3% Ni and 0.25m at 3.75% Ni, 0.7% Cu and 0.7g/t PGE ( ASX, Geophysical Surveys to Unlock Mulga Tank Ni-Cu-PGE Project, 25 August 2021 ). This exciting work, confirming a sulphide mineral system with a parent magma reaching sulphur saturation and precipitating high-tenor Ni-sulphides, greatly enhances the prospectivity of the intrusion.

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Figure 2: Minigwal Greenstone Belt Aeromagnetics (RTP NEshade L) with WMG tenement areas

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During the previous quarter Atlas Geophysics completed a high-resolution ground gravity survey at the project, with 1,375 station readings taken over approximately 46km[2] . The results from this survey were received during this quarter ( ASX, Geophysical Surveys to Unlock Mulga Tank Ni-Cu-PGE Project, 25 August 2021 ). This survey data, combined with previous work, gives complete 200m x 200m coverage over the whole ultramafic intrusion, with a number of areas of interest infilled down to 100m x 100m spacing. The new dataset offers 2 to 4 times better resolution than previous work and will primarily be used as a mapping tool to better understand the dunite intrusion. 3D inversion modelling is now planned to model the intrusion in far greater detail than previously known, in particular to help map the basal contact of the intrusion, with the aim of finding vertically plunging denser feeder zones or vents that can occur beneath ultramafic bodies and/or deeper channel zones that can be sites for the deposition of major Ni-Cu-PGE deposits.

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Previous Gravity Survey
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Figure 3: Mulga Tank High-Resolution Gravity Survey Results (BA267 1VD NEshade NL)

Using the results of the gravity survey and historical data WMG designed a high-resolution Moving Loop Electromagnetic (MLEM) survey across the intrusion to explore for buried electromagnetic bedrock conductors that could be associated with deposits of massive Ni-Cu-PGE sulphides. The Company has engaged GEM Geophysics to undertake the survey using their high-powered, very low frequency system and Jessy Deep HTS SQUID sensor. The survey commenced just after the end of the quarter ( ASX, Moving Loop EM Survey Commences at Mulga Tank, 7 October 2021 ) and is expected to take approximately 2 months.

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WMG intends to survey the entire intrusion at 200m line spacing, with 100m station spacing along lines and line orientation optimised perpendicular to interpreted structure. The optimised line orientation of WMG’s planned survey should better resolve bedrock conductors, in conjunction with the highpowered, very low frequency system. This should offer greater detail, and greater potential to detect bedrock conductors, compared to previous surveys at 400m line spacing with a lower powered system, conducted in 2013.

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Figure 4: Mulga Tank MLEM Survey Plan

These geophysical programs are being managed by Russell Mortimer at Southern Geoscience Consultants, who has used combined gravity and ground EM techniques to great effect in similar covered terrain down at Legend Mining’s (ASX:LEG) Mawson discovery, approximately 140km southeast of Mulga Tank.

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Melita

The Melita Project comprises exploration licence E40/379, covering an area of approximately 105km[2] . The project is located 20km south-southeast of Leonora and to the north of the Kookynie, Niagara and Orient Well-Butterfly gold mining centres, in the heart of the WA Goldfields. The Kookynie area has seen recent upswing in exploration activity, with WMG’s Melita Project surrounded by the likes of Genesis Minerals (ASX:GMD), Saturn Metals (ASX:STN), Azure Minerals (ASX:AZS), KIN Mining (ASX:KIN) and the recently listed Mt Malcolm Mines (ASX:M2M) and Iris Metals (ASX:IR1).

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Figure 5: Location of Melita Project

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Prior to the IPO, WMG completed ASTER and Landsat based satellite remote sensing work over the Melita Project area, along with a review of historical exploration, in preparation for the commencement of field exploration programs upon listing ( ASX, Major Field Program Commences at Melita, 11 August 2021 ). The historical review highlights the tenement area to be prospective for both gold and Cu-Pb-Zn VMS-style mineralisation; whilst the satellite remote sensing identified 19 target areas with favourable alteration signatures. Several of these target areas are associated with major regional structures and/or with evidence of historical workings.

During quarter WMG completed a first phase of field exploration over the historical Princess Melita high-grade gold workings and Airstrip Cu-Pb-Zn Gossan areas ( ASX, Completion of Initial Field Program at Melita, 16 September 2021 ). A total of 938 soil samples and 121 line kms of ground magnetics were collected over the two areas, covering approximately 5.5km[2] .

Multi-element gold and pathfinder geochemical assay results have now been received for the soil samples, along with initial processing and imaging of the high-resolution ground magnetic survey data. Three broad gold-in-soil anomalies have been identified across the Princess Melita area, covering a cumulative ~2km strike, whilst a Zn-Cu anomaly and gold-in-soil anomaly have been identified at the Airstrip Gossan area.

The field team subsequently returned to site in order to complete a phase two program focused on Kylie’s Patch, an area of recent gold nugget discoveries by local prospectors; as well as a number of other target areas identified from recent desktop and remote sensing work. A further 517 soil samples covering these target areas have recently been submitted to the laboratory.

Princess Melita Gold Workings

An area of approximately 2.1km width and 2.3km strike around the historical Princess Melita gold workings was explored during this first field program. This area covered two parallel north-south striking trends of historical workings, and recent gold prospecting nugget patches and scrapings, associated with three satellite based alteration targets.

A total of 714 sieved soil samples were collected at a general 200m x 50m spacing, with a number of areas of interest infilled in greater detail down to 100m x 50m spacing. These samples were submitted to ALS in Perth for multi-element gold and pathfinder element geochemical analysis. A high-resolution ground magnetic survey was completed over the same exploration area, with just over 105 line kms of data collected at 50m line spacing along east-west line across the north-south trend of geology.

Gold assay results and initial processing of the ground magnetic survey data are shown in Figure 6 below. Three area of anomalous gold results have been identified by the work: the northern extension of the Princess Melita workings, a western anomaly associated with a trend of historical workings and a magnetic low feature and a far northern anomaly, along strike from the Princess Melita workings and close to an area of recent prospecting activity.

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Figure 6: Princess Melita Exploration Area Gold Results (GMAG RTP image)

Airstrip Cu-Pb-Zn Gossan

An area of approximately 0.6km width and 1.3km strike around the Airstrip Cu-Pb-Zn Gossan, first identified in the 1970’s and confirmed by recent WMG rock chip sampling ( ASX, Major Field Exploration Program Commences at Melita, 11 August 2021 ), was explored during the first phase of the program.

A total of 224 sieved soil samples were collected at a general 100m x 50m spacing, with the known gossanous area infilled in greater detail down to 50m x 25m spacing. A high-resolution ground magnetic survey was completed over the same exploration area, with just over 16 line km of data collected at 40m line spacing along east-west line across the north-south trend of geology.

Geochemical assay results and initial processing of the ground magnetic survey data are shown in Figures 7A and 7B below. A zinc-in-soil anomaly (along with elevated copper) is seen extending south over 500m to 800m strike, from the area of outcropping Cu-Pb-Zn gossan identified by WMG and historical rock chip results. These results appear to sit in the up dip location of a buried magnetic highfeature. Broad spaced historical lag sampling across the area also shows a second possible Cu-Zn anomaly approximately 1km to the north-northeast.

A gold-in-soil anomaly has also been identified by the assay results extending over 500m strike in the northeast part of the survey area, associated with a magnetic low feature.

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Figure 7A and 7B: Airstrip Gossan Exploration Area Zinc and Gold Results (GMAG RTP image)

Rock of Ages

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. The tenement contains the historical Rock of Ages workings, a series of shallow mine 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.

During the quarter, WMG completed the Company’s maiden drilling program at the project, with an initial 5 hole reverse circulation (RC) drilling program totalling 654m ( ASX, Completion of Rock of Ages RC Drilling, 9 September 2021 ). This trial program was designed to test beneath the main central cluster of shafts and workings and area of extensive mullock dumps. The holes ranged in depth from 120m to 150m depth targeting an inferred sub-vertical mineralised horizon dipping towards the west. The holes were drilled across 4 lines along the strike of the trend of shafts and workings.

The drilling predominantly intersected sheared felsic volcanics, which were often heavily weathered down to approximately 80-90m. A total of 288 samples were collected for geochemical assay, with 4m composites taken from 0m to 40m down each hole and 2m composites taken from 40m to end of each hole. The samples were processed by the ALS laboratory in Perth for gold analysis by fire assay and significant intersections are shown in the table below.

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WMG is very encouraged by the high-grade gold intersections identified by the drilling in this maiden program, with standout results in holes RARC005 of 4m at 5.08g/t Au from 90m including 2m at 9.18g/t Au from 90m and RARC006 2m at 1.03g/t Au from 58m and 4m at 2.71g/t Au from 84m ( ASX, Maiden Drilling Intersects High-Grade Gold at Rock of Ages, 14 October 2021 ). Modelling of the assay results suggest the dip of the mineralisation could be shallower than inferred from the Company’s initial targeting work, with the potential for multiple mineralised horizons. The Company is in the process of retrieving and assaying the 1m sample splits for more detailed geochemical information of the mineralised intersections.

Better assay results were seen in fresh rock versus the weathered upper saprolite. A significant depth of weathering was observed in the drill logging, down to approximately 80-90m. This weathering may explain the patchier results in the shallower intersections. Further drilling to follow up on the high-grade intersections is currently being planned, taking account of this new information.

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Figure 8: Rock of Ages Drill Hole Plan

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HoleID	Easting (MGA51)	Northing (MGA51)	Max Depth (m)	Azimuth	Dip	From (m)	To (m)	Interval (m)	Grade Au (g/t)
RARC001	465810	6813000	126	90	-60	118	120	2	0.45
RARC002	465800	6812965	138	90	-60	56 68	60 70	4 2	0.49 0.32
RARC003	465820	6812930	120	90	-60	58 112	60 114	2 2	0.62 0.48
RARC005	465795	6812930	150	90	-60	90 inc 90	94 92	4 2	5.08 9.18
RARC006	465820	6183035	120	90	-60	58 84 inc 86	60 88 88	2 4 2	1.03 2.71 3.96

(significant intersections at 0.25g/t Au cut off, with maximum 2m internal dilution)

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Figure 9: Rock of Ages Cross-Section 6812935N

Jasper Hill

The Jasper Hill Project comprises exploration licence E39/2079 and prospecting licence application P39/6267. The project is located approximately 80km southeast of Laverton and covers part of the poorly exposed Merolia Greenstone Belt, a NNW trending belt, up to 20km wide, that can be traced over 110km in a SSE direction from the Burtville Mining Centre. The project area is lightly explored, due to being partly under shallow cover, but is contiguous to the historic producing mines of Lord Byron (160,000oz at 1.0g/t Au) immediately to the south and Fish (87,000oz at 4.1g/t Au), to the east. The basalt, BIF and ferruginous chert sequence hosting the Lord Byron deposit extends into the southern portion of tenement E39/2079.

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During the quarter WMG’s tenement E39/2079 was granted ( ASX, Jasper Hill Gold Project Tenement Grant and Project Expansion, 2 August 2021 ) and the Company strategically expanded the project pegging tenement P39/6267 and acquiring neighbouring tenement E39/2073 ( ASX, WMG Acquires Key Ground at Jasper Hill Gold Project, 8 October 2021 ). This expansion consolidates an exciting 3km long mineralised gold trend, running through tenement E39/2073 and prospecting licence application P39/6267, that is significantly under explored and largely held in private ownership over the last 30 years. Historical reports show some robust, shallow intersections of gold mineralisation along the trend, drilled during the 1980’s with no real follow up work since that time.

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Jasper Hill is now the Company’s primary gold project with exploration activity planned during the current quarter.

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Pavarotti

The Pavarotti Project comprises exploration licence E77/2478 and exploration licence application E77/2746. The project is located approximately 50km north-northeast of Southern Cross and lies on the western side of the Koolyanobbing Greenstone Belt, a northwest trending sequence of mafic and ultramafic volcanic and intrusive rocks with lesser sediments intercalated with BIF horizons forming prominent ridges. The BIF horizons have been exploited since the 1960s, with several open pit iron ore mines that are currently owned by Mineral Resources (ASX:MIN).

The western basal ultramafic sequence of the Koolyanobbing Greenstone Belt has been explored intermittently for nickel sulphide mineralisation since the 1970s, with nickel gossans and Kambaldastyle channel hosted nickel sulphide mineralisation in komatiite ultramafic volcanics first identified by BHP. This work mostly focused on the Jocks Dream deposit located between WMG’s tenements E77/2478 and E77/2746, but also identified the Pavarotti and Jocks Fury Prospects within E77/2746.

The basal ultramafic units running through WMG’s project area demonstrate many encouraging indicators for potential Ni-Cu-PGE mineralisation, such as surface gossans and nickel sulphide mineralisation observed in drilling. For example, hole H202 drilled at Jock’s Fury gossan, within WMG’s tenement application E77/2746, finished with 4.6m @ 1.3% Ni from 42.7m to end of hole , with no further follow up work. A lot of the historical exploration work was ineffective, the majority of the historical ground EM surveying across the Pavarotti Project was conducted in 1998, with some follow up in 2008. WMG intends to improve this work using modern higher powered geophysical techniques and then drill test targets identified.

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Figure 11: Pavarotti tenement area

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Youanmi

The Youanmi Project comprises exploration licence E57/1119 and prospecting licence P57/1450. The project is located 70km southwest of Sandstone and lies on the eastern side of the Youanmi Greenstone Belt, along the major Youanmi Shear. The Youanmi Shear is the principal feature of the region, north-north-easterly trending crustal scale feature, at least 200km long and 1km wide in the Youanmi area, which represents a major structural division of the Yilgarn Craton. Locally the Youanmi Shear separates the Youanmi Greenstone Belt to the west and the Yuinmery Greenstone Belt to the east.

The tenements are just 2km to 7km from the historic Youanmi Gold Mining Centre, which has produced over 600,000oz of gold since its discovery in the late 1800’s, currently owned by Rox Resources (ASX:RXL) and Venus Metals (ASX:VMC). The area has seen a resurgence in exploration activity with the recent discovery of the high-grade Penny North (ASX:RMS) and Grace (ASX:RXL) deposits along the Youanmi Shear.

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Figure 12: Youanmi tenement areas

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Broken Hill Bore

The Broken Hill Bore Project comprises exploration licence E31/1222 and is located approximately 160km northeast of Kalgoorlie, near Edjudina. The Edjudina region hosts a number of significant gold deposits such as Northern Star’s (ASX:NST) Carosue Dam Project, the Edjudina Gold Camp, 9km south of the project and the Patricia workings along strike. The Yarri and Porphyry Gold Camps are located in the Murrin Domain 18km to the west and the Deep South Deposits in the Linden Domain to the north east.

A review of historical WAMEX reports was undertaken during the quarter and a site visit were undertaken during the quarter.

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Figure 13: Broken Hill Bore tenement area

Pinyalling

The Pinyalling Project comprises exploration licence application E59/2486 covering 55km[2] . The project is located approximately 25km NW of Paynes Finds and lies at the south-eastern end of the YalgooSingleton Greenstone Belt, within an area known as the Warriedar Fold Belt that comprises a folded sequence of gabbro and dolerite intercalated with basalt, ultramafics, sediments and BIF. The Warriedar Fold Belt hosts a number of historic gold workings at the Pinyalling Mining Centre, 3km north of the tenement area, as well as the Baron Rothschild prospect drilled by Thundelarra Exploration during the 1990s.

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Limited previous exploration has been conducted within the area of E59/2486, but geological mapping, soil geochemistry and rock chip sampling suggests the tenement could contain previously unrecognised extensions of the Yalgoo-Singleton Greenstone Belt and Warriedar Fold Belt.

No work was undertaken on the project during the quarter whilst the tenement remains in application. During the quarter the outline for the proposed Thundelarra National Park was refined and finalised, resulting in a significant portion of the tenement now falling outside the park. WMG is considering the best route forward with the project following this positive news.

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Figure 10: Pinyalling tenement area

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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Quarterly Activity Reports by Mining Exploration Entities ASX Listing Rule 5.3

ASX Listing Rule 5.3.1 - Exploration Activities

Exploration and Evaluation during the quarter was $107,050. Major items of expenditure included the highresolution gravity survey at the Mulga Project and soil sampling programs at the Melita Project.

ASX Listing Rule 5.3.2 - Mining Production and Development Activities

No mining production of development activities during the quarter.

ASX Listing Rule 5.3.3 - Tenement Table

Tenement	Holder	Status	Grant (Application)	Expiry	Area	Interest
E31/1222	Western Mines Group Pty Ltd	Granted	09/09/20	08/09/25	1BL	100%
P38/4203	Western Mines Group Pty Ltd	Granted	12/01/21	28/12/24	9.71Ha	100%
E39/2079	Bruce Legendre	Granted	28/07/21	27/07/26	11BL	100%
E39/2132	Western Mines Group Pty Ltd	Granted	22/07/20	21/07/25	27BL	100%
E39/2223	Western Mines Group Pty Ltd	Application	(23/02/21)	-	11BL	100%
P39/6267	Western Mines Group Ltd	Application	(28/07/21)	-	119Ha	100%
E40/379	Western Mines Group Pty Ltd	Granted	03/04/19	02/04/24	35BL	100%
E57/1119	Western Mines Group Pty Ltd	Granted	04/12/19	03/12/24	4BL	100%
P57/1450	Western Mines Group Pty Ltd	Granted	15/07/19	14/07/23	188Ha	100%
E59/2486	Bruce Legendre	Application	(14/10/20)	-	15BL	100%
E77/2478	Western Mines Group Pty Ltd	Granted	24/01/19	23/01/24	5BL	100%
E77/2746	Bruce Legendre	Application	(03/12/20)	-	1BL	100%

Tenement Table: Tenements held at quarter end, all tenements located in Western Australia.

Tenements relinquished during the quarter: None Tenements interests acquired during the quarter: Application P39/6267 Farm-in or farm-out agreements entered into during the quarter: N/A Beneficial interests held in farm-in or farm-out agreements at end of quarter: N/A

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ASX Listing Rule 5.3.4 - Quarterly Use of Funds

Reconciliation of Use of Funds against IPO Prospectus is shown below:

Expenditure	Prospectus	Q1FY22	Q2FY22	Q3FY22	Q4FY22	Q1FY23	Q2FY23	Q3FY23	Q4FY23	Actual
Exploration	$3,608,000	$107,000								$107,000
Regional Exploration/ Project Generation	$200,000
Working Capital	$1,079,828	$222,000								$222,000
Costs of the Ofer	$612,172	$620,000								$620,000
Total	$5,500,000	$949,000								$949,000

ASX Listing Rule 5.3.5 - Payments to Related Parties

Payments to related parties of the entity and their associates are shown below:

Related Party	Amount	Description
Directors	$78,268	Director fees and salaries
Associate of Director	$1,870	Occupancy expenses
Director	$8,338	Exploration management and corporate consulting fees paid to a Director/Director related entities during pre-IPO

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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: $0.19 Market Cap: $8.32m Cash (30/09/21): $5.03m

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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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Melita

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.	• Ground magnetic survey undertaken using industry standard processes and equipment • Soil samples collected using industry standard procedures. Samples taken from a depth of 5-25cm at majority 50m spacing along E-W lines majority 200m apart. Soil was sieved on site at 177um and approximately 100g of material collected an unpulverised 30g charge was taken for laboratory analysis.
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).	• Not applicable
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.	• Not applicable
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.	• Not applicable

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Criteria	JORC Code explanation	Commentary
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether rifed, 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.	• Industry standard sample preparation techniques were undertaken and these are considered appropriate for the sample type and material being sampled • From the sieved soil samples collected a 30g charge was taken for analysis, the samples were not crushed or pulverised
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.	• Nature and quality of the assay and laboratory procedures are considered appropriate for the soil samples • Samples were submitted to ALS in Perth for gold and multi-element assay using method code AuME-TL43 • Standards were included at a rate of 3/100 and replicated samples taken at a rate of 3/100 • ALS also completed duplicate sampling and ran internal standards as part of the assay regime • No issues with accuracy or precision were identifed • Ground magnetic survey undertaken by Nomad Exploration Pty Ltd using a GEM Systems GSM-19WV Overhauser walking magnetometer and a GEM Systems GSM-19T Proton magnetometer as a base station to record and correct for diurnal variation. Walking magnetometer readings were collected at 1 second intervals whilst base station readings were taken at 20 second intervals
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.	• No verifcation of assay results has been undertaken • Data is received in both hardcopy and digital formats and entered into the Company’s digital database • No adjustments have been made to assay data
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.	• Soil samples located using a handheld GPS with accuracy of +/-3m • Coordinates are in GDA94 UTM Zone 51 • Walking magnetometer used inbuilt GPS unit with accuracy of +/-0.6m
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufcient 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.	• Soil sample spacing was mostly at 50m spacing along E-W lines mostly 200m or 100m apart • Type, spacing and distribution is not appropriate for a Mineral Resource estimation • Sample compositing has not been applied

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Criteria	JORC Code explanation	Commentary
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.	• Not applicable
Sample security	• The measures taken to ensure sample security.	• Samples were collected and transported to the analytical laboratory by Company staf
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• No audits or reviews of sampling techniques or data

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 E40/379 • Held 100% by Western Mines Group Ltd • 1% NSR to original tenement holder • Native Title Claim by Nyalpa Pirniku 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.	• Le Nickel-Union Miniere JV (1971) undertook the frst Cu-Zn VMS exploration around the Melita area and identifed Northern Grid/Airstrip and Snowy Well gossans • CRA Exploration (1973-75) completed further Cu-Zn VMS exploration around Airstrip gossan and identifed Mt Melita gossan
Geology	• Deposit type, geological setting and style of mineralisation.	• Princess Melita area exploration is targeting shear/lode hosted orogenic gold in quartz veins • Airstrip area exploration is targeting Cu-Pb-Zn volcanogenic massive sulphide mineralisation
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.	• Not applicable

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Criteria	JORC Code explanation	Commentary
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-of 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
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 efect (eg ‘down hole length, true width not known’).	• Not applicable
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 and tabulations are presented in the body of the announcement
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.	• Comprehensive reporting of all results is not practical • All sample results have been shown on appropriate fgures
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.	• ASTER and Landsat8 based mineral alteration interpretation and targeting completed by Earthscan Pty Ltd • Various industry standard and proprietary band images and band ratioing techniques used to determine target areas with mineral alteration signatures of interest
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 may include further soil and rock chip sampling, ground magnetic surveys, geological mapping and drill testing of targets identifed • Exploration is at an early stage and future drilling areas will depend on interpretation of results

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