WIN METALS LTD — Capital/Financing Update 2021

Sep 21, 2021

22 September 2021

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Thick massive nickel sulphide drilling intersections confirm high grade nature of mineralisation at Munda

Highlights

• Drilling targeting gold mineralisation intersects thick massive nickel sulphides

• 24m @ 3.22% Nickel, 0.20% Copper, 0.53 g/t Palladium and 0.26 g/t Platinum from 52m;

  • including

• 16m @ 4.58% Nickel, 0.29% Copper, 0.76 g/t Palladium and 0.38 g/t Platinum from 59m

• Result illustrates the potential to identify additional high-grade pods within the existing Munda Mineral Resource

• Widgie to commence nickel focussed drilling campaign, including drilling at Munda, in the coming month

Widgie Nickel Limited (ASX:WIN) (“Widgie” or “the Company”) is pleased to report the assay results from drilling carried out at Widgie’s Munda deposit by Auric Mining Ltd (ASX:AWJ) (“Auric”), which has returned thick massive nickel sulphide intersections at Munda.

Widgie Managing Director Steve Norregaard said that the drilling intersections were a significant first result for Widgie, particularly considering the purpose of the drilling was primarily targeting gold and undertaken by Auric.

“We are very happy with this great result, as it further reinforces the high-grade nature of Munda, the presence of potentially important by-product credits such as copper and platinum group elements, and clearly illustrates that the process of infill drilling at the Munda deposit has the potential to identify additional localised high grade pods.”

“Now that Widgie has been established as a standalone nickel focussed company in a great location, and with substantial cash in the bank, we are all very much looking forward to new exploration results from our planned drill programs. We kick off our maiden drilling program in the next month, which will be very much targeted towards nickel and associated by-products.”

Munda Geology and Geological Interpretation

The Munda tenement lies at the northern end of the Widgiemooltha Dome, a double plunging anticlinal structure cored by deformed granitoid. The stratigraphy of basalt and ultramafic trends east-west in the vicinity of the Munda deposit. Depth of complete oxidation varies from 10 to 80 metres below the natural surface but is typically around 40‐50m metres in depth.

While both gold and nickel deposits occur in the Widgiemooltha Dome area, Munda is unusual as gold and nickel occur within the same deposit albeit in adjacent areas, and not in the same rocks.

The nickel sulphide mineralisation at the Munda deposit is predominantly associated with the basal contact of a komatiitic ultramafic (Widgiemooltha Komatiite) with the underlying Mt Edwards Basalt. The mineralisation is found within embayments in the komatiite-basalt contact interpreted to be thermal erosion channels caused by the flow of hot ultramafic lava. Sheet flow facies zones flanking and gradational to channel facies are thinner, texturally and chemically well-differentiated and less magnesian than channel flow facies.

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Locked Bag 8 T: +61 8 93221182 West Perth WA 6872 F: +61 8 9321 0556

ABN 77 648 687 094 Level 1, 1292 Hay Street, West Perth, WA 6005

22 September 2021

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Mineralisation at Munda is characterised by the presence of nickel mineralisation generally overlying gold mineralisation. As a result drilling for the projected position of gold mineralisation presents the possibility of intersecting nickel mineralisation in the adjacent, but shallower nickel bearing horizon.

Assay Results

Nickel assay results have been in line with expectation, with mineralised intercepts aligning with the position for the Munda Mineral Resource and surrounding nickel enrichment. The nickel enriched zone is defined by a mineralised envelope of 0.7% nickel. This mineralised zone correlates well with the results and logging received from the Auric drilling.

Of the 27 drillhole program undertaken by Auric, only one drillhole (AMRC003) lies within the footprint of the Mineral Resource. Figure 1 and Tables 1 & 2 show locations of drillholes and drillhole assay results respectively.

AMRC003 encountered a zone of nickel enriched mineralisation grading in excess of 1% Ni, as was anticipated, however the width of the intercept and tenor suggests mineralisation in this particular zone is wider and higher grade than that previously modelled.

24m@ 3.22% Ni, 0.20% Cu, 0.53 g/t Pd and 0.26 g/t Pt from 52m downhole

including a high-grade zone of +1% Ni mineralisation of

16m@ 4.58% Ni, 0.29% Cu, 0.76 g/t Pd and 0.38 g/t Pt from 59m downhole

The mineralisation intersected in AMRC003 is in fresh rock and in an area requiring further infill drilling (refer to Figures 1 and 2).

The Company looks forward to commencing its maiden drilling campaign in the forthcoming month which will herald the commencement of ongoing exploration activities under Widgie Nickel Limited.

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Locked Bag 8 T: +61 8 93221182 West Perth WA 6872 F: +61 8 9321 0556

ABN 77 648 687 094 Level 1, 1292 Hay Street, West Perth, WA 6005

22 September 2021

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Figure 1- Munda Plan View showing Auric and historic drillhole traces

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Figure 2- Munda RC Drilling Section with significant and mineralised intercepts

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ABN 77 648 687 094 Locked Bag 8 Level 1, 1292 Hay Street, West Perth WA 6872 West Perth, WA 6005

T: +61 8 93221182 F: +61 8 9321 0556

22 September 2021

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Table 1:Drillhole locations

Hole_ID	Type	Hole Depth (m)	MGA_East	MGA_North	Orig_RL	Dip	MGA_Azi
AMRC001	RC	162	360559.6	6513840	376.4	-60	180
AMRC002	RC	180	360559.8	6513880	373.35	-60	180
AMRC003	RC	174	360340.2	6513800	381.75	-60	180
AMRC004	RC	156	360299.5	6513800	384.78	-60	180
AMRC005	RC	162	360252.8	6513750	394.78	-60	180
AMRC006	RC	174	360180.1	6513688	391.32	-60	180
AMRC007	RC	168	360198.6	6513699	389.9	-60	180
AMRC008	RC	166	360241.3	6513699	386.55	-60	180
AMRC009	RC	120	360335.1	6513635	382.28	-60	180
AMRC010	RC	102	360119.7	6513518	376.23	-60	180
AMRC011	RC	120	360120.3	6513561	381.93	-60	180
AMRC012	RC	162	360119.5	6513609	386.14	-60	180
AMRC013	RC	228	360645.8	6513797	384.06	-60	180
AMRC014	RC	198	360624.4	6513770	380.5	-60	180
AMRC015	RC	168	360798.9	6513639	365.19	-60	180
AMRC016	RC	186	360682.1	6513746	372.16	-60	180
AMRC017	RC	78	360679	6513639	376.74	-60	180
AMRC018	RC	108	360680.2	6513680	380.39	-60	180
AMRC019	RC	42	360661.4	6513674	379.94	-60	180
AMRC020	RC	84	360919.7	6513820	358.56	-60	270
AMRC021	RC	84	360959.3	6513820	357.24	-60	270
AMRC022	RC	90	360998.9	6513820	356.94	-60	270
AMRC023	RC	96	360820.5	6513315	363.31	-60	180
AMRC024	RC	114	360799.2	6513349	365.6	-60	180
AMRC025	RC	120	360798	6513540	364.92	-60	180
AMRC026	RC	102	360875.2	6513545	361.49	-60	180
AMRC027	RC	120	361220.8	6514050	372.61	-60	270

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Locked Bag 8 West Perth WA 6872

ABN 77 648 687 094 Level 1, 1292 Hay Street, West Perth, WA 6005

T: +61 8 93221182 F: +61 8 9321 0556

22 September 2021

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Table 2: Mineralised Intervals

SiteID	From	To	Interval	Ni%	Cuppm	Asppm¹	Crppm	Fe%	Mg%	S%	Pd_ppm	Pt_ppm
AMRC001	80 94	82 97	2 3	0.35 0.57	84 273	BDL BDL	1303 1240	5.57 7.18	9.63 7.22	0.63 1.44	0.021 0.063	0.013 0.084
AMRC002	109 127 130	110 128 133	1 1 3	0.33 0.37 0.34	153 47 142	BDL BDL BDL	1224 1404 1605	7.04 5.88 6.61	8.95 11.06 8.34	1.16 0.32 0.75	0.021 0.031 0.036	0.031 0.015 0.022
AMRC003	7 22 45 52 incl. 59	8 23 46 76 75	1 1 1 24 16	0.31 0.31 0.34 3.22 4.58	80 36 91 2015 2867	39 BDL BDL BDL BDL	1696 1389 1189 1127 1170	8.75 6.36 5.50 15.28 19.85	4.02 7.87 6.59 6.17 5.50	0.03 0.02 0.01 7.98 11.57	0.015 0.011 0.028 0.535 0.758	0.012 0.011 0.008 0.261 0.375
AMRC004	17 53 58 70 73	18 55 64 71 76	1 2 6 1 3	0.33 0.32 0.39 0.30 1.06	94 104 16 82 470	40 40 BDL BDL BDL	1155 2046 1112 954 1345	7.56 8.38 5.31 5.37 8.53	4.47 5.28 6.87 10.04 6.82	0.02 0.06 0.09 0.51 3.06	0.011 0.020 0.015 0.033 0.164	0.008 0.011 0.008 0.018 0.099
AMRC005	9 15 19 40	10 16 21 42	1 1 2 2	0.30 0.53 0.33 0.42	216 512 245 405	17 25 12 10	2516 6412 3308 1331	10.29 12.43 11.97 8.89	5.21 5.74 4.09 3.80	0.02 0.03 0.02 0.02	0.016 0.018 0.008 0.009	0.016 0.018 0.010 0.007
AMRC006	4 10	5 11	1 1	0.39 0.31	166 141	104 122	2092 1915	12.21 9.47	2.96 4.79	0.03 0.03	0.014 0.013	0.016 0.010
AMRC007²	2 15	10 24	8 9	0.42 0.35	273 129	11 63	4304 1585	14.82 8.54	4.40 5.00	0.04 0.03	0.016 0.013	0.016 0.011
AMRC008	8	10	2	0.48	163	33	1655	12.62	3.49	0.05	0.019	0.013
AMRC009 AMRC010 AMRC011 AMRC012	No significant intersections. No significant intersections. No significant intersections. No significant intersections.
AMRC013	13 72 78 83 87 93 106	14 73 79 84 88 94 108	1 1 1 1 1 1 2	0.32 0.30 0.39 0.30 0.34 0.35 0.49	81 209 249 328 348 32 479	BDL BDL BDL BDL BDL BDL BDL	2553.00 1246 1694 1785 1306 1230 957	9.22 5.42 6.68 6.85 6.07 5.10 7.55	4.00 8.96 9.99 10.35 9.05 10.00 4.93	0.03 1.01 1.00 1.05 1.35 0.66 2.58	0.011 0.007 0.007 0.006 0.020 0.033 0.053	0.011 0.007 0.007 0.005 0.014 0.018 0.028
AMRC014	6 56	7 57	1 1	0.40 0.35	590 231	BDL BDL	538 1383	14.10 6.70	2.75 7.50	0.05 0.70	0.006 0.010	0.006 0.008
AMRC015	3 40 47	10 43 51	7 3 4	0.65 0.70 0.33	454 281 137	BDL BDL BDL	1319 1100 1257	6.76 4.57 4.70	7.34 7.86 9.65	0.03 0.25 0.49	0.066 0.087 0.025	0.044 0.049 0.014
AMRC016	19 23 48	20 24 49	1 1 1	0.30 0.37 0.31	87 151 72	BDL BDL BDL	1177 1112 1108	5.10 5.43 5.21	7.02 7.63 9.35	0.01 0.01 0.53	0.006 0.010 0.013	0.004 0.012 0.012
AMRC017	No significant intersections.
AMRC018	1	6	5	0.31	40	BDL	948	6.96	4.66	0.02	0.010	0.006
AMRC019 AMRC020 AMRC021 AMRC022 AMRC023 AMRC024 AMRC025 AMRC026 AMRC027	No significant intersections. No significant intersections. No significant intersections. No significant intersections. No significant intersections. No significant intersections. No significant intersections. No significant intersections. No significant intersections.

¹Below detection limit As assays set to half detection limit.

²Metre 7-8: Insufficient sample left for Ni assay after assay for gold. Portable XRF value of 0.418 used.

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Locked Bag 8 T: +61 8 93221182 West Perth WA 6872 F: +61 8 9321 0556

ABN 77 648 687 094 Level 1, 1292 Hay Street, West Perth, WA 6005

22 September 2021

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The information in this announcement that relates to exploration results is based on and fairly represents information and supporting documentation compiled by Mr John Utley, who is a full-time employee of Auric Mining Limited. Mr Utley is a Competent Person and a member of the Australian Institute of Geoscientists. Mr Utley 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 ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Utley consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Approved by: Board of Widgie Nickel Limited

-ENDS-

For further details please contact

Media Inquiries:

Steve Norregaard Managing Director steve@widgienickel.com.au 0472 621 529

Shane Murphy FTI Consulting shane.murphy@fticonsulting.com 0420 945 291

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Listed on the ASX on the 22[nd] of September 2021, Widgie Nickel Limited controls a dominant ~240 square kilometre land package over the prolific nickel producing Widgiemooltha Dome located 80km south of Kalgoorlie in Western Australia.

Ideally positioned adjacent to key infrastructure with an already established Mineral Resource base of some 162kt of contained nickel over 11 separate deposits, the Company plans to advance its Mt Edwards Nickel Project through to low capital cost development in addition to carrying out ongoing exploration for more high-grade sulphide nickel in the region.

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Locked Bag 8 West Perth WA 6872

ABN 77 648 687 094 Level 1, 1292 Hay Street, West Perth, WA 6005

T: +61 8 93221182 F: +61 8 9321 0556

22 September 2021

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Figure 3- Mt Edwards Project Tenure and Mineral Resources

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Locked Bag 8 West Perth WA 6872

ABN 77 648 687 094 Level 1, 1292 Hay Street, West Perth, WA 6005

T: +61 8 93221182 F: +61 8 9321 0556

22 September 2021

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Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections)

Criteria	JORC Code explanation	Commentary
Sampling	Nature and quality of sampling (e.g. cut	• Prior to new data reported in this document,
techniques	channels, random chips, or specific	there were 337 drillholes in the Munda Mineral
	specialised industry standard measurement	Resource database comprising 298 RC holes
	tools appropriate to the minerals under	and 39 diamond drillholes, mostly drilled
	investigation, such as down hole gamma	between 1995 and 2019 but with some
	sondes, or handheld XRF instruments, etc).	resampling by WMC in 1995 of earlier diamond
	These examples should not be taken as	drill core. Sampling techniques and data
	limiting the broad meaning of sampling.	capture conformed to industry standards for
	Include reference to measures taken to	the relevant times, with increasing detail
	ensure sample representivity and the	recorded in more recent times.
	appropriate calibration of any measurement	• New data reported in this document relates to
	tools or systems used.	27 RC holes for 3,664m drilled to potentially
	Aspects of the determination of	expand the Munda gold Mineral Resource and
	mineralisation that are Material to the Public	to test conceptual targets in close proximity to
	Report.	the currently defined gold Mineral Resources.
	In cases where ‘industry standard’ work has	• RC drill samples were taken at 1m intervals via
	been done this would be relatively simple (eg	a cyclone and fixed cone splitter. Samples of
	‘reverse circulation drilling was used to	nominally 2.5kg, but ranging up to 5kg, were
	obtain 1 m samples from which 3 kg was	collected in calico bags and submitted to the
	pulverised to produce a 30 g charge for fire	Intertek Genalysis sample preparation facility
	assay’). In other cases more explanation may	in Kalgoorlie. At the facility, any samples
	be required, such as where there is coarse	weighing >3kg were reduced to less than 3kg
	gold that has inherent sampling problems.	by riffle splitting and the residue discarded.
	Unusual commodities or mineralisation types	Samples up to 3kg were pulverised to a
	(eg submarine nodules) may warrant	nominal 85% passing 75µm. Approximately
	disclosure of detailed information.	200g of the pulverised product from each
		sample was then transferred to the Intertek
		Genalysis facility in Perth where samples were
		analysed for Au via 50g fire assay with an ICP-
		OES determination of gold concentration.
		• The samples for each 1m interval remaining
		after removal of the nominal 2.5kg split were
		laid out in rows at the drill site and this material
		used for geological logging and for XRF
		analysis at site using a handheld Olympus
		Vanta pXRF machine. Concentrations for a
		suite of 34 elements, which does not include
		Au, were measured using the pXRF at the drill
		site.
Drilling	Drill type (eg core, reverse circulation, open-	• All RC drilling by face-sampling hammer with a
techniques	hole hammer, rotary air blast, auger, Bangka,	drill bit (hole) diameter of approximately
	sonic, etc) and details (eg core diameter,	143mm.
	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).

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Locked Bag 8 T: +61 8 93221182 West Perth WA 6872 F: +61 8 9321 0556

ABN 77 648 687 094 Level 1, 1292 Hay Street, West Perth, WA 6005

22 September 2021

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Drill sample	Method of recording and assessing core and	• Sample recovery is assessed as having been
recovery	chip sample recoveries and results assessed.	good overall with no wet sampling and sample
	Measures taken to maximize sample	size on a visual basis reasonably consistent.
	recovery and ensure representative nature of	• A duplicate sample was taken via a second
	the samples.	chute on the cone splitter for every 15th
	Whether a relationship exists between	sample and sample weights recorded for most
	sample recovery and grade and whether	of the duplicates and corresponding originals.
	sample bias may have occurred due to	• There is no evidence of sample bias.
	preferential loss/gain of fine/coarse material.
Logging	Whether core and chip samples have been	• All chips were logged at 1m intervals
	geologically and geotechnically logged to a	corresponding to the sample intervals and
	level of detail to support appropriate Mineral	according to Auric’s coding system in
	Resource estimation, mining studies and	sufficient detail to support Mineral Resource
	metallurgical studies.	estimation, mining studies and metallurgical
	Whether logging is qualitative or quantitative	studies.
	in nature. Core (or costean, channel, etc)	• The logging is qualitative in nature
	photography.	• Chips were not photographed but a small
	The total length and percentage of the	proportion of chips from each interval have
	relevant intersections logged.	been retained in compartmentalised chip
		trays.
		• The total length logged is 3,664m which is
		100% of the drilled intervals.
Sub-sampling	If core, whether cut or sawn and whether	• RC chips were sampled at 1m intervals via a
techniques	quarter, half or all core taken.	fixed cone splitter and all samples were dry,
and sample	If non-core, whether riffled, tube sampled,	or occasionally, slightly damp.
preparation	rotary split, etc and whether sampled wet or	• A duplicate sample was taken with every 15th
	dry.	sample using a 2ndchute on the splitter and a
	For all sample types, the nature, quality and	pulp standard was inserted after every 30
	appropriateness of the sample preparation	samples such that 10% of samples submitted
	technique.	for assay are either duplicates or standards.
	Quality control procedures adopted for all	• The duplicate assays for nickel received to
	sub-sampling stages to maximise	date show acceptable correlation with
	representivity of samples.	corresponding original assays.
	Measures taken to ensure that the sampling
	is representative of the in-situ material
	collected, including for instance results for
	field duplicate/second-half sampling.
	Whether sample sizes are appropriate to the
	grain size of the material being sampled.
Quality of	The nature, quality and appropriateness of	• The samples were analysed nickel via four
assay data and	the assaying and laboratory procedures used	acid digest with ICP finish technique.
laboratory tests	and whether the technique is considered partial or total.	• In addition to standards submitted by Auric, the laboratory (Intertek Genalysis) analysed
	For geophysical tools, spectrometers,	standards and blanks inserted with each fire
	handheld XRF instruments, etc, the	assay batch.
	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	• An Olympus Vanta hand-held XRF machine was used to analyse a suite of 34 elements. • Three different standards were used at the start of each drillhole and a single standard analysed at various times during analysis of a particular drillhole. • The results will be used to define elemental
		associations withgold anomalism and not for

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ABN 77 648 687 094 Locked Bag 8 T: +61 8 93221182 Level 1, 1292 Hay Street, West Perth WA 6872 F: +61 8 9321 0556 West Perth, WA 6005

22 September 2021

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	levels of accuracy (ie lack of bias) and	Mineral Resource estimation and as such,
	precision have been established.	levels of accuracy are acceptable.
		• In regard to Ni, Pt, Pd and other base metal
		assay data, prior to the launch of Widgie Nickel
		it was arranged by Neometals for assaying of
		select pulps to be completed by a commercial
		registered laboratory. This included using the
		residues of Auric’s with internal blanks and
		duplicates reported in the sample batches. In
		addition, gold and base metal Standard
		Reference samples were inserted into the
		batches by Neometals.
		• Individual samples (pulps) were assayed for a
		suite of 33 elements including nickel and
		related analytes as per the laboratory’s
		procedure for a 4-acid digestion followed by
		Optical Emission Spectral analysis.
		• In addition, lead fire assays of the samples
		were competed for Pd and Pt, and samples
		which Auric had determined were mineralised
		for gold were re-assayed as a check of the gold
		results and to confirm that the gold and nickel
		were not co-located.
		• Industry standard levels of QAQC were
		adopted.
Verification of	The verification of significant intersections	• Significant intersections for nickel have been
sampling and	by either independent or alternative company	verified by Widgie Nickel.
assaying	personnel.	• There are no twinned holes in the current
	The use of twinned holes.	program.
	Documentation of primary data, data entry	• Sample numbers are in sequence and
	procedures, data verification, data storage	corresponding sample intervals recorded on
	(physical and electronic) protocols.	paper prior to each drillhole with frequent
	Discuss any adjustment to assay data.	checks during drilling. The sample numbers
		and intervals are then transferred to Excel
		spreadsheets and combined with assays as
		received. There are checks to ensure that
		sample numbers, intervals and assays are
		appropriately matched.
		• No adjustment has been made to assay data.
Location of	Accuracy and quality of surveys used to	• Hole collar positions have been surveyed by a
data points	locate drillholes (collar and down-hole	contract surveyor using a DGPS.
	surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	• Downhole surveys were taken by the drilling contractor using a north-seeking gyro at approximately 20m intervals and surveys into
	Specification of the grid system used.	hole reconciled against surveys out of hole.
	Quality and adequacy of topographic control.	• Collar surveys included an elevation
		measurement and are located within the MGA-
		GDA94 grid system, Zone 51.
Data spacing	Data spacing for reporting of Exploration	• Drillhole spacing informing the Munda Gold
and	Results.	Mineral Resources is around 25m x 25m. The
distribution		currentprogram utilises multiples of 20m in

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ABN 77 648 687 094 Locked Bag 8 T: +61 8 93221182 Level 1, 1292 Hay Street, West Perth WA 6872 F: +61 8 9321 0556 West Perth, WA 6005

22 September 2021

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	Whether the data spacing and distribution is	step outs from previous drilling, on basis that
	sufficient to establish the degree of	follow-up drilling where justified will close that
	geological and grade continuity appropriate	spacing to 25m x 20m which will be sufficient
	for the Mineral Resource and Ore Reserve	to establish geological and grade continuity
	estimation procedure(s) and classifications	for resource estimation.
	applied.	• There has been no sample compositing.
	Whether sample compositing has been
	applied.
Orientation of	Whether the orientation of sampling achieves	• Gold mineralisation appears to be controlled
data in relation	unbiased sampling of possible structures	by two principal structural orientations, a
to geological	and the extent to which this is known,	northeasterly trend and a west to
structure	considering the deposit type.	northwesterly trend, the latter mimicing the
	If the relationship between the drilling	orientation of the basalt-ultramafic contact.
	orientation and the orientation of key	Holes were drilled on two principal
	mineralised structures is considered to have	orientations; to 180˚ and to 270˚ to intersect
	introduced a sampling bias, this should be	both structures obliquely. The intersections
	assessed and reported if material.	are therefore oblique and true widths vary
		from 75% to 85% of downhole widths.
		• Nickel mineralisation is controlled by the
		orientation of the ultramafic contact and true
		widths will vary from 85% to 100% of
		downhole widths.
Sample	The measures taken to ensure sample	• Auric personnel were present during all drilling
security	security.	and sampling and individual samples were
		bagged and sealed in larger polywoven bags
		with no opportunity for tampering.
		• Samples were transported to the lab by Auric
		personnel.
		• The gold is very fine grained and gold is not
		visible, even in high grade samples that have
		been verified by check assaying such that
		removal or addition of gold in samples is very
		unlikely.
		• Pulps remaining after gold assay were stored
		by the assay laboratory and subsequently re-
		assayed for nickel for the intervals specified.
Audits or	The results of any audits or reviews of	• There have been no reviews of sampling
reviews	sampling techniques and data.	techniques and data related to the current
		program.

info@widgienickel.com.au www.widgienickel.com.au

Locked Bag 8 T: +61 8 93221182 West Perth WA 6872 F: +61 8 9321 0556

ABN 77 648 687 094 Level 1, 1292 Hay Street, West Perth, WA 6005

22 September 2021

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Section 2 Reporting of Exploration Results

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Mineral	Type, reference name/number, location	• The Munda Mineral Resource lies within
tenement and	and ownership including agreements or	M15/87 which is held by Widgie Gold Pty
land tenure	material issues with third parties such as	Ltd, a wholly owned subsidiary of Auric
status	joint ventures, partnerships, overriding	Mining who hold the gold and other mineral
	royalties, native title interests, historical	rights, excluding nickel and lithium mineral
	sites, wilderness or national park and	rights which are held by Widgie Nickel.
	environmental settings.	• M15/87 was granted on 06/08/1984 and
	The security of the tenure held at the	expires on 05/08/2026.
	time of reporting along with any known impediments to obtaining a licence to	• Any mining at Munda will require a Miscellaneous License for access to the
	operate in the area.	Coolgardie-Norseman Highway, a distance
		of approximately 5km.
		• There are no known impediments to mining
		in the area.
Exploration	Acknowledgment and appraisal of	• Early exploration (1967-1995) focused on
done by other	exploration by other parties.	nickel.
parties		• WMC (1996-1998) recognised gold
		potential and drilled for both nickel and
		gold including 81 diamond and RC holes in
		the current resource area.
		• Resolute (1999-2000) optioned the project
		from WMC, drilled 37 holes and excavated
		a small trial mine with ore carted to the
		Chalice gold plant.
		• Titan Resources (2005-2006), Consolidated
		Nickel (2006-2007), Eureka Mines (2016)
		and Estrella Resources (2019) all undertook
		drilling programmes focused on the current
		Mineral Resource area.
Geology	Deposit type, geological setting and style	•The geology at Munda consists of a mafic‐
	of mineralisation.	ultramafic belt bound to the west by
		metasediments and to the east by granites.
		•The nickel sulphide mineralisation at the
		Munda deposit is predominantly associated
		with the basal contact of a komatiitic
		ultramafic (Widgiemooltha Komatiite) with
		the underlying Mt Edwards Basalt. The
		mineralisation is found within embayments
		in the komatiite‐basalt contact interpreted to
		be thermal erosion channels caused by the
		flow of hot ultramafic lava. Sheet flow facies
		zones flanking and gradational to channel
		facies are thinner, texturally and chemically
		well‐differentiated and less magnesian than
		channel flow facies.
		• Gold mineralisation is hosted near the
		intersections of a north-easterly striking
		structure with south-easterly striking
		structures parallel to the north-easterly
		dippingcontact between basalts and

info@widgienickel.com.au www.widgienickel.com.au

Locked Bag 8 T: +61 8 93221182 West Perth WA 6872 F: +61 8 9321 0556

ABN 77 648 687 094 Level 1, 1292 Hay Street, West Perth, WA 6005

22 September 2021

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overlying serpentinised ultramafics. • The ultramafic contact is host to nickel mineralisation such that gold and nickel deposits occur in close proximity. • Depth of complete oxidation varies from 10 to 80 metres below the natural surface but is typically around 40-50m metres in depth. Drillhole Information • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drillholes: o easting and northing of the drillhole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drillhole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. If the exclusion of this information is justified 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. • Refer to: Table 1 & 2 – Drillhole Data & Significant Intersections. 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 data aggregation methods have been applied. • Intersections are reported on a nominal 0.3% Ni cut-off with length weighted intervals. • Length weighted aggregations have been reported using excel SumProduct averaging to correctly calculate the effects of short high-grade samples. • SG of the mineralised samples has not been considered in determining significant intercepts. 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 drillhole 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’). • Holes were drilled on two principal orientations; to 180˚ and to 270˚ to intersect both structures obliquely. The intersections are therefore oblique and true widths vary from 75% to 85% of downhole widths.

info@widgienickel.com.au www.widgienickel.com.au

ABN 77 648 687 094 Locked Bag 8 T: +61 8 93221182 Level 1, 1292 Hay Street, West Perth WA 6872 F: +61 8 9321 0556 West Perth, WA 6005

22 September 2021

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Diagrams	Appropriate maps and sections (with	• Refer to Figures 1, 2 & 3 and Table1 and 2.
	scales) and tabulations of intercepts
	should be included for any significant
	discovery being reported These should
	include, but not be limited to a plan view
	of drillhole collar locations and
	appropriate sectional views.
Balanced	Where comprehensive reporting of all	• Reporting is balanced – significant
reporting	Exploration Results is not practicable,	intersections have been defined at an
	representative reporting of both low and	appropriate cut-off (0.3% Ni) for the style of
	high grades and/or widths should be	mineralisation and higher-grade intervals
	practiced to avoid misleading reporting	defined within those.
	of Exploration Results.
Other	Other exploration data, if meaningful and	• Geochemical data has yet to be compiled
substantive	material, should be reported including	but is not considered material to the
exploration	(but not limited to): geological	reporting of the gold assay data. No other
data	observations; geophysical survey results;	substantive exploration data.
	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.
Further work	The nature and scale of planned further	• Follow-up reverse circulation and diamond
	work (eg tests for lateral extensions or	drilling will be undertaken to improve
	depth extensions or large-scale step-out	confidence prior to re-estimating the
	drilling).	Mineral Resource and in turn carry out
	Diagrams clearly highlighting the areas of	feasibility studies.
	possible extensions, including the main
	geological interpretations and future
	drilling areas, provided this information is
	not commercially sensitive.

info@widgienickel.com.au www.widgienickel.com.au

Locked Bag 8 T: +61 8 93221182 West Perth WA 6872 F: +61 8 9321 0556

ABN 77 648 687 094 Level 1, 1292 Hay Street, West Perth, WA 6005