Western Mines Group Ltd · ASX:WMG
Western Mines — Investor Presentation (February 2026)
22 slides from Western Mines's investor presentation, Feb 9, 2026
Slide 1: Western Mines Group – The Mulga Tank Nickel Sulphide Discovery
WESTERN MINES GROUP THE MULGA TANK NICKEL SULPHIDE DISCOVERY EAST COAST ROADSHOW PRESENTATION BRISBANE – SYDNEY – MELBOURNE -ADELAIDE 9-13 FEBRUARY 2026 @westernmines Western Mines Group ASX: WMG www.westernmines.com.au
Slide 2: Disclaimer
DISCLAIMER NATURE OF THIS DOCUMENT This presentation has been prepared by Western Mines Group Ltd ACN 640 738 834 (Company). The information is based on publicly available information, internally developed data and other sources. By receiving this presentation, you acknowledge and represent to the C
Slide 3: A Nickel Exploration Company
A NICKEL EXPLORATION COMPANY WESTERN MINES GROUP COMPANY OVERVIEW Western Mines Group Ltd ASX:WMG Shares Outstanding 113,748,344 • Exceptional flagship project – discovery of a major komatiite hosted nickel sulphide mineral Share Price (06/02/26) Market Capitalisation $0.235 $26.73 Million system un
Slide 4: Run by "Owners" for the Owners
RUN BY “OWNERS” FOR THE OWNERS LOOK AFTER THE SHARE COUNT AND THE SHARE PRICE WILL LOOK AFTER ITSELF 45 0 Peer 1 Peer 2 WMG 40 0 35 0 Share Price Indexed to IPO Price (100) 30 0 Peer 1 $7m IPO 68.6m shares “Nickel discovery, development 25 0 and acquisition” WMG: 113.7m shares = 2.6x Peer 1: 313.0m
Slide 5: Nickel Market Setting Up for Structurally Higher Future Prices
NICKEL MARKET SETTING UP FOR STRUCTURALLY HIGHER FUTURE PRICES WMG SEES ROBUST ENVIRONMENT TO DEVELOP A MAJOR TIER 1 PROJECT ",/0,21=BLC,<7/34=61/2,MEB12F,=E5G,E6,3100L7L2=L,9:;,<71=L5 #!!" • SUPPLY Ø Indonesia growing to ~75% global production = they’ll own the market +!" *!" Ø “ONEC” could manage
Slide 6: Frontier Exploration in a World Class Nickel Province
FRONTIER EXPLORATION IN A WORLD CLASS NICKEL PROVINCE YILGARN CRATON WESTERN AUSTRALIA • One of the world’s major nickel provinces • World-class examples of komatiite-hosted nickel deposits – Perseverance (50Mt @ 2.3% Ni), Mt Keith (643.7Mt @ 0.58% Ni) and Kambalda (35Mt @ 3.1% Ni) MULGA TANK Ni-Co-
Slide 7: Belt Scale Opportunity WMG Own 100%
BELT SCALE OPPORTUNITY WMG OWN 100% MAJOR KOMATIITE NICKEL SYSTEM CLOSE TO TERRANE BOUNDARY Hayward 2024: Improving Multi-Scale Structural Targeting Precision for Large Ni-Cu (PGE, Co) Sulfide Discoveries from Global Case Studies ASX:WMG Western Mines Group Company Presentation, February 2026 7
Slide 8: RC Programs Defined Extensive Shallow Mineralisation
RC PROGRAMS DEFINED EXTENSIVE SHALLOW MINERALISATION FIRST EVER SYSTEMATIC EXPLORATION OF MULGA TANK • 6 Phases of RC drilling with 62 RC holes totalling 19,880m so far • Systematic ~200m x 200m and ~100m x 100m spacing to average 320m depth Ø 59 out of 62 RC holes mineralised to date MULTIPLE HOLES
Slide 9: Mineral Resource Estimate of Over 5.3Mt Contained Nickel
MINERAL RESOURCE ESTIMATE OF OVER 5.3MT CONTAINED NICKEL MRE (JORC 2012) OF SHALLOW MINERALISATION TO ~400M DEPTH INDICATED 565Mt at 0.28% Ni, 134ppm Co, 105ppm Cu, 18ppb Pt+Pd with S:Ni 1.0 INFERRED 1,403Mt at 0.27% Ni, 129ppm Co, 73ppm Cu, 17ppb Pt+Pd with S:Ni 0.9 TOTAL 1,968Mt at 0.27% Ni, 131pp
Slide 10: Largest Nickel Sulphide Deposit in Australia…
LARGEST NICKEL SULPHIDE DEPOSIT IN AUSTRALIA… TOTAL RESOURCE 1,968Mt AT 0.27% Ni FOR 5.3Mt CONTAINED NICKEL See Appendix 2 (Slide 22) for further details ASX:WMG Western Mines Group Company Presentation, February 2026 10
Slide 11: …and Likely Top 10 in the World
…AND LIKELY TOP 10 IN THE WORLD LARGE LOW-GRADE NICKEL SULPHIDE WILL BECOME AND ESSENTIAL NEW SUPPLY OF WESTERN WORLD NICKEL • Largest nickel sulphide deposits in the world: Deposit Contained Nickel (M&I) Ni Grade Producing Company Norilsk-Talnakh (Russia) 11.3Mt 0.75% Yes Nornickel Crawford (Canada
Slide 12: Shallow High-Grade Results in RC Drilling
SHALLOW HIGH-GRADE RESULTS IN RC DRILLING SEMI-MASSIVE NICKEL-COPPER SULPHIDE IN RC • Higher grade results in the central-eastern area of the Complex • MTRC015: 1m at 1.11% Ni, 516ppm Co, 0.45% Cu, 62ppb Pt+Pd from 172m 3m at 1.32% Ni, 56ppm Co, 0.10% Cu, 34ppb Pt+Pd from 184m 2m at 1.71% Ni, 836ppm
Slide 13: Got the Tonnes… Now Follow-Up on Higher-Grades
GOT THE TONNES… NOW FOLLOW-UP ON HIGHER-GRADES PHASE 5 RC PROGRAM FOCUSED ON INITIAL 3YR STARTER PIT • Exploration goal to find near surface zone of +0.40% Ni material to optimise NPV and payback of an eventual mine plan • Initially targeting around two best holes to date: MTRC046 Ø 193m at 0.33% Ni
Slide 14: Bigger Picture – The Scale Is Immense
BIGGER PICTURE – THE SCALE IS IMMENSE DISSEMINATED SULPHIDES OVER >500M INTERVALS • EIS co-funded deep diamond holes MTD023, MTD026 and MTD029 intersected extensive disseminated magmatic sulphides • MTD023: Cumulative 693.5m at 0.28% Ni, 128ppm Co, 61ppm Cu, 27ppb Pt+Pd with S:Ni 1.1 • MTD026: Cumul
Slide 15: Globally Significant Nickel Sulphide System
GLOBALLY SIGNIFICANT NICKEL SULPHIDE SYSTEM BRAVE LITTLE COMPANY DRILLING 1,500M DIAMOND HOLES ASX:WMG Western Mines Group Company Presentation, February 2026 15
Slide 16: It's Not Mt Keith – It's a Perseverance-Style Hybrid System
ITS NOT MT KEITH – ITS A PERSEVERANCE-STYLE HYBRID SYSTEM HIGH-GRADE COMPONENT TO MINERALISATION • Processes working to coalesce sulphides and form massive sulphide deposits • Multiple zones of remobilised massive nickel sulphide veinlets, in-situ immiscible globules and sulphide segregations seen i
Slide 17: Geochemical Trends Unlocking Architecture
GEOCHEMICAL TRENDS UNLOCKING ARCHITECTURE MTD028 ~1,300m MTD029 ~800m MTD027 HIGHLY PROSPECTIVE BASAL ZONE • Intersections of “cloud” sulphide potentially vectoring towards Dolerite unit sulphide enriched keel and/or feeder vent: Mineralised Zone Mineralised Zone Mineralised Zone • MTD023: 88m at 0.
Slide 18: Stepping Out into Belt-Scale Mineralised Komatiite System
STEPPING OUT INTO BELT-SCALE MINERALISED KOMATIITE SYSTEM CONFIRMED GEOLOGICAL INTERPRETATON OF KOMATIITE CHANNEL SYSTEM • ~15km strike of interpreted Kambalda-style komatiite channels completely unexplored • Recently drilled first regional holes into Panhandle ~1.5km high-mag body within E39/2134 •
Slide 19: Multiple Drivers of Company Success Over Next 6-12 Months
MULTIPLE DRIVERS OF COMPANY SUCCESS OVER NEXT 6-12 MONTHS PHASE 5 DRILLING PROGRAM - RESOURCE EXTENSION, INFILL AND HIGH-GRADE TARGETS 1. MT KEITH-STYLE OPEN PITABLE DISSEMINATED SULPHIDE RESOURCE – BACKSTOPS COMPANY VALUE • Resource expansion: RC holes to the south of current resource • Resource in
Slide 20: Exciting Discovery Opportunity
EXCITING DISCOVERY OPPORTUNITY EXPLORATION PHILOSOPHY • We believe multiple significant nickel deposits will be found at Mulga Tank • We strive to do high-quality technical exploration work • We are frugal to maximise exploration spend and minimise equity dilution • We are per share driven – at the
Slide 21: Appendix 1: Mulga Tank Mineral Resources Estimate
APPENDIX 1: MULGA TANK MINERAL RESOURCES ESTIMATE ASX, Mulga Tank Mineral Resources Over 5Mt Contained Nickel, 10 April 2025 Refer to Western Mines Group Ltd ASX Announcements for relevant disclosures, no material changes to previously disclosed information ASX:WMG Western Mines Group Company Presen
Slide 22: Appendix 2: Australian Nickel Sulphide Deposits
APPENDIX 2: AUSTRALIAN NICKEL SULPHIDE DEPOSITS Australian nickel sulphide deposits with total measured, indicated and inferred resources of contained nickel >100Kt Ni Numbers may not add up due to rounding ASX:WMG Western Mines Group Company Presentation, February 2026 22
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