Western Mines Group Ltd · ASX:WMG
Western Mines — Investor Presentation (September 2024)
20 slides from Western Mines's investor presentation, Sep 2, 2024
Slide 1: Western Mines Group – The Mulga Tank Nickel Sulphide Discovery
WESTERN MINES GROUP THE MULGA TANK NICKEL SULPHIDE DISCOVERY PERTH ROADSHOW @westernmines 2-3 SEPTEMBER 2024 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 10x • Exceptional flagship project – discovery of a major komatiite hosted nickel “An exploration driven company sulphide mineral system under cover in WA looking to create value through • “Globally significant” – JORC Exploration Tar
Slide 4: MTRC024 Assays – Matrix-Massive Sulphide Over 4.5%
4 $30,000 $25,000 $20,000 $15,000 JULY 2024 Continuous Mineralisation in Upper Part of MTD029 1/07 /2 4 (EIS3) MAY 2024 High-Grade Sulphide Segregations at Depth in MTD029 1/06 /2 4 (EIS3) All Phase 2 RC Holes Show Broad Sulphide Mineralisation APRIL 2024 1/05 /2 4 MTD029 (EIS3) Diamond Drilling Upd
Slide 5: Key Takeaways from the Indonesian Nickel Conference
KEY TAKEAWAYS FROM THE INDONESIAN NICKEL CONFERENCE • Indonesia growing to ~75% global production • But a lot of that RKEF-NPI is cash cost US$15,000/t, setting a hard floor in pricing, and grades Projected total Indonesian supply to 2030 are falling further % of nickel production making cash at dif
Slide 6: Nickel: It's Time to Pick a Side
NICKEL: ITS TIME TO PICK A SIDE BATTLE OF CLEAN GREEN NICKEL SULPHIDE VERSUS DIRTY NICKEL LATERITE NICKEL LATERITE Nickel Consumption Around four times more energy and CO2 intensive than sulphide, large surficial deposits in tropical regions such as Indonesia are extremely environmentally destructiv
Slide 7: Large Low-Grade Nickel Can Be Possible in WA
LARGE LOW-GRADE NICKEL CAN BE POSSIBLE IN WA DISPELLING THE MYTHS • Economies of scale are king – understood in gold or • “…what about Nickel West?” - very limited operational data disclosed but: copper porphyries but seemingly not in nickel • In 2007 Mt Keith (223Mt at 0.53% Ni) it was operating wi
Slide 8: 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 – Kambalda (35Mt @ 3.1% Ni), Perseverance (50Mt @ 2.3% Ni) and Mt Keith (643.7Mt @ 0.58% Ni) MULGA TANK Ni-Cu-
Slide 9: Belt Scale Opportunity WMG Own 100%
BELT SCALE OPPORTUNITY WMG OWN 100% MAJOR KOMATIITE NICKEL SYSTEM UNDER COVER • Large adcumulate dunite body (~15km2) with interpreted komatiite channel flows extending NW over >12km • Drilling beneath sand cover - 60 out of 69 holes show nickel sulphide mineralisation • ALL THREE MINERALISATION STY
Slide 10: Discovery of Extensive Mt Keith-Style Magmatic Sulphide
DISCOVERY OF EXTENSIVE MT KEITH-STYLE MAGMATIC SULPHIDE DISSEMINATED SULPHIDES OVER >500M INTERVALS • Deep EIS holes MTD023 and MTD026 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: Cumulative 84
Slide 11: Multiple Broad Zones of Disseminated Mineralisation
MULTIPLE BROAD ZONES OF DISSEMINATED MINERALISATION BRAVE LITTLE COMPANY DRILLING 1,500M DIAMOND HOLES ASX:WMG Western Mines Group Company Presentation, September 2024 11
Slide 12: Initial RC Program Confirmed Shallow Mineralisation
INITIAL RC PROGRAM CONFIRMED SHALLOW MINERALISATION LARGE-SCALE OPEN-PIT POTENTIAL • Initial 22 hole, 7,035m RC program – 19 out of 22 holes mineralised PHASE 1 RC RESULTS: • MTRC001: Cumulative 253m at 0.24% Ni, 128ppm Co, 76ppm Cu, 27ppb Pt+Pd with S:Ni 1.4 • MTRC002: Cumulative 111m at 0.31% Ni,
Slide 13: Globally Significant Nickel Sulphide System
GLOBALLY SIGNIFICANT NICKEL SULPHIDE SYSTEM JORC EXPLORATION TARGET 350Mt to 2,200Mt at 0.24% to 0.35% Ni, 120ppm to 150ppm Co, S:Ni 1.1 to 1.3 Higher-grade core W (2,800ppm Ni, 1,000ppm S cut-off) E Large lower-grade (1,500ppm Ni, 1,000ppm S cut-off) Dunite shell Cautionary Statement on JORC Explor
Slide 14: Phase 2 RC Focused on the Higher-Grade Core
PHASE 2 RC FOCUSED ON THE HIGHER-GRADE CORE INFILL DRILLING TARGETING FIRST RESOURCE • Further 17 hole 5,534m RC completed February-March 2024 • PROGRESSIVELY DE-RISK, IMPROVE CONFIDENCE AND AID RESOURCE EVALUATION PHASE 2 RC RESULTS: • MTRC023: Cumulative 115m at 0.28% Ni, 133ppm Co, 51ppm Cu, 27pp
Slide 15: Phase 3 RC to Further Infill and Extend
PHASE 3 RC TO FURTHER INFILL AND EXTEND ADDITIONAL 7,000M RC DRILLING PROGRAM • Infill around MTRC016 200m at 0.3% Ni and MTRC034 240m at 0.30% Ni • Follow-up on shallow high-grade results in MTRC032 and MTRC038 • Looking to extend mineralisation to south • First 19 holes ~6,000m complete ASX:WMG We
Slide 16: Evidence for Perseverance-Style Hybrid System
EVIDENCE FOR PERSEVERANCE-STYLE HYBRID SYSTEM HIGH-GRADE COMPONENT TO MINERALISATION • Multiple zones of remobilised massive nickel sulphide veinlets and in-situ immiscible globules seen across the Complex • MTD012: 0.5m at 1.49% Ni, 0.04% Cu and 0.04% Co from 385.8m • MTD013: 1.6m at 0.83% Ni and 0
Slide 17: 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 • MTD015: 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 18: Prospective Unexplored Komatiite Channels
PROSPECTIVE UNEXPLORED KOMATIITE CHANNELS FERTILE KOMATIITE CHANNELS EXTEND 15KM • Komatiite sequence with A-B zones logged in the Panhandle • Evidence of prospective high-grade mineralisation: • MTD006: 0.25m at 3.8% Ni, 0.7% Cu and 0.7g/t PGE from 221.6m • MTD016: 0.3m at 1.57% Ni, 0.13% Cu and 0.
Slide 19: Exploration Strategy Based on Mineralisation Style
EXPLORATION STRATEGY BASED ON MINERALISATION STYLE PATHWAYS TO SHAREHOLDER VALUE Systematic RC - confirm lateral extent 1 MT KEITH-STYLE of disseminated mineralisation EXTENDING DISSEMINATED Initial Exploration Target estimate RESOURCE DRILL OUT SULPHIDE MINERALISATION Criteria: >1,000,000t [Ni], >0
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 with overheads to maximise exploration spend and minimise equity dilution • We want to change
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