Western Mines Group Ltd · ASX:WMG
Western Mines — Diggers and Dealers 2026
21 slides from Western Mines's conference presentation, August 2026
Slide 1: Western Mines Group: The Mulga Tank Nickel Sulphide Discovery
WESTERN MINES GROUP THE MULGA TANK NICKEL SULPHIDE DISCOVERY COMPANY PRESENTATION DIGGERS AND DEALERS 3-5 AUGUST 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 CAPITAL STRUCTURE TEAM EXCEPTIONAL FLAGSHIP PROJECT Foundation of the Company Explorers and financiers Discovery of major komatiite hosted nickel sulphide mineral system under cover in WA Per share driven Driven by discovery – in it for the score Largest nickel sulphide
Slide 4: Company Overview: Look After the Share Count
COMPANY OVERVIEW LOOK AFTER THE SHARE COUNT AND THE SHARE PRICE WILL LOOK AFTER ITSELF 450 400 Western Mines Group Ltd Share Price Indexed to IPO Price (100) ASX:WMG Peer 1 Peer 2 WMG Peer 1 350 $7m IPO 68.6m shares “Nickel discovery, Shares Outstanding1 130,423,669 development and acquisition” 300
Slide 5: 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 6: A New Nickel Belt Emerging
A NEW NICKEL BELT EMERGING MAJOR KOMATIITE NICKEL SYSTEM CLOSE TO TERRANE BOUNDARY • Mulga Tank Ultramafic Complex – camp scale opportunity WMG own 100% • Focus to date on has been on the main dunite body • Multiple other dunite bodies along the belt • ~20km strike of interpreted Kambalda-style koma
Slide 7: RC Programs Define Extensive Shallow Mineralisation
RC PROGRAMS DEFINE EXTENSIVE SHALLOW MINERALISATION FIRST EVER SYSTEMATIC EXPLORATION OF MULGA TANK • 94 RC holes totalling 29,297m drilled so far • Systematic ~200m x 200m and ~100m x 100m spacing to average 320m depth • First 58 holes used in Mineral Resource Estimate April 2025 (Phases 1-3) • Fur
Slide 8: 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 9: 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 21) for further details ASX:WMG Western Mines Group Company Presentation, August 2026 9
Slide 10: ...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 11: Got the Tonnes... Now Follow-up on Higher-Grades
GOT THE TONNES… NOW FOLLOW-UP ON HIGHER-GRADES CURRENT PROGRAMS FOCUSED ON INITIAL 3YR STARTER PIT • Initial resource is robust versus Canadian peers but believe Mulga Tank system can do more • Exploration goal to find near surface zone of +0.40% Ni material to optimise NPV and payback of an eventua
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: Bigger Picture – The Scale of the System Is Immense
BIGGER PICTURE – THE SCALE OF THE SYSTEM 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 •
Slide 14: 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, August 2026 14
Slide 15: 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 16: 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 sulphide Dolerite unit enriched keel and/or feeder vent: • MTD023: 88m at 0.44% Ni, 151ppm Co from 1,212m Mineralised Zone Mine
Slide 17: Two Highly Prospective Basal Zones Beginning to Be Mapped
TWO HIGHLY PROSPECTIVE BASAL ZONES BEGINNING TO BE MAPPED FIRST PRIZE PERSEVERANCE, SECOND PRIZE UP DIP NEAR SURFACE +100M AT +0.40% NI = STARTER PIT ASX:WMG Western Mines Group Company Presentation, August 2026 17
Slide 18: Approaching a Re-Rating Opportunity
APPROACHING A RE-RATING OPPORTUNITY WORKING TOWARDS A SCOPING STUDY ON THE SHALLOW OPEN-PIT RESOURCE BRINGING TOGETHER SEVERAL WORKSTREAMS OVER THE NEXT FEW MONTHS • Recent completion of Phase 5 drilling • Assay results from 36 Phase 4 and 5 holes to be incorporated into a resource upgrade • Ongoing
Slide 19: 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 20: 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 21: 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, August 2026 21