Western Mines Group Ltd · ASX:WMG
Western Mines — International Mining and Resources Conference (IMARC) 2025
21 slides from Western Mines's conference presentation, Oct 21, 2025
Slide 1: Western Mines Group – The Mulga Tank Nickel Sulphide Discovery
WESTERN MINES GROUP THE MULGA TANK NICKEL SULPHIDE DISCOVERY INTERNATIONAL MINING AND RESOURCES CONFERENCE SYDNEY 21-23 OCTOBER 2025 @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 97,188,344 • Exceptional flagship project – discovery of a major komatiite hosted nickel sulphide mineral Share Price (20/10/25) Market Capitalisation $0.225 $21.87 Million system und
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 Peer 3 WM G 40 0 35 0 Share Price Indexed to IPO Price (100) 30 0 Peer 1 (P1) $7m IPO 68.6m shares Peer 3 (P3) 25 0 “Nickel discovery, development $12m IPO 115m shares and acquisit
Slide 5: Why Nickel?
WHY NICKEL? NICKEL MARKET IS AT CYCLICAL LOWS BUT SETTING UP FOR STRUCTURALLY HIGHER FUTURE PRICES ",/0,21=BLC,<7/34=61/2,MEB12F,=E5G,E6,3100L7L2=L,9:;,<71=L5 • DEMAND Ø Stainless steel ~68% global demand = function of GDP growth #!!" +!" Ø Key component of EV battery chemistry and energy transition
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, October 2025 7
Slide 8: Discovery of Extensive Mt Keith-Style Magmatic Sulphide
DISCOVERY OF EXTENSIVE MT KEITH-STYLE MAGMATIC SULPHIDE DISSEMINATED SULPHIDES OVER >500M INTERVALS • Deep diamond 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: Cumul
Slide 9: 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, October 2025 9
Slide 10: RC Programs Confirmed Shallow Mineralisation
RC PROGRAMS CONFIRMED SHALLOW MINERALISATION FIRST EVER SYSTEMATIC EXPLORATION OF MULGA TANK • 3 Phases of RC drilling with 58 RC holes totalling 18,571m • 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 MINERALISED OV
Slide 11: 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 12: 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, October 2025 12
Slide 13: …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 14: 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 15: 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 16: Geochemical Trends Unlocking Architecture
GEOCHEMICAL TRENDS UNLOCKING ARCHITECTURE MTD028 ~1,300m MTD029 ~800m MTD027 HIGHLY PROSPECTIVE BASAL ZONE • 91 occurrences of high-grade sulphide across 13 Dolerite unit diamond holes over ~4km2 area Mineralised Zone Mineralised Zone Mineralised Zone Unmineralised Unmineralised Unmineralised Minera
Slide 17: What Lies at Depth Within This Extensive Sulphide System?
WHAT LIES AT DEPTH WITHIN THIS EXTENSIVE SULPHIDE SYSTEM? THERE’S A MONSTER HIDING SOMEWHERE • Intersections of “cloud” sulphide potentially vectoring towards sulphide enriched keel and/or feeder vent: • MTD023: 88m at 0.44% Ni, 151ppm Co from 1,212m 1) 9 (EIS3) (EIS • MTD027: 96m at 0.40% Ni, 161pp
Slide 18: Multiple Drivers of Company Success Over Next 6-12 Months
MULTIPLE DRIVERS OF COMPANY SUCCESS OVER NEXT 6-12 MONTHS PHASE 4 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 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, October 2025 21
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