Western Mines Group Ltd · ASX:WMG
Western Mines — International Mining and Resources Conference (IMARC) Sydney 2024
21 slides from Western Mines's conference presentation, Oct 29, 2024
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 29 TO 31 OCTOBER 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 “An exploration driven company • Exceptional flagship project – discovery of a major komatiite hosted nickel sulphide looking to create value through mineral system under cover in WA discovery” • “Globally significant” – JORC Expl
Slide 4: Macro: Exploring with Confidence Through the Bottom of the Cycle
MACRO: EXPLORING WITH CONFIDENCE THROUGH THE BOTTOM OF THE CYCLE KEY TAKEAWAYS FROM THE INDONESIAN NICKEL CONFERENCE 2024 100% % of nickel production making cash at difference LME prices • Indonesia growing to ~75% global production but… 90% 80% Ø A lot of RKEF-NPI is cash cost US$15,000/t Price flo
Slide 5: Project: Exploring with Confidence Through the Bottom of the Cycle
PROJECT: EXPLORING WITH CONFIDENCE THROUGH THE BOTTOM OF THE CYCLE WORLD CLASS PROJECTS CAN TRASCEND ANY MACRO ENVIRONMENT • Mulga Tank is globally significant exploration opportunity Deposit Contained Nickel (M&I) Ni Grade Producing Company Norilsk-Talnakh (Russia) 11.3Mt 0.75% Yes Nornickel • Larg
Slide 6: Mulga Tank JORC Exploration Target
6 $30,000 $25,000 $20,000 $15,000 OCTOBER 2024 Further Phase 3 Assay Results up to 1.25% Ni 0.60% Cu 1/10 /2 4 Further High-Grade Intervals up to 2.46% Ni 0.43% Cu Regional EIS Drilling Confirms Belt-Scale Mineral System SEPTEMBER 2024 Phase 3 Assays Extend Known Mineralisation at Mulga 1/09 /2 4 Ta
Slide 7: 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 8: Belt Scale Opportunity WMG Own 100%
BELT SCALE OPPORTUNITY WMG OWN 100% MAJOR KOMATIITE NICKEL SYSTEM UNDER COVER • Discovered by BHP in 1985, hole MD1A = dunite with visible nickel sulphides – not IOCG target • Large adcumulate dunite body (~15km2) with interpreted komatiite channel flows extending NW over >12km • Drilling beneath sa
Slide 9: 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 10: 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 2024 10
Slide 11: Phase 1 RC Program Confirmed Shallow Mineralisation
PHASE 1 RC PROGRAM CONFIRMED SHALLOW MINERALISATION FIRST SYSTEMATIC EXPLORATION OF MULGA TANK • 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 a
Slide 12: Implicit Modelling of Ni, S and Chalcophile Elements
IMPLICIT MODELLING OF Ni, S AND CHALCOPHILE ELEMENTS 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 JO
Slide 13: Phase 2 RC Focused on the Higher-Grade Core
PHASE 2 RC FOCUSED ON THE HIGHER-GRADE CORE MULTIPLE +200M INTERVALS AND HIGHER GRADES EMERGING • 17 hole 5,534m RC completed February-March 2024 – all 17 holes mineralised • Drill hole spacing reduced to ~200m x 200m over 1km2 area PHASE 2 RC RESULTS: • MTRC023: Cumulative 115m at 0.28% Ni, 133ppm
Slide 14: With Phase 3 RC the System Is Getting Bigger and Better
WITH PHASE 3 RC THE SYSTEM IS GETTING BIGGER AND BETTER EXTENDING MINERALISATION TO SOUTH AND EAST • 19 hole 6,002m RC completed July-September 2024 – all 19 holes mineralised • Infill around MTRC016, MTRC034 and follow-up on shallow high-grade results in MTRC032 and MTRC038 PHASE 3 RC RESULTS: • MT
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: 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 17: Tracking Down Zones of High-Grade Mineralisation
TRACKING DOWN ZONES OF HIGH-GRADE MINERALISATION PODS OF HIGH-GRADE MATERIAL WITHIN A LARGE OPEN PIT • Targeting areas of higher grade “starter pit” material >0.40% Ni to improve economics of a large-scale project • 23 intersections of high-grade intervals >1% Ni within shallow RC holes • 9 high-gra
Slide 18: And Could Be Kambalda – Prospective Unexplored Komatiite Channels
AND COULD BE KAMBALDA – 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
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: >2,000,000t [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
Slide 21: Directors
DIRECTORS Rex Turkington Non-Executive Chairman Capital Markets | Corporate Management Rex is a highly experienced corporate advisor and economist who has worked extensively in the Australian financial services and stockbroking industry, specialising in the natural resources sector and participating
Western Mines Group — International Mining and Resources Conference (IMARC) Sydney 2024 on 6ix