Western Mines Group Ltd · ASX:WMG
Western Mines — PDAC Convention 2025
19 slides from Western Mines's conference presentation, Mar 6, 2025
Slide 1: The Mulga Tank Nickel Sulphide Discovery
WESTERN MINES GROUP THE MULGA TANK NICKEL SULPHIDE DISCOVERY PDAC CONVENTION AND AUSTRADE AUSTRALIA MINERALS TORONTO – NEW YORK 2-6 MARCH 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: Why Nickel?
WHY NICKEL? NICKEL MARKET IS AT CYCLICAL LOWS - IT WILL COME BACK! #!!" ",/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 battery chemistry and energy transition = demand kicker )!" (!" Ø Anal
Slide 4: Exploring with Confidence Through the Bottom of the Cycle
EXPLORING WITH CONFIDENCE THROUGH THE BOTTOM OF THE CYCLE LARGE LOW-GRADE NICKEL SULPHIDE WILL BECOME AND ESSENTIAL NEW SUPPLY OF WESTERN WORLD NICKEL • Canada Nickel (TSX-V:CNC) leading the way – Crawford DFS Nov 2023: 0.23% Ni deposit with estimated US$3,395/t AISC • Largest nickel sulphide deposi
Slide 5: A Nickel Exploration Company
A NICKEL EXPLORATION COMPANY WESTERN MINES GROUP COMPANY OVERVIEW Western Mines Group Ltd ASX:WMG Shares Outstanding 90,353,344 • Exceptional flagship project – discovery of a major komatiite hosted nickel sulphide mineral Share Price (26/02/25) $0.12 system under cover in WA Market Capitalisation $
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 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 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, March 2025 9
Slide 10: 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 11: 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 12: 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 13: 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 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: 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 • Still wide
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 • MTD027: 96m at 0.40% Ni, 161ppm Co from 1,208m
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: 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