Western Mines : EGM Company Update by the Managing Director

For personal use only

Western Mines Group Ltd

ACN 640 738 834

Level 3, 33 Ord Street

West Perth

WA 6005

25 February 2022

ASX Announcement (ASX:WMG)

EGM Company Update by the Managing Director

Attached is a copy of remarks given by the Managing Director updating shareholders on recent progress and upcoming plans at Western Mines Group Ltd (WMG or Company) (ASX:WMG) Extraordinary General Meeting held today at 10.00am (AWST).

For more information, please contact the undersigned on ([phone].

Yours faithfully

Lee Tamplin

Company Secretary

This announcement has been authorised for release by the Board of Western Mines Group Limited.

Western Mines Group Ltd

www.westernmines.com.au

ASX Announcement

25 February 2022

EGM Company Update

only	Key Points
• Planning well underway for an initial 10-12 hole 4,000-5,000m diamond drilling
program at the Mulga Tank Ni-Cu-PGE Project - reflecting the Company's growing
confidence in the project
• DMIRS PoW approval already received for a multi-phase drilling program along with a
number of quotes from diamond drilling contractors
use	• MLEM survey at Mulga Tank recommenced on 20 February - initial results from the
Central and Southern sectors anticipated next week, with final completion of the
	Northwest sector around mid March
	• Systematic exploration targeting is generating numerous robust drill targets combining
	geological and geochemical vectoring work with emerging geophysical bedrock
	conductors
	• Logistical preparations for the drilling, including camp and ordering of lead items, well
	underway in anticipation of the program
	• Collation and review of historical data at the Jasper Hill Gold Project nearing
	completion ahead of a planned site and drill targeting work
	• Recent site visit conducted to the Pavarotti Ni-Cu-PGE Project - mapping and
	sampling of the Jock's Fury gossan and locating historical drill holes
	• Review and further follow-up drill targeting completed for the recent high-grade gold
	results from the Rock of Ages Project
personalMulga Tank Ni-Cu-PGE Project

Western Mines Group Ltd (WMG or Company) (ASX:WMG) is pleased to update shareholders on the Company's progress across its exploration portfolio with Managing Director Caedmon Marriott delivering the follow update at today's EGM:

The Company's primary focus for 2022 is the flagship Mulga Tank Ni-Cu-PGE Project with efforts Forramping up for an initial drilling program in the next few months. The Company recently appointed experienced nickel geologist Travis Kerslake as Exploration Manager (ASX, Appointment of Experienced Exploration Manager, 21 February 2022), who will be primarily focused on leading the Mulga Tank

Project.

Planning is well underway for an initial 10 to 12 hole diamond drilling program at Mulga Tank for a total of 4,000 to 5,000m, reflecting the Company's growing confidence and excitement in the project. Drill targeting work is nearing completion, with a systematic exploration approach being used, combining geological and geochemical vectoring work with the bedrock conductor targets emerging from the Moving Loop Electromagnetic (MLEM) survey. The ongoing MLEM survey finally recommenced on 20 February, after some delay at the start of this year. Results from the Central and Southern sectors are anticipated next week, with final completion of the Northwest sector around mid March.

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ASX Announcement

25 February 2022

Department of Mines, Industry Regulation and Safety (DMIRS) approval for a Program of Work (PoW) covering a multi-phase 30 hole diamond drilling program has already been received for the project, overcoming this hurdle for the initial upcoming drilling program and well beyond. A number of quotes

onlyhave been received from suitable diamond drilling contractors, with discussions on this front ongoing. The Company currently believes there is likely suitable rig availability but sees a distinct lack of available drilling workforce, that will hopefully be alleviated somewhat when the WA borders reopen on 3 March.

Logistical preparations for the drilling have been well underway for a number of weeks, including plans and preparations for a remote exploration camp and ordering of lead items, in anticipation of the program. The Company is targeting being ready for drilling from a technical and logistical point of view for anytime after the last week of March, enabling us to lock in a suitable diamond drilling rig as soon as

useit become available.

WMG intends to provide an update to shareholders on the technical exploration progress at Mulga Tank once the Central Sector of the ongoing MLEM survey is complete and will also provide further details on the targets identified when the drill targeting plans are finalised at the conclusion of the full survey.

Jasper Hill Gold Project

personal

1

Whilst the Mulga Tank Project will consume a lot of the Company's focus over the next month in preparation for drilling, work is still continuing across other projects including Jasper Hill.

The Company is in the processing of completing an historical review of the enlarged project area following the acquisition of neighbouring tenements last year (ASX, Completion of Jasper Hill Tenement Acquisition, 11 November 2021; WMG Acquires Key Ground at Jasper Hill Gold Project, 8 October 2021; Jasper Hill Gold Project Grant and Project Expansion, 2 August 2021). Having strategically consolidated the project area, Jasper Hill now represents the Company's primary gold project and econd major project alongside Mulga Tank.

The project area contains a 3km known mineralised gold trend, that has been largely held in private ownership over the last 30 years and is significantly under explored.

Historical shallow, wide spaced, RAB and RC drilling during the 1980's highlights a number of robust gold results within the tenements including :

For

AJ10 14m at 1.58g/t Au from 14m, including 2m at 8.1g/t Au from 16m PDH02 13m at 1.44g/t Au from 15m, including 5m at 3.11g/t Au from 15m PDH03 18m at 1.28g/t Au from 14m, including 4m at 3.35g/t Au from 14m PDH07 4m at 3.40g/t Au from 12m

Since that time there has been no further drilling and very little follow up work on these very interesting shallow intersections of gold over broad widths, just 10-15m below surface.

The Company is planning a site visit to the project on completion of the historical review along with a systematic field exploration program to define initial drill targets. Drilling will likely be conducted later in the year following the Mulga Tank diamond drilling program.

1. Refer previous ASX announcements, no change to historical results previously reported

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ASX Announcement

25 February 2022

onlyuse

personal Figure 1: Significant Gold Intersections along Mineralised Trend at Jasper Hill Project

ForPavarotti Ni-Cu-PGE Project

The Company conducted a site visit to the Pavarotti Project in early January in order to ground truth a number of initial targets and interesting results identified during an historical review of the project last year (ASX, Nickel Exploration Update - High-PriorityTargets Identified, 17 November 2021).

The team were able to locate the Jock's Fury gossan, along with a number of significant drill holes completed in the 1970's and even confirm the location of anomalous rock chip results collected in the 1990's with labeled sample numbers attached to nearby vegetation! WMG's mapping, sampling and accurate recording of the GPS location of this historical information will aid the ongoing exploration work.

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ASX Announcement

25 February 2022

Key significant drill holes located include1:

H202

onlyH273

For usepersonal

4.6m at 1.28% Ni, 597ppm Cu and 293ppm Co from 42.7m

16.8m at 0.78% Ni, 360ppm Cu and 285ppm Co from 12.2m inc. 3.1m at 1.60% Ni, 865ppm Cu and 700ppm Co from 24.4m

Figures 2A and 2B: Historical plates found covering drill holes H2 and H273

Figure 3: Rock chip sample numbers from the 1990's found attached to vegetation (KR053 0.63% Ni,

0.11% Cu and 0.22g/t Pt+Pd)

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