• WMG’s flagship project – discovery of an extensive magmatic nickel sulphide mineral system with an initial Mineral Resource (March 2025) of over 5.3Mt of contained nickel – making it the largest nickel sulphide deposit in Australia and likely top 10 in the world
• “Belt scale” opportunity – frontier exploration under cover with a strategically assembled 425km² position on the significantly under-explored Minigwal Greenstone Belt
• Project contains the entire Mulga Tank Ultramafic Complex (WMG 100%) – a major ultramafic dunite intrusion analogous to complexes hosting the world class Mt Keith and Perseverance nickel deposits
  
• WMG diamond holes show extensive intersections of Type 2 Mt Keith-style disseminated nickel sulphide mineralisation:
• MTD023 cumulative 693.5m at 0.28% Ni, 128ppm Co, 61ppm Cu, 27ppb Pt+Pd with S:Ni 1.1
• MTD026 cumulative 840m at 0.28% Ni, 140ppm Co, 103ppm Cu, 24ppb Pt+Pd with S:Ni 1.6
• MTD027 cumulative 694m at 0.31% Ni, 141ppm Co, 68ppm Cu, 30ppb Pt+Pd with S:Ni 1.0
• MTD028 cumulative 466m at 0.35% Ni, 139ppm Co, 63ppm Cu, 43ppb Pt+Pd with S:Ni 1.0
• MTD029 cumulative 1,247m at 0.28% Ni, 134ppm Co, 76ppm Cu, 24ppb Pt+Pd with S:Ni 1.0
• Recent 58 hole 18,571m RC drilling has proven extensive disseminated sulphide mineralisation in the top ~300m amenable to a large-scale open-pit – 55 of 58 holes mineralised with 23 intersections >1% Ni, including:
• MTRC015   2m at 1.71% Ni, 836ppm Co, 0.10% Cu, 0.4g/t Pt+Pd from 229m
• MTRC018   1m at 1.84% Ni, 0.10% Co, 4.88% Cu, 26ppb Pt+Pd from 293m
• MTRC024   3m at 2.19% Ni, 777ppm Co, 597ppm Cu, 9ppb Pt+Pd from 253m inc. 1m at 4.51% Ni, 0.16% Co, 0.14% Cu, 16ppb Pt+Pd from 253m
• MTRC032   6m at 1.01% Ni, 443ppm Co, 0.32% Cu, 0.12g/t Pt+Pd from 254m
• MTRC038   1m at 3.16% Ni, 662ppm Co, 385ppm Cu, 0.18g/t Pt+Pd from 192m
• MTRC046   4m at 1.14% Ni, 501ppm Co, 803ppm Cu, 0.14g/t Pt+Pd from 224m and 5m at 1.92% Ni, 711ppm Co, 0.21% Cu, 0.18g/t Pt+Pd from 283m
• MTRC055   4m at 1.16% Ni, 345ppm Co, 0.13% Cu, 6ppb Pt+Pd from 182m inc. 1m at 2.46% Ni, 641ppm Co, 0.43% Cu 18ppb Pt+Pd and 183m
• Globally significant JORC Mineral Resource Estimate of 1,968Mt at 0.27% Ni, 131ppm Co, 82ppm Cu, 17ppb Pt+Pd with S:Ni 0.9
• Intersections of high-grade remobilised massive sulphide and immiscible sulphide globules indicate a likely Type 1/2 hybrid system more like Perservance with potential for basal massive sulphide accumulations
• Further 15km trend of interpreted komatiite channel flows completely unexplored for Ni-Co-Cu-PGE

Located in One of the World’s Major Nickel Provinces

The Mulga Tank Project comprises exploration licences E39/2132, E39/2134, E39/2223 and exploration licence application E39/2299, covering an area of 425km². The project is located 190km east-northeast of Kalgoorlie in the Duketon Domain of the Burtville Terrane, in the Eastern Goldfields Province of the Yilgarn Craton, Western Australia. The eastern Yilgarn contains world-class examples of komatiite-hosted nickel deposits including Kambalda (35Mt at 3.1% Ni), Perseverance (50Mt at 2.3% Ni) and Mt Keith (643.7Mt at 0.58% Ni).

The project covers the majority of the significantly under-explored Minigwal Greenstone Belt. This is a “frontier” exploration opportunity for major komatiite-hosted Ni-Cu-PGE deposits, exploring under shallow sand cover, in this overlooked area of the eastern Yilgarn Craton.

Mulga Tank Ultramafic Complex

The project area contains the entire Mulga Tank Ultramafic Complex, including the Mulga Tank Dunite Intrusion, a major ultramafic intrusion demonstrated to contain an extensive magmatic nickel sulphide mineral system. The larger project area contains a 15km trend of interpreted komatiite flow channels emanating from the Mulga Tank intrusion that have received little to no exploration focus to date.

The Minigwal Belt and Mulga Tank dunite were first identified by BHP in the 1980’s yet are still under explored due to the sand cover. Most recent exploration by Impact Minerals (ASX:IPT) (2013-2016) demonstrated a working Ni-Cu-PGE magmatic sulphide mineral system, with sulphide intersections observed within 8 diamond drill holes drilled to test several electromagnetic (EM) geophysical anomalies.

WMG Exploration

WMG has been methodically exploring the Complex since 2021 with multiple phases of both diamond and reverse circulation (RC) drilling, with cumulatively over 13,000m diamond and 18,500m RC drill to date (October 2024). Along with numerous high resolution geophysical surveys including ground gravity, Moving Loop Electromagnetics (MLEM) and MobileMT (airborne Magneto-Tellurics).

Deep diamond drilling, with the aid of WA Government Exploration Incentive Scheme (EIS) grants, has demonstrated the Mulga Tank dunite to be a large lopolith shaped intrusion, containing a significant nickel sulphide mineral system. Drilling results include:

MTD023 (1,401.3m) cumulative 693.5m at 0.28% Ni, 128ppm Co, 61ppm Cu, 27ppb Pt+Pd with S:Ni 1.1

MTD026 (1,548.3m) cumulative 840m at 0.28% Ni, 140ppm Co, 103ppm Cu, 24ppb Pt+Pd with S:Ni 1.6

MTD027 (depth 1,662.3m) cumulative 694m at 0.31% Ni, 141ppm Co, 68ppm Cu, 30ppb Pt+Pd with S:Ni 1.0

MTD028 (depth 1,107.5m) cumulative 466m at 0.35% Ni, 139ppm Co, 63ppm Cu, 43ppb Pt+Pd with S:Ni 1.0

MTD029 (depth 1722m) cumulative 1,247m at 0.28% Ni, 134ppm Co, 76ppm Cu, 24ppb Pt+Pd with S:Ni 1.0

Recent RC drilling, 58 holes totalling 18,818m, has shown extensive shallow disseminated sulphide mineralisation in the top ~300m that could be amenable to large-scale open-pit mining.

Mineral Resource Estimate

In March 2025 WMG completed an initial Mineral Resource Estimate (in accordance with JORC 2012) for a significant mineralised zone in the main body of the Mulga Tank Complex. The Company’s internal modelling work was reviewed by independent consultants ERM. The Mineral Resource Estimate using a 0.20% Ni cut-off grade is:

Total Resource 1,968Mt at 0.27% Ni, 131ppm Co, 82ppm Cu, 17ppb Pt+Pd with S:Ni 0.9

Of which:

Indicated 565Mt at 0.28% Ni, 134ppm Co, 104ppm 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

With contained metal within the Total Resource of:

5.3Mt Ni, 257Kt Co, 161Kt Cu and 1.1Moz Pt+Pd

Hybrid System

Multiple lines of evidence suggest Mulga Tank is not just an extensive Type 2 Mt Keith-style disseminated nickel sulphide system and is more likely to be a hybrid Type 1-2 Perseverance-style system with a high-grade basal massive sulphide component. This includes the occurrence of high tenor and high grade remobilised sulphide veinlets and large immiscible globules seen in diamond core and matrix to semi-massive sulphide observed in RC chips. A number of intersections of greater than 1% Ni have been found in the drilling results including:

MTRC015   1m at 1.11% Ni, 379ppm Co, 0.45% Cu, 62ppb Pt+Pd from 172m

                     3m at 1.32% Ni, 516ppm Co, 0.10% Cu, 34ppb Pt+Pd from 184m

                     2m at 1.71% Ni, 836ppm Co, 0.10% Cu, 0.4g/t Pt+Pd from 229m

MTRC018    1m at 1.84% Ni, 0.10% Co, 4.88% Cu, 26ppb Pt+Pd from 293m

MTRC024    1m at 1.28% Ni, 890ppm Co, 427ppm Cu, 37ppb Pt+Pd from 202m

                      3m at 2.19% Ni, 777ppm Co, 597ppm Cu, 9ppm Pt+Pd from 253m

              inc. 1m at 4.51% Ni, 0.16% Co, 0.14% Cu 16ppb Pt+Pd from 253m

MTRC032     1m at 1.08% Ni, 602ppm Co, 379ppm Cu, 83ppb Pt+Pd from 131m

                      6m at 1.01% Ni, 433ppm Co, 0.32% Cu, 0.12g/t Pt+Pd from 254m

MTRC038     2m at 1.51% Ni, 539ppm Co, 0.72% Cu, 94ppb Pt+Pd from 134m

                      1m at 3.16% Ni, 662ppm Co, 385ppm Cu, 0.18g/t Pt+Pd from 192m

MTRC046     4m at 1.14% Ni, 501ppm Co, 803ppm Cu, 0.14g/t Pt+Pd from 224m

                      5m at 1.92% Ni, 711ppm Co, 0.21% Cu, 0.18g/t Pt+Pd from 283m

MTRC055     4m at 1.16% Ni, 345ppm Co, 0.13% Cu, 5ppb Pt+Pd from 182m

               inc. 1m at 2.46% Ni, 641ppm Co, 0.43% Cu, 18ppb Pt+Pd from 183m

                      1m at 1.26% Ni, 489ppm Co, 431ppm Cu, 49ppb Pt+Pd from 239m