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Investor Presentation Investor Presentation May 2021 ASX Code: WMX INVESTMENT SUMMARY Large mineralised system – Significant sunk capital and drilled to ~600m and already outstanding infrastructure over 11Moz gold Attractive Tier 1 investment Low risk exploration to drive jurisdiction THE RIGHT PLAN THE RIGHT PLACE THE RIGHT PLACE future growth A proven management team Undervalued vs peers who have done it before Powerful alliances and Staged production growth supportive shareholders to ~250koz pa THE RIGHT TIME THE RIGHT TEAM THE RIGHT TEAM 2 CORPORATE PROFILE (ASX:WMX) CAPITAL STRUCTURE MARKET DATA FINANCIAL INFORMATION AS AT 31 MARCH 2021 126.2 million A$2.30/$0.97 • CASH & BULLION: $10.7 million SHARES ON ISSUE SHARE PRICE • NET CASH & BULLION: $3.6 million including $7.1 million debt 12 MONTH HIGH/LOW • NET OPERATING CASHFLOW: $7.5 million (YTD $17 million) A$1.00 LAST SHARE PRICE 230k shares traded • PRIMARY DEBT: Mercuria Pre-paid gold swap $5.6 million (Dec 2020- $11 million). Payable at 699oz per month; paid off 31 July 2021 4WK AVERAGE Share Price Performance A$126.20 million DAILY VOLUME • HEDGING: 14,000oz @ $2,674/oz MARKET CAP SHAREHOLDERS SUBSTANTIAL HOLDERS RESEARCH COVERAGE % ARLINGTON GROUP UK & EUROPE DELPHI GROUP 34.0 23% HSBC 13.5 PEEL HUNT USA CITICORP 8.3 PCF CAPITAL CANADA FRANKLIN TEMPLETON 5.0 EUROZ HARTLEYS 50% AUSTRALIA JP MORGAN 4.4 MORGANS 10% TRIBECA 3.1 BLACKROCK 2.5 17% Institutional: 73% BONUM CAPITAL 2.3 Retail: 27% ARLINGTON GROUP 1.7 MANAGEMENT 1.5 76% Capital structure and market data as at 28 April 2021. 3 Strong relationships WILUNA MINING IS A with Elders from RESPONSIBLE MINER Bondini community We strive to enrich the lives of our workforce, contribute positively to the community and operate in an environmentally SODAR unit installed for 2022 pre- responsible manner that benefits the broader economy. feasibility study into the establishment of a Renewables Energy Hub Move to producing a concentrate via flotation with downstream processing via pressure oxidation (POX) technology - most efficient and environmentally-friendly technology for processing refractory gold ore Renewable power sources to support future base load power¹ Supporting the local Wiluna indigenous population via educational and community enrichment programs Outstanding health and safety record, strict COVID and risk management protocols Committed to workplace diversity - hiring more women and indigenous to foster greater representation in the mining industry WMX provides training and employment opportunities 1. “Wiluna” in Martu means "windy place” and has an average temperature of 29.5C degrees - conducive 4 to wind and solar power generation. for the local community 4 WILUNA IS LOCATED IN THE MIDDLE OF THE PROLIFIC WA GOLD DISTRICT • Wiluna is located right in the middle of Western Australia • WA is among the most attractive mining investment jurisdictions in the world¹ • With over 400 million ounces discovered to date, it is the most richly gold-endowed district globally² • Wiluna owns a vast 1600 km² of this blue-chip real estate • The operation is the 7th largest in Australia by Mineral Resources under single ownership (and it remains relatively unexplored) • Surrounded by multiple million-ounce mines and excellent infrastructure 1. Source: Fraser Institute Annual Mining Survey, 2020. 5 2. US Geological Survey, 2021 (see Appendix 1) 5 WILUNA SULPHIDES - A GOLDEN PAST AND FUTURE 4.7 MILLION OUNCES PRODUCED FROM 20+ PITS AND 10+ UNDERGROUND LODES • Current Wiluna Mining Centre (‘WMC’) Mineral Resource (@2.5g/t COG) is 26.9Mt @ 4.89g/t for 4.24Moz • Current WMC Underground Reserve is 4.3Mt @ 4.74g/t for 661Koz • Abundant opportunities at depth, north, south and west of the main mineralized / mining corridor 2021 FLOTATION AND FLOTATION AND FLOTATION ROAST BIOX 6 GROWTH PROFILE STAGED EXPANSION Gold in Increased Gold doré concentrate Concentrate production production ~60kozpa production & Doré ~120kozpa ~250kozpa Current Operations Stage 1 Stage 2 Multi-Circuit Stage 2 Feasibility Study Stage 2 Construction Drilling Program FY 2021 Q2 FY 2022 Q1 FY 2024 LONG TERM Stage 1 construction and mine Initial Stage 1 production Stage 2 commissioning Multi-circuit production commissioning development begins 7 RESOURCE DRILLING HAS CONSISTENTLY PRODUCED WIDE, HIGH GRADE RESULTS Essex Zone Calvert Zone 2.35m @ 61.05g/t 4.6m @ 12.62g/t 2.0m @ 43.23g/t Starlight Zone 2.6m @ 7.04g/t 2.7m @ 5.59g/t 2.1m @ 9.45g/t 16.0m @ 5.41g/t 15m @ 7.23g/t 6m @ 6.64g/t 5m @ 6.09g/t East & West Lode South 4.35m @ 17.67g/t Bulletin Zone 4m @ 12.46g/t 10.8m @ 29.39g/t 5m @ 12.21g/t 5.15m @ 18.25g/t 5.85m @ 10.16g/t 3.97m @ 14.98g/t 12m @ 12.08g/t Golden Age 5.96m @ 112.98g/t 1.55m @ 42.72g/t 6.87m @ 30.61g/t 5.96m @ 18.62g/t 7.55m @ 13.4g/t See ASX releases dated 27 July, 2 September, 22 September, 27 October, 17 November 2020 ,27 January 2021, 10 March 2021 and 31 March 2021. 88 LONG-TERM RESOURCE AND RESERVE TARGETS 300koz Production scale yet to be determined 14Moz Multi-Circuit Production Commences Stage 2 12Moz 250koz Commences Concentrator Commences 10Moz 200koz 8Moz 150koz Continues 6Moz Gold Production (koz) Gold Production 100koz 4Moz 50koz Reserves (Moz) Resources/Ore Mineral 2Moz - 0Moz FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 FY2027 FY2028 FY2029 FY2030 FY2031 FY2032 FY2033 FY2034 FY2035 FY2036 FY2037 FY2038 FY2039 FY2040 Ore Reserves Mineral Resources Gold Recovered - Dore Gold Recovered - In Concentrate • The JORC Compliant Exploration Target for the East/West structures at the Wiluna Mining Centre is approx. 35Mt to 40Mt @ 4.5g/t to 7g/t for 5Moz to 7Moz of gold (ASX release 17 November 2020). • The Exploration Target potential is purely an indication of the potential of the Wiluna deposit beyond the currently defined Mineral Resource. 9 PROGRESS MADE IN THE MARCH 2021 QUARTER GROWTH • Underground reserves grew 142% to 662,000oz at 4.74g/t • Underground on track for commissioning in Dec Q • $27 million invested in capital works ($57 million YTD) • Concentrator construction commenced with GR Engineering • Mining Alliance agreed with Byrnecut Share Price Performance • Ten Year Power Agreement with Contract Power Australia, including renewable sources DISCOVERY RESEARCH COVERAGE • High grade Starlight, Essex zones discovered • Multiple high grade zones discovered in shallow areas support mine developmentARLINGTON GROUP PEEL HUNT • Golden Age Extension discovered to extend doré production into at least 2022 PCF CAPITAL • Six rigs drilled 165 holes for 35,200 metres (targeting an additional 500,000oz of ReservesEUROZ HARTLEYS CY2021 end) MORGANS GOLD NERDS Institutional: 73% Retail: 27% 10 PROGRESS MADE IN THE MARCH 2021 QUARTER OPERATIONS • Production of 12,271oz at AISC of $2,130/oz (YTD 39,029oz @AISC $1,932/oz) • Operating cashflow increased in the March quarter by $500k to $7.5 million ($17 million Share Price Performance YTD) • 1,255m of underground development completed (4,016m YTD) RESEARCH COVERAGE • Golden Age Extension discovered, extending ARLINGTON GROUP PEEL HUNT production to 2022; Excellent results include: PCF CAPITAL • GAGC0336: 6.87m @ 30.61g/t EUROZ HARTLEYS MORGANS • GAGC0340: 4.26m @ 47.94g/t GOLD NERDS • GAGC0342: 5.96mInstitutional: @ 18.62g/t 73% Golden Age long section showing high-tenor results and planned new development along strike and down- • GAGC0344: 7.55mRetail: 27@% 13.40g/t plunge of current workings. 11 Concentrator Construction has Commenced Processing Plant – Refurbished Crushing and Milling Circuit Underground Development Regional Exploration Diamond Drilling Core 12 12 12 STAGE 1 FUNDING DETAILS A$7.5 million Completed A$99 million delivers: Placement to sophisticated investors March 2021 • Construction and commissioning of Stage 1 concentrator; Underway • Tailings retreatment (Wiltails); A$31.5 million Offer Open, • Stage 2 Feasibility work Entitlement Issue completes May including drilling aiming to 2021 increase underground reserves by 500koz; A$40 million Underway • Mine development; Mercuria Tranche 2 Debt Facility Expected closure • Support Tranche 2 Mercuria June Quarter debt servicing; and • General working capital. Cashflow A$20 million From 1 Mar to Net Cashflow from Operations 30 Sep 2021 13 SUMMARY The Right Place The Right Plan The Right Team The Right Time A proven strategy targeting Powerful alliances and Strong gold prices, excess An 11 million ounce underground ore leveraging supportive shareholders global gold concentrate growing gold endowment off established mine backed by a proven processing capacity, on track in the middle of tier 1 infrastructure - 4 million management team who to increase production to safe West Australia – the have done it before ounces of sulphide gold 250,000 ounces of gold a year world’s number one gold already produced; 4.24Moz endowment @ 4.89 g/t Au of current high-grade inventory at Wiluna 14 15 APPENDIX 1 WILUNA – A TIER 1 GOLD LOCATION AUSTRALIA: THE WORLD’S NO 1 GOLD ENDOWMENT (US GEOLOGICAL SURVEY) GOLD RESERVES BY COUNTRY TONS OF GOLD AUSTRALIA 10,000 RUSSIA 5,300 SOUTH AFRICA 3,200 UNITED STATES 3,000 INDONESIA 2,600 BRAZIL 2,400 PERU 2,100 CHINA 2,000 CANADA 1,900 WORLD TOTAL 50,300 Source: US Geological Survey (USGS), 2019 Australia produced 320 tonnes of gold in 2020. Western Australia (WA) is the largest gold producing state with ~400 million ounces discovered to date. Source: Geoscience Australia. 16 APPENDIX 2 WILUNA IS AN ESTABLISHED MINE WITH SIGNIFICANT SUNK CAPITAL FULLY PERMITTED WITH SUBSTANTIAL INFRASTRUCTURE • Processing infrastructure – refurbished
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