WESTERN GAWLER

PROJECTSAEMC November 2019

2

AGENDA

CORPORATE EXPLORATION OVERVIEW

WESTERN GAWLER PROJECT

SUMMARY

This presentation is being furnished to you solely for your information and for your use and may not be copied, reproduced or redistributed to any otherperson in any manner. You agree to keep the contents of this presentation and these materials confidential. The information contained in thispresentation does not constitute or form any part of any offer or invitation to purchase any securities and neither the issue of the information nor anythingcontained herein shall form the basis of, or be relied upon in connection with, any contract or commitment on the part of any person to proceed with anytransaction.The distribution of this presentation in jurisdictions outside Australia may be restricted by law, and persons into whose possession this presentationcomes should inform themselves about, and observe, any such restrictions. This is not for distribution or dissemination in the U.S.The information contained in this presentation has been prepared by Western Areas Ltd. No representation or warranty, express or implied, is or will bemade in or in relation to, and no responsibility or liability is or will be accepted by Western Areas Ltd, employees or representatives as to the accuracy orcompleteness of this information or any other written or oral information made available to any interested party or its advisers and any liability therefore ishereby expressly disclaimed. No party has any obligation to notify opinion changes or if it becomes aware of any inaccuracy in or omission from thispresentation. All opinions and projections expressed in this presentation are given as of this date and are subject to change without notice.This document contains forward-looking statements including nickel production targets and cost estimates. These statements are based on assumptionsand contingencies that are subject to change without notice, and certain risks and uncertainties that could cause the performance or achievements ofWestern Areas Ltd to differ materially from the information set forth herein. Often, but not always, forward looking statements can generally be identifiedby the use of forward looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similarwords and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production and expectedcosts. Western Areas Ltd undertakes no obligation to revise these forward-looking statements to reflect subsequent events or circumstances.Individuals should not place undue reliance on forward-looking statements and are advised to make their own independent analysis and determinationwith respect to the forecasted periods, which reflect Western Areas Ltd’s view only as of the date hereof.The information within this PowerPoint presentation was compiled by Western Areas management, but the information as it relates to exploration resultsprepared by Mr Ian Gregory. Mr Gregory is a member of Australian Institute of Geoscientists (AIG) and has sufficient experience which is relevant to thestyle of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as definedin the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’(2012 JORC Code). Mr Gregoryconsents to the inclusion in this presentation of the matters based on the information in the form and context in which it appears.

3

Disclaimer and forward-looking statements

1. Based on share price on 28 November 2019 2. As at 30 September 2019 4

Corporate overview

High Quality

Low Cash CostHigh GradeNickel Sulphide

No Debt

$165.9M at bank2

Strong Growth

Odysseus MineDiggers SouthNew Morning

Nickel Leverage

COSMOSOdysseus 165kt Ni Ore Reserves265kt Ni Mineral ResourceEarly works completeMine Life>10 years

FORRESTANIAFlying Fox2.3kt Ni mined Q1FY2019.0kt Ni Ore Reserves76.6kt Ni Mineral Resource

Spotted Quoll3.5kt Ni mined Q1FY2061.1kt Ni Ore Reserves75.5kt Ni Mineral Resource

ASX code WSAShare price 2.91Shares outstanding (m) 273.5

Market Cap (A$m)1 801

Cash (A$m)2 165.9

5

Western Gawler- Greenfields Exploration ProjectProspective Ni-Cu- Au Greenfields Exploration Project• Exploring for nickel-copper & orogenic / IOCG gold deposits • Western Gawler Project 4,450km2 (WSA 100%)

Iluka Farm in and Joint Venture• Five leases covering an additional 5,070km2

• Two stage farm-in earning up to 75% base and precious metals rights ($5.75M)

• Strategic ground holding within the Fowler Domain • Total project area 9520 km2, 250km strike

Ramp-up of Exploration Activity• Elevated funding support in FY19, FY 20.• Integrated series of belt scale exploration campaigns • Strong pipeline of targets identified, Focus on the Mystic - Splendour

corridor in 2019• Early days- encouraging drilling results; geology and geochemical

anomalies• Progress from regional to prospect scale focus and evaluation

Long term view- typically several years to discovery

Nickel sulphide deposit / occurrence

Fowler Domain

FraserRange

West Musgraves

East Kimberley

Ni-Cu-PGE Bearing mafic-ultramafic hosted intrusive systems

• Craton Margin Model - generally thinner crustal margins

• Mafic-ultramafic association -Large Igneous Provinces (LIP)

• Parental melts –Looking for primitive mantle derived, olivine saturated magma,

• Impacting on the Sub-continental Lithospheric Mantle (SCLM) underlying active deformation zones during

• Deposits form during active regional tectonism

Australian Analogies• Fraser Range ( Nova-Bollinger) • East Kimberley (Savannah)• Halls Creek Orogen (Double Magic) • West Musgraves (Nebo-Babel- Succoth)

Global Analogies• Canada – Superior Craton– (Thompson, Raglan, Sudbury) ~250Mt @ 2% Ni•Botswana- (Selebi-Phikwe) – ~175Mt @ 0.8% Ni, 0.85% Cu

Potential Ni Provinces

Geodynamic setting - Australian Ni-Cu-PGE intrusive deposits

Halls Creek

?

ü Archaean circum-cratonic margin• inverted rift structure

ü Proterozoic Thrust Belt / Mobile Zone • High Metamorphic Grade• Deep seated crustal shear zones• Geochronology GSSA collaboration -new

ages/ insights (1730-1490Ma)ü Mafic – ultramafic intrusives

• Multiple intrusions identified• Voluminous Paleoproterozoic mafic

intrusive rocks• Broad Gravity High (200x60km)

Known Ni-Cu-Au Deposits (?)ü Ni-Cu sulphides – (petrography)ü Sulphur Saturated igneous rocks? Sulphur Source

ü Opportunity Preserved• Shallow Cover~45m average cover depth • highly underexplored • Applying cutting edge geophysics

Fowler Domain Geodynamic Setting / Interpretation

Nickel Sulphide

MYSTIC

THUNDERDOME WEST

THUNDERDOME WEST

MYSTIC

Fowler Domain

Hitting the ground running in 2019 Leveraging existing Iluka targeting, focus on regional / remote targets• 2019 Aircore Drilling - 399 holes 24,213m• Airborne Electromagnetic Surveys- 1882line kms• Ground Electromagnetic Surveys – Moving Loop • High-resolution low-level aeromagnetic survey KEY RESULTS Splendour • 15m @ 1.14%, incl 1m @ 2.27% Ni (Oxide) Woodford• 1m @ 996ppm Cu, 1200ppm Ni, 685ppb Pt+PdF1_6• Refined bedrock conductor (MLEM) Regional Targets• Central Sector – remote & relatively underexplored• Prospective Ni-Cu-PGE mafic-ultramafic host rocks

intersected2020 Work Program• Building on significant in-ground expenditure and

exploration • Strong pipeline of targets identified

8

Iluka Farm-In Joint Venture

WOODFORD

SPLENDOUR

F1_6

Western Gawler Drilling

Mystic

Citadel

Thunderdome

19WGAC 4445m @ 4.29 %

Ni Oxide

Pearl

WGAC01035400ppm Ni

WGAC 177Magmatic $ pn, po

blebs

WGAC 1111410ppm Cu

Atomic Cafe

18WGRC 3771m @0.8% Cu

215m @ 574ppm

Thunderdome

Significant Investment in Drilling -Regional to Prospect Scale Exploration

• 501 drillholes (AC, RC, DDH) 38,022m Pearl - Mystic Corridor• Mafic-Ultramafic intrusives (higher MgO)• Magmatic Ni-Cu sulphides • Mystic Nickel Oxide ZoneThunderdome Corridor – Atomic Café • Numerous mafic-ultramafic intrusives

(more fractionated)• Several copper anomalies associated

with discrete magnetic anomalies • Nickel Sulphides intersected (pyrrhotite/

pentlandite) Regional targets• EM targets – airborne & ground• Co-incident magnetic (remanent) &

gravity anomalies

WGAC 0931095ppm Cu

Citadel

Mystic

Ni Cu

Mystic Nickel Oxide Zone

• Intense nickel oxide (supergene) zone • Nontronite / Iron- Chromium bearing

montmorillonite clay • Overlying ultramafic unit (olivine

orthocumulate)

19WGAC444Interval Ni % Depth

1.00 @ 4.91% 54-55

5.00 @ 4.29% 66-71

8.00 @ 3.38% 63-71

18.00 @ 2.06% 54-72

19WGAC444 66-67m

Air ‘CORE’ Samples

Target intrusives + magmatic events

Mystic

Citadel

Thunderdome

Pearl

Atomic Cafe

Range of Prospective Intrusive Host Rocks

Thunderdome Colona Block Mid-low amphibolite

• Fe Rich; low-Mg tholeiitic magma

(sub-alkaline)

• Hornblende pyroxenties /

amphibolites

• Gabbroic-ferrogabbroic protolith

• High Fe-Ti Oxides (5%)

• Increase in metamorphic grade

to the north

• Less deformed pyroxenite

intrusives

Atomic Café Intrusives ( Colona Block) • Lower Granulite Facies

• Ultramafic Granultes

• Distinct compositional field

groups

Thunderdome / Atomic Café appear to be lateral equivalents• Same Zr/Nb values (~3-15)

• Same distinct ‘humped shaped’

LREE pattern & sloping HREE

pattern

Mystic /CitadelUltramafic Orthocumulate• Utramafic intrusives (High MgO)

• Little deformation, igneous

textures preserved

• Greenschist facies (retrograde?)

• Lower Zr/Nb ratios 15-20

Mafic Granulites• gabbronorite suite

• Lower MgO suite

• Higher Zr/Nb ratios 20-45

• +ve Eu anomalies

• Granulite facies

• Rift tholeiitic magmas

Relationships • Unlikely to be broadly co-

magmatic – two suites preserved

• Different immobile element ratios

• Contrasting metamorphic grades

• Additional research / age dating required

Lateral Equivalents

Inc. m

etmgr

ade

MgO

%Fe

2O3%

MgO%

SiO2%

Atomic Cafe

Thunderdome

Thunderdome

Mystic Olivine Orthocumulate

Geochronological studies (GSSA)

GSSA collaboration with Western Areas; A Reid, E Jagodzinski

Six Fowler Domain samples SHRIMP U-Pb • Western Areas & previous drill samples

collected from Colona/ Barton / Central Blocks

Colona Block WGDD001 – Atomic Cafe• 1730 ±5 Ma ; 1697 ±5 Ma• Kimban Orogeny

Barton Block – WGAC 0045 • 1586 ±3 Ma (Garnet Gneiss)

Central Block - WGAC 0105 - Pearl• 1611 ±3 Ma• St Peters Suite

Nundroo Block (FBD 1, 2)• 1578 ±3 Ma , 1612 ±5 Ma• Hiltaba Suite Granites

Ø Western Gawler Project - province scale project

Ø Significant opportunity to discover a high-grade Ni-Cu-PGE or Gold deposit in SA.

Ø Strategic land holding - Fowler Domain fully captured

Ø Highly underexplored region

Ø Systematic exploration programs –increasing chance for success

Ø Elevated funding throughout FY20

Ø Ongoing commitment to regional and grass-roots exploration

14

Concluding Remarks

www.westernareas.com.au

ASX:WSA

PO Box 1891 West Perth 6872+61 8 9334 7777