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Gold Duke ProjectShallow oxide gold project in Western Australia's Goldfields with expanded 55,500oz production target ASX: WGR | westerngoldresources.com.auExpanded Scoping Study PresentationOctober 2026
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Important Notice and DisclaimerImportant Information and Disclaimer Western Gold Resources Limited (“WGR”, “Western Gold Resources” or “theCompany”) is an Australian listed resources company. This presentation(“Presentation”) has been prepared by WGR and is provided for informationpurposes only. This Presentation has been approved for release by the WGRBoard.Not Investment or Financial Product AdviceThis Presentation contains summary information about WGR, which is currentat the date of this Presentation. The information in this Presentation is of ageneral nature. It does not purport to be complete, nor does it contain all theinformation which a prospective investor should consider when making aninvestment decision or that would be required in a prospectus or productdisclosure statement prepared in accordance with the requirements of theCorporations Act.This Presentation does not constitute or form part of any offer or invitation tosell or issue any securities in any jurisdiction, it should not form the basis of, orbe relied on in connection with, any contract or investment decision in relationto any securities in any jurisdiction. This document does not constituteinvestment advice and has been prepared without considering the recipient’sinvestment objectives, financial circumstances or individual needs.No LiabilityTo the maximum extent permitted by law, the Company and its related bodiescorporate and affiliates, and their respective directors, officers, employees oragents, disclaim any liability (including, without limitation, any liability arisingout of fault or negligence) for any losses, expenses, damages or costs incurredby you and arising from any use of the information contained in thisPresentation, including any error or omission, or otherwise arising in connectionwith it.Forward Looking StatementsThis Presentation may contain forward‐looking statements which can beidentified by forward‐looking terminology, including and without limitation to,the terms “planned”, “expected”, “projected”, “estimated”, “may”,“scheduled”, “intends”, “anticipates”, “believes”, “potential”, “could”,“nominal”, “conceptual” and similar expressions. Indications of and guidanceon future earnings financial position and performance are also forward‐lookingstatements as are any statements in this Presentation regarding WGR’Soperations. Forward looking statements are only predictions and are subject torisks, uncertainties and assumptions which are outside the control of theCompany. These risks and uncertainties include but are not limited to liabilitiesinherent in mine development and production, geological, mining andprocessing technical problems, the inability to obtain any additional minelicenses, permits and other regulatory approvals required in connection withmining and third party processing operations, competition for capital,acquisition of reserves, undeveloped lands and skilled personnel, incorrectassessments of the value of acquisitions, changes in commodity prices andexchange rate, currency and interest fluctuations, various events which coulddisrupt operations and/or the transportation of mineral products, includinglabour stoppages and severe weather conditions, the demand for andavailability of transportation services and the ability to secure adequatefinancing. These and other factors should be considered carefully; readersshould not place undue reliance on such forward-looking information. Therecan be no assurance that forward-looking statements will prove to be correct.Competent Person’s StatementThe information in this announcement relating to the Grade Control DrillingExploration Results and information informing the Gold Duke Mineral Resourceestimates is based on data compiled by Mr. Richard Bray, aRegisteredProfessional Geologistwith the Australian Institute of Geoscientists and anemployee of the Company. With over 35 years of experience in the gold miningindustry, particularly in resource estimation, Mr. Bray possesses the relevantexpertise in the style of mineralisation, type of deposit, and nature of theactivities being undertaken to qualify as a Competent Person as defined in the2012 Edition of the Australasian Code for Reporting of Exploration Results,Mineral Resources and Ore Reserves (JORC Code). Mr. Bray does not hold anysecurities in WGR and consents to the inclusion of this information in the formand context in which it appears. Previously Reported ResultsWGR confirms that it is not aware of any new information or data that materiallyaffects the information included in the ASX announcements that werepreviously reported. WGR confirms that all material assumptions and technicalparameters underpinning the information and estimates contained in these ASXannouncements continue to apply and have not materially changed.Compliance statementInformation relating to the mineral resource estimates, metallurgical resultsand production targets contained in this Presentation is extracted from thefollowing WGR ASX announcements:1. WGR ASX Announcement 31 Jul 2026 ‘Quarterly Activities/Appendix 5B Cash Flow Report”.2. WGR ASX Announcement 17 Sep 2026 “Expanded Scoping Study 30% Increase in Gold Oz Production”.3. WGR ASX Announcement 4th November 2024 ‘Gold Duke project receives Expanded Approval of Mining Proposal and Mine Closure Plan”.4. WGR ASX Announcement 13th June 2025 ‘WGR Executes Binding Toll Milling Agreement”.5. WGR ASX Announcement 15th January 2025 ‘Preferred Mining Contractor for Gold Duke Project with Deferred Payment Facility.”6. WGR ASX Announcement 31st December 2025 “Gold Duke Project –Updated Mineral Resource Estimate.”7. WGR ASX Announcement 27th February 2025 ‘Brownfields Targets to Feed LOM Extensions – Gold Duke”ASX: WGR | 2
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Orebody•277,000oz Mineral Resource•1.11 Mt production target at 1.7 g/t for 55,500 recovered ounces•82% Measured and Indicated•Pits 17 m to 65 m deep with 93% recovery Ready to mine•Mining approvals granted for four principal deposits •Road-user agreements executed•Production bore refurbished•Short timeframe to Ore Expanded Scoping Study Economics•A$72.9M undiscounted operating surplus at A$6,100/oz for A$5.35M pre-mining capital•Break-even A$4,120/oz•10-month payback period•Toll treatment at Wiluna 1,2 Strategic options being assessed•Alternative processing strategies being assessed in parallel•Wiluna recommencement•Regional plants•Company-controlled route Investment Thesis ASX: WGR | 3 1. Subject to confirmation of Wiluna as chosen processing option. Refer ASX Announcement 13th June 2025 ‘WGR Executes Binding Toll Milling Agreement”.2. Refer ASX Announcement 25th August 2026 ‘WGR Operational Update” and Refer to Wiluna Mining Corporation Limited’s (Wiluna or WMC) announcement dated 24 August 2026
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7.5cShare price 296,284,558Shares on issue2 $22.22MMarket Cap $2.86M 1Cash at BankCompany Overview(as at 13 October 2026) 28%72% Other Shareholders Top 20 Shareholders and DirectorsRegister CompositionCiticorp Nominees - 11.71% Aigle Royal – 9.96% BNP Paribas Nominees - 8.33% Syracuse Capital - 6.72% 1. Refer ASX Announcement 31 July 2026 “Quarterly Activities/Appendix 5B Cash Flow Report”2. Refer ASX Announcement 30 September 2026 “Annual Report to Shareholders”ASX: WGR | 4 12.0M 2Performance Rights 34.25M 2Unlisted OptionsCullum WinnManaging Director Gary LyonsNon-Executive ChairmanTeck Siong WongNon-Executive Director Board and Management 051015202530350.000.050.100.150.200.250.30Sep 24 Dec 24 Mar 25 Jun 25 Sep 25 Dec 25 Mar 26 Jun 26 Sep 26 MillionsShare PriceVolume (shares)Close (A$)
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Gold Duke Project ASX: WGR | 5 •100% owned, 35km south-west of Wiluna in the north-eastern Goldfields of Western Australia •25km of strike along the Joyners Find greenstone belt; mineralisation within the Joyners shear zone, in shear-hosted lodes and banded-iron-formation-hosted quartz reefs, with multiple stacked lodes recognised and mineralisation open along strike and at depth•Oxide to the base of drilling. Pit designs are 17 m to 65 m deep; the Golden Monarch pits average 25 m•Metallurgy: 93% gold recovery through conventional carbon-in-leach treatment; no on-site tailings storage proposed; waste rock non-acid forming•Historical production between 1912 and 1945, predominantly from the Joyners Find and Brilliant minesShallow oxide gold on a 25km greenstone belt ASX: WGR | 5
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Expanded Scoping Study A$72.9M1. Refer ASX Announcement 17 September 2026 “Expanded Scoping Study 30% Increase in Gold Oz Production”2. See slide 7 for Updated Mineral Resource Estimate3. Study economics assume toll treatment at the Wiluna processing plant under existing agreement; ore hauled 46 km; processing A$106.31/t and haulage A$11.86/t 59,700 oz1.11 Mt @ 1.7g/t AuPRODUCTION TARGET 1 (RECOVERABLE) CONTAINED GOLDUNDISCOUNTED CASH SURPLUS 1 ValueMetricA$6,100/ozGold price assumption~ A$338.6MRecovered gold revenue~ A$72.9MUndiscounted operating surplusA$66.2M pre-taxPre-tax NPV8 A$46.1M post-taxPost-tax NPV8 ~ A$4,650/oz (recovered)Operating cash cost~A$4,120/ozBreak-even (positive above)~A$5.35MPre-mining / start-up capital~10 monthsPayback periodA$8-10MTotal funding to realise the study21 monthsLife of Mine A$4,650/oz3OPERATING CASH COST(RECOVERED) A$46.1MNPV8(POST-TAX) 10monthsPAYBACK PERIOD •Expanded scoping study drives 30% uplift in gold production 1•Resource built on 33,980 m of RC grade control and infill drilling•18 individual pit designs, adding Gold King South, Comedy King and Joyners Find•Re-optimised pit shells at A$6,100/oz 1•82% of Production Target are Measured and Indicated, remaining 18% based on Inferred Resources 2 ASX: WGR | 6
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TotalInferredIndicatedMeasuredDepositkoz(000s)Gradeg/t AuTonnes(000s)koz(000s)Gradeg/t AuTonnes(000s)koz(000s)Gradeg/t AuTonnes(000s)koz(000s)Gradeg/t AuTonnes(000s)401.964722.62762.472321.8548Eagle191.346531.27231.381131.3312Emu671.61,276401.965061.4135221.4491Golden Monarch441.7805221.839181.6165141.7250Gold King72.69072.690Joyners Find331.6640331.6640Bottom Camp172.4230172.4230Bowerbird213.1210213.1210Brilliant92.711092.7110Bronzewing121.5260121.5260Comedy King82.411082.4110Wren2771.84,8431741.92,790231.6453811.61,601Total Updated Mineral Resource Estimate•Production Target for Expanded Scoping Study comprises of approximately 82% Measured and Indicatedand 18% Inferred Resources 2•Resource Model update incorporates Grade Control and Infill drilling data completed in October 2025.1. Refer ASX Announcement 31stDecember 2025 “Gold Duke Project – Updated Mineral Resource Estimate.”2. Refer ASX Announcement 17 Sep 2026 “Expanded Scoping Study 30% Increase in Gold Oz Production.” Gold Duke Project global Measured, Indicated, and Inferred (JORC 2012) Mineral Resource Estimate is now:4.8Mt @ 1.8g/t Au for 277,000 oz 1 Stage 2and beyondStage 1 + LOM ExtensionASX: WGR | 7
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Resource Growth12,000m Grade Control & Infill Drilling Outcome / BenefitFocus / ObjectiveProspectWithin approved area – ready to drill.Optimisations at current gold prices very positive.Test strong geological continuity between Emu and Eagle pits.Emu South Extension(Emu–Eagle Saddle)Within approved boundaries. Optimisations at current gold prices very positive.Extend mineralisation 900m south of pit; confirmed open-pit potential.Eagle SouthAdds early-stage open-pit potential.Define shallow mineralisation in parallel shear zone; low-cost ounces.Eagle EastExpand parallel mineralised trendLow-cost, accessible drilling.Test shallow gold in shear parallel to Eagle North.Eagle WestExtend mine life Open along strike and depth.Within Scoping Study.GC program and Infill high-grade BIF shoots along Joyners Shear Zone.Joyners FindOutside current disturbance area; Progressing approvals through Mines Department (DEMIRS).Define shallow mineralisation south of Gold King pit.Gold King South (Gold Hawk) ASX: WGR | 8 •12,000m RC grade control and infill programme at Emu, Eagle, Joyners Find and Gold King South. Approved to drill follow a confirmed processing route.•Mineralisation at Emu, Eagle and Gold King open along strike and at depth.•Stage 2: five further deposits, all Inferred, 1,300 kt for 88 koz
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Mine Plan•18 pit designs across Eagle, Emu, Golden Monarch (ten pit areas), Gold King, Gold King South, Comedy King and Joyners Find•Pit depths 17 m to 65 m; Golden Monarch averages 25m •21 months of mining, 23 months of processing; total movement 6.85 million bcm (0.45 million bcm ore, 6.37 million bcm waste); strip ratio 13.3:1•Conventional truck-and-excavator load, haul and dump; average mining cost about A$7.69 per tonne of material ASX: WGR | 91.25 1.40 1.49 1.57 1.43 1.34 1.61 1.72 1.62 1.30 1.28 1.75 1.89 1.79 1.78 1.77 1.71 1.54 1.48 1.82 2.30 2.39 2.79 - 1.00 2.00 3.00 4.00010203040501 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23Thousand tonnesMill Feed (Tonnes) and Au Grade By Pit by MonthEmuEagleGold KingGold King SouthComedy KingJoyners FindGolden MonarchTotalGrade (%, RHS)
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Processing Pathways•Gold Duke is located within an established gold mining region containing a number of existing processing facilities•Assessment of various ore processing pathways underway including:─ Toll treatment via existing Binding Toll Milling Agreement with Wiluna Mining 1,2;─ Alternative toll treatment options 3within economic haulage distance such as campaign toll treatment, longer-term ore purchase or profit share structures - formal engagement with potential processing counterparties has commenced; and─ Assessing options to secure a processing solution under WGR’s control, which would provide greater control over timing and economics of processing 4 ASX: WGR | 101. Refer ASX Announcement 13th June 2025 ‘WGR Executes Binding Toll Milling Agreement”.2. Refer ASX Announcement 17 September 2026 “Expanded Scoping Study 30% Increase in Gold Oz Production”3. Haulage distance and treatment terms would differ from Expanded Scoping Study assumptions4. Capital and funding profile would differ from Expanded Scoping Study assumptions ASX: WGR | 10
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Stage 1 – Mining Fully Approved All pits within Gold Duke Stage 1 are fully approved •Stage 1 of the Gold Duke Project has already received full mining approvals for all 18 open pits - Eagle, Emu, Comedy King, Gold King, Joyners Find and Golden Monarch - paving the way for operational commencement 1, pending decision of processing route•Stage 1 production will focus on the 18 pits across Eagle, Emu, Comedy King, Gold King, Joyners Find and Golden Monarch, with a Production Target of 1,110kt @ 1.67 g/t for 55,500oz 2•WGR is now positioned among Australia’s leading pre-production junior gold developers, having secured all key approvals necessary to advance towards production 3 1 Refer ASX Announcement 4thNovember 2024 ‘Gold Duke project receives Expanded Approval of Mining Proposal and Mine Closure Plan”. 2 Refer ASX Announcement 17 Sep 2026 “Expanded Scoping Study 30% Increase in Gold Oz Production” 3 Refer ASX Announcement 13thJune 2025 ‘WGR Executes Binding Toll Milling Agreement”.ASX: WGR | 11 Mining approval statusShare of target (contained oz)DepositGranted, consolidated Mining Proposal Reg ID 1233863. An amendment relocating the Gold King waste dump and ROM pad to avoid heritage areas is lodged and awaiting approval (Reg ID 500089)90%Eagle, Emu, Golden Monarch, Gold KingWGR is progressing approvals for this pit5%Gold King SouthWGR to progress following the LOM Extensional Drilling Programme4%Joyners FindWGR to progress following the LOM Extensional Drilling Programme1%Comedy King
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Stage 1 – Production Target by Pit1Emu PitEagle PitsGolden Monarch Pits Gold King PitComedy King PitsJoyners Find PitGold KingSouth PitAll Gold Duke Pits 1Refer ASX Announcement 17 Sep 2026 “Expanded Scoping Study 30% Increase in Gold Oz Production”ASX: WGR | 12 Recovered Gold (koz)Contained Gold (koz)Grade (g/t Au)Target Tonnes (kt)0.70.81.716.1Comedy King Pits15.516.71.7293.9Eagle Pits3.94.21.491.8Emu Pit21.423.01.6414.0Gold King Pits2.42.62.041.1Joyners Find Pit11.612.51.6253.5Golden Monarch Pits55.559.71.71,110.4Total
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ASX: WGR | 13 Stage 2 – Northern ExtensionsStage 2 Northern Brownfields Prospects•Historical Gold Duke database review identified additional near-mine opportunities to increase contained ounces and upgrade resources to Measured and Indicated classification•Most prospects lie within the DEMIRS-approved disturbance footprint, enabling rapid and low-risk advancement, with targeted infill and extensional drilling planned to be funded from Stage 1 mining cash flow•Northern Prospects identified by the review are included in the table below 1 1 Refer ASX Announcement 27thFebruary 2025 ‘Brownfields Targets to Feed LOM Extensions – Gold Duke.”ASX: WGR | 13 CategoryContained (koz)Grade (g/t Au)Tonnes (kt)DepositInferred331.6640Bottom CampInferred213.1210BrilliantInferred172.4230BowerbirdInferred92.7110BronzewingInferred82.4110WrenInferred882.11,300Total
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Path to Cash Flow•Processing pathway− Assessment of various processing options to facilitate mining: Wiluna recommencement, regional plants and a company-controlled route, in parallel•Funding− A$8M to A$10M for Expanded Scoping Study case (A$5.35M pre-mining capital; A$6.8M maximum cash draw), alongside the A$3.0M secured loan due March 2027•Drilling and final mine plan− 12,000 m extension programme planned, final design across the 18 pits•Site readiness− Infrastructure and water supply, including the finalisation of Bowerbird bore•Mobilisation− Mining starts once the processing route is confirmedASX: WGR | 14
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Expanded Scoping Study-Summary55,500 oz recovered production targetA$5.35M pre-mining capital277,000 oz Mineral ResourceThree processing routes in progress10-month payback at $6,100/ozA$72.9M undiscounted operating surplus12,000m extension drilling approved and ready ASX: WGR | 15
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For more information contactCullum Winn | Managing DirectorE: cullumw@westerngoldresources.com.au ASX: WGR | westerngoldresources.com.au