Wiluna West Gold Project

Mineral Resource Estimate

 

The Gold Duke Mineral Resource Estimate totals 3.25Mt at 2.1g/t Au for 214,000 ounces of gold (Table 1) and has been reported in the Measured, Indicated, and Inferred categories. Metallurgical test work has demonstrated that the oxide ore is suitable for processing using a conventional carbon-in-leach (“CIL”) processing facility, with estimated recoveries of up to 95% in oxide material (Table 2).

Detail on Mineral Resource Estimate (MRE) is contained in ASX Announcement dated 17th December 2024 “Increased Confidence Level at Gold King Deposit – Amended”.

	Measured			Indicated			Inferred			Total
Deposit	Tonnes (000s)	Grade g/t Au	koz (000s)	Tonnes (000s)	Grade g/t Au	koz (000s)	Tonnes (000s)	Grade g/t Au	koz (000s)	Tonnes (000s)	Grade g/t Au	koz (000s)
Eagle				310	2.5	26	100	2.0	7	420	2.4	33
Emu				120	1.9	7	120	2.1	8	240	2.0	15
Golden Monarch	31	3.1	3	280	2.3	20	200	1.9	12	510	2.2	32
Gold King				250	2.0	16	180	1.8	10	430	1.9	26
Joyners Find							90	2.6	7	90	2.6	7
Bottom Camp							640	1.6	33	640	1.6	33
Bowerbird							230	2.4	17	230	2.4	17
Brilliant							210	3.1	21	210	3.1	21
Bronzewing							110	2.7	9	110	2.7	9
Comedy King							260	1.5	12	260	1.5	12
Wren							110	2.4	8	110	2.4	8
Total	31	3.1	3	960	2.2	69	2,250	2.0	144	3,250	2.1	214

Table 1: WGR Mineral Resource summary as of 11 December 2024

Metallurgical Testwork

Metallurgical testwork completed on material collected along strike from across the project areas (Figure 2 and Table 2) that make up the recently announced Gold Duke Scoping Study highlights the potential for excellent gold recoveries through a conventional crush, grind, and Carbon in Leach (CIL) treatment route (Table 2). These results included:

• Cyanide leach tests achieved 48-hour gold extractions of 93.3% (P₈₀ 106µm) and 95.1% (P₈₀ 53µm) for oxide ore.
• Gravity recoverable gold for oxide ores between 4% and 15%.
• Cyanide and lime consumption was low to moderate throughout testing.

Detailed information on Metallurgical Testwork is contained in ASX Announcement 29^th November 2024 “Excellent Metallurgical at Gold Duke Project – Amended”.  

Gravity-recoverable gold was assessed before the cyanide leach test. For the gravity test, a 5 kg sub-sample was ground to 80%, passing 212μm and fed through a 3” laboratory Knelson concentrator (single pass).

The Knelson concentrate was subsequently amalgamated to recover the free gold. The gravity tailings were then ground to 80% passing (“P₈₀”) 106μm and (“P₈₀”) 53μm for direct cyanidation testwork.

Conditions utilised for the tests were as follows:

• 48-hour duration with kinetic points at 2, 4, 8, 24, 36 and 48 hours
• pH 5
• 40% Solids (w/w)
• NaCN: 10%, w/v, maintain >0.05% for 24h, then allow to decay
• Wiluna site water was used

COMP ID	GRIND SIZE P80 (µm)	Au EXTRACTION (%)							Au GRADE (g/t)				REAGENTS (kg/t)
		Gravity	2-HR	4-HR	8-HR	24-HR	36-HR	48-HR	Assay Head	Calc’d Head	FA Tail	AR Tail	NaCN	Lime
		EMU	106	14.6	86.0	91.3	93.0	93.4	93.8	94.2	1.49 / 1.46	1.64	0.10	0.08	0.54	1.91
EAGLE STAGE 1	106	8.2	86.9	90.4	92.5	93.0	94.6	94.2	3.35 / 3.31	3.28	0.19	0.16	0.54	2.19
	53	4.2	93.0	94.4	94.4	97.1	96.7	97.1		3.08	0.09	0.08	0.64	2.53
EAGLE STAGE 2	106	12.8	83.7	86.4	88.6	90.4	90.8	91.2	1.97 / 2.51	1.59	0.14	0.10	0.55	1.69
GOLDEN MONARCH	106	4.1	71.1	78.3	84.5	87.8	90.1	91.9	3.13 / 3.05	2.96	0.24	0.20	0.50	1.58
	53	4.3	79.2	83.9	89.0	90.2	92.1	93.1		3.03	0.21	0.17	0.71	2.17
GOLD KING	106	9.0	84.9	91.3	94.7	95.7	95.6	95.2	1.50 / 1.53	1.45	0.07	0.08	0.47	1.16
AVERAGES	106	9.7	82.5	87.7	90.5	91.7	93.0	93.3		2.18	0.147	0.124	0.52	1.71
O’ALL AVERAGES	91	8.2	83.5	88.0	91.4	92.4	93.8	93.8		2.43	0.148	0.124	0.57	1.89

Table 2: Gravity and Cyanide Leach Summary

Project Approvals

The Gold Duke Project has existing mining approvals at the Eagle, Emu, Golden Monarch, and Gold King deposits (Figure 2).  All four (4) proposed mining pits within the Gold Duke Project are now fully approved for mining.

Figure 2. Approved mine layout the Gold Duke project.

 

Preferred Mining Contractor with Deferred Payment Facility

In January 2025, WGR selected SSH Group Limited (ASX:SSH) as the preferred mining contractor for the Gold Duke Project, following the issue of a non-binding notice of appointment. Full details are outlined in the ASX Announcement dated 15 January 2025, “Mining Contractor Selected with Deferred Payment Facility.”

While the appointment remains non-binding until the execution of a formal Master Services Agreement (MSA), WGR is progressing negotiations with SSH Group to finalise all outstanding commercial terms. Importantly, the first key internal milestone required for the MSA — the execution of a toll treatment agreement — has now been successfully achieved. The remaining internal condition precedent to executing the MSA is a Final Investment Decision (FID) by the WGR Board.

As part of its proposal, SSH Group has also offered a non-dilutive capital facility under a deferred payment arrangement, structured to support WGR’s cash flow during the early stages of mining. This facility is expected to reduce the level of upfront funding required to bring the Gold Duke Project into production.

SSH Group Limited, an ASX-listed service provider headquartered in Perth, has deep capability across the mining, civil, and construction industries. Their collaboration with trusted contractors ensures that operations at the Gold Duke Project will be delivered efficiently and in accordance with all regulatory, permitting, and safety standards.

Brownfields Growth: Expanding the Production Horizon

WGR has commenced a detailed review of the historical database at the Gold Duke Gold Project. The review highlights the potential to expand the life of mine and production profile of the Gold Duke Project through these additional prospects, with most situated within the DEMIRS-approved disturbance area. ²

Detail on the Expansion Identified for Gold Duke is contained in ASX Announcement 27^th February 2025 “Brownfields Targets to Feed LOM Extension at Gold Duke”.⁹

These opportunities have the potential to enhance cash flow, operational flexibility, and project scale, building on the existing 34koz Stage 1 Mining Project. 2

Mineralisation remains open at several locations, constrained only by drilling extents. With strong gold prices and near-surface deposits, WGR is well-positioned to capitalise on these assets.  Locations include:

Figure 3: Gold Duke Project location and gold prospects, highlighting Stage 1 and potential Stage 2.

 

Emu / Eagle – Saddle

The deposits are situated within the Joyners Shear Zone, a known structural corridor that likely serves as a key control for gold mineralisation. Being positioned between the Emu and Eagle pits suggests that the deposit is part of a broader mineralized system, potentially benefiting from geological continuity.

There is a significant infrastructure advantage, being close to the Stage 1 Mine Layout (haul road, workshop, ROM pad, offices, etc.), this proximity can significantly reduce capital and operating costs if mining operations expand.

The identified 900m mineralised strike suggests a sizeable footprint with potential for expansion. The existing drilling, while sporadic, has consistently intersected anomalous gold, with grades above 1g/t Au, which is considered economically significant in open-pit mining scenarios.

Additional significant intercepts include:

• 3m @ 2.27 g/t Au from 57m(WGRC0181) ⁸

Figure 4: Emu – Eagle Extensions Drill Hole Location Map.

Joyners Find

The Joyners Find gold deposit has over 300m strike within the Joyners Shear Zone, which has historic underground mining.

Figure 5: Joyners Find, Golden Monarch and Gold King Drill Hole Location Map.

The deposit is open to the north, south and down dip and the high-grade continuity and a spectacular end of hole intercept in JRC054 (3m @ 22.07 g/t Au from 84m) are immediate walk up targets to potentially provide material to extend the life of mine.

Additional significant intercepts include:

• 7m @ 2.33 g/t Au from 98m (WGRC0309) ⁷
• 2m @ 5.33 g/t Au from 37m and 1m @ 2.45 from 45m (WGRC0308) ⁷

Bottom Camp

Situated along the Brilliant Shear Zone, a significant structural feature traversing the project area. Gold mineralisation at Bottom Camp is typically hosted by quartz reefs and quartz stockworks within the banded iron formation (BIF) units.

Gold exploration in the Joyners Find Greenstone Belt dates back to the early 1920s, with over 20 historical gold workings identified. Between 1912 and 1945, the region produced more than 40,000 ounces of gold at an average grade of 10.4 g/t Au, with the Joyners Find and Brilliant mines being the largest contributors.

Figure 6: Bottom Camp Drill Hole Location Map.

Historical drill intercepts, open to the north and south (refer figure 3), warrant further follow up evaluation and development drilling as well as exploring geochemical anomalies to potentially extend known mineralisation.

Gold King – Golden Monarch Saddle

Located within the Joyners Shear Zone as shown in Figure 4 above, between Gold King and Monarch Stage 1 pits that are proposed to be mined, this Saddle area represents strong extension opportunities to the pits and production profile.

This potential extension is significant given the close proximity to mine layout and infrastructure ensures strong operating efficiencies and potential in pit dumping which will minimise disturbance footprint.

Bower Bird & Comedy King

Both prospects have been flagged for further exploration and evaluation, with WGR undertaking a comprehensive review to determine their development potential.

These drill results have been previously reported by the Company and were included in determining the declared Mineral Resource Estimate (Table 3).  They are outside proposed optimised pit designs for the Eagle, Emu, Golden Monarch and Gold King deposits that were included the Gold Duke Project Scoping Study.

Next Steps

Figure 7, below shows the updated indicative timeline of next steps for the Gold Duke Project.

Figure 7. Next Steps to Production