Announcement PDF ASX: WIN RIU Explorers Conference - Fremantle Critical Minerals for a Cleaner Future 14 February 2024 WIDGIENICKEL.COM.AU Important Notice and Disclaimer This presentation has been prepared by Widgie Nickel Limited (“WIN” or the “Company”) to assist in informing interested parties about the Company. It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to securities in the Company. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation. Summary information This presentation may not be reproduced, redistributed or passed on, directly or indirectly, to any other person, or published, in whole or in part, for any purpose without the prior written approval of Widgie Nickel Limited . The material contained in this presentation is for information purposes only. This presentation is not an offer or invitation for subscription or purchase of, or a recommendation in relation to, securities in the Company and neither this presentation nor anything contained in it shall form the basis of any contract or commitment. This presentation may not be distributed or released in the United States. Securities may not be offered or sold in the United States unless such securities are registered under the U.S. Securities Act of 1933, as amended (“U.S. Securities Act”) or in a transaction exempt from, or not subject to, the registration requirements of the U.S. Securities Act and any other applicable securities laws. Each institution or person that reviews this presentation will be deemed to represent that each such institution or person is not in the United States. The distribution of this presentation may be restricted by law. Persons who come into possession of this presentation should seek advice and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable securities laws. Not financial product advice No liability This presentation has been prepared by Widgie Nickel Limited based on information currently available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. Recipients should carry out their own investigations and analysis of the Company and verify the accuracy, reliability and completeness of the information contained in this presentation or any other form of communication to which the recipient is permitted access in the course of evaluating any investment in the Company. To the maximum extent permitted by law, none of Widgie Nickel Limited or its subsidiaries or affiliates or the directors, employees, agents, representatives or advisers of any such party, nor any other person accepts any liability for any loss arising from the use of or reliance on this presentation or its contents or otherwise arising in connection with it, including without limitation, any liability arising from fault or negligence on the part of Widgie Nickel Limited or its subsidiaries or affiliates or the directors, employees, agents, representatives or advisers of any such party. Financial data All figures in the presentation are Australian dollars ($ or A$) unless stated otherwise. A number of figures, amounts, percentages, estimates, calculations of value and fractions in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation. Reliance should not be placed on the information or opinions contained in this presentation. This presentation is for information purposes only and is not financial product or investment advice, nor a recommendation to acquire securities in the Company (or any interest in Company securities). It has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making any investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek legal and taxation advice appropriate to their jurisdiction. Photographs and diagrams Past performance Compliance Statement Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as an indication of (and gives no guidance as to) future performance. Forward-looking information This presentation contains certain forward-looking statements with respect to the operations and business of the Company and certain plans and objectives of the management of the Company. Forward looking statements include those containing such words as "anticipate", "estimates", "forecasts", "should", "could", "may", "intends", "will", "expects", "plans" or similar expressions. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a range of variables and changes in underlying assumptions which could cause actual results or trends to differ materially. Widgie Nickel Limited does not make any representation or warranty as to the accuracy of such statements or assumptions. ASX: WIN Photographs and diagrams in the presentation are for illustration purposes only and should not be interpreted to mean that any person shown in them endorses this presentation or its contents or that the assets shown in them are owned by Widgie Nickel Limited. Diagrams and maps used in this presentation are illustrative only and may not be drawn to scale. Unless otherwise stated, all data contained in charts, graphs and tables is based on information available as at the date of this presentation. The information in this presentation that relates to estimates of nickel Mineral Resources for the Mt Edwards Project has been extracted from the Company’s ASX Announcement titled “Widgie Townsite Mineral Resource Update” dated 29 January 2024. The information in this presentation that relates to estimates of lithium Mineral Resources for the Mt Edwards Project has been extracted from the Company’s ASX Announcement titled “375% Growth in Faraday-Trainline Lithium Mineral Resource” dated 8 November 2023. The information in this presentation that relates to exploration and evaluation results for the Mt Edwards Project have been extracted from the Company’s previous ASX Announcements as referenced in this Presentation. Copies of these announcements are also available on the Company’s website at www.widgienickel.com.au Widgie Nickel Limited confirms that it is not aware of any new information or data that materially affects the information included in the ASX market announcements, and in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant ASX market announcements continue to apply and have not materially changed. Widgie Nickel Limited confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the relevant ASX market announcements. 2 Developing WA Nickel and Lithium 240km2 granted mining leases covering the highly prolific Widgiemooltha Dome, with exposure to two critical minerals. Mt Edwards Nickel Project Significant resource, upgraded through drilling now subject to Scoping Study contemplating development of standalone concentrator. Faraday-Trainline Lithium Project Shovel ready project with upside potential. Potential to provide financial optionality when lithium pricing recovers. Met testing to confirm development pathway Mineral Resources Mt Marion Lithium Operation: MIN ASX Announcement 22/09/2023: Mineral Resources and Ore Reserve Update Develop Dome North Deposit MRE: ESS ASX Announcement 22/12/2022: Dome North Mineral Resource Estimate Upgrade Mineral Resources Bald Hill Lithium Mine: TAW ASX Announcement 06/06/2018: Lithium Ore Reserve Increase at Bald Hill ASX: WIN 3 Corporate Summary WIN ASX $0.042c $12.51M Share Price Market Cap 8 February 2024 $2.6M 13.3M 297.9M Cash Total Options and PRs on Issue Shares on Issue 31 December 2023 ASX: WIN Major Shareholders Virtue Investments Corp 9.89% Farjoy 5.08% D Reed 4.66% TOP 20 40.42% 4 Battery Metals Outlook Current price environment is challenging for both Lithium and Nickel, however long-term market imbalance remains Where is the floor for nickel prices? Recent closures for local producers may account for 54kt of mined nickel capacity, or 30% of previously modelled surplus, with an additional 253ktpa at risk. Lithium and nickel long-term market balances B e n c hmark M in eral In te lligence, L ith ium, N ic ke l an d Cobalt F or e casts, Q2 2 0 2 3 ASX: WIN Historic nickel price troughs occur at 70th percentile on the cost curve, suggesting a bottom for nickel prices at around US$15,500/t in Q2 2024 5 240km2 Widgie Strategic Portfolio Mt Edwards Nickel Project (100%) • MRE: 13.16Mt @ 1.45% for 190,300 tonnes Ni • 12 separate nickel sulphide deposits, with 6 MREs subject to a program of ongoing upgrades on Widgie infill drilling • Proven Nickel Production History Tenure hosts 4 historical mines that have produced 31kt of nickel from 1980 to 2008, and 12 confirmed deposits on granted mining leases • Byproduct value to be unlocked: Cu, Co, Pd, Pt & Au Faraday-Trainline Lithium Project (100%) • Lithium discovery October 2022 • Faraday-Trainline MRE: 1.96Mt @ 0.69% Li2O • High grade near surface zone of 373kt @1.00% Li2O • Measured & Indicated 1.57Mt @ 0.71% Li2O • Expansion potential: open along strike and down dip • Fully permitted, ready to start digging Mineral Resources Mt Marion Lithium Operation: MIN ASX Announcement 22/09/2023: Mineral Resources and Ore Reserve Update Develop Dome North Deposit MRE: ESS ASX Announcement 22/12/2022: Dome North Mineral Resource Estimate Upgrade Mineral Resources Bald Hill Lithium Mine: TAW ASX Announcement 06/06/2018: Lithium Ore Reserve Increase at Bald Hill ASX: WIN 6 Mt Edwards Nickel Project 12 Separate Nickel Deposits Positioned to Drive Value • Unique occurrence of 12 deposits on 15 km of prospective strike • Strategically significant resource in a region of numerous small deposits with highly fragmented ownership • WIN has drilled 106,000m to expand and improve resource base since listing Deposit Gillett Widgie 3 Widgie Townsite Munda Armstrong 132N Cooke Inco Boundary McEwen McEwen Hangingwall Mt Edwards 26N Zabel TOTAL Indicated Tonne Nickel (kt) (%) Inferred Tonne Nickel (kt) (%) TOTAL Resources Tonne Nickel Nickel (kt) (%) Tonnes 2,267 512 1,649 1.35 1.34 1.60 949 34 1.45 2.9 272 1.9 871 222 853 508 10 426 154 464 1,133 1,916 871 53 1.16 1.95 1.38 1.9 1.04 1.9 1.3 1.2 1.4 1.4 1.4 2.0 3,138 734 2,502 508 959 460 154 464 1,133 1,916 871 325 1.30 1.53 1.53 1.9 1.44 2.0 1.3 1.2 1.4 1.4 1.4 2.0 40,770 11,200 38,260 9,398 13,820 9,050 2,003 5,590 15,340 26,110 12,400 6,360 5,683 1.48 7,480 1.42 13,164 1.45 190,300 Above a 1% Ni cut-off, except Widgie 3, Gillett, Widgie Townsite and Armstrong, reported at 0.7% Ni cut-off ASX: WIN 7 Mt Edwards Nickel Project Standalone Nickel Concentrator Contemplated in Scoping Study ASX: WIN Significant cost efficiencies due to economies of scale Plant customised to Widgie Ores to maximise value First optional step towards vertical integration Increased payability via access to multiple customers. Customised product. Minimised owner costs (transport, milling) Exploration upside potential – increase scale and confidence 8 Mt Edwards Nickel Project Scoping Study Aim Demonstrating life & creating options! Scoping study end February 2024 - Important milestone! • Considers only 5 of 12 resources on Widgie’s tenure • Widgie South will cornerstone development, Armstrong and 132N to follow • Flowsheet: Met testing ongoing with opportunities identified to improve base case outcomes • Production rate of 800,000tpa with option to build output via JV/Partnering/M&A in region • Sustainable production profile enables value-add options to be considered (Widgie is unique, other than BHP) NiSO4 & pCAM • Minimal capex requirement shallow, no water, no seismicity ASX: WIN 9 Mt Edwards Nickel Project Exploration Upside at Widgie South The Widgie South Project Area includes Widgie 3, Gillett and Widgie Townsite (WTS) deposits MRE 6.37Mt at 1.42% Ni for 90,230t of nickel (71% Indicated) Mineralisation remains open at depth with prospective Eastern Limb untested Significant growth opportunity for key deposits contemplated in Scoping Study ASX Announcement- 29/01/2024 Widgie Townsite Resource Update ASX: WIN Widgie South Project Area including Widgie 3, Gillett and WTS Nickel Deposits 10 Faraday-Trainline Lithium Project Faraday-Trainline Offers Development Optionality • Shovel ready - Mining approvals granted (located on Mining Lease M15/102) • Flowsheet development testwork has achieved 81.0% lithium recovery to a Faraday and Trainline Drill Density (red drill collars) with MRE block model 6.3% Li2O flotation concentrate*. Repeatability testing on foot. • PFS- mid year to confirm appropriate development pathway • Lithium drill investment since Faraday discovery - 18,000m Deposit Faraday Trainline Total Classification Tonnes (t) Li2O (%) Fe (%) Li2O (t) Measured 550,000 0.75 1.24 4,100 Indicated 250,000 0.66 1.73 1,600 Inferred 220,000 0.61 2.22 1,400 Sub-total 1,020,000 0.70 1.57 7,100 Measured - - - - Indicated 780,000 0.69 1.59 5,300 Inferred 160,000 0.63 1.66 1,000 Sub Total 940,000 0.68 1.60 6,300 Measured 550,000 0.75 1.24 4,100 Indicated 1,020,000 0.68 1.62 7,000 Inferred 390,000 0.62 1.98 2,400 Total 1,960,000 0.69 1.59 13,500 November 2023 Lithium MRE by classification* ASX: WIN ASX announcement 8/11/2023 – 375% Mineral Resource Growth at Faraday-Trainline Lithium Project ASX announcement – 2/08/2023 Faraday Metallurgical Testwork- Excellent Flotation Response 11 Faraday-Trainline Lithium Project High grade expansion potential – Farson Discovery • New search area unlocked, 300m south of Kali Metals (ASX:KM1) Widgiemooltha Project. • Multiple lithium bearing pegmatites mapped and sampled potentially indicating a stacked pegmatite system. • Visible spodumene supported by high grade rock chip samples including: • 2.52% Li2O (24WIN_SS0045) • 1.53% Li2O (24WIN_SS0043) • 1.31% Li2O (24WIN_SS0044) • 1.28% Li2O (24WIN_SS0046) • Further 118 samples awaiting assays, results in coming weeks. Pegmatite samples from Farson showing red-orange spodumene under UV light. ASX: WIN ASX announcement – 12/02/2024 – High grade lithium discovery at Farson 12 Widgie is Unlocking Significant Value across two in-demand Critical Minerals Lithium optionality established shovel ready resource on granted mining lease. Scoping Study contemplates substantive nickel mining operation with a standalone concentrator. Growth opportunity further Lithium & Nickel Resource upside Nickel & Lithium Projects Permitting/PFS to come, when sentiment turns positive Key Dates Ahead: ASX: WIN Q1 2024 Nickel MRE upgrades Nickel Scoping Study Q2 2024 Lithium exploration Lithium FS 13 Level 4, 220 St Georges Tce, Perth, WA 6000 +61 8 63817250 info@widgienickel.com.au ASX: WIN WIDGIENICKEL.COM.AU ASX: WIN WIDGIENICKEL.COM.AU 14 Board & Management Andrew Parker Non-Executive Chair Managing Director & CEO Andrew holds a Bachelor of Laws (LLB) degree from the University of Western Australia and has significant experience in the resources industry involving corporate advisory, strategic consultancy and capital raisings. Steve is an experienced resources industry executive, company director, and mining engineer with over 25 years’ experience in executive and operational roles. Felicity Repacholi Scott Perry Felicity is a broad-based professional geologist with 19 years of experience as a geologist, manager and consultant within the field of mineral exploration and resource development. Scott has over 20 years of experience in commercial, mining and process engineering roles including over 10 years in executive roles with BHP Billiton Nickel West Pty Ltd. Graeme Scott Will Stewart Graeme is a fellow of the Association of Chartered Certified Accountants (UK) with more than 20 years’ experience in professional and corporate roles in both Australia and the UK. Will is a geologist with 18 years in exploration, project development and mining. Will has experience across multiple commodities, specializing in nickel sulphide and laterite systems across Western Australia Non-Executive Director Company Secretary & CFO ASX: WIN Steve Norregaard Non-Executive Director Geology Manager 15