Announcement PDF ASX Announcement ASX:WIN 26 April 2024 March 2024 Quarterly Report Highlights Mt Edwards Nickel Project Scoping Study Highlights Nickel Potenial • The Mt Edwards Nickel Project Scoping Study, released in March 2024, provides a compelling case for a standalone concentrator to deliver low operating costs, higher payablilities and demonstates the benefits of control of our own integrated mining and milling process. • Widgie’s Resource base is able to supply a steady state sustainable production profile, with a production target rate of ~800,000tpa and 77% of all material exploited in a high confidence Indicated Resource Category. • Significant extension to life of operation evident with seven further Resources available to be exploited not comtemplated by the study. • The Scoping Study assessed an 800ktpa standalone nickel concentrator producing 103,000tpa @ 10.1% Ni concentrate for 10,380t of contained nickel per annum. • Upside opportunities identified including downstream processing to improve viability will now be considered. Mt Edwards Nickel Project Mineral Resource Updates – Strong Exploration Upside Remains • • • Gillet Nickel Deposit: o Total Resource now stands at 3.14Mt @ 1.30% Ni for 40,770 nickel tonnes. o Substantial 75% increase in total contained nickel versus the 2023 Mineral Resource Estimate (MRE). o A substantial improvement in confidence with a 108% increase in the Indicated Category to 30,650 nickel tonnes. o 72% of the MRE is now within the Indicated Resource Category. Widgie 3 Nickel Deposit: o Mineral Resource Estimate (MRE) now stands at 734Kt @ 1.53% Ni for 11,200 nickel tonnes. o 70% of the MRE classified as Indicated for 6,880t of contained nickel. 2018 MRE was classified as Inferred only. o 14% increase in nickel grade with a significant 32% reduction in contained arsenic versus the 2018 MRE (above a cut-off of 0.7% Ni). Widgie Townsite Nickel Deposit: o Mineral Resource Estimate (MRE) for Widgie Townsite 2.50Mt @ 1.53% Ni for 38,260 nickel tonnes. o Increased confidence of Resource with 69% of the nickel metal classified as Indicated Resources for 26,460t of nickel. o Indicated contained nickel metal has increased 32% from 2021 MRE update. Lithium Exploration • A systematic exploration program was commenced across the Widgie lithium prospects, focusing on the Faraday-Trainline, Voyager, Spargoville and Regional Prospects. ABN 77 648 687 094 Level 4, 220 St Georges Tce Perth, WA 6000 PO BOX 7713 Cloisters Square WA 6850 T: +61 8 6381 7250 F: +61 8 6381 7299 info@widgienickel.com.au www.widgienickel.com.au ASX:WIN March 2024 Quarterly Activities Report 26 April 2024 Widgie Nickel Ltd (ASX: WIN) (“Widgie” or “the Company”) is pleased to present its Quarterly Activities Report for the period ended 31 March 2024. Widgie Nickel Managing Director and CEO, Mr Steve Norregaard, commented: "This quarter, we were delighted to present our Mt Edwards Nickel Scoping Study, which is the culmination of a substantial body of work completed by the Widgie team and I s a significant step forward for the Company. “The Study demonstrates that we have a robust nickel project which is worth progressing to the Pre-Feasibility Study stage, and has multiple opportunities for upside. The Widgie Board strongly believes in the long term fundamentals of nickel demand, and the strategic value of our resource base to this country as demand for battery minerals continues to gain momentum. “In tandem with this, we are pleased to have progressed our lithium exploration with two discoveries during the quarter. We believe we hold exceptional tenure and we look forward to bringing further updates to our shareholders.” Figure 1: Location map of Mt Edwards Nickel Project * All Resource stated at 1% lower cut, other than Armstrong, Widgie Townsite, Widgie 3 and Gillett at 0.7% lower cut ABN 77 648 687 094 Level 4, 220 St Georges Tce Perth, WA 6000 PO BOX 7713 Cloisters Square WA 6850 T: +61 8 6381 7250 F: +61 8 6381 7299 info@widgienickel.com.au www.widgienickel.com.au ASX:WIN 2 March 2024 Quarterly Activities Report 26 April 2024 Mt Edwards Nickel Project Widgie controls a dominant ~240 km2 land package over the prolific nickel-producing Widgiemooltha Dome in Western Australia. The Mt Edwards Nickel Project is positioned adjacent to key infrastructure, located just 80km south of the major regional centre of Kalgoorlie, 30km south-west of Kambalda and along strike to the north from Wyloo’s Cassini Nickel mine (Figure 1). The Mt Edwards Nickel Project is comprised of 12 separate deposits with a total Mineral Resource Estimate of 13.16Mt grading 1.45% nickel for 190,300 tonnes. During the Quarter, the Company reported three Mineral Resource upgrades on the Gillett, Widgie 3 and Widgie Townsite Nickel Deposits 1 2 3 which have significant exploration upside. In addition, the Company released its Scopy Study 4 which evaluates the Widgie Townsite, Gillett, Widgie 3, Armstrong and 132N deposits. Mt Edwards Nickel Project Scoping Study In early March 2024, the Company released a Scoping Study on the Mt Edwards Nickel Project4.Widgie Nickel commissioned the Scoping Study for the purpose of carrying out a preliminary assessment of the technical and financial viability of a standalone nickel mining and processing operation. Executive Summary The Scoping Study assesses the mining and processing of 5.05Mt of ore grading 1.56% Ni over an initial six year mine production life (the “Production Target”): • • • • • 800ktpa standalone nickel concentrator produces 103,000tpa @ 10.1% Ni concentrate for 10,380t of contained nickel per annum. Scoping Study undertaken at a base case assumed US$24,000/t nickel, the approximate midpoint of the nickel price during 2023 and in line with other recent ASX peer studies. Scoping Study based only on the mining of Widgie Townsite (WTS), Gillett/Widgie 3 (GW3), Armstrong (ANM) and 132N with seven remaining deposits with upgrade potential that can be included into subsequent studies. Scoping Study provides sufficient confidence to move to a Pre-Feasibility Study for the Mt Edwards Nickel Project. Studies examining opportunities to improve viability by considering downstream options to be pursued. The mining plan for the Scoping Level Study evaluates Widgie Townsite, Gillett, Widgie 3, Armstrong and 132N deposits that contain Mineral Resources of 7.79Mt at 1.45% Ni for 113,100t of contained nickel. The proposed operation consists of four underground mines, an 800ktpa nickel concentrator, a 250 room accommodation village, a 15.5km 33kV/11kV overhead HV powerline, site offices/workshops, a central administration office complex and a core yard facility. The operations will mine nickel ore that will be carted to a centrally located nickel concentrator to produce a nickel concentrate. The underground mines were each designed with a figure 8 style decline access for efficient mining and services installation. The mine designs utilise relatively small cross section haulage declines with dimensions of (5.2mH x 5.0mW) suitable for 40t payload ejector trucks. These smaller declines allow for faster development rates, less blast holes, less ground support and less waste rock removal relative to the standard decline dimensions (5.8mH x 5.5mW). Mine planning has incorporated full main infrastructure engineering designs for HV power, ventilation, pumping, water supply and secondary means of egress for each mine. The main mining method for the four underground mines can be best described as a bottom up panel long hole stoping method with waste (WRF) or cemented rock fill (CRF). The Production Target assessment process used the current Mineral Resource models and applied a 0.9% Ni grade cut-off during the Mine Stope Optimiser (MSO) stope selection process. This has provided a raw mining volume estimate for each Resource. Further mining dilution and recovery factors have then been applied along with practical economics for each individual stoping panel. This process has resulted in a Production Target of 5.05Mt ASX Announcement 9 January 2024 – Substantial Uplift to Gillett Mineral Resource ASX Announcement 15 January 2024 – Widgie 3 Mineral Resource Update 3 ASX Annoumcenent 29 January 2024 – Widgie Townsite Mineral Resource Update 4 ASX Announcement 7 March 2024 – Standalone Mt Edwards Project Scoping Study 1 2 ABN 77 648 687 094 Level 4, 220 St Georges Tce Perth, WA 6000 PO BOX 7713 Cloisters Square WA 6850 T: +61 8 6381 7250 F: +61 8 6381 7299 info@widgienickel.com.au www.widgienickel.com.au ASX:WIN 3 March 2024 Quarterly Activities Report 26 April 2024 grading 1.56% Ni containing 78.8kt of nickel metal for the Project. The Production Target comprises 77% of Resources classified as Measured/Indicated and 23% as Inferred. The focus of the first two (2) years of the mine plan calls for the development of the Widgie Townsite (WTS), and Gillett/ Widgie 3 (GW3) underground mines. This pre-production stage of the operational plan incorporates the construction of a HV powerline, concrete batch plant, main administration complex, nickel concentrator and accommodation village. Completion of the accommodation village is scheduled for month 4, energising of the main HV powerline month 5 and commissioning of the processing plant month 16. The Armstrong underground mine is scheduled for commencement at the start of year 5 with commencement of the 132N underground mine scheduled for the start of year 5 month 10. Figure 2: Widgie Townsite Mine Development- Isometric View facing East Figure 3: Isometric View of Gillett & Widgie 3 Mine Design (facing east) ABN 77 648 687 094 Level 4, 220 St Georges Tce Perth, WA 6000 PO BOX 7713 Cloisters Square WA 6850 T: +61 8 6381 7250 F: +61 8 6381 7299 info@widgienickel.com.au www.widgienickel.com.au ASX:WIN 4 March 2024 Quarterly Activities Report 26 April 2024 Figure 4: Isometric View of Armstrong Mine Design (facing west) Figure 5: Isometric View of 132N Mine Design (facing west) Monthly performance for the Project after ramp-up averages 68kt of ore produced and 450m of jumbo development completed. In total for the four underground mines, there is 15.2km of main haulage way development and 48.7km of total mine development to be completed. The number of jumbo development crews peaks at 4 in year 3 averaging 2.1 jumbo development crews over the life of the operations. During the Project, there is 2.4Mt of WRF and 0.67Mt of CRF required to be placed in stope voids. In total, there is 19.1Mtkm of trucking material movement. The average load and haul fleet size consists of six loaders and six trucks. The mining workforce including mobile maintenance during the Project averages 145 persons with a peak of 193 persons in year 6. ABN 77 648 687 094 Level 4, 220 St Georges Tce Perth, WA 6000 PO BOX 7713 Cloisters Square WA 6850 T: +61 8 6381 7250 F: +61 8 6381 7299 info@widgienickel.com.au www.widgienickel.com.au ASX:WIN 5 March 2024 Quarterly Activities Report 26 April 2024 The proposed processing flowsheet (Figure 6) consists of a 220t/h 3 stage mobile crushing circuit producing crushed material to minus 10mm. The crushed material is conveyed to a fine ore bin of 14hr live capacity (1,400t) before being fed into a 100t/h ball mill circuit. Material is ground to P80 53 micron in the milling circuit then proceeds into the first conditioning tank with chemicals added prior to entering the rougher and scavenger flotation cells. Tailings are then transferred to a tailings thickener with a thickened tails stream of 50% solid pulp density subsequently pumped to the tailings storage facility. Sulphide minerals recovered from the rougher and scavenger float cells are fed into a second conditioning tank prior to entering the cleaner cells to improve the nickel grade and quality of the concentrate. Cleaned concentrate collected from the cleaner float cells is then pumped to the concentrate thickener before dewatering and washing within a pressure filter. The filter cake of 6% moisture is discharged for storage in a shed ready for transport and shipping. Figure 6: Mt Edwards Nickel Concentrator Flowsheet Schematic When in full production, the maximum milling rate applied is 70kt per month with average monthly concentrate production for the Project being 8.6kt. The targeted concentrate grade for the processing plant is 10.1% nickel with an average nickel recovery of 79%. The concentrate product will contain payable quantities of nickel, cobalt and palladium. After being stockpiled on site the concentrate will be transported to the Esperance Port for overseas export upon sufficient product being available ready for shipment. The operations will utilise a fully Fly in/Fly out (FIFO) workforce with accommodation provided by the 250 room onsite accommodation village. Transport to and from the Project has been costed utilising three (3) charter flights per week flying from Perth to the Kambalda airport. Full manning levels for the operation averages 240 over the life of the Project with a peak of 290 in year 5. Average non mining workers at full production is 77 comprising 41 people allocated for the processing plant, the balance in administration or support services. Average personnel onsite for the Project is 159 persons. During the village construction period, an offsite accommodation facility in Kambalda will be utilised. ABN 77 648 687 094 Level 4, 220 St Georges Tce Perth, WA 6000 PO BOX 7713 Cloisters Square WA 6850 T: +61 8 6381 7250 F: +61 8 6381 7299 info@widgienickel.com.au www.widgienickel.com.au ASX:WIN 6 March 2024 Quarterly Activities Report 26 April 2024 Figure 7: Mt Edwards Nickel Project Conceptual Layout The Project operations are scheduled to reach full commercial production in month 16 with the estimated preproduction capital cost being AUD$257M. When in full production the average monthly operating costs for the operation is AUD$10M. During this period, capital costs per month average AUD$2.6M, fluctuating between AUD$409k up to AUD$8.6M. The estimated total unit operating costs over the life of the Project is AUD$161/t milled with total capital costs of AUD$433M. The Project is estimated to generate AUD$402M free cash over a 94 month period with a maximum negative cashflow of AUD$269.2M in month 16 at a US$24,000/t Ni price applying an exchange rate 0.65 AUD/USD. The estimated pre-mine gate unit operating nickel production cost is US$3.67/lb. Total past mine gate costs have been ABN 77 648 687 094 Level 4, 220 St Georges Tce Perth, WA 6000 PO BOX 7713 Cloisters Square WA 6850 T: +61 8 6381 7250 F: +61 8 6381 7299 info@widgienickel.com.au www.widgienickel.com.au ASX:WIN 7 March 2024 Quarterly Activities Report 26 April 2024 estimated at AUD$230.2M, which includes all third-party royalties and AUD$43.5M Western Australian State royalties. The calculated NPV at an 8% discount rate for the Project is AUD$197.4M and internal rate of return of 22.9%. From the current defined Production Target of 5.05Mt @ 1.56% Ni, full operation mine production can be achieved for 6 years. There are seven additional defined Mineral Resources (5.37Mt @ 1. 44% Ni) located at the Mt Edwards Nickel Project providing substantial upside and high probability of mine life extensions beyond the Scoping Study projected life. These additional Mineral Resources will be assessed and ultimately exploited, if viable, to provide an increase to the production cashflow and mine life of the Project. Table 1: Mt Edwards Scoping Study Key Outcomes PARAMETER PROJECT TOTAL UNIT KEY ASSUMPTIONS Nickel Price US$/tonne 24,000 Diesel Price US$/litre 1.20 Exchange Rate AUD:USD 0.65 Discount Rate % 8.0 Concentrator Nickel Recovery (Ni) % 79.0 Offtake Nickel Payability % 80.0 Unit Power Cost AUD$/kWhr 0.20 Total Concentrate Transport Costs AUD$/wmt 110.97 Life of Mine Months 94 Total Ore Mined Tonnes 5,047,555 Total Jumbo Development metres 48,734 Total Truck Material Movement tkm 19,171,620 Total Ore Milled dmt 5,047,555 Average Feed Grade % Ni 1.56 Concentrate Produced dmt 616,668 Concentrate Grade % Ni 10.1 Contained Nickel Tonnes 62,283 PRODUCTION FINANCIALS Total Operating Costs AUD$ 812,719,828 Total Capital Costs AUD$ 433,227,055 Pre Production Capex AUD$ 257,029,982 Max Negative Cashflow (Month 16) AUD$ -269,209,468 Total Past Mine Gate Costs AUD$ 230,232,929 (Con Transport, Offtake, Royalties) ABN 77 648 687 094 Level 4, 220 St Georges Tce Perth, WA 6000 PO BOX 7713 Cloisters Square WA 6850 T: +61 8 6381 7250 F: +61 8 6381 7299 info@widgienickel.com.au www.widgienickel.com.au ASX:WIN 8 March 2024 Quarterly Activities Report 26 April 2024 PARAMETER PROJECT TOTAL UNIT Total Net Revenue (Minus Past Mine Gate Costs) AUD$ 1,647,956,772 Total Cumulative Cashflow (Pre Tax) AUD$ 402,009,886 Discounted Cashflow (@ 8%) - NPV8 AUD$ 197,378,393 % 22.9 Unit Operating Costs (C1) AUD$/t milled 161.01 Unit Mining Operating Costs (Inc Power) AUD$/t mined 97.16 Unit Milling Operating Costs (Inc Power) AUD$/t milled 33.98 Unit All in Sustaining Costs AUD$/t milled 195.92 Unit All in Costs AUD$/t milled 246.84 Unit Nickel Operating Production Cost (Excluded Past Mine Gate Costs) US$/lb in Con 3.67 AUD$/t in Con 12,432 Internal Rate of Return UNIT COSTS US$/lb Payable Comparative C1 Nickel Production Cost 5.39 Table 2: Widgie Nickel Total Nickel Mineral Resources Indicated Deposit Inferred TOTAL Resources Tonnes Nickel Tonnes Nickel Tonnes Nickel Nickel (kt) (%) (kt) (%) (kt) (%) (t) Widgie Townsite Widgie 3 1,649 512 1.60 1.34 853 222 1.38 1.95 2,502 734 1.53 1.53 38,260 11,200 Gillett Armstrong 2,267 949 1.35 1.45 871 10 1.16 1.04 3,138 959 1.30 1.44 40,770 13,820 34 2.90 426 508 154 464 1.90 1.85 1.30 1.20 460 508 154 464 2.00 1.85 1.30 1.20 9,050 9,400 2,000 5,590 McEwen McEwen Hangingwall 1,133 1,916 1.35 1.36 1,133 1,916 1.35 1.36 15,340 26,110 Mt Edwards 26N Zabel 272 1.94 871 53 1.43 2.04 871 325 1.43 1.96 12,400 6,360 TOTAL 5,683 1.48 7,480 1.42 13,164 1.45 190,300 132N Munda Cooke Inco Boundary All Resources reported at 1.0% Ni cut-off except for WTS, Widgie 3, Gillett and Armstrong which are reported at 0.7% Ni cut- off. Tonnes and grade have been rounded to reflect the relative uncertainty of the estimates. ABN 77 648 687 094 Level 4, 220 St Georges Tce Perth, WA 6000 PO BOX 7713 Cloisters Square WA 6850 T: +61 8 6381 7250 F: +61 8 6381 7299 info@widgienickel.com.au www.widgienickel.com.au ASX:WIN 9 March 2024 Quarterly Activities Report 26 April 2024 Mineral Resource Updates During the Quarter, the Company announced three Mineral Resource upgrades to the Gillet, Widgie 3 and Widgie Townsite Nickel Deposits. Gillet Nickel Deposit The Gillet Nickel Deposit announced an updated Mineral Resource Estimate of 3.14Mt @ 1.30% Ni for 40,770 nickel tonnes1, reported in accordance with the 2012 JORC Code. Cube Consulting Pty Ltd (Cube) completed the MRE which has been reported above a cut-off grade of 0.7% Ni (Table 3). This inlcluded Palladium + Platinum + Gold (3PGE) endowment with Au (0.05g/t), Pt (0.09g/t) and Pd (0.18g/t) 0.32g/t 3PGE (equating to 5,240oz Au, 9,080oz Pt and 18,050oz Pd). The upgrade represents a 75% increase in total contained nickel versus the 2023 Mineral Resource Estimate (MRE) with 72% of the MRE is now within the Indicated Resource Category. Table 3: January 2024 Gillett MRE by Classification and Domain type Classification Indicated Inferred Domain Contact MS HW MS HW DS Nth MS Nth DS Sub-Total Contact MS HW MS HW DS Nth MS Nth DS Sub-Total TOTAL Tonnes Ni Nickel Cu Co Fe As MgO 3PGE (kt) (%) (t) (%) (%) (%) (ppm) (%) (ppm) 371 468 1,181 141 107 2,267 93 119 568 46 44 871 3,138 1.26 2.50 0.94 1.66 0.79 1.35 1.42 2.24 0.87 1.86 0.76 1.16 1.30 4,680 11,690 11,110 2,330 840 30,650 1,320 2,680 4,930 860 330 10,120 40,770 0.17 0.31 0.11 0.19 0.08 0.16 0.20 0.28 0.10 0.22 0.07 0.14 0.16 0.04 0.07 0.03 0.05 0.03 0.04 0.04 0.06 0.03 0.05 0.02 0.04 0.04 16.4 16.9 9.5 12.9 8.6 12.3 17.4 15.4 9.4 12.7 7.9 11.1 12.0 400 104 89 1106 991 248 263 78 142 1667 694 255 250 18.4 23.6 28.5 20.0 25.8 25.2 18.4 24.2 28.0 17.4 27.7 25.9 25.4 0.34 0.64 0.21 0.47 0.25 0.34 0.43 0.57 0.20 0.46 0.21 0.28 0.32 Note: Tonnes and grades have been rounded to reflect the relative uncertainty of the estimate. A cut-off grade of 0.7% Ni has been chosen to reflect Reasonable Prospects for Eventual Economic Extraction (RPEEE) of the MRE via conventional underground mining techniques. Widgie 3 Nickel Deposit The Widgie 3 Nickel Deposit announced an updated Mineral Resource Estimate of 734Kt @ 1.53% Ni for 11,200 nickel tonnes2, reported in accordance with the 2012 JORC Code. Cube Consulting Pty Ltd completed the MRE which has been reported above a cut-off grade of 0.7% Ni (Table 4). The 2024 MRE now includes Palladium + Platinum + Gold (3PGE), with Au (0.14g/t), Pt (0.19g/t) and Pd (0.45g/t) for 0.78g/t 3PGE (equating to 3,370oz Au, 4,550oz Pt and 10,520oz Pd). 70% of the MRE is now classified as Indicated for 6,880t of contained nickel, the 2018 MRE was classified as Inferred only 5. In addition, there has been a 14% increase in nickel grade with a significant 32% reduction in contained arsenic versus the 2018 MRE (above a cut-off of 0.7% Ni). 5 Refer to Neometals ASX announcement 25 June 2018 - Mt Edwards Project Mineral Resource over 120,000 Nickel Tonnes ABN 77 648 687 094 Level 4, 220 St Georges Tce Perth, WA 6000 PO BOX 7713 Cloisters Square WA 6850 T: +61 8 6381 7250 F: +61 8 6381 7299 info@widgienickel.com.au www.widgienickel.com.au ASX:WIN 10 March 2024 Quarterly Activities Report 26 April 2024 Table 4: Widgie 3, 2024 MRE by Classification and Domain type Classification Indicated Inferred Domain Massive Disseminated Sub-Total Massive Disseminated Sub-Total TOTAL Tonnes Ni Nickel Cu Co Fe As MgO 3PGE (kt) (%) (t) (%) (%) (%) (ppm) (%) (ppm) 103 409 512 72 150 222 734 2.75 0.99 1.34 4.30 0.82 1.95 1.53 2,830 4,050 6,880 3,090 1,240 4,330 11,200 0.23 0.09 0.12 0.42 0.08 0.19 0.14 0.04 0.02 0.02 0.05 0.02 0.03 0.02 11.1 7.1 7.9 15.0 7.2 9.7 8.5 1689 325 599 1466 352 712 633 17.5 27.9 25.8 14.3 26.4 22.5 24.8 1.53 0.50 0.71 2.07 0.43 0.96 0.78 Note: Tonnes and grades have been rounded to reflect the relative uncertainty of the estimate. A cut-off grade of 0.7% Ni has been chosen to reflect Reasonable Prospects for Eventual Economic Extraction (RPEEE) of the MRE via conventional underground mining techniques. Widgie Townsite Nickel Deposit The Widgie Townsite Nickel Deposit announced an updated Mineral Resource Estimate of 2.50Mt @ 1.53% Ni for 38,260 nickel tonnes3, reported in accordance with the 2012 JORC Code. Cube Consulting Pty Ltd completed the MRE which has been reported above a cut-off grade of 0.7% Ni (Table 5). The 2024 MRE now includes Palladium + Platinum + Gold (3PGE), with Au (0.08g/t), Pt (0.10g/t) and Pd (0.21g/t) for 0.39g/t 3PGE (equating to 6,350oz Au, 7,965oz Pt and 16,650oz Pd). 69% of the nickel metal is now classied as Indicated Resources for 26,460t of nickel, increasing confidence in the deposit. Table 5: WTS 2024 MRE by Classification and Domain type Classification Indicated Inferred TOTAL Tonnes (kt) Massive 887 Disseminated 762 Sub-Total 1,649 Massive 251 Disseminated 602 Sub-Total 853 2,502 Domain Ni (%) 2.26 0.84 1.60 2.59 0.88 1.38 1.53 Nickel (t) 20,060 6,400 26,460 6,500 5,330 11,800 38,260 Cu (%) 0.30 0.10 0.21 0.32 0.08 0.15 0.19 Co (%) 0.07 0.03 0.05 0.08 0.04 0.05 0.05 Fe (%) 17.9 10.2 14.3 22.2 11.7 14.8 14.5 As (ppm) 465 763 603 570 653 629 612 MgO (%) 18.4 22.7 20.4 19.3 19.8 19.7 20.2 3PGE (ppm) 0.60 0.19 0.41 0.64 0.21 0.34 0.39 Note: Tonnes and grades have been rounded to reflect the relative uncertainty of the estimate. A cut-off grade of 0.7% Ni has been chosen to reflect Reasonable Prospects for Eventual Economic Extraction (RPEEE) of the MRE via conventional underground mining techniques. Faraday-Trainline Lithium Project During the March Quarter, a systematic exploration program was commenced 6 across the Widgie tenure, focussing on the Faraday-Trainline, Voyager, Spargoville and Regional Prospects. A new search space was unlocked with lithium bearing pegmatites hosted within sediments, previously not thought to be prospective. The newly discovered Farson Lithium Prospect 7 is located 300m south from Kali Metal’s (ASX:KM1) 8 recently identified Widgiemooltha Project. ASX Announcement 18 January 2024 - Lithium Exploration Ramps up at Widgie ASX Announcement 12 February 2024 - High Grade Lithium Discovery at Farson 8 Refer to KM1 ASX Announcement 10 January 2024 - Spodumene Identified at Higginsville Lithium District 6 7 ABN 77 648 687 094 Level 4, 220 St Georges Tce Perth, WA 6000 PO BOX 7713 Cloisters Square WA 6850 T: +61 8 6381 7250 F: +61 8 6381 7299 info@widgienickel.com.au www.widgienickel.com.au ASX:WIN 11 March 2024 Quarterly Activities Report 26 April 2024 First assys from the program were received in February 2024 delivering high-grade lithium samples of up to 2.52% Li2O. The Early-stage exploration produced extremley encouraging results providing the Company with the opportunity to realise further lithium endowment on its highly prospective tenement package. Figure 8 below demonstrates the proximity of the Farson Lithium Prospect to the Company’s Faraday-Lithium Deposit, Voyager Lithium Prospect and Kali Metals recently unveiled lithium bearing pegmatites at its Widgiemooltha Lithium Project. A total of 13 surface samples were collected along two parallel east-west trending outcropping pegmatite units that have been mapped over a strike extent of approximately 150m and are up to 5m in width. Visual, coarse grained spodumene has been recorded in several locations and visual estimates have been confirmed with high grade assay results returned of up to 2.52% Li2O. In late February 2024, an additional new lithium prospect was discovered, “Gemini” is located 600m north of atomic 3 and extends the lithium trend to 1.2km from the Voyager lithium prospect 9. Visible spodumene identified in the field supported by high grade rock chip assays including; • • • • • • 1.87% Li2O Gemini Prospect 1.69% Li2O Gemini Prospect 4.11% Li2O Atomic 3 Prospect 2.91% Li2O Atomic 3 Prospect 3.29% Li2O Voyager Prospect 2.41% Li2O Voyager Prospect Figure 8 demonstrates the proximity of the new Gemini Lithium Prospect and nearby Atomic 3 10, Voyager and Farson Prospects and the Company’s Faraday-Lithium Deposit 11. Atomic 3 was first identified in 2017 with rock chip results returning grades up to 3.40% Li2O. A total of 37 surface samples were collected across multiple pegmatite dyke swarms within the pegmatite trend from Gemini, Atomic 3 and Voyager. The mineralised pegmatite orientation is typically 330° and range in width between 2m to 5m. Visual, coarse grained spodumene has been recorded at multiple locations with visual estimates confirmed by assays up to 4.11% Li2O being returned. The intensity of the pegmatite dyke swarms between Voyager and Gemini suggests a substantial feeder system may be in close proximity or at depth. More work is required to understand the chemical fractionation of the system to assist in vectoring towards a potential largescale feeder to Gemini, Atomic 3 and Voyager. ASX Announcement 27 February 2024 - New Gemini Lithium Prospect Extends Lithium Trend to 1.2km Refer to ESR ASX Announcement 9 August 2017 - Large Spodumene Crystals Identified in Outcrop at Atomic Three 11 ASX Announcement 8 November 2023 - 375% Growth in Faraday Trainline Mineral Resource 9 10 ABN 77 648 687 094 Level 4, 220 St Georges Tce Perth, WA 6000 PO BOX 7713 Cloisters Square WA 6850 T: +61 8 6381 7250 F: +61 8 6381 7299 info@widgienickel.com.au www.widgienickel.com.au ASX:WIN 12 March 2024 Quarterly Activities Report 26 April 2024 Figure 8: Widgie’s lithium deposits and surrounding lithium prospects Corporate As at 31 March 2024, Widgie held $863,271 cash at bank. Full details regarding the Company’s cash movements during the Quarter can be found in the attached Appendix 5B. Subsequent to the end of the Quarter the Company has received $1.17 million for its Research and Development (R&D) Tax Incentive refund related to the 2022/2023 financial year, and on the 16 April 2024 announced its intention to launch a Rights Issue to raise up to a further $4 million. Managment personnel and the Managing Director reduced working days to 9 days per fortnight during the Quarter concurrent with a 10% reduction in salary and the reduced workload. ABN 77 648 687 094 Level 4, 220 St Georges Tce Perth, WA 6000 PO BOX 7713 Cloisters Square WA 6850 T: +61 8 6381 7250 F: +61 8 6381 7299 info@widgienickel.com.au www.widgienickel.com.au ASX:WIN 13 March 2024 Quarterly Activities Report 26 April 2024 Corporate information as at 31 March 2024: ASX code WIN Board of Directors Quoted Ordinary shares on issue: 297,945,053 Steve Norregaard – Managing Director & CEO Restricted Ordinary shares on issue: - Andrew Parker – Independent Non-Executive Chairman Unlisted Options ($0.20 to $0.40): 11,344,000 Felicity Repacholi - Independent Non-Executive Director Unlisted Performance Rights 1,649,000 Scott Perry - Independent Non-Executive Director Share price range last 12 months: $0.035 to $0.315 Share price at end of Quarter: $0.049 Company Secretary: Market cap (at $0.049): $14.6m Graeme Scott Additional ASX Listing Rule Disclosures ASX Listing Rule 5.3.1: Payments for exploration, evaluation and development during the Quarter totalled $1,530,270 Details of exploration activities undertaken during the Quarter are as described above and in this section. ASX Listing Rule 5.3.2: The Com