Western Areas : Appendix 3B & Appendix 3Y x 2

ASX Compliance Pty Ltd Level 40, Central Park

152 - 158 St George's Terrace PERTH WA 6000

Dear Sirs

Western Areas Limited attaches an appendix 3B for the issue of Performance Rights under the terms and conditions of the shareholder approved Western Areas Employee Share Scheme.

The Company attaches Appendix 3Y - Change of Director Interest Notice documents for Managing Director Daniel Lougher and Executive Director David Southam, reflecting the issue of performance rights as approved by shareholders at the 2017 Annual General Meeting.

Regards

Joseph Belladonna

CFO & Company Secretary Western Areas Ltd

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Appendix 3B New issue announcement

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 01/07/96 Origin: Appendix 5 Amended 01/07/98, 01/09/99, 01/07/00, 30/09/01, 11/03/02, 01/01/03, 24/10/05, 01/08/12

Name of entity

Western Areas Limited

ABN

68 091 049 357

We (the entity) give ASX the following information.

You must complete the relevant sections (attach sheets if there is not enough space).

Unlisted Performance Rights

1+Class of +securities issued or to be issued

1,809,420 fully paid ordinary shares on conversion of Unlisted Performance Rights.

1. Number of +securities issued or to be issued (if known) or maximum number which may be issued

   Issue of unlisted Performance Rights in accordance with the terms and conditions of the shareholder approved Western Areas Performance Rights Plan.

2. Principal terms of the +securities (eg, if options, exercise price and expiry date; if partly paid

   +securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion)

   + See chapter 19 for defined terms.

   01/08/2012 Appendix 3B Page 1

   Appendix 3B

   New issue announcement

   Not Applicable.

3. Do the +securities rank equally in all respects from the date of allotment with an existing +class of quoted +securities?

   If the additional securities do not rank equally, please state:

   • the date from which they do

   • the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment

   • the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

     Nil, Unlisted Performance Rights.

4. Issue price or consideration

   Issue of unlisted Performance Rights in accordance with the terms and conditions of the shareholder approved Western Areas Performance Rights Plan.

5. Purpose of the issue

   (If issued as consideration for the acquisition of assets, clearly identify those assets)

   No

   6a Is the entity an +eligible entity that has obtained security holder approval under rule 7.1A?

   If Yes, complete sections 6b - 6h in relation to the +securities the subject of this Appendix 3B, and comply with section 6i

   Not applicable.

   6b The date the security holder resolution under rule 7.1A was passed

   Not applicable.

   6c Number of +securities issued without security holder approval under rule 7.1

   Not applicable.

   6dNumber of +securities issued with security holder approval under rule 7.1A

   + See chapter 19 for defined terms.

   Appendix 3B Page 2 01/08/2012

   Not applicable.

   6e Number of +securities issued with security holder approval under rule 7.3, or another specific security holder approval (specify date of meeting)

   Appendix 3B New issue announcement

   Not applicable.

   6f Number of securities issued under an exception in rule 7.2

   Not applicable.

   6g If securities issued under rule 7.1A, was issue price at least 75% of 15 day VWAP as calculated under rule 7.1A.3? Include the issue date and both values. Include the source of the VWAP calculation.

   Not applicable.

   6h If securities were issued under rule 7.1A for non-cash consideration, state date on which valuation of consideration was released to ASX Market Announcements

   Not applicable.

   6i Calculate the entity's remaining issue capacity under rule 7.1 and rule 7.1A - complete Annexure 1 and release to ASX Market Announcements

   1 December 2017

6. Dates of entering +securities into uncertificated holdings or despatch of certificates

   Number	+Class
   272,759,047	Fully paid ordinary shares.

7. Number and +class of all

+securities quoted on ASX (including the securities in section 2 if applicable)

+ See chapter 19 for defined terms.

01/08/2012 Appendix 3B Page 3