Wiluna Mining Corporation Limited reported an Ore Reserve update for the Wiluna Mining Centre, as well as an update on the Feasibility Studies being conducted by the Company. The Company has made the prudent decision to continue to work on these studies and delay the Stage 2 expansion at this time. believe more is required for the Stage 2 studies to be considered definitive, especially with additional Resource and Reserve development drilling required, particularly at the southern end of the Wiluna Mining Centre.

Current economic and social circumstances of rising inflation, COVID disruptions, significant shortages of skilled labour in the state of Western Australia, shipping and equipment supply constraints, as well as the uncertainty over the war in Ukraine have played a major role in convincing management and Board that launching into a two year, multi-million-dollar expansion is not prudent at this time and not in the best interest of shareholders. Given the potential of the multi-million-ounce scale of the Wiluna ore body, believe that further drilling to define the Resources and Reserves of the Wiluna Mining Centre and gain a greater understanding of the true size of the opportunity in front of us, along with the associated studies, is a far more prudent and sensible to fully optimise the potential of Wiluna. The Company will concentrate on bringing Stage 1 up to commercial production and to optimise Stage 1, which will be fully ramped up by the end of CY2022 with steady-state production estimated initially between 110,000-125,000 ounces per annum that with further minor, low-cost modifications could increase incrementally to produce circa 150,000 ounces per annum.

Ore Reserves: Updated Ore Reserve now 36.8Mt @ 1.20g/t for 1.42Moz contained gold. Underground Ore Reserve at Wiluna increased by 51% (tonnes) and 31% (ounces) to 6.52Mt @ 4.11g/t for 861.9koz of contained gold. Increased underground Ore Reserve supports medium to long-term plans to grow gold production with a focus on high-grade underground mining areas.

Feasibility Studies: Feasibility Studies ongoing Stage 1 metrics are positive with targeted production of 110kozpa-125kozpa, AISC of AUD 1,796/oz (after payable charge of ~AUD 400/oz), NPV $343 Million, IRR 305%. Based on rapidly escalating input costs, tight labour conditions and incomplete feasibility outcomes, the Board has decided to pause further expansion and focus on optimising Stage 1 and project cashflows until conditions improve. This allows time to drill out of the Wiluna Mining Centre which contains high-grade mineral inventory of 3.11Moz @ 5.81g/t (above 3.5g/t cut-off) to support further development.

With further minor, lower-cost modifications, Stage 1 could increase incrementally to produce circa 150kozpa.