Wiluna Mining : Drilling Update

For personal use only

ASX Announcement

5 July 2022

ASX: WMC

WILUNA DRILLING UPDATE

HIGHLIGHTS

• Discovery drilling intersects high-grade sulphides in significant new zones:

• Resource development drilling defines high-grade sulphides adjacent to current mining areas:

• Grade control drilling delivers wide, high-grade sulphide intersections at Bulletin and Happy Jack, supporting the immediate production profile and ramp-up of sulphide concentrate production:

For personal use only

ASX Announcement 5 July 2022

Wiluna Mining Corporation Limited (ASX: WMC) (Wiluna Mining, WMC or the Company) is pleased to announce further results from the Company's Discovery, Resource Development and Grade Control programs that have delivered high-grade sulphide intersections around current mining areas and new targets across the Wiluna Mining Operation. This release covers drilling completed to May 2022, at which point drilling paused. Two rigs will mobilise to site in mid-July for Resource Development and Grade Control programs to recommence.

DISCOVERY PROGRAM

The Company's Discovery Drilling campaign covers nine large-scale targets testing for high-grade sulphide shoots "under the headframe" at Wiluna (Figure 1). High-grade shoot discoveries are targeted to increase the underground ore grade and grow gold production at Wiluna. The Company is targeting analogues to historically mined shoots, such as the Bulletin shoot that historically produced approximately 800,000oz @ 8g/t.

The nine priority targets are located in the upper 600m on both the East and West structures, and below the major historical production areas. Targets are defined where mineralisation remains open along strike, down dip and on parallel structures. Sulphide shoots are interpreted to have formed in a predictable pattern controlled by steeply south-plunging shoot corridors in conjunction with north-plunging trends and rock unit boundaries.

For personal use only

ASX Announcement 5 July 2022

East & West Lower

Drilling at the East & West Lower target has intersected high-grade sulphides in the first hole (WUDD0077) in the East Lode position 200m below the current Mineral Resource limits, returning 9.40m @ 4.87g/t including 6.60m @ 6.22g/t, and in the West Lode position 400m below the current Mineral Resource limits returning 1.80m @ 9.74g/t (ASX release 10 May 2022).

Latest assays received from the second hole (WUDD0077W1) have demonstrated lode continuity approximately 150m further down-dip of the first hole, with results including 4.60m @ 2.52g/t including 0.70m @ 8.82g/t and 1.70m @ 3.86g/t in the East Lode position (Figures 2 to 4). These results demonstrate continuity of the sulphide lodes to considerable depths below the limits of previous mining and drilling.

Figure 2. Long section of East & West Lower drilling, showing sulphide intersections below historically mined

areas and beyond the Mineral Resource limits.

For personal use only

Figure 4. Plan view showing sulphide intersections from East & West Lower and further planned drilling.

Bulletin North

At Bulletin North, drilling has intersected high-grade sulphides in a new sulphide zone returning 5.00m @ 4.97g/t including 2.60m @ 8.24g/t, and 5.70m @ 2.85g/t including 0.40m @ 12.65g/t. These latest intercepts are highly encouraging in confirming extensions to high-grade mineralisation beyond the current Mineral Resource limits and may represent a continuation of the Squib structure parallel to Bulletin (Figure 5).

The primary target of the current program is of similar scale to the Bulletin Main shoot, which produced 800koz

• 8g/t, in a 100m x 500m target area that has never been fully tested despite the large-scale,high-grade past production from the adjacent Bulletin zone (Figure 6).