Westar Resources : Investor Presentation - March

ersonal use only

A Western Australian Base Metals and Gold Explorer

Investor Presentation

March 2022

Disclaimer

Westar Resources Ltd ACN 635 895 082 (the Company) is the issuer of this presentation. The issue of this presentation is intended only for the person or entity to which it has been transmitted.

Not a disclosure document

This presentation is not a disclosure document for the purposes of Chapter 6D of the Corporations Act 2001 (Cth) (Corporations Act) and does not purport to include the information required of such a disclosure document. It has not been odged with or approved by any regulatory authority, such as the Australian Securities and Investments Commission (ASIC) or the Australian Securities Exchange (ASX). The purpose of this presentation is to provide the recipients with summary information so they can consider participating in the capital raising proposed to be undertaken by the Company. The capital raising is offered only to persons who are professional or sophisticated investors (within the meaning of section 708(8) and section 708(11) of the Corporations Act, respectively) and are exempt from the disclosure requirements of Part 6D.2 of the Corporations Act.

Confidentiality

The presentation is provided on a strictly confidential basis and is not to be published. It is not intended for, and must not be distributed to, any person other than as transmitted by or on behalf of the Company. Any disclosure to the advisers f the recipients must be on a confidential basis, for the purpose only of assessing the presentation as adviser to the recipients. The information contained in this presentation or subsequently provided to the recipients whether orally,

electronically or in writing by or on behalf of the Company or	its employees, agents, advisers and consultants is provided on the terms and conditions of this disclaimer.
only
Forward-looking statements
This presentation contains forward-looking statements. Those	forward-looking statements reflect views held only as at the date of this presentation. Any such statement is subject to inherent risks and uncertainties. Actual events or results
may differ materially from the events or results expressed or	implied in any forward-looking statement, and such deviations are both normal and to be expected. Recipients must make their own assessment about the likelihood of a matter,

useabout which a forward looking statement is made, occurring. The Company makes no representation about the likelihood of a matter, about which a forward-looking statement is made, occurring. The Company and its directors, employees,

agents, advisers and consultants: give no representation or warranty to a recipient of this presentation as to the accuracy or completeness of the statements contained in this presentation or in relation to any other matter; and to the fullest extent permitted by law, disclaim responsibility for and have no liability to a recipient of this presentation for any error or omission in or for any statement in this presentation.

Reliance on presentation

A recipient of this presentation must make their own assessment of the matters contained herein and rely on their own investigations and judgment in making an investment in the Company. This presentation does not purport to contain all of the information a recipient of this presentation requires to make an informed decision whether to invest in the Company. Specifically, this presentation does not purport to contain all the information that investors and their professional advisers would reasonably require to make an informed assessment of the Company's assets and liabilities, financial position and performance, profits, losses and prospects.

Not a recommendation or financial advice

The information in this presentation is not a recommendation to subscribe for securities in the Company and does not constitute financial advice. Any person who intends to subscribe for securities must conduct their own investigations, ersonal

assessment and analysis of the Company and its operations and prospects and must base their investment decision solely on those investigations and that assessment and analysis. Prospective investors should consult their own legal, ccounting and financial advisers about an investment in the Company.

No other material authorised

The Company has not authorised any person to give any information or make any representation in connection with any proposed offer of securities. A prospective investor cannot rely upon any information or representations not contained in this presentation.

Exploration Results: The information in this presentation concerning WSR exploration results and references to historical results at WSR's projects is contained in ASX announcements available on its website,www.westar.net.au. WSR c nfirms that it is not aware of any new information concerning exploration results that materially affects the information included in its ASX announcements.

C mpetent Person Statement: The information in this announcement that relates to exploration results which have been previously released to the ASX has been referenced elsewhere in this announcement with the appropriate competent person statement. The information in this presentation has been reviewed by Karl Jupp, a competent person who is a member of the AusIMM. Karl Jupp is employed by Westar Resources Limited. Karl Jupp has sufficient experience that is relevant to the tyle of mineralisation and type of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves. Karl Jupp consents to the inclusion in this announcement of the matters based on his work in the form and context in which it appears.

For the purpose of Listing Rule 15.5, this announcement has been authorised by the board of Westar Resources Ltd.

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Why Invest in Westar Resources

ersonal use only

Dominant land position in a the highly prospective Gum Creek Belt

• 329km2 landholding in the Sandstone Region, WA

Aggressive explorer driven by discoveries

• 18,814m drilled since IPO in December 2020

Drill ready base metal targets - maiden discovery potential at Gidgee North following successful ground EM surveys

Exceptional drill results with tier one JV partner, Ramelius Resources - including 5m @ 66.7g/t Au from 175m at the Mt Finnerty Project (WSR 25% Free Carried)

Attractive valuation & leverage to maiden discovery and JV exploration success - $5M EV

Activities Snapshot

only	0	10,738	47
			LTIs	Line Km Geophysics	Targets
				Completed	Generated
			SANDSTONE PROJECTS (329KM2)
	Gidgee North:
use• > 20km of prospective VMS-style base metal strike
		on the Gum Creek Belt
ersonal
	•	Nine high-priority conductors identified through
		recent FLEM survey
	•	Targets are	untested due to historical exploration
		focused on gold mineralisation
	•	Maiden drill	program with potential for a virgin
		discovery to commence early Q2 CY2022
	• Geoff Well historic shallow drilling includes intercept
		of 8m @ 1.12% Cu from 48m
	Gidgee South:
	•	Maiden drill	program confirmed gold mineralisation
		at the Tassie prospect including 3m @ 3.29g/t Au
		and 3m @ 3.41g/t Au

20	18,814	1,605
Targets	Drill Metres	Surface
Tested	Completed	Samples

SOUTHERN CROSS PROJECTS (63KM2)

• Ramelius Resources farm-in (ASX:RMS), with WSR 25% free carry to decision to mine
• Exceptional maiden drill results across both existing (Flinders) and new (Tasman) prospects
• RMS drill results include 5m @ 66.7g/t Au (Flinders) and 13m @ 4.37g/t Au (Tasman)
• RMS initially tested 3km of 8km strike potential
• Historic intercepts include 9m @ 98.2g/t Au

PILBARA PROJECTS (67KM2)

• 2021 field reconnaissance identifies rock-chips anomalous in Ag, Au, Cu, Zn and Pb
• 2021 AEM survey identifies several conductors

• Adjoins Greatland Gold's "Panorama Project"	4

Corporate Snapshot

Capital Structure			Board of Directors
only
	Key Information				Managing Director & CEO | Karl Jupp
					BappSc (Hons), GradDip(Bus), MAIG, MAusIMM
	Share Price	0.11
			A Geologist with over 20 years' technical and leadership experience in the Australian and
					international mineral resources sector. Karl commenced his career in mineral exploration in
Shares on Issue	58.0M			Western Australia working for Normandy, Great Central Mines, and Barrick, later moving into
		mining and management roles and eventually consulting. He has co-authored several technical
use						papers and is experienced in Feasibility Studies, JORC Mineral Resource delineation and
	Market Cap	6.4M			management of Ore Reserve conversion.
						Non-Executive Chairman | Simon Eley
		Options Unlisted	5.0M1
						B.Laws (LLB), B.Arts
		Cash	2.2M			Simon has extensive experience in the identification and commercialisation of mineral resource
		(at 31 Dec 2021)			projects and was the founding director of Egan Street Resources Ltd, having led the acquisition of
ersonal						the Rothsay Gold Project in 2011. Egan Street was taken over by Silver Lake Resources in early
	Debt	-			2020 for an implied value of approximately A$79m. Simon was an Executive Director of Aragon
			Resources Ltd and led the team that secured the Central Murchison Gold Project which eventually
					led to a $76m takeover by Westgold Resources Limited in 2011.
		Enterprise Value	4.2M
						Non-Executive Director | Nathan Cammerman
	As at 9 March 2022
				BSC (HONS) GEOLOGY, MIWM, MBus (Intl)
		Ownership				Geologist by initial training, Nathan's senior executive and board experience includes project
						generation, evaluation and acquisition, JV negotiation, financing, permitting and approvals,
		Board, management &	30.2%			feasibility study management, offtake and government relations. Strong track record in
				shareholder wealth creation. Co-founded several private exploration companies which have
		founders2
					progressed from green fields concepts to near term production propositions.
1 Issue of 5.0 million options exercisable at $0.25 to Board & Management expiring 3 years from the date of issue		5
2 Founders escrowed for a 2 year period from listing on the ASX (17 December, 2020)