Great Western Exploration : December 2021 Quarterly Activities Report

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Quarterly Report

27 January 2022

Quarterly Activities Report for the Quarter ended 31 December 2021

Summary

• Yandal West Project: Geophysical interpretation and modelling of an EM survey has identified six high priority, discrete, conspicuous, shallow drill ready interpreted VMS or sulphide associated lode gold targets
• Thunder Copper-Gold Target: Reverse Circulation (RC) drilling has now been completed at the Thunder Copper-Gold Target. Drilling intersected broad zones of hydrothermal alteration within pyritic black shale. Assay results are expected during the March 2022 Quarter
• Golden Corridor: The initial field work programme is now well underway at the Golden Corridor Project including the completion of an initial Ultrafine+ soil sampling programme prior to Christmas
• Fairbairn Base Metal Project: Great Western is preparing its initial work programme that will include a high-resolution airborne magnetics survey and stereoscopic geological mapping over the Project area
• Firebird Gold Project: Great Western is preparing its initial work programme that will include infill and extensional soil sampling, mapping and follow up drilling targeting both the geochemical anomalies and the highly prospective structural targets
• Yerrida South Project: A broad spaced regional reconnaissance Ultrafine+ soil sampling programme has now been completed
• Geological review, planning and field work activity continues in respect of a number of Great Western's other projects

Great Western Exploration Limited (ASX: GTE) ("the Company", "Great Western") is pleased to provide its Quarterly Activities Report for the Quarter ended 31 December 2021 (December 2021 Quarter).

Yandal West Project (GTE 100% (E53/1369) and GTE 80%

(E53/1612 & E53/1816))

The Yandal West Project is located within the world class Yandal greenstone belt, approximately 55km north of the historical Bronzewing gold mine and 60km south of Jundee gold mine.

GREAT WESTERN EXPLORATION LIMITED (ASX:GTE)

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Over the last year a thorough desktop study and third-party geochemistry review was completed across the Project. In addition, a number of field reconnaissance surveys have been undertaken and in consultation with Great Western's geophysical consultants at Newexco, an airborne geophysical programme was completed with an airborne EM (Xcite™) survey flown across the Project during the September 2021 Quarter, with results now received1.

During the December Quarter 2021, six high priority EM anomalies have been defined following processing and interpretation of the survey (refer Great Western announcement dated 25 October 20212).

The high priority EM anomalies (See Figure 1) have a geophysical signature that is consistent with an accumulation of sulphides. The anomalies sit within a regional volcanic succession that includes basalts, high mg basalts, ultramafics, felsic volcanics and cherts, proximal to HFSE granites, are shallow (<55m below surface), and are both conspicuous and discrete.

The six high priority EM anomalies are interpreted to be very exciting potential VMS or sulphide associated lode gold targets and are drill ready.

Figure 1. Location of Six High Priority EM anomalies and Historic Gold Mines over TMI 1st VD at the Yandal

West Project

Drill planning for an RC programme at the Yandal West Project to test all six priority one targets is now well progressed, with drilling planned for the first half of CY2022.

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Thunder (100% Great Western)

During the December Quarter 2021 Great Western Exploration Limited (ASX: GTE, "Great Western") completed an RC drilling campaign at the 100% owned Thunder Copper-Gold Target (See Figure 2), 112kms from Sandfire's (ASX: SFR) DeGrussa copper-gold operation.

Great Western completed 11 RC holes for 1,452 metres drilled to an average depth of 132 metres to test the EM anomaly at Thunder and the Ultra Fine + soil anomalies. Samples are now at ALS Laboratory for multi element analysis.

The drilling at Thunder intersected broad zones of hydrothermal alteration comprising mostly of hematite, silica and ± pyrite ("alteration"). The very fine-grained nature of the alteration makes it difficult to confidently identify each separate mineral and quantify in the field however, pyrite was recognised.

Figure 2. Drilling was completed by Hagstrom Drilling at the Thunder Copper-Gold Target

Great Western has now made applications for additional tenure covering the extension of the northwest trending copper-gold anomalism that has been highlighted by the infill and extensional Ultrafine+ soil sampling programme.

The next stage of exploration across the Thunder Copper-Gold Target will be planned once assay results have been received. The Company looks forward to providing further updates as results become available.

Assay results from the drilling at Thunder are expected during the March Quarter 2022.

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The Golden Corridor Project (100% Great Western)

The Golden Corridor Project comprises some 60km strike of the Agnew-Wiluna greenstone belt, located in the northwest of the Kalgoorlie Terrane and along strike to the north of the Wiluna Mining Centre. The Kalgoorlie Terrane or "Golden Corridor" extends from as far south as Kambalda, through Kalgoorlie to as far north as Plutonic (see Figure 3 below) and is host to many of the largest gold deposits in Australia and the majority of Western Australia's past and present gold production. While the vast majority of the Golden Corridor's greenstone belts have been extensively drill tested, Great Western's 60km strike length of interpreted greenstone belt, including granted leases and leases under application, is practically untested.

The prospectivity of the region north of Wiluna where Great Western's Golden Corridor Project is located, was also identified by pmd*CRC research into the 3D architecture of the Yilgarn Craton3 that noted, "The architecture of the Golden Corridor may partly explain why the Kalgoorlie Terrane is so well endowed. The unifying theme appears to be the relationship between major faults and regional anticlinoria, with periodic undulations or perturbations resulting in elongate domes. The Golden Corridor stretches from Kambalda possibly to Plutonic, with locations under thin cover providing new opportunities for exploration (i.e. north of Wiluna)."

Previous RC drilling by Great Western at its Finlayson Gold Target4 which sits 70km North of Wiluna, at the northern end of the Golden Corridor Project intersected a sequence of dolerite and ultramafic with wide zones of shearing and strong alteration that includes sulphides. This greenstone package of rocks was intersected under shallow cover. While gold was intersected at only immaterial gold grade, the broad zones of favourable host rock and alteration indicate that these structures are large and are prospective for gold along strike.

All tenure at the Golden Corridor Project has now been granted. A regional exploration programme is now underway across the Golden Corridor Project including the completion of an initial Ultrafine+ soil sampling programme prior to Christmas

Figure 3. The Golden Corridor Project is located within the Kalgoorlie Terrane ("Golden Corridor"), Australia's

most prolific gold belt

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Fairbairn Base Metal Project (100% Great Western)

Great Western has a very large strategic land position in the rapidly evolving Earaheedy Basin, interpreted to sit within the same geological setting as the recent discoveries by Rumble Resources Limited (ASX: RTR) and Strickland Metals Limited (ASX: STK), the 100% owned "Fairbairn Base Metal Project" (see Figure 4).

Great Western has some 960km2 of prospective base metals tenure at the Fairbairn Base Metal Project, on granted leases and leases under application. Fairbairn is almost completely unexplored with only a very small amount of historical exploration completed by companies exploring for diamonds, the majority of which focused on the southwestern corner of the Project.

Great Western is preparing its initial work programme that will include a high-resolution airborne magnetic survey and stereoscopic geological mapping over the Project area. Rumble Resources and Strickland Metals have demonstrated that airborne and surface geophysics are very effective tools in target generation.

Figure 4. The Fairbairn Base Metal Project is located within the Earaheedy Basin, 170 kilometres north of

Wiluna, 110km northeast from the DeGrussa copper deposit, and 60km north of Rumble Resources (ASX:RTR)

recent discovery at Chinook

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