Western Areas : Preliminary Final Report & Full Year Statutory Accounts

August 22, 2017 ASX: WSA Reporting Period

The reporting period is the financial year ended 30 June 2017. The previous corresponding period is 30 June 2016.

Results for announcement to the market

% Change	Amount A$'000
Revenue from ordinary activities	Up	2%	to	213,920
Net profit from ordinary activities after tax attributable to members of Western Areas Ltd	Up	165%	to	19,299
Net profit after tax attributable to members of Western Areas Ltd	Up	165%	to	19,299

Dividends

A fully franked dividend of 2.0 cents per ordinary share has been declared for the year ended 30 June 2017.

Amount per security	Unfranked amount per security	Franked amount per security	% CFI
Financial year ended 30 June 2017
Final dividend	2.0 cents	Nil	2.0 cents	0%
Interim dividend	Nil	Nil	Nil	0%
Financial year ended 30 June 2016
Final dividend	Nil	Nil	Nil	0%
Interim dividend	Nil	Nil	Nil	0%
Ex‐Dividend date for FY17 Final Dividend	14 September 2017
Record Date for FY17 Final Dividend	15 September 2017
Payment Date for FY17 Final Dividend	6 October 2017

Dividend Reinvestment Plan

The Company does not operate a dividend reinvestment plan.

Net Tangible Asset Backing

Current year	Previous year
The net tangible assets per security	170.7 cents	162.3 cents

Investments in Controlled Entities

Wholly Owned and Controlled Subsidiaries of Western Areas Ltd:

Y BioHeap Ltd

Y Western Platinum NL

Y Australian Nickel Investments Pty Ltd

Y Western Areas Nickel Pty Ltd

Y Western Areas Employee Share Trust

Investments in Associates & Joint Ventures

Associates of Western Areas Ltd did not contribute to the result of the consolidated group for the financial year ended 30 June 2017.

Associates of Western Areas Ltd:

Y Mustang Minerals Inc. 19.9% (Canadian Entity)

Audit Review & Accounting Standards

This report is based on Consolidated Financial Statements that have been subject to a full Audit by the Company's Auditor.

All entities incorporated into the Consolidated Group's result were prepared under AIFRS.

Other Information

The income statement, statement of financial position, statement of cashflows and associated notes are contained in the financial statements in the attached Financial Report for the year ended 30 June 2017. Other detailed commentary on the variation between the results for the year ended 30 June 2017 and the comparative period is provided in the Directors Report of the Financial Report.

Except for the matters noted above, all the disclosure requirements pursuant to ASX Listing Rule 4.3A are contained within Western Areas Limited 30 June 2017 Consolidated Financial Statements which accompany this Preliminary Final Report.

Date: 22 August 2017

Daniel Lougher

Managing Director

FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2017

Western Areas Ltd & Controlled Entities ABN 68 091 049 357

CONTENTS

DIRECTORS REPORT 3

AUDITOR'S INDEPENDENCE DECLARATION 23

CONSOLIDATED INCOME STATEMENT 24

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 25

CONSOLIDATED STATEMENT OF FINANCIAL POSITION 26

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 27

CONSOLIDATED STATEMENT OF CASH FLOWS 28

NOTES TO THE FINANCIAL STATEMENTS 29

DIRECTORS DECLARATION 74

INDEPENDANT AUDITOR'S OPINION 75

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