Western Yilgarn NL provide the following update in relation to its projects. The Melbourne Project comprises two granted exploration licences (E70/5767 and E70/5921) both located in the Wheatbelt region of Western Australia, north of Perth. The surrounding area is interpreted to lie within the Southwest Terrane of the Yilgarn Craton in proximity to its ill-defined boundary with the Murchison Domain of the Youanmi Terrane.

Despite a lack of modern minerals exploration conducted during the tenure, the Company considers the Melbourne Project to be prospective for Caravel-style copper-molybdenum mineralisation which is interpreted to lie some 15km southeast of the project at Caravel Minerals Limited's Caravel Copper Project. As announced on 26th May 2022, WYX recently completed a geophysical review of the Project identifying possible extensions of the greenstone belt hosting the high-grade Pithara deposit into YX's East Melbourne Project (E70/5921) and the Wongan Hills greenstone belt (which encloses the Caravel Copper Project) extending north into the West Melbourne Project (E70/5767). YX has advanced negotiations with landowners in these areas of interest at the Melbourne Project.

WYX's management team includes experience in owning and operating rural landholdingsin Western Australia, including the region of WYX's Darling Range and Melbourne Projects, which is proving valuable to WYX for constructive and cooperative land access negotiations. WYX expects to schedule its exploration works in the coming months, commencing with auger-derived soil samples at a meaningful depths for assaying and resource target indications. Following the results of the geophysical review recently completed at WYX's Melbourne Project, WYX is expediting similar geophysical work across: Bulga (EL 36/1010, EL 36/1011, ELA 36/1025), Sylvania (EL 52/3861), Challa (EL 58/562, Boodanoo (EL 59/2496) Such work forms part of a systematic and staged exploration plan and is being undertaken by Geophysicist Mr. Kim Frankcombe, Principal of ExploreGeo Pty Ltd, which involves: reviewing available geophysical and geological data; and providing findings and recommendations that assist the validation or discovery of exploration targets and formulation of targeted exploration programs and activities.

WYX expects the geophysical reviews to be available over the next 4 to 6 weeks and will facilitate further project prioritising and exploration work programming. The Darling Range PGE Project comprises one exploration licence application (ELA70/5111) which covers a total area of 349km2 within the Darling Ranges, located approximately 75km northeast of Perth, Western Australia. The Darling Range Project is geologically within the Western Gneiss Terrane along the western margin of the Yilgarn Craton of Western Australia.

The Darling Ranges area is considered to be a highly prospective geological region for bauxite, PGE, nickel and copper mineralisation. The southern portion of the ELA lies immediately adjacent to, and west of, Chalice Mining Limited's Julimar deposit within the Gonneville Intrusive, which was discovered in 2020. The northern part of the ELA lies in proximity to Caspin Resources Limited's Yarawindah Brook Project, where initial drilling has outlined a package of mafic and ultramafic rocks extending over a 6km strike length with anomalous levels of PGE, nickel and copper.