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Tanzania Focused, Global Explorer March 2008. TITLE GOES HERE. Presented by George Bauk Managing Director. ASX: WMT. Disclaimer.

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  1. Tanzania Focused, Global Explorer March 2008 TITLE GOES HERE Presented by George Bauk Managing Director ASX: WMT

  2. Disclaimer Where this presentation contains “forward-looking statements”, these statements are based on information and assumptions and involve expectations or beliefs as to future events or results as understood at the date of this presentation. All forward-looking statements are represented in good faith and have a reasonable basis at the time that they are made. However, such statements are subject to various risks and uncertainties, many of which are beyond the control of the Company, which could cause actual results to differ materially from those represented by the forward-looking statements. Any representation in this presentation should not be relied upon as to its accuracy or completeness nor as a recommendation or forecast by the Company. The Company advises that independent financial advice be sought before concluding any binding decision made in connection with this presentation. The representations made within this presentation should not be construed as either an offer to buy or sell any securities of the Company in any jurisdiction.

  3. Western Metals is An emergingresource company developing a portfolio of world class projects A quality team with expertise in strategy, acquisitions, exploration and operations Well funded with A$29m cash Investigating numerous acquisitions

  4. Achieved substantial growth in 18 months U Cu Ni Zn U Sn A$29m A$3m Market Cap A$55m Market Cap A$6m FEBRUARY 2008 JUNE 2006 4

  5. Corporate Profile Shares on Issue 620m Listed Options @ 35c (Apr 2010) 85m Unlisted Options 80m Share Price (15 Feb ‘08) AUD 8.9¢ (4.6¢ cash backing) Market Capitalisation A$55m Cash At Bank (Jan ‘08) A$29m Top 20 Shareholders 20% Board and Management 12% (fully diluted) 5

  6. Introducing the Board and Management Mr. Howard Golden, EGM - Global Development Global experience, Geophysicist BHPB, WMC Dr. Chris Greig, Non-Executive Chairman Business leader, Chemical Engineer Extensive International Project Experience Mr. Morgan Ball, Chief Financial Officer Chartered Accountant, Commercial, Finance, M&A Ernst & Young, WMC, P&O, Brambles Mr. George Bauk, Managing Director Leadership, Commercial WMC, Outokumpu, View Resources, Arafura Mr. Glen Edwards, Exploration Manager Exploration experience in Africa, Australia and Asia, Geochemist IAMGOLD, Newmont, Normandy, Goldfields S.A. Mr. Peter Smith, Executive Director Leadership, Mining Engineering WMC, Ensham, Rio Tinto Mr. Geoff Chapman, Executive Director Management, Geologist WMC, KCGM, View Resources Dr. Ben Grguric, Principal Geologist Geologist, specialist mineralogy & ore deposit studies WMC, BHPB Mr. Livinus Komba, Country Manager - Tanzania Exploration geologist (uranium, gold and diamonds) Resolute Mining, Barrick Gold, Tanzania government Mr. Marc Cardaci, Non-Executive Director Business Leader, Economist CEO – CFC Group

  7. Western Metals Worldwide Operations Snowbird Ni Ag-Zn-Pb Canada Glade U USA W Georgetown Zn-Pb Australia Mtonya U Tanzania Lukkacha Cu-Mo-Au Peru WMT Headquarters Perth, AUS Zeehan Sn Australia Project Overview

  8. Tanzania Uranium Project LocationLarge uranium exploration land position - 14,000km2 Ownership WML will earn 60% by spending A$4m Investment to date A$3.2m 42.5% interest on JV areas WML Project Manager all areas Projects Potential sandstone hosted roll-front style uranium deposits Subsurface mineralisation identified Many radiometric anomalies on exploration areas Tanzania ranked 12th lowest risk investment country in Chubb Risk Survey (2007) 8

  9. Four Uranium Prospects under evaluation • Mtonya Corridor Highlights • Near surface uranium discovered over 7km trend • Peak drill Intercept 7m @ 1,233ppm U3O8 • Peak specimen grading 6% U3O8 (Henri) • Peak trench 1.2m @ 7,723ppm U3O8 (Grandfather) • Regional Highlights • Prospective Tenure – 14,000 km2 • Three new prospects discovered • Specimen grading 13,400ppm U3O8 (Foxy) • Specimen grading 1,080ppm U3O8 (Eland) • In-country team established

  10. Significant results at Mtonya Forward Programme to Dec 2008 20,000m drilling High-resolution airborne radiometric survey Helicopter based regional reconnaissance Ground radiometric surveys Geological mapping, trenching & sampling Hydro-geochemical surveys Projected spending A$4 million 7 km A’ A 2 km 1000m Mtonya Radiometrics - Uranium

  11. Located in Queensland, Australia Drill Target

  12. 14 Base Metals Targets identified Drill Target West Georgetown FalconTM gravity data modelled at 500m depth

  13. Drill testing in 2008 West Georgetown Highlights FalconTM air-gravity survey complete 14 BHT, IOCG targets identified Structural / Magnetic interpretation and targeting completed on Northern block Target: Broken Hill Ag-Pb-Zn Olympic Dam Cu-Au-U Forward Programme to Dec 2008 5,000m drilling Heritage clearance Ground geophysical surveys Projected spending A$2 million

  14. 2008 Exploration – Key Activities • SW Tanzania – Mtonya (Uranium) A$2.5m planned • Drilling of prospects in the Mtonya Corridor will be aimed at continued evaluation of areas of known surface and subsurface uranium mineralisation discovered during 2006 & 2007. • Drilling will specifically target the Moysten, Para, Rufus, Grandfather and Mad Fish Prospects. • SW Tanzania – Regional (Uranium) A$1.5m planned • Accelerate regional reconnaissance effort with a view to generating additional targets. Evaluation and drill testing of Pedro, Eland and Foxy Prospects. • West Georgetown - Queensland Australia (Ag-Pb-Zn) A$2m planned • Establish access, complete ground based gravity and electromagnetic surveys and drill test top 10 priority targets. 14

  15. Growth Strategy Acquisition – Project 2 Exploration Success Exploration success generates greatest leverage Acquisitions underpin value and accelerate growth Value Project 1 Upside Realised Acquisition – Project 1 Current Exploration Projects Time 15

  16. Well funded emerging resource company with A$29m Quality team with expertise in strategy, acquisitions, exploration and operations Detailed 2008 work program of A$10m to advance our existing portfolio of excellent assets Actively targeting acquisitions to advance growth Focused on creating shareholder wealth

  17. Contact us

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