Tanzania Focused Global Explorer March 2008 ASX WMT

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

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. 2

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

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

Corporate Profile Shares on Issue Listed Options @ 35 c (Apr 2010) Unlisted Options Share Price (15 Feb ‘ 08) Market Capitalisation Cash At Bank (Jan ‘ 08) Top 20 Shareholders Board and Management 620 m 85 m 80 m AUD 8. 9¢ (4. 6¢ cash backing) A$55 m A$29 m 20% 12% (fully diluted) 5

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

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

Tanzania Uranium Project Location Large uranium exploration land position 14, 000 km 2 Ownership WML will earn 60% by spending A$4 m Investment to date A$3. 2 m 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 12 th lowest risk investment country in Chubb Risk Survey (2007) 8

Four Uranium Prospects under evaluation Mtonya Corridor Highlights Near surface uranium discovered over 7 km trend Peak drill Intercept 7 m @ 1, 233 ppm U 3 O 8 Peak specimen grading 6% U 3 O 8 (Henri) Peak trench 1. 2 m @ 7, 723 ppm U 3 O 8 (Grandfather) Regional Highlights Prospective Tenure – 14, 000 km 2 Three new prospects discovered Specimen grading 13, 400 ppm U 3 O 8 (Foxy) Specimen grading 1, 080 ppm U 3 O 8 (Eland) In-country team established 9

Significant results at Mtonya Forward Programme to Dec 2008 7 km 20, 000 m 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 A’ A 2 km 1000 m Mtonya Radiometrics - Uranium 10

Located in Queensland, Australia Drill Target 11

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

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

2008 Exploration – Key Activities SW Tanzania – Mtonya (Uranium) A$2. 5 m 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. 5 m planned Accelerate regional reconnaissance effort with a view to generating additional targets. Evaluation and drill testing of Pedro, Eland Foxy Prospects. West Georgetown - Queensland Australia (Ag-Pb-Zn) A$2 m planned Establish access, complete ground based gravity and electromagnetic surveys and drill test top 10 priority targets. 14

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

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

Contact us Mr George Bauk Managing Director Western Metals Ltd Unit 7, 100 Railway Road Subiaco WA 6008 Telephone +61 8 6380 3600 Mobile +61 408 931 746 Ms Ann M Nahajski Associate Director Porter Novelli 33 Broadway Nedlands WA 6009 E: anahajski@wa. porternovelli. com. au Mobile: +61 400 205 433