Key Highlights

  • Shares traded at $0.170, up 21.43%, during the Trading session on 30 October 2026.
  • The company updated its Mulga Tank Mineral Resource to 2,647 million tonnes at 0.27% nickel in a release dated 26 October 2026.
  • Indicated resources rose to 1,121 million tonnes, an increase of 98% on the earlier estimate.

Western Mines Group Ltd (ASX:WMG) shares traded at $0.170 during the trading session on 30 October 2026, rising 21.43%. The S&P/ASX 200 (ASX:XJO) was at 8,973.00, up 0.91% or 81.20 points at 11:15 am. Western Mines is a Western Australian exploration company whose main project is Mulga Tank, a nickel sulphide project on the Minigwal Greenstone Belt in the Eastern Goldfields. Its most recent announcement was an updated Mineral Resource Estimate released on 26 October 2026, four days before the share move, so this article does not link the two.

Latest Development: Updated Mineral Resource (26 October 2026)

The updated estimate incorporates 32 Phase 4 and Phase 5 drill holes into the company's previous resource model. The total resource is 2,647 million tonnes grading 0.27 per cent nickel at a 0.20 per cent nickel cut-off, containing 7.2 million tonnes of nickel, 347,000 tonnes of cobalt, 205,000 tonnes of copper and 1.6 million ounces of platinum and palladium.

The indicated portion is 1,121 million tonnes at 0.28 per cent nickel, and the inferred portion is 1,526 million tonnes at 0.27 per cent nickel. Compared with the April 2025 estimate, the company reports a 35 per cent increase in total tonnes and an 18 per cent increase above a 0.32 per cent nickel cut-off. The estimate was reviewed by independent consultants ERM Australia Consultants.

Scoping Study and Modelling Scope

The company states that the resource is constrained to the depth and area of its current drilling, with mineralisation open in many directions. The updated estimate forms part of the first scoping study being completed for the project.

Managing Director Dr Caedmon Marriott said the company had completed further Phase 4 and Phase 5 drilling totalling 32 reverse circulation and shallow diamond holes over 18 months.

Sector Context

Nickel sulphide projects are assessed by the scale, grade and metallurgy of their deposits, as well as the cost of processing. Nickel Demand is linked to stainless steel and battery applications, and prices influence how early-stage projects are evaluated. The company's resource is described as large-scale and open-pit amenable, which is a feature of the deposit rather than a commercial outcome.

Risks

More than half of the total resource, 1,526 million tonnes, is classed as inferred, which carries a lower level of geological confidence than indicated material. The estimate is a resource rather than a reserve, and the scoping study has not yet reported economic outcomes. The share price box in the release shows $0.115 and cash of $1.58 million at 30 June 2026, which predate the session price of $0.170 used in this article.

What Lies Ahead

The company said the scoping study is being completed on the updated resource. Future announcements are expected to cover the scoping study outcomes, further drilling and any changes to the resource as additional holes are added.

The Bottom Line

Western Mines' share price rose 21.43% during the 30 October 2026 session, while its most recent announcement was an updated nickel resource released four days earlier. The company's next steps, including the scoping study, will show how the 2,647 million tonne estimate is developed further.