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

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 Disclaimer

3 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$29m cash Investigating numerous acquisitions

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

Corporate Profile Shares on Issue620m Listed 35c (Apr 2010)85m Unlisted Options 80m Share Price (15 Feb ‘08)AUD 8.9¢ (4.6¢ cash backing) Market CapitalisationA$55m Cash At Bank (Jan ‘08)A$29m Top 20 Shareholders20% Board and Management12% (fully diluted) 5

6 Introducing the Board and Management Mr. Peter Smith, Executive Director Leadership, Mining Engineering WMC, Ensham, Rio Tinto Mr. George Bauk, Managing Director Leadership, Commercial WMC, Outokumpu, View Resources, Arafura Mr. Geoff Chapman, Executive Director Management, Geologist WMC, KCGM, View Resources Mr. Marc Cardaci, Non-Executive Director Business Leader, Economist CEO – CFC Group 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. Glen Edwards, Exploration Manager Exploration experience in Africa, Australia and Asia, Geochemist IAMGOLD, Newmont, Normandy, Goldfields S.A. Dr. Ben Grguric, Principal Geologist Geologist, specialist mineralogy & ore deposit studies WMC, BHPB Mr. Howard Golden, EGM - Global Development Global experience, Geophysicist BHPB, WMC Mr. Livinus Komba, Country Manager - Tanzania Exploration geologist (uranium, gold and diamonds) Resolute Mining, Barrick Gold, Tanzania government

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

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 Tanzania Uranium Project Location Large uranium exploration land position - 14,000km 2 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

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

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

Drill Target 11 Located in Queensland, Australia

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

West Georgetown Highlights Falcon TM 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 ,000m drilling Heritage clearance Ground geophysical surveys Projected spending A$2 million 13 Drill testing in 2008

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 & 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 Exploration – Key Activities 14

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

Contact us Mr George Bauk Managing Director Western Metals Ltd Unit 7, 100 Railway Road Subiaco WA 6008 Telephone Mobile Ms Ann M Nahajski Associate Director Porter Novelli 33 Broadway Nedlands WA 6009 Mobile: