WPG Resources : 2017-06-22 Challenger Deeps drilling continues to confirm lode continuity

ASX and Media Release Challenger Deeps drilling continues to confirm lode continuity down plunge

WPG Resources Ltd (ASX:WPG) has received further encouraging gold assays from the last six holes in its Challenger Deeps drilling program announced on 3 April 2017. Results for the previous eight holes drilled were announced on 11 April, 17 May 2017 and 29 May and the highlights for the six holes drilled on the 75m RL and 60mRL levels are summarised below.

These holes were designed to target the M1, M2, Aminus and Challenger West lodes down to 60mRL, which is 75m or four production levels below deepest mine workings. Drill holes 17CUD2079 to 17CUD2082 were drilled to target these lodes at the 75mRL and drill holes 17CUD2083 and 17CUD2084 were drilled to target the footwall of these lodes on the 60mRL. The assay results received for these holes (17CUD2079 to 17CUD2084) range from

M1:

• 0.51m (true width) @ 37.65 g/t Au from 47.70m in drill hole 17CUD2081,

• 0.24m (true width) @ 33.83 g/t Au from 55.96m in drill hole 17CUD2082, and

• 0.64m (true width) @ 14.00 g/t Au from 87.00m in drill hole 17CUD2083. M2:

• 0.16m (true width) @ 6.41 g/t Au from 40.70m in drill hole 17CUD2080, and

• 0.45m (true width) @ 5.52 g/t Au from 55.42m in drill hole 17CUD2084. Aminus:

• 0.06m (true width) @ 23.08 g/t Au from 136.7m in drill hole 17CUD2079,

• 0.16m (true width) @ 15.67 g/t from 88.00m in drill hole 17CUD2080,

• 0.57m (true width) @ 23.38g/t from 96.46m in drill hole 17CUD2082, and

• 0.29m (true width) @ 52.54 g/t from 120.49m in drill hole 17CUD2083. Challenger West:

• 0.79m (true width) @ 6.83 g/t Au from 138.00m in drill hole 17CUD2082.

The drilling results are summarised in more detail in Appendix 1.

22 June 2017

ASX Announcement - 22 June 2017

WPG's Executive Chairman Bob Duffin said "The results announced on 11 April, 17 May, 29 May and again today clearly show the main Challenger lodes extend at depth at least 75 metres below the limit of current mine development, and that the structures are heavily mineralised. We expect to be reporting results on the additional 5 holes that were added to this program in the coming weeks. The Deeps drilling program will recommence in late August following development of a lower drilling cuddy as we recommence decline development below the 215 shear.

We will continue this drilling program with the objective of testing the lodes to even deeper levels. The results to date are highly encouraging and give us further encouragement that the M1, M2, Aminus and Challenger West structures below the 215 shear will form part of our future mining activities at Challenger".

None of the data reported on herein has been used for resource or reserve estimation.

Figure 1: Phase 1 drilling targets (third fan) - Plan view at 75mRL and shows bottom level of current Challenger development on the 135m RL level.

ASX Announcement - 22 June 2017

Figure 2: Phase 1 addition drilling targets (fourth fan) - Plan view at 60mRL and shows bottom level of current Challenger development on the 135m RL level.

During the next two months, mining of the decline will be restarted and Challenger Deeps will be mined down to the next production level at 115mRL, and additional diamond drill sites will be created.

Further Information

For further information please contact WPG's Executive Chairman, Bob Duffin or CEO Wayne Rossiter on [phone].

ASX Announcement - 22 June 2017

Forward-Looking Statements

This document may include forward-looking statements. Forward-looking statements include, but are not limited to statements concerning WPG's planned activities, including but not limited to mining and exploration programs, and other statements that are not historical facts. When used in this document, the words such as "could", "plan", "estimate", "expect", "intend", "may", "potential", "should" and similar expressions are forward-looking statements. In addition, summaries of Exploration Results and estimates of Mineral Resources and Ore Reserves could also be forward looking statements. Although WPG believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.

Competent Person Statement

The Challenger exploration activities and results contained in this report are based on information compiled by Mr Kurt Crameri.

Kurt Crameri is a Member of the Australasian Institute of Mining and Metallurgy. He is a Senior Project Geologist and Mining Engineer and a full time employee of WPG Resources Ltd. He has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he

is undertaking to qualify as a Competent Person as defined in the December 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code & Guidelines). Kurt Crameri has consented in writing to the inclusion in this report of the matters based on his information in the form and context in which it appears.