24 July 2008 Ms Elizabeth Harris Senior Adviser, Issuers (Perth) Australian Stock Exchange 2 The Esplanade PERTH WA 6000 Dear Elizabeth Australian Uranium Conference – Updated Presentation As discussed, please find attached Western Metals’ updated presentation from the Australian Uranium Conference to include our Competent Person Statement. For and on behalf of Western Metals Ltd,

Morgan Ball Company Secretary and Chief Financial Officer

Western Metals Limited ABN 69 009 150 618

Unit 7, 100 Railway Road, Subiaco WA 6008 – PO Box 1674 Subiaco WA 6904 Tel: +61 8 6380 3600 Fax: +61 8 9382 8022 Em: info@westernmetals.com.au Web: www.westernmetals.com.au

ASX: WMT/WMTO

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TanzaniaAn Emerging Uranium Province

Uranium Conference – Fremantle July 08

ASX: WMT Presented by George Bauk Managing Director 1

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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.

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DisclaimerF

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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$25m cash

Investigating numerous acquisitionsFor

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Achieved substantial growth in 2 years

JUNE 2006Market Cap A$6m

A$3m

SnU

JULY 2008Market Cap A$46m

A$25m

U

Cu

NiZn

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Introducing the Board and Management

Mr. Peter Smith, Executive DirectorLeadership, Mining EngineeringWMC, Ensham, Rio Tinto

Mr. George Bauk, Managing DirectorLeadership, CommercialWMC, Outokumpu, Arafura

Mr. Geoff Chapman, Executive DirectorManagement, GeologistWMC, KCGM

Mr. Marc Cardaci, Non-Executive DirectorBusiness Leader, EconomistCEO – CFC Group

Dr. Chris Greig, Non-Executive ChairmanBusiness leader, Chemical EngineerExtensive International Project Experience

Mr. Morgan Ball, Chief Financial OfficerChartered Accountant, Commercial, Finance, M&AErnst & Young, WMC, P&O, Brambles

Mr. Glen Edwards, Exploration ManagerExploration experience in Africa, Australia and Asia, GeochemistIAMGOLD, Newmont, Normandy, Goldfields S.A.

Dr. Ben Grguric, Principal GeologistGeologist, specialist mineralogy & ore deposit studiesWMC, BHPB

Mr. Howard Golden, EGM - Global DevelopmentGlobal experience, GeophysicistBHPB, WMC

Mr. Livinus Komba, Country Manager - TanzaniaExploration geologist (uranium, gold and diamonds)Resolute Mining, Barrick Gold, Tanzania government

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Shares on Issue (ASX Listed WMT) 622m

Listed Options (ASX Listed WMTO) 85m

Unlisted Options (WAEP 24c) 85m

Market Capitalisation ( @ 7.4c) $46m

Cash $25m

Top 20 Shareholders ~20%

CorporateF

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“Western Metals Continues to Drill High Grade

Uranium Mineralisation in Tanzania”

MRC143 - 12 metres at 676 ppm U3 O8 from 22 metres

MRC143 - 3 metres at 690 ppm U3 O8 from 12 metres

MRC139 - 2 metres at 1,525 ppm U3 O8 from 11 metres

MRC116 - 7 metres at 263 ppm U3 O8 from 44 metres

MRC136 - 5 metres at 222 ppm U3 O8 from 18 metres

MRC127 - 3 metres at 250 ppm U3 O8 from 4 metres

ASX Announcement – 23 July 2008F

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Uranium – Supply v DemandF

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Reactors

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Nuclear Power Reactors – Existing and Planned

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TanzaniaF

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Kayelekera

Rossing

Langer Heinrich

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. Occurrence/DepositUnder Development.

Uranium 

Southern Africa Uranium Deposits

Major Producer.Southern Africa rich in uranium

Significant contributor to world supply

Under explored region

Range of deposit styles

Karoo Basins significant opportunity

• High grade near surface

• Major project – Kayelekera

• Emerging project – Mkuju River

• Potential for low cost extraction

• Significant coal production

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Major Players in Southern TanzaniaF

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Emerging Uranium Province - Tanzania

Frontier Exploration / First Mover

Area Identified 1970s1km spaced airborne radiometrics 1978Re-entry of uranium explorers 2006First Drilling 2007First Forecast Production (Mantra) 2010

Remarkable success in a short timeframe

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Stable democracy keen for investment

Tanzania has a stable multi party democracy

Significant economic reform and liberalisation

Government support for resources industry

12th lowest country mining investment risk – Chubb 07

3rd largest gold producer in Africa

Excellent prospective geological terrain

Limited historical exploration for Uranium

Uranium provinces are now emerging

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Project AreaF

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Name and Position Skills

Mr. Livinus KombaCountry Manager Tanzania

Geologist, operations and Government experience

Mr. Chaz MihiyoSenior Geologist

Senior Geologist

Mr. Alphonce MichaelSenior Geologist

Senior Geologist

Mr. Peter SifiJunior Geologist

Graduate Geologist

Mr. Adam SajiroJunior Geologist

Graduate Geologist

Mr. Henry PolepoleLogistics Coordinator

Logistical Support

Ms. Devotha James Data Administrator

Admin/Database Geologist

Mr Sandy MapundaTechnician

Technician

Mr Luckson KatarihyaAccountant

Accountant

Mr. Richard KulungeField Supervisor

Field logistics, camp management

PeopleF

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SafetySafety Management Policy ProceduresSpecific Radiation Safety PolicyTraining CoursesReporting and AuditingTEAC ComplianceExcellent Safety Record

EnvironmentEnvironmental Management ProceduresSupervisionTraining Courses Base Line Studies and MonitoringReporting and AuditsCompany OHS&E Officer

Safety & EnvironmentF

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Community

Local Employment

Community consultation

Access agreements with land users

Community based programs

Supporting events

Supporting local orphanage

Commitment to school building

Student employment & training

Chamber of Minerals member

Buy local goods and services

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Exploration Statistics

October 2006 - July 2008

High resolution airborne geophysical surveys

188 RC holes for 11,518 metres

Extensive surface trenching

Geological mapping

Ground geophysical surveys

Hydrogeochem sampling

Surface sampling

Petrology

Helicopter supported reconnaissance

Total expenditure AUD$4.5 Million

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Project Area F

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Mtonya Corridor

May 2006 - Identified and sampled anomaly from

regional radiometrics – 980ppm U

August 2006 – Surface geophysics

August 2006 – Trenching including initial

results of 22,950 ppm (2.29%)U

May 2007 to current – Drilling and Detailed

Airborne Radiometric Surveys

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Mtonya Corridor Drilling

High resolution airborne radiometric survey identified 7km by 2km trend

4 phases of RC drilling to evaluate prospects

Drilling identified multiple stacked zones of sub- surface mineralisation

Drilling to date has been of a broad spaced reconnaissance nature

Zones of significant Uranium mineralisation identified at

HenriParaTahbilkMoystenDalwoodGalwayRufusGrandfather

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y

Henri Prospect

Identification of multiple, stacked, sub surface uranium mineralisation

7 m at 1,233 ppm U3O8 (incl. 3 m at 2,607 ppm)

7 m at 549 ppm U3O8 (incl. 4 m at 843 ppm)

6 m at 507 ppm U3O8 (incl. 2 m at 1,145 ppm)

7 m at 400 ppm U3O8 (incl. 3 m at 770 ppm)

4 m at 515 ppm U3O8 (incl. 2 m at 855 ppm)

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Grandfather Prospect

Nov 07 Trenching results included

1.2 m at 7,723 ppm U3 O8

1.2 m at 4,773 ppm U3 O8

Initial RC Drilling Results

12 m at 676 ppm U3 O8 from 22 m

3 m at 250 ppm U3 O8 from 4 m

2 m at 1,525 ppm U3 O8 from 11 m

5 m at 222 ppm U3 O8 from 18 m

2 m at 300 ppm U3 O8 from 22 m

3 m at 690 ppm U3 O8 from 12 m

Assay results first 4 holes only

Drilling continues

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Regional Targets F

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Regional Prospects

Foxy Prospect

Mineralisation similar to Mtonya

Grab samples – 13,400 ppm U3 O8

Radiometric anomaly >400 m strike length

Eland Prospect –Nepheline syenite

Foxy Prospect – Secondary Uranium

Eland Prospect

Nepheline syenite hosted mineralisation

Grab samples (maximum values)

1,080 ppm U3 O8 , 644 ppm Ta and 4,540 ppm Nb

Radiometric anomaly >400 m strike length

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MTONYA PROJECT AREAProspects: Grandfather, Henri, Rufus, Ben Ean, Moysten, Galway, Tahbilk, Madfish, Regional / Conceptual

Jul Aug Sep Oct Nov Dec

Drilling

Ground Geophysics

Hydrogeochemistry

Reconnaissance

Trenching

RUVUMA PROJECT AREAProspects: Eland, Foxy, Regional / Conceptual

Drilling

Ground Geophysics

Reconnaissance / Helicopter

Hydrogeochemistry

Trenching

RUHUHU PROJECT AREAProspects: Pedro, Ngaka, Regional / Conceptual, Coal

Drilling

Ground Geophysics

Reconnaissance / Helicopter

Hydrogeochemistry

Trenching

Programme 2nd Half 2008F

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Exploring in a “emerging uranium province”

Capability to take projects through to production

Deliver on promises made

Well funded for future programs – AUD$25m

In SummaryF

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The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled and / or assessed by Glen Edwards who is a Member of The Australasian Institute of Mining and Metallurgy. Mr. Edwards is employed by Western Metals Ltd. Mr. Edwards has sufficient experience which 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 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Edwards consents to the inclusion in the report of the matters based on his assessment of the available information in the form and context in which it appears.

Competent Person StatementF

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