Great Western Exploration Limited

ABN 53 123 631 470

Great Western Exploration Limited is a publicly listed exploration company with

the primary objective of creating wealth for shareholders through the discovery of

world-class mineral deposits.

ASX Code: GTE

Capital Structure

Shares on Issue: 166.0 M Options on Issue: 11.35 M

Contact Details:

185 Hay Street, Subiaco 6008

PO Box 8142, Subiaco 6008

T: (08) 6489 0101

F: (08) 6489 0100 [email protected]http://www.greatwesternexploration.com.au/www.greatwesternexploration.com.au

Board of Directors

Kevin Somes - Chairman

Jordan Luckett - Managing Director Craig Mathieson - Non-Executive Terry Grammer - Non-Executive

Kel Edwards - Company Secretary

31 October 2014

QUARTERLY REPORT - September 2014

During the quarter Great Western Exploration Limited ("GTE"; "the Company") identified exciting new areas prospective for copper, nickel and gold at the Company's Doolgunna and Cunyu projects.

Doolgunna

 12 airborne EM anomalies identified at Goodin.
 Plate modelling has been completed on 5 anomalies confirming them as drill targets.

 Preparations are well advanced for drilling to commence as soon as approvals are received.

Cunyu

 Company identified potential for approximately
30km strike of unexplored Wiluna greenstone belt along the eastern margin of the Yerrida basin.
 Archaean mafic and ultramafic rocks containing traces of nickel sulphides have been reported in historical drilling.

 Preparations are well advanced for phase 1 drilling to commence as soon as approvals are received.

GTE September 2014 Quarterly Report 31/10/2014

During the Quarter the company continued to focus on its Doolgunna and Cunyu projects (Fig 1) with preparations well advanced to commence drilling at both locations with the Heritage surveys completed and the necessary paperwork lodged earlier in the quarter so the company is expecting the approvals very shortly.
The Company also continued to complete further geological and geophysical studies in the areas covered by the company's airborne EM to identify further drill targets and gain a better understanding of the geological setting. This resulted in the identification of at least 5 copper-gold drill targets at the Goodin prospect located within the Doolgunna project and the possibility of unexplored Archaean greenstone under shallow cover along the eastern margin of the Yerrida basin. In addition the company has commenced the assessment of the potential for mafic/ultramafic nickel - copper
sulphide mineralisation.

Goodin

Prospect

Figure 1. Location of the North Yilgarn projects

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GTE September 2014 Quarterly Report 31/10/2014

Doolgunna Project (GTE 100%)

The Goodin prospect (Fig 1) within the Doolgunna project is the first area the company has recognised as being prospective for copper-gold mineralisation based on both geophysical data, on geological mapping and surface geochemical sampling.

During the quarter the Company identified 12 late time airborne EM conductors (HeliTEM) as potential drill targets (Fig 2) that fulfil the Company's criteria and detailed plate modelling was completed on 5 of these with the models confirming all of them as drill targets. Heritage surveys and the necessary paperwork required for drilling have been submitted to test two of these targets and the company is expecting the Government approvals to be received very shortly.

Copper ratio

X background

Figure 2. Image showing ratio of copper above background calculated for rock type sampled and the location of the 12 EM anomalies. Areas 1 to 3 are areas for further follow-up that are outside of the HeliTEM survey.

The first target selected for drilling is a late time HeliTEM conductor approximately 400m in length at
80m depth. The conductor lies 25km southeast of Degrussa within the Company's interpreted NE structural corridor (fluid pathway), and is located adjacent to a gravity high (source rock at depth) that is co-incident with copper and gold enrichment at the surface (indication of mineralised fluids moving along the fluid pathways).
Furthermore the regional geological mapping is indicating a possible stratigraphic relationship with Degrussa, with Sandfire Resource's most recent regional geological maps showing Degrussa located adjacent to, if not on the contact, of the Johnson Cairn unit which is also mapped at Goodin. If Degrussa is a VMS deposit then the Johnson Cairn unit may be an important marker horizon for this style of mineralisation.
There are further areas are to be assessed for both copper-gold & nickel-copper sulphide mineralisation and the plate modelling of the remaining 7 EM anomalies at Goodin will be completed next quarter. The company is also looking forward to commence drilling at Goodin as soon as the approvals are received.

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GTE September 2014 Quarterly Report 31/10/2014

Cunyu Project (earning 70%)

During the quarter the company identified a potential 30km of strike of unexplored Archaean Wiluna greenstone belt comprising of mafic/ultramafic rocks under shallow cover along the eastern margin of the Yerrida basin following the interpretation of the regional geological mapping, GTE geophysical surveys (gravity, aeromagnetic and airborne EM) and the limited historical drilling. The interpretation also includes several of the major regional faults within the Wiluna greenstone extend up into the area

and a structural setting analogous to the Wiluna gold mine (Fig 3).

Cunyu

Figure 3. Simplified version of the interpreted Wiluna Greenstone belt extending under the cover of the Yerrida Basin and the location of Cunyu Project.

Drilling is planned to test the northern area first to get a better handle on the stratigraphy and to try and intersect one of the interpreted regional faults. Heritage surveys and the necessary paperwork required for drilling have been submitted and the company is expecting the Government approvals to be received very shortly.
The Wiluna greenstone belt is the largest komatiite-hosted nickel sulfide belt in the world and contains two world-class Ni-Cu-(PGE) deposits and a host of many smaller high grade nickel deposits that have been mined down to depths that exceed 1km. The belt is also host to major gold camps including Wiluna, Agnew and Lawlers as well as numerous smaller gold deposits.

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GTE September 2014 Quarterly Report 31/10/2014

Wiluna greenstone belt extending under cover at

Cunyu

Figure 4. Regional geophysical data demonstrates the Wiluna greenstone belt extends under cover through to the Cunyu Project. See figure 3 for more detail on the density anomalies

The project is located approximately 50km directly along strike northwest from the Wiluna gold mine

(~5 million ounces), 90km along strike from Honeymoon Well nickel deposit and 140km along strike from the Mt Keith nickel deposit (Fig 4).

Diamond drill hole intersected ultramafic with nickel sulphide at

290m depth.

Mafic and Ultramafic

intersected near surface in shallow historical RC drilling.

Figure 5. Density anomalies (Bubba North & South) interpreted to be Archaean mafic & ultramafic greenstone. All the drill holes in this region are shown.

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GTE September 2014 Quarterly Report 31/10/2014

The company has identified an area of approximately 30km x 8km (240km2) where density anomalies
(gravity highs) are coincident with a mafic & ultramafic sequence intersected in previous drilling (Fig
5). Petrology done at the time of this drilling reported intersecting Archaean mafic and ultramafic rocks including a sample with abundant nickel sulphide mineralisation indicating the sequence is also highly prospective for nickel as well as gold.
The company is excited to be drilling this area as soon as the approvals are received.

Paroo Project (GTE 100%)

The company is waiting for some key tenements to be granted where historical drilling has intersected ore grade copper and silver that remains open and untested. The company has been compiling the data on the project and is in the process of identifying targets. Once this work is complete the company will provide an update to the market.
Paroo contains areas prospective for Proterozoic VMS/replacement copper-gold, base metal lead-zinc mineralisation and mafic-ultramafic nickel -copper sulphides.

Millrose (GTE 100%)

The Millrose project is located approximately100km east of Wiluna (see Fig 1). The Company acquired the project based on the regional geophysical data that was interpreted as unmapped greenstone belt. This has now been confirmed by fieldwork carried out by the Company where field observations confirm the greenstone belt outcrops in places and generally appears to occur under superficial cover.
Subsequent to GTE acquiring the project, Alloy Resources Limited has reported significant gold intersections at their Horse Well Gold project that is directly along strike to the north.
Geochemical soil surveys completed by GTE have delineated gold anomalism over a 10 km strike distance. Further work is required to determine the primary source of the gold anomaly however its occurrence together with significant mineralisation reported by other explorers along strike demonstrates the Projects high prospectivity for gold.
No work was completed during the quarter

Mt Gibb JV (GTE 30%)

The Mt Gibb Nickel Project comprises of 7 Exploration Licenses for total area of 170km2 surrounding Western Areas NL (ASX:WSA) nickel operations at Flying Fox - Spotted Quoll - Diggers Rocks and the southern extension of the Forrestania greenstone belt.
Western Areas NL ("Western Areas") entered into a Joint Venture with GTE to explore the
company's tenements to earn 70%. Western Areas are the operators of the JV and have completed the
earn-in and retain a 70% interest in the project.
Western Areas did not report any activities on the project for the quarter.

Capital Raising

During the quarter the company placed 8,600,000 fully paid ordinary shares at price of 4 cents to raise a total of $344,000. The placement represents approximately 7.5% of the issued capital in the Company and the issue took place pursuant to the Company's available capacity under ASX Listing Rule 7.1.

J A Luckett

Managing Director

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GTE September 2014 Quarterly Report 31/10/2014

Tenement Schedule

Competent Person Statement

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Jordan Luckett who is a member of the Australian Institute of Mining and Metallurgy. Mr Luckett is an employee of Great Western Exploration Limited and 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 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Luckett consents to the inclusion in the report of the matters based on his information in the form and context in which it a ppears.

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