Saracen managing director Raleigh Finlayson, who is also president of the WASM Alumni, announced the commitment at the Women in Mining WA and WASM Alummi Sundowner at Diggers & Dealers this week, while calling for further industry support.
Of the funds, $50,000 per year will fund resources camps for first-year engineering students to visit Kalgoorlie.
Northern Star Resources is also supporting the initiative.
WASM is looking for industry support to run at least four camps from next year for 200 students.
The camps give students exposure to the industry to better prepare them for careers in the sector.
Saracen will commit $50,000 per annum to sponsor the inaugural mining geology and surveying camps.
Another $50,000 per annum will go towards scholarships, while the remaining $150,000 will be put towards WASM Alumni operating costs, enabling sponsorships from other companies to flow straight through to students.