The life-size memorial statue has been a dream of the committee's for nearly four years after a long journey to secure enough funding, but now, the creation of a small-scale clay preview has seen their dream take one step closer to becoming a reality.

Historian and committee member Anne Flood said seeing the statue in its infancy was "overwhelming", and she expected it to become "Wagga's next big thing".

"We were overcome with the way in which [the sculpture] had depicted the passion and essence of the Light Horse in true tradition," she said.

Mon Garling has been tasked with creating the statue at Wongarbon near Dubbo. The expensive exercise was made possible thanks to $50,000 funded by Wagga City Council and a further $150,000 from the Saluting Their Services federal government grant.

Wagga woman and Light Horse Troop member Maria Flynn was first to suggest the memorial, with the statue now set to depict a trooper picking up a mate whose horse has gone down.

In World War 1, the Light Horse regiment would advance in fours, dismount to fight, and have one trooper lead the four horses back to base.

Ms Flood said if horses were killed, the soldiers were effectively disabled. Upon retreating, the four horses were brought back, but if one man's horse went down, one soldier would circle back to pick up his mate.

"This memorial signifies the unique bond between man and his horse and the mateship and comradeship that was forged in battle in the sands of the Sinai and stony valleys and heights of Palestine," she said.

"We have the commitment to tell their stories and commemorate their service and sacrifice over 134 years.

"Many of the husbands, fathers, brothers, uncles and sweethearts did not come home, and this memorial is our way of bringing them home to the towns and cities across the region that they called home."

With some funding left to be secured before the memorial is finalised, Ms Flood said they are "well on their way" to unveiling the complete bronze statue at the Victory Memorial Gardens by late 2022.