WIN METALS LTD — Capital/Financing Update 2026

Feb 2, 2026

Appendix 2A - Application for quotation of securities

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Announcement Summary

Entity name

WIN METALS LTD

Announcement Type

New announcement

Date of this announcement

Tuesday February 03, 2026

The +securities to be quoted are:

Other

Please refer to the response to Q2.3d for further information about the type of securities to be quoted and the circumstances of the issue.

Appendix 3B x 2 lodged on 12 December 2025 for Placement Shares and 1 for 2 free attaching listed Options. The issue of Options was subject to receipt of shareholder approval received at a General Meeting of Shareholders held on 28 January 2026.

Total number of +securities to be quoted

ASX +security		Number of +securities to
code	Security description	be quoted	Issue date
New class - code	option exercisable at $0.07 per share expiring 2	78,714,253	03/02/2026
to be confirmed	years form date of issue on 3 February 2028

Refer to next page for full details of the announcement

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Appendix 2A - Application for quotation of securities

Part 1 - Entity and announcement details

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1.1 Name of entity

WIN METALS LTD

We (the entity named above) apply for +quotation of the following +securities and agree to the matters set out in Appendix 2A of the ASX Listing Rules.

1.2 Registered number type

ACN

Registration number

648687094

1.3 ASX issuer code

WIN

1.4 The announcement is

New announcement

1.5 Date of this announcement

3/2/2026

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Appendix 2A - Application for quotation of securities

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Part 2 - Type of Issue

2.1 The +securities to be quoted are:

Other

Please refer to the response to Q2.3d for further information about the type of securities to be quoted and the circumstances of the issue.

2.2 The +class of +securities to be quoted is:

New +securities in a class that is not yet quoted on ASX ("new class")

2.3c Have these +securities been offered under a +disclosure document or +PDS?

Yes

2.3c.1 Date of +disclosure document or +PDS?

2/2/2026

• 2.3d Please provide any further information needed to understand the circumstances in which you are applying to have these +securities quoted on ASX, including why the issue of the +securities has not been previously announced to the market in an Appendix 3B

Appendix 3B x 2 lodged on 12 December 2025 for Placement Shares and 1 for 2 free attaching listed Options. The issue of Options was subject to receipt of shareholder approval received at a General Meeting of Shareholders held on 28 January 2026.

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Appendix 2A - Application for quotation of securities

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Part 3C - number and type of +securities to be quoted (new class) where issue has not previously been notified to ASX in an Appendix 3B

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New +securities
ASX +security code +Security description
New class - code to be confirmed option exercisable at $0.07 per share expiring 2 years form
date of issue on 3 February 2028
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ASX +security code New class - code to be confirmed	+Security description option exercisable at $0.07 per share expiring 2 years form date of issue on 3 February 2028
+Security type	ISIN code
Options
Issue date
3/2/2026
Will all the +securities issued in this class rank equally in all respects from the issue date?
Yes
Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under
listing rule 6.1?
Yes
Distribution Schedule

Provide a distribution schedule for the new +securities according to the categories set out in the left hand column - including the number of recipients and the total percentage of the new +securities held by the recipients in each category.

category.
		Total percentage of +securities held
Number of +securities held	Number of holders	For example, to enter a value of 50%
		please input as 50.00
1 - 1,000	0	0.00 %
1,001 - 5,000	0	0.00 %
5,001 - 10,000	0	0.00 %
10,001 - 100,000	22	1.87 %
100,001 and over	120	98.13 %
Options Details
+Security currency	Exercise price	Expiry date
AUD - Australian Dollar	AUD 0.07000000	3/2/2028

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Appendix 2A - Application for quotation of securities

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Details of the type of +security that will be issued if an option is exercised WIN : ORDINARY FULLY PAID

Number of +securities that will be issued if an option is exercised 1 share per option

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities to be quoted or provide the information by separate announcement.

https://winmetals.com.au/announcements/7318687

Issue details

Number of +securities to be quoted 78,714,253 Are the +securities being issued for a cash consideration? No Please describe the consideration being provided for the +securities 1 for 2 free attaching options to participants in the Company's December 2025 Placement capital raising Please provide an estimate (in AUD) of the value of the consideration being provided per +security for the +securities to be quoted 0.000001 Any other information the entity wishes to provide about the +securities to be quoted

The purpose(s) for which the entity is issuing the securities Other Please provide additional details

1 for 2 free attaching options to participants in the Company's December 2025 Placement capital raising

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Appendix 2A - Application for quotation of securities

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Part 4 - Issued capital following quotation

Following the quotation of the +securities the subject of this application, the issued capital of the entity will comprise:

The figures in parts 4.1 and 4.2 below are automatically generated and may not reflect the entity's current issued capital if other Appendix 2A, Appendix 3G or Appendix 3H forms are currently with ASX for processing.

4.1 Quoted +securities (total number of each +class of +securities quoted on ASX following the +quotation of the +securities subject of this application)

+securities subject of this application)
	Total number of
ASX +security code and description	+securities on issue
WIN : ORDINARY FULLY PAID	857,091,636
New class - code to be confirmed : option exercisable at $0.07 per share expiring 2 years	78,714,253
form date of issue on 3 February 2028

4.2 Unquoted +securities (total number of each +class of +securities issued but not quoted on ASX)

	Total number of
ASX +security code and description	+securities on issue
WINAW : OPTION EXPIRING 31-MAY-2028 EX $0.04	20,626,303
WINAAC : OPTION EXPIRING 28-NOV-2027 EX $0.04	71,132,291
WINAH : OPTION EXPIRING 30-SEP-2030 EX $0.057	1,694,000
WINAR : OPTION EXPIRING 30-OCT-2027 EX $0.23	184,334
WINAS : OPTION EXPIRING 30-OCT-2028 EX $0.29	184,333
WINAT : OPTION EXPIRING 30-OCT-2029 EX $0.35	184,333
WINAY : PERFORMANCE RIGHTS	12,353,000
WINAZ : OPTION EXPIRING 30-SEP-2028 EX $0.036	16,574,840
WINAAA : OPTION EXPIRING 30-SEP-2029 EX $0.045	17,980,840
WINAAB : OPTION EXPIRING 30-SEP-2030 EX $0.055	16,574,838
WINAX : OPTION EXPIRING 30-APR-2026 EX $0.044	84,574,989

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Appendix 2A - Application for quotation of securities

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Part 5 - Other Listing Rule requirements

5.1 Are the +securities being issued under an exception in Listing Rule 7.2 and therefore the issue does not need any security holder approval under Listing Rule 7.1? No

5.2 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? Yes

5.2a Date of meeting or proposed meeting to approve the issue under listing rule 7.1

28/1/2026

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