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WIN METALS LTD Investor Presentation 2026
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WIN METALS
HIGH-GRADE GOLD
NEAR-TERM RESTART
ASX:WIN
WINMETALS.COM.AU
RIU Sydney Resources Round-Up
5 May 2026
W
Important Notice and Disclaimer
This Presentation has been prepared by WIN Metals Limited ("WIN" or the "Company") to assist in informing interested parties about the Company. It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to securities in the Company. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation.
Summary information
This presentation may not be reproduced, redistributed or passed on, directly or indirectly, to any other person, or published, in whole or in part, for any purpose without the prior written approval of WIN Metals Limited. The material contained in this presentation is for information purposes only. This presentation is not an offer or invitation for subscription or purchase of, or a recommendation in relation to, securities in the Company and neither this presentation nor anything contained in it shall form the basis of any contract or commitment.
This presentation may not be distributed or released in the United States. Securities may not be offered or sold in the United States unless such securities are registered under the U.S. Securities Act of 1933, as amended ("U.S. Securities Act") or in a transaction exempt from, or not subject to, the registration requirements of the U.S. Securities Act and any other applicable securities laws. Each institution or person that reviews this presentation will be deemed to represent that each such institution or person is not in the United States. The distribution of this presentation may be restricted by law. Persons who come into possession of this presentation should seek advice and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable securities laws.
Not financial product advice
Reliance should not be placed on the information or opinions contained in this presentation. This presentation is for information purposes only and is not financial product or investment advice, nor a recommendation to acquire securities in the Company (or any interest in Company securities). It has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making any investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek legal and taxation advice appropriate to their jurisdiction.
Past performance
Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as an indication of (and gives no guidance as to) future performance.
Forward-looking information
This presentation contains certain forward-looking statements with respect to the operations and business of the Company and certain plans and objectives of the management of the Company. Forward looking statements include those containing such words as "anticipate", "estimates", "forecasts", "should", "could", "may", "intends", "will", "expects", "plans" or similar expressions. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a range of variables and changes in underlying assumptions which could cause actual results or trends to differ materially.
WIN Metals Limited does not make any representation or warranty as to the accuracy of such statements or assumptions.
No liability
This presentation has been prepared by WIN Metals Limited based on information currently available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. Recipients should carry out their own investigations and analysis of the Company and verify the accuracy, reliability and completeness of the information contained in this presentation or any other form of communication to which the recipient is permitted access in the course of evaluating any investment in the Company. To the maximum extent permitted by law, none of WIN Metals Limited or its subsidiaries or affiliates or the directors, employees, agents, representatives or advisers of any such party, nor any other person accepts any liability for any loss arising from the use of or reliance on this presentation or its contents or otherwise arising in connection with it, including without limitation, any liability arising from fault or negligence on the part of WIN Metals Limited or its subsidiaries or affiliates or the directors, employees, agents, representatives or advisers of any such party.
Financial data
All figures in the presentation are Australian dollars ($ or A$) unless stated otherwise. A number of figures, amounts, percentages, estimates, calculations of value and fractions in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation.
Photographs and diagrams
Photographs and diagrams in the presentation are for illustration purposes only and should not be interpreted to mean that any person shown in them endorses this presentation or its contents or that the assets shown in them are owned by WIN Metals Limited. Diagrams and maps used in this presentation are illustrative only and may not be drawn to scale. Unless otherwise stated, all data contained in charts, graphs and tables is based on information available as at the date of this presentation.
Compliance Statement
The information in this presentation that relates to exploration results, exploration target and Acquisition of Princess Royal and Stumpy Doodle gold projects has been extracted from the Company's ASX Announcement titled "WIN Builds Scale at Radio Gold Project with High Grade Gold Acquisitions" dated 31 March 2026.
The information in this presentation that relates to exploration results from the Radio Gold Project has been extracted from the Company's ASX Announcement titled "Radio Delivers Bonanza Gold Grades" dated 4 May 2026, "Repeater Continues to deliver Shallow High Grade Results" dated 8 December 2025 and "Outstanding first results at Radio Gold Project" dated 5 November 2025.
The information in this presentation that relates to historic exploration results for the Radio Gold Project has been extracted from the Company's ASX announcement titled "Radio Gold Project Historic Exploration Results" dated 21 October 2025.
The information in this presentation relating to the Butchers Creek Gold Project Scoping Study has been extracted from the Company's ASX Announcement of the 12 November 2025 titled "Butchers Creek Gold Project Delivers Robust Scoping Study". The information in this presentation that relates to Exploration targets at Golden Crown has been extracted from the Company's ASX announcement titled "Exploration Target at Golden Crown Focus on Resource Growth" dated 27 May 2025.
The information in this presentation that relates to estimates of Gold Mineral Resources for the Radio Gold Project has been extracted from the Company's ASX Announcement titled "Radio Gold project Mineral Resource Update" dated 29 January 2026.
The information in this presentation that relates to estimates of Gold Mineral Resources for the Butchers Creek Project has been extracted from the Company's ASX Announcement titled "WIN advances Butchers Creek development with resource update" dated 16 April 2025.
The information in this presentation that relates to estimates of Nickel Mineral Resources for the Mt Edwards Project has been extracted from the Company's ASX Announcement titled "Sale of No-Core Assets Yields $1.4m for WIN to Advance Gold" dated 1 July 2025.
The information in this presentation that relates to estimates of Lithium Mineral Resources for the Mt Edwards Project has been extracted from the Company's ASX Announcement titled "375% Growth in Faraday-Trainline Lithium Mineral Resource" dated 8 November 2023.
The information in this presentation relating to the Nickel Scoping Study has been extracted from the Company's ASX Announcement of the 7 March 2024 titled "Standalone Mt Edwards Project Scoping Study".
The information in this presentation that relates to exploration and evaluation results for the Butchers Creek, Radio Gold Project and Mt Edwards Projects have been extracted from the Company's previous ASX Announcements as referenced in this Presentation. Copies of these announcements are also available on the Company's website at www.winmetals.com.au.
WIN Metals Limited confirms that it is not aware of any new information or data that materially affects the information included in the ASX market announcements, and in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant ASX market announcements continue to apply and have not materially changed. WIN Metals Limited confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the relevant ASX market announcements.
WIN METALS
WIN METALS
3
DIVERSIFIED PROJECT PORTFOLIO
WITH NEAR TERM PRODUCTION POTENTIAL
Four distinct project areas in Western Australia focused on exploring and developing resources in gold, nickel and lithium
BUTCHERS CREEK GOLD PROJECT
5.6Mt for 359koz, scoping study completed
RADIO GOLD MINE
Latest acquisition, drilling recently completed
MT EDWARDS NICKEL PROJECT
180,900t of contained Nickel scoping study completed. Care and maintenance
FARADAY TRAINLINE LITHIUM PROJECT
1.96Mt at 0.69% Li₂O small mine approved. Test work ongoing
4
WIN METALS
INVESTMENT HIGHLIGHTS
WA Gold. Proven Operators. Near-Term Restart.
| 01. | 02. | 03. | 04. | 05. | 06. |
|---|---|---|---|---|---|
| TIER-1 | |||||
| JURISDICTION | |||||
| 100% Western Australia Focus | RADIO GOLD | ||||
| Near-term production potential | |||||
| RADIO MRE | |||||
| 50% indicated | |||||
| 41koz @ 3.7g/t Au | EXPANDING RADIO FOOTPRINT | ||||
| High-grade satellite acquisitions on granted mining leases increase scale and optionality | BUTCHERS CREEK | ||||
| Second gold pillar (359koz), scoping study indicates material leverage to Au price | NICKEL ASSETS LATENT VALUE TODAY | ||||
| Price rebound underway | |||||
| Downstream potentially may improve value proposition | LITHIUM ASSETS-LATENT VALUE TODAY | ||||
| Price rebound underway, byproduct value may unlock additional value |
4
WIN METALS
5
CORPORATE STRUCTURE
SHAREHOLDERS
Meteoric Resources 8%
Share Price 4 May 2026
Market Capitalisation
Cash at 31 March 2026
Enterprise Value
Top 50 Shareholders 47%
BOARD
Steve Norregaard
Managing Director & CEO
Steve Norregaard is a mining executive and engineer with 25+ years’ experience advancing base and precious metals projects from exploration to commercial production. He has held senior leadership roles at ASX-listed Tectonic Resources, RED 5 Ltd and Westgold Resources Ltd (WGX)
Andrew Parker
Chairman
Scott Perry
Independent
Non-Executive Director
Felicity Repacholi
Independent
Non-Executive Director
Graeme Scott
Chief Financial Officer & Company Secretary
WIN METALS
WIN METALS
6
RADIO GOLD
Near term production potential
Bought well. Infrastructure in place.
Value validated through WIN drilling and a maiden JORC MRE. Strategy now expanding through acquisition of high-grade satellite assets around Radio.
Transitioned from acquisition to near-term restart opportunity, now supported by expanding regional scale
ACQUISITION HIGHLIGHTS
~10 KM² OF GRANTED TENURE
Developed underground gold mine (WA)
PROVEN HIGH-GRADE ASSET
~71 koz Au produced at ~38 g/t
ADVANCED UNDERGROUND DEVELOPMENT
With production stopes ready for mining
ON-SITE INFRASTRUCTURE
Including mining fleet, power, workshops & offices
PROCESSING & ACCOMODATION
Partially completed processing plant and accommodation (Bullfinch Tavern)
INVESTMENT RATIONALE
LOW-COST ENTRY
Acquired with substantial infrastructure included
CYCLE TIMING
High-grade WA gold asset secured in lower gold price environment
GEOLOGICAL CONFIDENCE
Historic production and drilling confirm continuity
VALUE CREATION
Updated JORC MRE confirms scale and restart potential
REGIONAL UPSIDE
Prolific greenstone belt with high-grade satellite assets including Princess Royal and Stumpy Doodle
STRATEGIC CONSOLIDATION
Expanding the Radio footprint with high-grade satellite deposits on granted mining leases
WIN METALS
RADIO GOLD
Updated JORC Mineral Resource Positions Radio as a Near-Term Production Opportunity
41koz Au @ 3.7g/t
Mineral Resource Estimate
46%
Uplift in Contained Ounces
50%
Indicated (2026 MRE)
| Deposit | Resource Classification | Tonnes | Au g/t | Contained Gold (Oz) |
|---|---|---|---|---|
| Radio Gold Project | Indicated | 161,000 | 4.06 | 21,000 |
| Inferred | 184,000 | 3.39 | 20,000 | |
| Total | Indicated + Inferred | 345,000 | 3.70 | 41,000 |
Note: Figures are rounded and reported at 0.5g/t cut-off to 50m below surface (open pit) and 1.0g/t below 50m of surface.
DEVELOPMENT PATHWAY
Rapid execution post-acquisition has repositioned Radio as a near-term production opportunity
INDICATED RESOURCE BASE
Indicated resource base supports mine design, scheduling and early-stage economic assessment
MULTIPLE MAIDEN DEPOSITS
Maiden resources at Repeater, Radio South and Green Harp unlock high-margin starter pits and staged development options
7
RADIO GOLD
DEVELOPMENT PATHWAY AND WHAT COMES NEXT
Q1 2026
Complete Round 2 resource infill drilling, derisk mine planning and explore Repeater along strike and at depth
Q1/2 2026
Evaluate extraction options - toll milling vs own processing options
Q2 2026
Use technical studies to finalise approvals, funding and target a positive development decision by end Q2 2026
Q1 2026
Commence mine design, scheduling and development studies
Q1/2 2026
Permitting Studies ongoing
Clear pathway towards Positive Development Decision
W
EXPANDING RADIO GOLD PROJECT: High-Grade Satellite Opportunities
Strategic consolidation of high-grade gold assets around Radio
ALIGNED WITH WIN'S REGIONAL GROWTH STRATEGY
- Acquisition of Princess Royal Gold Mine (granted Mining Lease)
- Fully permitted for Underground Mining
- Option over Stumpy Doodle Gold Mine (granted Mining Lease)
- Located within trucking distance to Radio
KEY ADVANTAGES
- Existing mining history and demonstrated grade
- Granted tenure supports streamlined development
- Enhances scale and flexibility of the Radio project
ASX:WIN "WIN Builds Scale at Radio Gold Project with High Grade Gold Acquisitions" Released 31 March 2026
W
PRINCESS ROYAL
High-grade Growth and Optionality
HIGH-GRADE HISTORICAL GOLD PRODUCER
- ~14,000oz @ 21g/t Au
- Exploration Target: 7–15koz @ 8–12g/t Au
IMMEDIATE UPSIDE
High-grade intercepts:
- 2m @ 31.47g/t
- 2m @ 30.47g/t
ADDITIONAL VALUE
- Historic battery sands identified on the tenure
INCREASED OPTIONALITY FOR RADIO DEVELOPMENT
- Multiple potential high-margin ore sources
- Flexibility in mine planning and scheduling
- Supports a scalable, staged development approach
Cautionary Statement
An Exploration Target is a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnes and a range of grade (or quality). The potential quantity and grade of the Princess Royal Exploration Target is conceptual in nature and, as such, there has been insufficient exploration drilling conducted to estimate a Mineral Resource. At this stage it is uncertain if further exploration drilling will result in the estimation of a Mineral Resource. The Exploration Target has been prepared in accordance with the IGRIC Code 2012.
ASX:WIN "WIN Builds Scale at Radio Gold Project with High Grade Gold Acquisitions" Released 31 March 2026
W
STUMPY DOODLE
High-grade Growth and Optionality
NEAR-RADIO SATELLITE OPPORTUNITY
- Located 10km north of Radio
- Historical production:
- ~830oz @ 11g/t Au
EXPLORATION UPSIDE
- Multiple historic workings (600m)
- Underexplored tenure
INCREASED OPTIONALITY FOR RADIO DEVELOPMENT
- Multiple potential high-margin ore sources
- Flexibility in mine planning and scheduling
- Supports a scalable, staged development approach
ASX:WIN "WIN Builds Scale at Radio Gold Project with High Grade Gold Acquisitions" Released 31 March 2026
WIN METALS
12
BUTCHERS CREEK GOLD PROJECT
SECOND GOLD PILLAR
PROJECT CONTEXT & LOCATION
- Located 30km south-east of Halls Creek in the Kimberley region of Western Australia
- Halls Creek was the site of Western Australia's first gold rush (mid 1880s)
- Accessible via the partially sealed Duncan Road, linking to Halls Creek and the sealed Great Northern Highway
PRODUCTION & RESOURCE CREDENTIALS
- 359koz Au @ ~2.0 g/t JORC resource
- Historic open pit production (1995–1997):
- 761,000t @ 2.09 g/t Au for 52,000oz produced
- Operation closed due to low gold prices, not geology
- Scoping Study completed in November 2025
EXPLORATION PEDIGREE
- Previous exploration by Northern Star (2004–2007)
- Subsequent drilling by Meteoric Resources (2020–2022)
- Most recent drilling program completed by WIN in late 2024
A SECOND WA GOLD ASSET
Providing scale, optionality and longer-term growth.
13
BUTCHERS CREEK SCOPING STUDY
DEVELOPMENT & VALUE UPSIDE
SCOPING STUDY – CONSERVATIVE BASE CASE (NOV 2025)
- Resource base: 3.3Mt @ 2.0g/t Au
(~211koz mined / ~200koz recovered) - Gold price assumption: A$5,385/oz
- Production: ~25kozpa average | 33–37kozpa peak
- Costs: C1 A$2,592/oz | AISC A$3,032/oz
PRE-TAX ECONOMICS (8% DISCOUNT)
- NPV: A$143m
- IRR: 25%
- Free cash flow: A$288m
- Payback: ~3.5 years
VALUE UPSIDE
- Study based on A$5,385/oz; current ~A$6,500/oz highlights material gold price leverage
- Optimisation potential: mine sequencing & throughput efficiencies
- Scope to incorporate additional near-mine material (incl. Golden Crown)
Butchers Creek open cut back design
WIN METALS
14
PORTFOLIO OPTIONALITY
NICKEL & LITHIUM
240km² granted mining leases covering the highly prolific
Widgiemooltha Dome, with exposure to two critical minerals
NICKEL OPTIONALITY - MT EDWARDS PROJECT
JORC MRE: 12.6Mt @ 1.43% Ni for 180,900t contained nickel
Nickel sulphide resource with meaningful scale
Located in an established Australian nickel province
Asset retained on care and maintenance
LITHIUM OPTIONALITY - FARADAY / TRAINLINE PROJECT
JORC MRE: 1.96Mt @ 0.69% Li₂O
Hard-rock lithium resource with expansion potential
Located in a prospective Australian lithium province.
Tenure secured and preserved for future value uplift
Byproduct Rb liberation testing ongoing
15
WIN METALS
MANAGEMENT & EXECUTION CAPABILITY
KEY LEADERSHIP HIGHLIGHT
- Managing Director: Former Director of Operations at Westgold Resources
- Geology Manager Will Stewart ex Silver Lake, IGO, Western Areas
- Mine Manager Ivan Komyshan, ex Barminco, Westgold, AMC
EXECUTION CAPABILITY
- Strong internal capability across mining, geology and project development
- Deep understanding of WA permitting, approvals and operating environment
- Track record of moving assets from study through to production
- Demonstrated ability to identify and secure high-grade satellite assets to build scale around core operations
WHY THIS MATTERS NOW
- Radio is transitioning from resource delivery into development planning
- Operational leadership is critical at this stage of the value curve
- Team aligned to disciplined capital allocation and execution
Operator-led team with direct experience building and running WA gold mines.
WIN METALS
Level 4, 220 St Georges Tce, Perth, WA 6000
+61 8 63817250
[email protected]
ASX:WIN
winmetals.com.au
APPENDICES
18
WIN METALS
APPENDIX
WIN METALS RESOURCE SUMMARY
Radio Gold Project Mineral Resource Estimate
| Deposit | Resource Classification | Tonnes | Au g/t | Contained Gold (Oz) |
|---|---|---|---|---|
| East | Indicated | 37,000 | 3.63 | 4,300 |
| Main | Indicated | 66,000 | 4.69 | 10,000 |
| Repeater | Indicated | 48,000 | 3.90 | 6,000 |
| Radio South | Indicated | 10,000 | 2.21 | 700 |
| East | Inferred | 44,000 | 5.35 | 7,500 |
| Main | Inferred | 81,000 | 2.45 | 6,300 |
| Repeater | Inferred | 32,000 | 3.86 | 3,900 |
| Radio South | Inferred | 17,000 | 2.91 | 1,600 |
| Green Harp | Inferred | 7,000 | 2.34 | 600 |
| Mill | Inferred | 3,000 | 0.92 | 100 |
| Total | Indicated + Inferred | 345,000 | 3.70 | 41,000 |
Figures are rounded and reported at 0.5g/t cut-off to 50m below surface (open pit) and 1.0g/t below 50m of surface.
19
APPENDIX
WIN METALS RESOURCE SUMMARY
Butchers Creek Gold Mineral Resource Estimate
| Deposit | Last Update | Resource Classification | Tonnes (Mt) | Au (g/t) | Contained Gold (Oz) |
|---|---|---|---|---|---|
| Butchers Creek | Apr-25 | Indicated | 3.58 | 2.24 | 258,000 |
| Inferred | 1.65 | 1.18 | 63,000 | ||
| Golden Crown | Jun-21 | Inferred | 0.40 | 3.10 | 38,000 |
| Total | Indicated + Inferred | 5.63 | 1.98 | 359,000 |
Butchers Creek figures are rounded and reported at 0.5g/t Au cut-off to 150m below surface (open pit) and 0.8g/t Au cut-off below 150m of surface. Golden Crown figures are rounded and reported above a 0.8g/t Au cut-off.
Faraday-Trainline Lithium Mineral Resource Estimate
| Deposit | Measured | Indicated | Inferred | TOTAL Resources | |||||
|---|---|---|---|---|---|---|---|---|---|
| Tonne (kt) | Li₂O (%) | Tonne (kt) | Li₂O (%) | Tonne (kt) | Li₂O (%) | Tonne (kt) | Li₂O (%) | Li₂O Tonnes | |
| Faraday | 550 | 0.75 | 250 | 0.66 | 220 | 0.61 | 1,020 | 0.7 | 7,100 |
| Trainline | - | - | 780 | 0.69 | 160 | 0.63 | 940 | 0.68 | 6,300 |
| TOTAL | 550 | 0.75 | 1,020 | 0.68 | 390 | 0.62 | 1,960 | 0.69 | 13,500 |
Reported above a cut-off grade of 0.30% Li₂O to a depth of 310mRL (65m below surface) and 0.50% Li₂O below 310mRL to 250mRL. Tonnes and grade have been rounded to reflect the relative uncertainty of the estimates.
20
WIN METALS
APPENDIX
WIN METALS RESOURCE SUMMARY
Mt Edwards Nickel Sulphide Mineral Resource Estimate
| Deposit | Indicated | Inferred | TOTAL Resources | ||||
|---|---|---|---|---|---|---|---|
| Tonne (Mt) | Nickel (%) | Tonne (Mt) | Nickel (%) | Tonne (Mt) | Nickel (%) | Nickel Tonnes | |
| Gillett* | 2.27 | 1.35 | 0.87 | 1.16 | 3.14 | 1.30 | 40,770 |
| Widgie 3* | 0.51 | 1.34 | 0.22 | 1.95 | 0.73 | 1.53 | 11,200 |
| Widgie Townsite* | 1.65 | 1.60 | 0.85 | 1.38 | 2.50 | 1.53 | 38,260 |
| Armstrong* | 0.95 | 1.45 | 0.01 | 1.04 | 0.96 | 1.44 | 13,820 |
| 132N | 0.03 | 2.90 | 0.43 | 1.90 | 0.46 | 2.00 | 9,050 |
| Cooke | 0.15 | 1.30 | 0.15 | 1.30 | 2,000 | ||
| Inco Boundary | 0.46 | 1.20 | 0.46 | 1.20 | 5,590 | ||
| McEwen | 1.13 | 1.35 | 1.13 | 1.35 | 15,340 | ||
| McEwen Hangingwall | 1.92 | 1.36 | 1.92 | 1.36 | 26,110 | ||
| Mt Edwards 26N | 0.87 | 1.43 | 0.87 | 1.43 | 12,400 | ||
| Zabel | 0.27 | 1.94 | 0.05 | 2.04 | 0.33 | 1.96 | 6,360 |
| TOTAL | 5.68 | 1.48 | 6.97 | 1.39 | 12.66 | 1.43 | 180,900 |
All Resources reported at 1.0% Ni cut-off except for WTS, Widgie 3, Gillett and Armstrong which are reported at 0.7% Ni cut-off. Tonnes and grade have been rounded to reflect the relative uncertainty of the estimates.