Win Metals Ltd · ASX:WIN
Win Metals — Investor Presentation (October 2026)
22 slides from Win Metals's investor presentation, Oct 21, 2026
Slide 1: High-Grade Gold: Building a three-pillar WA gold strategy
ASX:WIN HIGH-GRADE GOLD HIGH-GRADE GOLD Building a three-pillar WA gold strategy ASX:WIN INVESTOR PRESENTATION WINMETALS.COM.AU OCTOBER 2026
Slide 2: Important Notice and Disclaimer
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 Unless otherwise stated, all data contained in charts, graphs and tables is based on infor
Slide 3: Diversified Project Portfolio
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 critical minerals MT EDWARDS BUTCHERS CREEK NICKEL PROJECT GOLD PROJECT 174,540t of contained 5.6Mt for 359koz, scoping
Slide 4: Investment Highlights
INVESTMENT HIGHLIGHTS WA Gold. Proven Operators. Restart Permits Lodged. 01. 02. 03. 04. 05. 06. TIER-1 RADIO EXPANDING BUTCHERS MT EDWARDS: CRITICAL JURISDICTION GOLD RADIO CREEK THIRD GOLD MINERALS FOOTPRINT PILLAR UPSIDE 100% Western Study done; Second gold Australia Focus permits lodged Princess
Slide 5: Corporate Structure
CORPORATE $0.022 $18.9M STRUCTURE Share Price 20 October 2026 Market Capitalisation SHAREHOLDERS $1.99M $16.9M Cash at 30 June 2026 Enterprise Value Meteoric Resources 8% Additional $8.05m received 5 October 2026 through tenure transaction Top 50 Shareholders 47% Steve Norregaard is a mining BOARD e
Slide 6: Radio Gold Project Re-Start Highlights
RADIO GOLD PROJECT RE-START HIGHLIGHTS INVESTMENT RATIONALE Near term production potential STUMPY DOODLE ~10 KM² OF GRANTED TENURE LOW-COST ENTRY Acquired with substantial Developed underground gold mine (WA) infrastructure included PROVEN HIGH-GRADE ASSET CYCLE TIMING ~71 koz Au produced at ~38 g/t
Slide 7: Securing the Pathway: Processing & Metallurgy
SECURING THE PATHWAY: Processing & Metallurgy Processing route and recoveries confirmed PROCESSING METALLURGICAL INFRASTRUCTURE RECOVERY ▪ Six-month option over a modular gravity ▪ +95% combined gravity and leach processing plant from Tungsten Mining NL (ASX:TGN) recovery confirmed WIN METALS ▪ Well
Slide 8: Radio Gold Re-Start Study
RADIO GOLD RE-START STUDY PRODUCTION TARGET & ECONOMICS PRODUCTION TARGET (BASE CASE, A$6,000/OZ AU) • Production target: 215kt @ 3.16g/t Au (~20.2koz recovered gold over 29 months) • Resource mix: ~86% Indicated, ~14% Inferred Mineral Resources • Peak production: ~9.5koz recovered gold in Year 2 •
Slide 9: Expanding Radio Gold Project: High-Grade Satellite Opportunities
EXPANDING RADIO GOLD PROJECT : High-Grade Satellite Opportunities Strategic consolidation of high-grade gold assets around Radio ALIGNED WITH WIN’S REGIONAL KEY GROWTH STRATEGY ADVANTAGES • Princess Royal Gold Mine acquisition completed • Princess Royal: ~13,900oz @ WIN METALS (granted Mining Lease)
Slide 10: Butchers Creek Gold Project
BUTCHERS CREEK PROJECT CONTEXT & LOCATION • Located 30km south-east of Halls Creek in the Kimberley region of Western GOLD PROJECT Australia • Halls Creek was the site of Western Australia’s first gold rush (mid 1880s) SECOND GOLD PILLAR • Accessible via the partially sealed Duncan Road, linking to
Slide 11: Mt Edwards: Third Gold Pillar
MT EDWARDS THIRD GOLD PILLAR WIDGIE DOME TENURE GOLD UPSIDE RATIONALISATION • Little gold-focused • A$9.05m Astral deal exploration completed • Multi-million ounce • Gold rights over three resources immediately mining leases acquired adjacent • Divested tenure and one Ni S occurrence ~6kt Ni A THIRD
Slide 12: Portfolio Optionality
PORTFOLIO OPTIONALITY NICKEL & CRITICAL MINERALS 240km2 granted mining leases covering the highly prolific Widgiemooltha Dome, with exposure to two critical minerals NICKEL OPTIONALITY MT EDWARDS PROJECT JORC MRE: 12.33Mt @ 1.42% Ni for 174,540t contained nickel Nickel sulphide resource with meaning
Slide 13: Management & Execution Capability
MANAGEMENT & EXECUTION CAPABILITY KEY LEADERSHIP HIGHLIGHT EXECUTION CAPABILITY WHY THIS MATTERS NOW Managing Director: Former Director of Strong internal capability across This team delivered the Re-Start Study Operations at Westgold Resources mining, geology and project within 12 months of acquiri
Slide 14: WIN Metals Contact Details
Level 4, 220 St Georges Tce,Perth, WA 6000 +61 8 63817250 [email protected] WIN METALS ASX:WIN winmetals.com.au 14
Slide 15: Appendices
APPENDICES WIN METALS 15
Slide 16: Radio Gold Project Mineral Resource Estimate
APPENDIX WIN METALS RESOURCE SUMMARY Radio Gold Project Mineral Resource Estimate Deposit Resource Classification Tonnes Au g/t Contained Gold (Oz) All Deposits Indicated 200,000 4.00 25,500 All Deposits Inferred 166,000 4.50 24,100 Total Indicated + Inferred 366,000 4.20 49,600 WIN METALS Figures a
Slide 17: Radio Gold Re-Start Study: Key assumptions and results
APPENDIX RADIO GOLD RE-START STUDY Key financial assumptions and results No Ore Reserve has been estimated or declared. Forecast outcomes are pre-tax, pre-finance and unleveraged; corporate income tax and financing costs are excluded. The approximately A$19m peak funding requirement is not yet secur
Slide 18: Financial sensitivity to Australian-dollar gold price
APPENDIX RADIO GOLD RE-START STUDY Financial sensitivity to Australian-dollar gold price Metric A$5,100/oz A$5,550/oz A$6,000/oz A$6,450/oz A$6,900/oz Payback from first gold (months) 19 12 11 10 9 Peak cash deficit (A$M) 19 19 19 19 19 Undiscounted pre-tax cash flow (A$M) 6 15 23 32 42 Pre-tax NPV8
Slide 19: Capital and operating cost estimates
APPENDIX RADIO GOLD RE-START STUDY Capital and operating cost estimates Capital item A$M Cost category A$/oz Processing plant 8.3 Processing and refining 1,020 Tailings storage and infrastructure 2.5 General and administration 676 Camp and administration (pre-production) 3.2 Underground mining 1,167
Slide 20: Butchers Creek and Faraday Resource Estimates
APPENDIX WIN METALS RESOURCE SUMMARY Butchers Creek Gold Mineral Resource Estimate Resource Contained Gold Deposit Last Update Tonnes (Mt) Au (g/t) Classification (Oz) Indicated 3.58 2.24 258,000 Butchers Creek Apr-25 Inferred 1.65 1.18 63,000 Golden Crown Jun-21 Inferred 0.40 3.10 38,000 Indicated
Slide 21: Mt Edwards Nickel Sulphide Mineral Resource Estimate
APPENDIX WIN METALS RESOURCE SUMMARY Mt Edwards Nickel Sulphide Mineral Resource Estimate Indicated Inferred TOTAL Resources Deposit 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 1
Slide 22: External Resource References
APPENDIX SLIDE 11 - EXTERNAL RESOURCE REFERENCES ASX Market Announcements 1. Mandilla and Spargoville: Astral Resources NL, Annual Report for the year ended 30 June 2026, Released to ASX 25 September 2026 & Substantial increase in Mineral Resources at Spargoville Released to ASX 9 October 2026 2. Mu