Slide 1: High-Grade Gold Re-Start Study Complete
ASX:WIN For personal use only HIGH-GRADE GOLD RE-START STUDY COMPLETE ASX:WIN INVESTOR PRESENTATION WINMETALS.COM.AU AUGUST 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 with Near Term Production Potential
DIVERSIFIED PROJECT PORTFOLIO WITH NEAR TERM PRODUCTION POTENTIAL For personal use only Four distinct project areas in Western Australia focused on exploring and developing resources in gold, nickel and lithium MT EDWARDS BUTCHERS CREEK NICKEL PROJECT GOLD PROJECT 180,900t of contained 5.6Mt for 359
Slide 4: Investment Highlights
INVESTMENT HIGHLIGHTS WA Gold. Proven Operators. Re-Start Study Complete. 01. 02. 03. 04. 05. 06. For personal use only TIER-1 RADIO EXPANDING BUTCHERS NICKEL ASSETS LITHIUM JURISDICTION GOLD RADIO CREEK LATENT VALUE ASSETS- FOOTPRINT TODAY LATENT VALUE 100% Western Re-Start Study Second gold TODAY
Slide 5: Corporate Structure
CORPORATE $0.016 $13.7M STRUCTURE Share Price 26 August 2026 Market Capitalisation For personal use only SHAREHOLDERS $1.99M $11.7M Cash at 30 June 2026 Enterprise Value Meteoric Resources 8% Top 50 Shareholders 47% Steve Norregaard is a mining BOARD executive and engineer with 25+ years’ experience
Slide 6: Radio Gold Acquisition Highlights
RADIO GOLD ACQUISITION HIGHLIGHTS INVESTMENT RATIONALE Near term production potential ~10 KM² OF GRANTED TENURE LOW-COST ENTRY STUMPY DOODLE Developed underground gold mine Acquired with substantial (WA) infrastructure included For personal use only PROVEN HIGH-GRADE ASSET CYCLE TIMING ~71 koz Au pr
Slide 7: Radio Gold Updated JORC Mineral Resource
RADIO GOLD Updated JORC Mineral Resource Positions Radio as a Near-Term Production Opportunity For personal use only 49,600oz Au @ 4.2g/t Mineral Resource Estimate 21% 51% Deposit Resource Classification Tonnes Au g/t Contained Gold (Oz) Uplift in Contained Ounces Indicated (2026 MRE) All Deposits I
Slide 8: Radio Gold Development Pathway and What Comes Next
RADIO GOLD DEVELOPMENT PATHWAY AND WHAT COMES NEXT For personal use only MILESTONES DELIVERED ACQUISITION RESOURCE MODULAR PROCESS MET RESTART UPGRADES PLANT ACQUISITION TESTWORK PLAN 01 02 03 04 05 WHAT COMES NEXT WIN’s immediate priorities: finalise outstanding approvals, complete engineering, adv
Slide 9: Securing the Pathway: Processing & Metallurgy
SECURING THE PATHWAY: For personal use only Processing & Metallurgy Processing route and recoveries confirmed ahead of the Re-Start Study PROCESSING METALLURGICAL INFRASTRUCTURE RECOVERY ▪ Six-month option over a modular gravity ▪ +95% combined gravity and leach processing plant from Tungsten Mining
Slide 10: Radio Gold Re-Start Study Production Target & Economics
RADIO GOLD RE-START STUDY PRODUCTION TARGET & ECONOMICS PRODUCTION TARGET (BASE CASE, A$6,000/OZ AU) For personal use only • 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 recov
Slide 11: Radio Gold Re-Start Study Development Pathway
RADIO GOLD RE-START STUDY Development Pathway “Within 12 months of acquiring Radio, WIN has completed a Study For personal use only INCLUDED IN THE STUDY BASE CASE that outlines a clear, staged • Radio underground mine and Repeater open pit pathway toward gold production… • Radio stockpiles and Prin
Slide 12: Expanding Radio Gold Project: High-Grade Satellite Opportunities
EXPANDING RADIO GOLD PROJECT : For personal use only 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 • Existing mining history and WIN METALS
Slide 13: Princess Royal High-Grade Growth and Optionality
PRINCESS ROYAL High-grade Growth and Optionality For personal use only HIGH-GRADE HISTORICAL GOLD PRODUCER • ~13,900oz @ 21g/t Au • Exploration Target: 7,000–15,000oz @ 8.0–12.0g/t Au IMMEDIATE UPSIDE High-grade intercepts: • 2m @ 31.47g/t • 2m @ 30.47g/t • Rock chips: Hill End up to 5.59g/t, Battle
Slide 14: Stumpy Doodle Near-Radio Satellite Opportunity
STUMPY NEAR-RADIO SATELLITE DOODLE OPPORTUNITY • Located 10km north of Radio For personal use only High-grade Growth • Historical production: and Optionality • ~830oz @ 11g/t Au EXPLORATION UPSIDE • Multiple historic workings (600m) • Underexplored tenure INCREASED OPTIONALITY FOR RADIO DEVELOPMENT
Slide 15: Butchers Creek Gold Project Context & Location
BUTCHERS CREEK PROJECT CONTEXT & LOCATION GOLD PROJECT • Located 30km south-east of Halls Creek in the Kimberley region of Western Australia SECOND GOLD PILLAR • Halls Creek was the site of Western Australia’s first gold rush (mid 1880s) • Accessible via the partially sealed Duncan Road, linking to
Slide 16: Butchers Creek Scoping Study
BUTCHERS CREEK SCOPING STUDY DEVELOPMENT & VALUE UPSIDE SCOPING STUDY – CONSERVATIVE BASE CASE (NOV 2025) For personal use only • 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,
Slide 17: Portfolio Optionality: Nickel & Lithium
PORTFOLIO OPTIONALITY NICKEL & LITHIUM For personal use only 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
Slide 18: Management & Execution Capability
MANAGEMENT & EXECUTION CAPABILITY For personal use only 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 withi
Slide 19: For personal use only
For personal use only Level 4, 220 St Georges Tce,Perth, WA 6000 +61 8 63817250 info@winmetals.com.au WIN METALS ASX:WIN winmetals.com.au 19
Slide 20: Appendices
For personal use only APPENDICES 20 WIN METALS
Slide 21: WIN Metals Resource Summary: Radio Gold Project
APPENDIX WIN METALS RESOURCE SUMMARY For personal use only 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 49,60
Slide 22: Radio Gold Re-Start Study Key Financial Assumptions and Results
APPENDIX RADIO GOLD RE-START STUDY For personal use only 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 requir
Slide 23: Financial Sensitivity to Australian-Dollar Gold Price
APPENDIX RADIO GOLD RE-START STUDY For personal use only 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$M) 6 15
Slide 24: Capital and Operating Cost Estimates
APPENDIX RADIO GOLD RE-START STUDY For personal use only Capital and operating cost estimates Capital item A$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 Un
Slide 25: Resource Summary: Butchers Creek Gold and Faraday-Trainline Lithium
APPENDIX WIN METALS RESOURCE SUMMARY For personal use only 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
Slide 26: Mt Edwards Nickel Sulphide Mineral Resource Estimate
APPENDIX WIN METALS RESOURCE SUMMARY For personal use only 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