Win Metals Ltd · ASX:WIN
Win Metals — Investor Presentation (October 2026)
22 slides from Win Metals's investor presentation, Oct 21, 2026
Slide 1: Building a three-pillar WA gold strategy
ASX:WIN rsonal use only 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 with Near Term Production Potential
DIVERSIFIED PROJECT PORTFOLIO WITH NEAR TERM PRODUCTION POTENTIAL rsonal use only 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
Slide 4: Investment Highlights
INVESTMENT HIGHLIGHTS WA Gold. Proven Operators. Restart Permits Lodged. 01. 02. 03. 04. 05. 06. rsonal use only 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
Slide 5: Corporate Structure
CORPORATE $0.022 $18.9M STRUCTURE Share Price 20 October 2026 Market Capitalisation rsonal use only 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
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) rsonal use only infrastructure included PROVEN HIGH-GRADE ASSET CYCLE TIMING ~71 koz Au pro
Slide 7: Securing the Pathway: Processing & Metallurgy
SECURING THE PATHWAY: rsonal use only 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 W
Slide 8: 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) rsonal 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 recovered g
Slide 9: Expanding Radio Gold Project: High-Grade Satellite Opportunities
EXPANDING RADIO GOLD PROJECT : rsonal 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 • Princess Royal: ~13,900oz @ WIN METALS (grant
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 rsonal use only 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
Slide 12: Portfolio Optionality: Nickel & Critical Minerals
PORTFOLIO OPTIONALITY NICKEL & CRITICAL MINERALS rsonal 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: 12.33Mt @ 1.42% Ni for 174,540t contained nickel Nickel sulphide resou
Slide 13: Management & Execution Capability
MANAGEMENT & EXECUTION CAPABILITY rsonal 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 within 12 m
Slide 14: Contact details
rsonal 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 14
Slide 15: Appendices
rsonal use only APPENDICES 15 WIN METALS
Slide 16: WIN Metals Resource Summary: Radio Gold Project
APPENDIX WIN METALS RESOURCE SUMMARY rsonal 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 49,600 WIN
Slide 17: Radio Gold Re-Start Study Key Financial Assumptions and Results
APPENDIX RADIO GOLD RE-START STUDY rsonal 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 requirement
Slide 18: Financial Sensitivity to Australian-Dollar Gold Price
APPENDIX RADIO GOLD RE-START STUDY rsonal 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$M) 6 15 23 32
Slide 19: Capital and Operating Cost Estimates
APPENDIX RADIO GOLD RE-START STUDY rsonal use only Capital and operating cost estimates Capital item A$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 Undergro
Slide 20: Resource Summary: Butchers Creek and Faraday
APPENDIX WIN METALS RESOURCE SUMMARY rsonal 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 3.10 3
Slide 21: Mt Edwards Nickel Sulphide Mineral Resource Estimate
APPENDIX WIN METALS RESOURCE SUMMARY rsonal 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 0.22
Slide 22: External Resource References
APPENDIX SLIDE 11 - EXTERNAL RESOURCE REFERENCES rsonal use only 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 Oc