WIN Metals: Validation Over Speculation - Scoping Study Confirms WIN’s De-risked Gold Profile

This report has been prepared by Spark Plus Pte Ltd ('Spark Plus") and solely reflects the views of Spark Plus.

Any opinions, forecasts, recommendations or forward-looking statements in the report reflect the judgement and assumptions of Spark Plus. at the date of publication of the report. The Company does not endorse the findings or contents of the report, including any price target, earnings forecast or other statement about the Company’s prospects, and will not be responsible for any loss or damage arising in any way from errors, omissions or misstatements in the report or the use of, or reliance on, the report in any way.

Spark Plus Investment Flash Note - 17 November 2025

"WIN Metals’ Scoping Study transforms Butchers Creek from a conceptual gold play into a validated, economically robust development story. With nine years of mine life, strong margins at A$5,385/oz, and a Tier-1 WA location, WIN now stands out among small-cap developers as a credible, undervalued path-to-production candidate. As feasibility work progresses into CY26, incremental de-risking is expected to drive further convergence toward premium EV/oz multiples, driving a market cap target range of c. A$45mn - A$49mn (A$120 - A$130/oz)."

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