WIN Metals: Re-rating Potential Through Near-term Gold Production

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 - 29 October 2025

"Win Metals' investment proposition rests on a de-risked, multi commodity portfolio anchored by near-term gold production potential. The combination of sunk infrastructure, resource upgrades, and retained critical minerals exposure positions the Company for a valuation re-rating as it executes its FY26 drilling and development milestones."

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