Announcement PDF 2025 Annual Report FOR THE YEAR ENDING 30 JUNE 2025 winmetals.com.au ASX:WIN Chairman’s Letter i ESG Report ii Review of Operations 1 Directors’ Report 13 Remuneration Report 20 Auditors Independence Declaration 33 Independent Auditors Report 34 Directors’ Declaration 38 Consolidated Entity Disclosure Statement 39 Consolidated Statement of Profit or Loss and Other Comprehensive Income 40 Consolidated Statement of Financial Position 41 Consolidated Statement of Changes in Equity 42 Consolidated Statement of Cash Flows 43 Notes to the Consolidated Financial Statements 44 Additional Information 72 Corporate Directory 81 Contents C Ch ha ai ir rm ma an n’ ’s s L Le et tt te er r Dear Shareholder, As Chairman of the Company and on behalf of my fellow Directors I am pleased to present the Annual Report for 2025. It has been an extremely busy and transformative year for the Company as we repositioned the project portfolio with a new gold focus. The Company completed a number of corporate transactions as part of this reinvigoration. In November 2024, WIN completed the acquisition of the high-grade Butchers Creek Gold Project in the Kimberley region of Western Australia. The Project hosted an existing mineral resource with growth potential and production history making it an excellent fit for the Company given the strong gold price performance and outlook, as well as the recognised mine building and production skillset embedded within the WIN team. WIN’s first drill program at the project led to a significant increase in the conversion of Resources into the Indicated Resource Category with an updated Mineral Resource Estimate completed in April 2025. The project is now in the final stages of a scoping study and we are excited at what we expect the study results to reveal. Importantly the drilling also confirmed that mineralisation at Butchers Creek continues down plunge where previously mineralisation was considered to be closed off. In addition, our field reconnaissance programs are proving highly successful with a number of high priority targets confirmed with some high-grade sampling results returned. These outcomes are a real positive for further upside at this exciting project. During the year WIN also completed two divestment transactions which generated over $2m to the Company’s treasury. These are prudent moves by the Company to realise value from non-core assets providing funding to preserve the value in the Mt Edwards nickel and lithium assets, and for WIN’s gold activities whilst seeking to minimise dilution to shareholders. Shortly after the end of the financial year we announced our second gold project acquisition, the high-grade Radio Gold Mine, just north of the township of Bullfinch 400km east of Perth. This acquisition completed in September 2025, and we are extremely pleased with the outcome and investor support demonstrated by the demand for the $2.35m capital raising completed in August. The Radio project acquisition was completed on attractive terms with modest up-front consideration. It represents a realistic near term potential production opportunity with the mine currently on care and maintenance. The acquisition included a comprehensive asset package including; mine with 330m of decline and ore development, existing surface ore stockpiles, partly constructed processing facility, office, workshop, underground mining equipment and the old Bulfinch Tavern to operate as an accommodation and messing facility. WIN is pursuing a new strategy for this asset, anticipating significant value upside through ongoing underground development and the potential for multiple shallow open pits. This approach aims to capitalise on the substantial investment of over A$30 million previously made in the mine by former owners. Drilling is currently underway on the open pit targets and the Board are looking forward to some strong news flow over coming months which we are confident will support our plans. The Board and management team have worked tirelessly to revitalise the Company and it is pleasing that we are now beginning to see some recognition from the investment community on the diversification and project value preservation strategy we have been pursuing. We welcomed the vendors of the Butchers Creek Project, Meteoric Resources, and of the Radio Gold Project, Top Global Mining as shareholders of WIN and we see this as a strong validation of both the projects acquired and our strategy that they are both embarking on the journey for these assets with us. We also welcome and thank new and current investors who participated in our capital raising activities and continue to support our activities. On behalf of the Board, I’d like to thank our management team and all our employees for their efforts throughout the year and to our shareholders for your continuing support and interest in the Company. I look forward to providing updates on our progress throughout the year ahead. Andrew Parker Non-executive Chairman i E ES SG G R Re ep po or rt t WIN Metal’s primary objective is the exploration and development of its suite of projects. These projects include: · Radio Gold Mine – commodity: gold · Butchers Creek – commodity: gold · Mt Edwards – commodities: nickel, lithium and other potential critical metal by-products WIN recognises that creating and continuing to progress a sustainability plan will assist the Company facilitate a positive engagement with the environment and local communities in which we operate, as well as generating long term value for all our stakeholders through their involvement with a sustainable business. Key to these aims is the economic imperative ensuring a disciplined financial performance which is crucial for generating long-term sustainable value and building confidence among our key stakeholders, including employees, investors, and the local community. We remain committed to supporting local economic development while ensuring that our operations continue to deliver value to all our stakeholders. WIN Metal’s Managing Director and CFO are responsible for managing the Company’s economic performance and strategy through prudent financial planning, risk management, financial reporting, cash flow management, regulatory compliance and circular feedback to employees. This is achieved through activities such as financial planning, audits, KPI’s, risk management and assessment, and the Company’s corporate governance policies. W WI IN N’ ’s s E ES SG G F Fo oc cu us s a ar re ea as s WIN Metals has previously identified a number of focus areas which are listed in the table below under their respective environment, social and governance pillars. These areas continue to guide the Company’s ESG process. E En nv vi ir ro on nm me en nt t S So oc ci ia al l G Go ov ve er rn na an nc ce e Emissions & Energy Management Health & Safety Regulatory Compliance Ecological Impacts & Rehabilitation Employee Development & Engagement Economic Imperative Community & Stakeholder Engagement E En nv vi ir ro on nm me en nt t E Em mi is ss si io on ns s a an nd d E En ne er rg gy y M Ma an na ag ge em me en nt t WIN Metals understands the contributions the mining industry makes to global greenhouse gas emissions (GHG) and recognise that we have a responsibility to reduce our emissions to address climate change. All employees and contractors play a role in minimising emissions and ensuring efficient energy use. E Ec co ol lo og gi ic ca al l I Im mp pa ac ct ts s We have a responsibility to not only achieve all legislative compliance requirements but to meet the environmental expectations of the communities in which we operate. Last year we developed an Environmental Policy outlining our sustainable development commitments to the wider community to minimise the impact of our operations on the environment. There were no material environmental incidents or infringements recorded in FY25. ii We have an Environmental Management Plan to guide our activities with respect to core values, environmental compliance, risk assessment, environmental monitoring and audits, rehabilitation, waste management and our collaboration with external stakeholders. R Re eh ha ab bi il li it ta at ti io on n WIN Metals has processes in place to ensure rehabilitation to areas of disturbed land related to the conduct of exploration activities are fully rehabilitated within a timely manner. In addition, WIN Metals has continued to assist adjoining tenement holders in significant rehabilitation through manning and machinery support. S So oc ci ia al l H He ea al lt th h & & S Sa af fe et ty y WIN Metals believes that all employees, contractors and visitors have a fundamental right to a healthy and safe working environment. We have several governance policies in place to prioritise health and safety across the business, including our overarching Health & Safety Policy, Risk Management Policy, Contractor Health & Safety Commitment Manual and Harassment & Discrimination Policy, among others. We are very pleased to report that there were no major safety incidents in FY25. There were zero lost time injuries and one recordable injury across our employee and contractor workforce. E Em mp pl lo oy ye ee e D De ev ve el lo op pm me en nt t & & E En ng ga ag ge em me en nt t As a growing exploration and development company, we want to build a work culture that values skills, knowledge and teamwork. We believe that investing in opportunities for employee development not only enhances job satisfaction, but improves productivity, initiative and employee retention. Our Corporate Governance Charter sets out our responsibilities with respect to employee inductions, reviews and professional development. C Co om mm mu un ni it ty y & & S St ta ak ke eh ho ol ld de er r E En ng ga ag ge em me en nt t We are committed to developing positive and long-term relationships with our local community stakeholders. We recognise that positive engagement with our stakeholders is vital to the success of our projects and our ability to establish a social license to operate. Our projects shares country with Traditional Owner communities and we respect their deep connection to the land, their traditions, cultural sites and endeavour to foster a spirit of cooperation and understanding. Our leadership team have regular communication with the local Shires, Traditional Owner communities, local contractors, suppliers and community residents. We aim to buy local and give back to the community where possible. We continued to be proud supporters of the WA School of Mines (WASM), Sandgropers bowling team, the Kalgoorlie Enduro Club, and the Kambalda Land Sailing Club. iii G Go ov ve er rn na an nc ce e WIN Metals recognises that building a culture of accountability starts with strong governance structures. While the Board has overall accountability for establishing and delivering an effective governance framework, all our team share responsibility for upholding our corporate governance standards. These are outlined in the Code of Conduct within our Corporate Governance Charter. The Board is responsible for corporate governance and management oversight, and delegates business strategy and executive decision-making to our senior management team. We regularly review governance practices and policies to incorporate best practice and legal reforms into our governance processes. ESG forms part of our overall business risk framework. Formal risk management systems, outlined in our Corporate Governance Charter and Risk and Change Management Procedure, are in place to ensure strong lines of risk communication between the Board and management. Material risks are communicated to the Board and considered at regular Board meetings. Please visit our website for our Corporate Governance Charter which includes information on our other specific governance policies and charters. iv WIN Metals Ltd (formerly Widgie Nickel Limited) Review of Operations 1 REVIEW OF OPERATIONS The directors of WIN Metals Ltd (“Company” and “WIN”) present the Company’s financial report for the Company and its controlled entities (“Consolidated Entity” and “Group”) for the year ended 30 June 2025. The Company’s pivot to gold was finalised in November 2024 with completion of the acquisition of the Butchers Creek Gold Project. This strategic decision followed the sustained downturn in the nickel and lithium commodity prices seen over the prior year and subdued investor appetite towards those commodities prompting the Company to reinvigorate its project portfolio refocussed towards gold assets, whilst continuing to preserve the substantial investment and progress the Company had made advancing its nickel and lithium assets towards development. Following completion of the Butchers Creek acquisition the Company quickly mobilised to get on ground and completed its first drill campaign with some notable success. As described in more detail below, the objectives of the program were achieved with resource infill holes increasing resource confidence, and the step out exploration drilling results confirming the conceptual mineralisation targets. These outcomes collectively demonstrating the upside and resource growth potential of the Project. Further reconnaissance work has continued to unveil the high prospectivity of the Butchers Creek tenure package with several compelling exploration targets identified and warranting further follow up work programs and drill targeting. RC drilling with Butchers Creek pit in view WIN Metals Ltd (formerly Widgie Nickel Limited) Review of Operations 2 Figure 1: WIN Metals Project Map Butchers Creek Gold Project (WIN 100%) - Exploration and Evaluation Activities Butchers Creek Gold Project Acquisition Completed WIN completed the acquisition in November 2024. The Butchers Creek Gold Project (“Butchers Creek” or “the Project”) is located 30km south-east of Halls Creek in the Kimberley region of Western Australia. Butchers Creek is a historic gold production centre hosting a global mineral resource of 5.63Mt at 1.98g/t Au for 359,000oz1 of gold and a series of advanced gold drill targets. Previous production from the Butchers Creek gold mine resulted in 52,000oz of gold produced between 1995 and 1997. 1 ASX:WIN announcement “WIN advances Butchers Creek towards development following resource update” Released 16 August 2025 WIN Metals Ltd (formerly Widgie Nickel Limited) Review of Operations 3 Table 1: Butchers Creek Global Mineral Resource Summary Deposit Last Update Resource Classification Tonnes (Mt) Au g/t Contained Gold (Oz) Butchers Creek Apr-25 Indicated 3.58 2.24 258,000 Inferred 1.65 1.18 63,000 Golden Crown Jun-21 Inferred 0.40 3.10 38,000 Total Indicated + Inferred 5.63 1.98 359,000 Note: Butchers Creek figures are rounded and reported at 0.5g/t Au cut-off to 150m below surface (open pit) and 0.8g/t Au cut-off below 150m of surface. Golden Crown figures are rounded and reported above a 0.8g/t Au cut-off. Figure 2: Location of Butchers Creek Gold Project WIN Metals Ltd (formerly Widgie Nickel Limited) Review of Operations 4 Butchers Creek Tenure The Project consists of three (3) mining leases, five (5) exploration licences and three (3) prospecting licences. Alltenements are in good standing. Since acquiring the project, WIN has applied to convert exploration licence P80/1839 to mining lease M80/651, covering the central zone of the Butchers Creek open pit. The public notification period for this application is set to conclude in August 2025, after which the “right to negotiate” period with native title parties will commence. In addition, WIN has submitted mining lease applications within E80/4874 and E80/4976 to accommodate the southern extension of Butchers Creek (proposed as M80/655) and the Golden Crown area (proposed as M80/656), ensuring all planned mining zones and supporting infrastructure are included. Furthermore, an application has been lodged to amalgamate prospecting licences P80/1854 and P80/1855 into E80/4976. The residual portions of these tenements, which fall outside the boundaries of the greater exploration licence E80/4976, have been submitted for conversion to mining leases M80/653 and M80/654. Details of Transaction Consideration for the transaction at completion comprised the following: I. $1,000,000 + GST in cash; and II. WIN Shares to the value of $1,750,000 (calculated based on a deemed issue price per WIN Share of $0.025) (“Consideration Shares”). The Consideration Shares are subject to a 12-month voluntary escrow agreement from completion. Consideration payable post settlement comprises: I. $1,000,000 + GST payable to Meteoric 18 months after completion; and II. An additional $1,250,000 + GST upon the production by the Company of 20,000 troy ounces of gold (in aggregate) at the Project. Butchers Creek Gold Resource Update Results returned from Butchers Creek Resource drilling continues to add definition to the thick high-grade central hinge position and eastern limb mineralisation demonstrating resource growth potential. Significant gold results received from Butchers Creekinclude2 : • 32m @ 2.65g/t Au from 231m, incl. 24m @ 3.37g/t (24BCRC021) • 28m @ 2.90g/t Au from 291m, incl. 21m @ 3.54g/t (24BCRC019) • 8m @ 4.55g/t Au from 293m (24BCRC020) • 66m @ 1.89g/t Au from 280m, incl. 17m @ 3.10g/t (24BCRC002) • 10m @ 2.54g/t Au from 368m, incl. 3m @ 5.70g/t (24BCRC004) • 98m @ 1.47g/t Au from 251m, incl. 13m @ 2.99g/t (24BCRC015) • 77m @ 1.68g/t Au from 251m, incl. 11m @ 2.51g/t (24BCRC016) In April 2025, recent drill results were incorporated into the updated Mineral Resource Estimate (MRE), resulting in an increase to a Global Mineral Resource of 5.6Mt for 359,000 ounces of gold at 1.98g/t Au. Table 2: Butchers Creek Gold Project Global Resources Deposit Last Update Resource Classification Tonnes (Mt) Au g/t Contained Gold (Oz) Butchers Creek Apr-25 Indicated 3.58 2.24 258,000 Inferred 1.65 1.18 63,000 Golden Crown Jun-21 Inferred 0.40 3.10 38,000 Total Indicated + Inferred 5.63 1.98 359,000 2 ASX:WIN announcement “Thick high grade gold intersected in Butchers Creek Infill Drilling” Released 10 December 2024 WIN Metals Ltd (formerly Widgie Nickel Limited) Review of Operations 5 Note: Butchers Creek figures are rounded and reported at 0.5g/t Au cut-off to 150m below surface (open pit) and 0.8g/t Au cut-off below 150m of surface. Golden Crown figures are rounded and reported above a 0.8g/t Au cut-off. Of this total, 258,000 ounces, or 80% of the resource, are now classified as Indicated and are available for economic studies to support potential project development. This update demonstrates the successful conversion of an additional 119,000 ounces at 2.24g/t Au into the Indicated category, representing an 86% increase in Indicated gold resource ounces compared to the previous 2021 MRE as illustrated below in Figure 3. Figure 3: Butchers Creek MRE Changes by Classification Butchers Creek Resource Stacks Up Figure 4 depicts the gold endowment at Butchers Creek, extending from the base of the existing open pit down to 500 metres below surface. Between the pit bottom and 320 metres depth, the deposit averages 972 ounces per vertical metre (OPVM). As a yardstick,an OPVM of 1,000 ounces is commonly recognized within the industry as a benchmark indicating the endowment is sufficient to support a low capital cost and in turn highly productive underground mining operation. Figure 4: Butchers Creek Long Section looking north-west. Gold endowment displayed as ounces per vertical metre (OPVM) It is important to note that the current Mineral Resource Estimate (MRE) is limited by the spacing of existing drillholes and the absence of deeper drilling needed to confirm the continuity of mineralisation at greater depths. So far, drilling has only been carried out to a depth of less than 400 metres below surface—relatively shallow compared to many similar gold deposits being explored or developed. Encouraged by initial results, the WIN team plans to undertake additional drilling to confirm deeper extensions and in turn demonstrate project upside for future mining studies. WIN Metals Ltd (formerly Widgie Nickel Limited) Review of Operations 6 Step out drilling success and potential at Butchers Creek WIN’s inaugural drill program comprised five exploration step-out holes, with four successfully intersecting gold mineralisation. Notably, drill hole 24BCRCD008 returned 11m @ 3.01g/t Au, located 260 metres south of previous drilling3 . This intercept forms part of a broader mineralised zone, yielding 16.52m @ 2.10g/t Au. This result importantly demonstrates that gold mineralisation at Butchers Creek remains continuous and open at depth beyond the current resource, highlighting strong potential for future resource growth. Figure 5: Exploration results to south of Butchers Creek 24BCRCD008 11m @ 3.01g/t Au within a broader zone of 16.52m @ 2.10g/t Au, 260m from the last resource drillhole BCRD480 Golden Crown Deposit Exploration / Growth Drilling Drilling at Golden Crown has also confirmed that high-grade mineralisation extends to 140 metres below the current resource, which was previously modelled to a depth of 100 metres. Of particular note, all three drill holes intersected high- grade gold mineralisation, achieving a 100% success rate. These results highlight the strong potential for significant resource growth at Golden Crown. Significant gold results returned from drilling at Golden Crown North, included4 : • 6m @ 10.85g/t gold from 253m, incl. 3m @ 21.07g/t (24BCRC014) – 140m below current resource • 5m @ 3.63g/t gold from 222m, incl. 2m @ 8.08g/t (24BCRC012) • 2m @ 6.00g/t gold from 130m (24BCRC013) 3 ASX:WIN announcement “Butchers Creek Exploration Success-Step out drilling unlocks resource potential” Released 4 February 2025 4 ASX:WIN announcement “Golden Crown North delivers high grades and growth potential ” Released 25 November 2024 WIN Metals Ltd (formerly Widgie Nickel Limited) Review of Operations 7 Figure 6: Golden Crown North long section with current mineral resource envelopes WIN has defined an Exploration Target for Golden Crown of 400,000 to 700,000 tonnes grading between 2.4g/t and 3.2g/t Au, equivalent to 23,000 to 73,000 ounces of gold. This is in addition to the current Inferred Mineral Resource Estimate (MRE) of 400,000 tonnes at 3.1g/t Au, containing 38,000 ounces of gold5 . The potential quantity and grade of the Exploration Target are conceptual in nature, as insufficient exploration drilling has been conducted to estimate a Mineral Resource. At this stage, it is uncertain whether further drilling will lead to the estimation of a Mineral Resource. The Exploration Target has been prepared in accordance with the JORC Code (2012) and is exclusive of the 2021 Golden Crown Mineral Resource Estimate of 400,000 tonnes at 3.1g/t Au, containing 38,000 ounces of gold. The Exploration Target is supported by the successful 2024 drilling campaign, which tested mineralisation below the current Inferred Resource at Golden Crown, including notable intercepts noted above such as 6m at 10.85g/t Au from 140m below the Mineral Resource and 5m at 3.63g/t Au from 95m below the Mineral Resource. 5 ASX:WIN announcement “Exploration Target at Golden Crown to focus on resource growth” Released 27 May 2025 WIN Metals Ltd (formerly Widgie Nickel Limited) Review of Operations 8 Figure 7: Golden Crown Exploration Target mineralisation envelopes (red fill) with 2021 MRE block model (grey) and drillhole traces (black) looking north-west. Dashed red line represents 500m of strike between Golden Crown South and North images for illustration purposes only. Butchers Creek Project highly prospective for further discoveries WIN has been active across the tenure with data research and reconnaissance proving fruitful with the sampling of rock chips at the Emjay Prospect returning high grade gold results. The Emjay gold prospect is located 11km to the south of the Butchers Creek gold mine. Rock chip sampling has confirmed the prospect’s potential, with assays returning grades of up to 23.5 g/t gold6 . As part of ongoing efforts to define drill targets for the 2025 field season, desktop studies identified anomalies in government datasets, which were validated by these high-grade field results. Significant rock chip results from field sampling include: Table 3: Significant Rock Chip Samples at Emjay Sample ID Sample Type Au ppm 25BCS0028 ROCK 23.50 25BCS0029 ROCK 14.00 25BCS0027 ROCK 8.72 25BCS0043 ROCK 3.59 Note: results above 1g/t Au A total of 50 samples, comprising both rock chip and lag (surface rock fragment) samples, were collected over a 500-meter strike length (Figure 5). Sampling was conducted across the strike to thoroughly test the prospect and confirm gold mineralisation. 6 ASX:WIN announcement “High grade gold confirms Emjay Prospectivity” Released 15 July 2025 WIN Metals Ltd (formerly Widgie Nickel Limited) Review of Operations 9 Figure 8: Emjay sample locations with ppb gold The identification and assessment of high-priority prospects—such as Emjay and Ruby Queen North—will remain a central focus of on-ground exploration activities in the coming year. These areas progressing to drill targets for the future Mt Edwards Nickel Project (WIN 100%) - Exploration and Evaluation activities WIN controls a dominant ~240km2 land package over the prolific nickel-producing Widgiemooltha Dome in Western Australia. The Mt Edwards Nickel Project is positioned adjacent to key infrastructure, located just 80km south of the major regional centre of Kalgoorlie, 30km south-west of Kambalda. Following the divestment of the Company’s nickel interests at Munda (M15/97) to Auric Mining Limited (ASX: AWJ) during the year, the Mt Edwards Nickel Project is now comprised of 11 separate deposits with a total MRE of 12.66Mt grading 1.43% nickel for 180,900 tonnes. The Company released a Scoping Study on the Mt Edwards Nickel Project in March 2024. WIN Metals commissioned the Scoping Study for the purpose of carrying out a preliminary assessment of the technical and financial viability of a standalone nickel mining and processing operation. Limited further testwork is being undertaken to investigate the potential and economics of further downstream processing options, to produce Nickel Sulphate or NCM battery precurser (pCAM). No exploration activities at the Mt Edwards Nickel Project were undertaken during the year with focus on maintaining the tenure in good standing for improved commodity price. At the half-year 31 December 2024 the Company reviewed the carrying amount for its nickel and lithium assets in considering the market conditions and outlook for those commodities resulting in an impairment to the carrying value of those assets down to $7,500,000. WIN Metals Ltd (formerly Widgie Nickel Limited) Review of Operations 10 Figure 9: Mt Edwards nickel and lithium resources WIN Metals Ltd (formerly Widgie Nickel Limited) Review of Operations 11 Table 4: WIN Metals Total Nickel Mineral Resources (following Munda divestment) Deposit Indicated Inferred TOTAL Resources 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 11,200 Widgie Townsite* 1.65 1.60 0.85 1.38 2.50 1.53 38,260 Armstrong* 0.95 1.45 0.01 1.04 0.96 1.44 13,820 132N 0.03 2.90 0.43 1.90 0.46 2.00 9,050 Cooke 0.15 1.30 0.15 1.30 2,000 Inco Boundary 0.46 1.20 0.46 1.20 5,590 McEwen 1.13 1.35 1.13 1.35 15,340 McEwen Hangingwall 1.92 1.36 1.92 1.36 26,110 Mt Edwards 26N 0.87 1.43 0.87 1.43 12,400 Zabel 0.27 1.94 0.05 2.04 0.33 1.96 6,360 TOTAL 5.68 1.48 6.97 1.39 12.66 1.43 180,900 All Resources reported at 1.0% Ni cut-off except for WTS, Widgie 3, Gillett and Armstrong which are reported at 0.7% Ni cut-off. Tonnes and grade have been rounded to reflect the relative uncertainty of the estimates. Faraday-Trainline Lithium Project (WIN 100%) - Exploration and Evaluation activities The Faraday-Trainline Lithium Project is located in the “lithium corridor” between Mt Marion to the north and Pioneer Dome to the south in Widgiemooltha, Western Australia. The project hosts the Faraday-Trainline Lithium Deposit as well as four prospects Farson, Atomic 3, Voyager and Gemini. The Faraday-Trainline lithium Mineral Resource Estimate (MRE) amounts to 1.96Mt @ 0.69% Li2O including a high-grade, near surface zone of 373kt @ 1.00% Li2O with a Measured and Indicated Mineral Resources total of 1.57Mt @ 0.71% Li2O. Testwork to improve metallurgical recovery and suppression of deleterious elements was concluded with positive but incomplete results noted. The Company continues to explore methods to unlock value at Faraday-Trainline, noting potential value in byproducts such as Feldspar and rubidium contained within as worthy of further research and laboratory work. Table 5 - WIN Metals Mt Edwards Lithium Mineral Resource Estimates Deposit Measured Indicated Inferred TOTAL Resources Tonne (kt) Li2O (%) Tonne (kt) Li2O (%) Tonne (kt) Li2O (%) Tonne (kt) Li2O (%) Li2O Tonnes Faraday 550 0.75 250 0.66 220 0.61 1,020 0.7 7,100 Trainline - - 780 0.69 160 0.63 940 0.68 6,300 TOTAL 550 0.75 1,020 0.68 390 0.62 1,960 0.69 13,500 Reported above a cut-off grade of 0.30% Li2O to a depth of 310mRL (65m below surface) and 0.50% Li2O below 310mRL to 250mRL. Tonnes and grade have been rounded to reflect the relative uncertainty of the estimates. No exploration activities at the Faraday-Trainline Lithium Project were carried out during the year. Corporate Effective from 1 July 2024 Widgie Nickel Limited changed its name to WIN Metals Ltd following approval at the General Meeting of Shareholders held the same day7 . 7 ASX Announcement 1 July 2024 – Results of General Meeting WIN Metals Ltd (formerly Widgie Nickel Limited) Review of Operations 12 During the year the Company undertook a number of