Announcement PDF WIN Metals Ltd (formerly Widgie Nickel Limited) ACN 648 687 094 Financial Report for the Year ended 30 June 2025 WIN Metals Ltd (formerly Widgie Nickel Limited) Review of Operations 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 1 WIN Metals Ltd (formerly Widgie Nickel Limited) Review of Operations 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 359,000oz 1 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 2 WIN Metals Ltd (formerly Widgie Nickel Limited) Review of Operations Table 1: Butchers Creek Global Mineral Resource Summary Deposit Last Update Butchers Creek Apr-25 Golden Crown Jun-21 Total Resource Classification Tonnes (Mt) Au g/t Contained Gold (Oz) Indicated 3.58 2.24 258,000 Inferred 1.65 1.18 63,000 Inferred 0.40 3.10 38,000 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 3 WIN Metals Ltd (formerly Widgie Nickel Limited) Review of Operations Butchers Creek Tenure The Project consists of three (3) mining leases, five (5) exploration licences and three (3) prospecting licences. All tenements 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. II. $1,000,000 + GST in cash; and 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. II. $1,000,000 + GST payable to Meteoric 18 months after completion; and 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 Creek include 2: • 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 Butchers Creek Apr-25 Golden Crown Jun-21 Total 2 Resource Classification Tonnes (Mt) Au g/t Contained Gold (Oz) Indicated 3.58 2.24 258,000 Inferred 1.65 1.18 63,000 Inferred 0.40 3.10 38,000 Indicated + Inferred 5.63 1.98 359,000 ASX:WIN announcement “Thick high grade gold intersected in Butchers Creek Infill Drilling” Released 10 December 2024 4 WIN Metals Ltd (formerly Widgie Nickel Limited) Review of Operations 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. 5 WIN Metals Ltd (formerly Widgie Nickel Limited) Review of Operations 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 drilling 3. 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 highgrade 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, included 4: • 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 6 WIN Metals Ltd (formerly Widgie Nickel Limited) Review of Operations 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 gold 5. 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 7 WIN Metals Ltd (formerly Widgie Nickel Limited) Review of Operations 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 gold 6. 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 8 WIN Metals Ltd (formerly Widgie Nickel Limited) Review of Operations 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. 9 WIN Metals Ltd (formerly Widgie Nickel Limited) Review of Operations Figure 9: Mt Edwards nickel and lithium resources 10 WIN Metals Ltd (formerly Widgie Nickel Limited) Review of Operations Table 4: WIN Metals Total Nickel Mineral Resources (following Munda divestment) Indicated Deposit Tonne (Mt) Nickel (%) Inferred Tonne (Mt) TOTAL Resources 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 0.05 2.04 0.33 1.96 6,360 1.43 180,900 Zabel 0.27 TOTAL 5.68 1.94 1.48 6.97 1.39 12.66 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 Measured Deposit 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 day 7. 7 ASX Announcement 1 July 2024 – Results of General Meeting 11 WIN Metals Ltd (formerly Widgie Nickel Limited) Review of Operations During the year the Company undertook a number of key fundraising activities: • • Following closure of the Company’s April 2024 Rights Issue and the receipt of shareholder approval on 1 July 2024, directors subscribed for and were issued 783,563 Shares in the Shortfall Offer. In August 2024 a further 10,000,000 Shares were issued under placement of the Shortfall Offer to an existing investor. These issues collectively raised a further $431,342 for the Company. 5,391,782 Options were also issued to these parties. The Options are exercisable at $0.07 each on or before 31 October 2025. At the end of October 2024 WIN confirmed settlement of a $3.6 million Placement. Settlement followed receipt of shareholder approval for the issue of the placement shares and options given at the General Meeting of shareholders held on 21 October 2024. A total of 144,000,000 new fully paid ordinary shares were issued at $0.025 per share along with 71,999,989 unlisted options. The options have an exercise price of $0.044 per share and an expiry date of 30 April 2026. An additional 12,960,000 options, on the same terms, have been issued to the Joint Lead Managers to the Placement. • • 70,000,000 Consideration Shares were issued to Meteoric Resources NL for the acquisition of the Butchers Creek Project. The Company also issued a total of 5,577,120 new fully paid ordinary shares to Raglan Drilling at $0.025 per share in part payment for drilling services provided at Butchers Creek, this arrangement has now been completed. The Company also added to its cash reserves during the year with a number of transactions including divestments of the non-core nickel interests at Munda (M15/97) and Mt Edwards exploration camp and associated assets to Auric Mining Ltd which delivered total aggregate proceeds of $2.07m with a further $0.5m to be received by 1 December 2025 following completion of that transaction. As at 30 June 2025, WIN held $2.34m cash at bank. Competent Person’s Statement The information in this report that relates to exploration results is based on and fairly represents information and supporting documentation compiled by Mr William Stewart, who is a full-time employee of WIN Metals Ltd. Mr Stewart is a member of the Australian Institute of Metallurgy and Mining (member no 224335) and Australian Institute of Geoscientist (member no 4982). Mr Stewart has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Stewart consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Disclaimer The information in this report that relates to Mineral Resource Estimates and exploration results for the Mt Edwards nickel and lithium and Butchers Creek gold Projects are extracted from the ASX Announcements as noted, which are also available on the Company’s website at www.winmetals.com.au Compliance Statement The Company confirms it is not aware of any new information or data that materially affects the information included in the original market announcement(s), and in the case of estimates of Mineral Resources that all material assumptions and technical parameters underpinning the estimates in the relevant announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original announcement. Forward Looking Statement Caution regarding Forward Looking Information. This document contains forward looking statements concerning WIN Metals Ltd. Forward looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward looking statements as a result of a variety of risks, uncertainties and other factors. Forward looking statements in this document are based on WIN's beliefs, opinions and estimates as of the dates the forward looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions or estimates should change or to reflect other future developments. 12 WIN Metals Ltd (formerly Widgie Nickel Limited) Directors Report Directors’ Report The directors of WIN Metals Ltd submit their report for the year ended 30 June 2025. The names and particulars of the directors of the Company during or since the end of the financial period are: Current Directors Name Particulars Andrew Parker Non-executive Chairman (Independent) Andrew holds a Bachelor of Laws (LLB) degree from the University of Western Australia and has significant experience in the exploration and mining industry and a wealth of expertise in corporate advisory, strategic consultancy and capital raisings. Andrew previously held various senior management roles, such as Director of Stadia Capital and co-founder of Trident Capital Pty Ltd, a corporate advisory and venture capital firm where he held the position of Managing Director until 2008. In both instances Mr Parker was the Responsible Manager under the relevant AFSL. He has also held senior legal roles, such as General Counsel of previously ASX listed B Digital Ltd, Senior Associate of Price Sierakowski and Senior Associate of Summers Partners. Appointed: 1 July 2021 Directorships of other listed companies current and in the last 3 years: Nonexecutive Director of ASX listed Boab Metals Limited (ASX: BML) since October 2009. Steve Norregaard Managing Director & Chief Executive Officer Steve is a Mining Engineer with a successful track record in heading the development of base and precious metals mining projects, including nickel projects, encompassing the early exploration through to ensuring sustained commercial production. Steve is an experienced resources industry executive, company director with over 30 years of experience. Former roles include MD of ASX listed RED 5 Limited and Tectonic Resources Ltd, Director of Operations with Westgold Resources Ltd and Chief Operating Officer of TSX listed Trelawney Mining and Exploration. Mr Norregaard is a member of the Australian Institute of Mining and Metallurgy. Appointed: 1 July 2021 Directorships of other listed companies current and in the last 3 years: None. Scott Perry Non-executive Director (Independent) Scott is a graduate of the Australian Institute of Company Directors, has a Bachelor of Engineering (Process Engineering) from the Western Australian School of Mines and more than 25 years’ experience in commercial, mining, and process engineering roles. This includes over 10 years’ experience with BHP Nickel West Pty Ltd. Scott is currently a Director of Process Engineering Australia Pty Ltd, an engineering, commercial and marketing consulting business focused in the mining, industrial chemicals and agricultural sectors. He is also a board member of Pollinators Inc, a member-based social enterprise, which uses a mix of earned revenue and grant 13 WIN Metals Ltd (formerly Widgie Nickel Limited) Directors Report funding to achieve a social mission to grow innovative regional communities while remaining financially resilient. Appointed: 1 July 2021 Directorships of other listed companies current and in the last 3 years: None. Felicity Repacholi Non-executive Director (Independent) Felicity adds a strong geological background to the Board’s composition, with over 20 years of experience as a geologist, manager and consultant within the field of mineral exploration and resource development. Ms Repacholi also possesses significant directorship experience at ASX-listed resources companies. Appointed: 1 July 2021 Directorships of other listed companies current and in the last 3 years: Managing Director of Recharge Metals Limited (ASX: REC) since March 2023, having previously served as a Non-Executive Director from February 2021. Non-Executive Chair of Mamba Exploration Limited (ASX: M24) in September 2024, after joining the board as a Non-Executive Director in July 2023. Formerly a Director of Indiana Resources Limited (ASX: IDA) from June 2021 to October 2022. Company Secretary Graeme Scott Chief Financial Officer and Company Secretary Graeme is a fellow of the Association of Chartered Certified Accountants (UK) (ACCA) and has worked in both Australia and the United Kingdom. Graeme has more than 15 years experience working as CFO in the resources sector and has specific expertise as a dual CFO and Company Secretary for both ASX and TSX listed companies. As CFO and Company Secretary Graeme has played a critical role in assisting guide a number of companies projects through from the exploration stage to completion of definitive feasibility studies. Appointed: 1 July 2021 Review of operations A detailed review of the Company’s operations during the financial year can be found on pages 1 to 12 of this Financial Report. Operating results The consolidated loss after income tax for the year attributable to members of WIN Metals Ltd was $33.769 million (2024: $2.300 million). Changes in state of affairs On 1 July 2024 the Company held a General Meeting of Shareholders at which the change of company name was approved to WIN Metals Ltd, a name that more accurately reflects the Company’s current activities and mineral endowment including Gold, Lithium, PGEs as well as Nickel. During the financial year the Company completed its pivot to gold with completion of the acquisition of the Butchers Creek Gold Project. The Company has been extremely active at the Project with it’s maiden drill program returning some impressive gold intercepts leading to the release of an updated MRE, whilst field reconnaissance 14 WIN Metals Ltd (formerly Widgie Nickel Limited) Directors Report activities continue to demonstrate the tenures high prospectivity with a number of compelling exploration targets taking shape. Further details of the exploration programs carried out during the year are described in the Operation Review above. The refocus of the Company towards gold had been prompted by the sustained downturn in the nickel and lithium commodity prices over the prior 18 months and commensurate reduced investor appetite to these commodities which remains evident today. Importantly the Company has sought to preserve the substantial investment and progress the Company had made in advancing its nickel and lithium assets towards development which culminated in the release its Mt Edwards Nickel Project Scoping Study in March 2024. The Company believes this Project retains significant inherent and strategic value and provides optionality when market conditions for these commodities improves. The Company raised further funding to progress its activities, including completing the Butchers Creek acquisition, as follows: • • • In October 2024 completion of a Placement to raise $3.6m (before costs) by issue of 144,000,000 new fully paid ordinary shares at $0.025 per share along with 71,999,989 unlisted options. The options have an exercise price of $0.044 per share and an expiry date of 30 April 2026. An additional 12,960,000 options, on the same terms, have been issued to the Joint Lead Managers to the Placement. November 2024 at completion of the Butchers Creek acquisition 70,000,000 new fully paid ordinary shares were issued to Meteoric Resources NL at a deeme