Announcement PDF ASX: WIN Critical Minerals for a Cleaner Future August 2024 WINMETALS.COM.AU 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 offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to securities in the Company. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation. Summary information This presentation may not be reproduced, redistributed or passed on, directly or indirectly, to any other person, or published, in whole or in part, for any purpose without the prior written approval of WIN Metals Limited . The material contained in this presentation is for information purposes only. This presentation is not an offer or invitation for subscription or purchase of, or a recommendation in relation to, securities in the Company and neither this presentation nor anything contained in it shall form the basis of any contract or commitment. This presentation may not be distributed or released in the United States. Securities may not be offered or sold in the United States unless such securities are registered under the U.S. Securities Act of 1933, as amended (“U.S. Securities Act”) or in a transaction exempt from, or not subject to, the registration requirements of the U.S. Securities Act and any other applicable securities laws. Each institution or person that reviews this presentation will be deemed to represent that each such institution or person is not in the United States. The distribution of this presentation may be restricted by law. Persons who come into possession of this presentation should seek advice and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable securities laws. Not financial product advice No liability This presentation has been prepared by WIN Metals Limited based on information currently available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. Recipients should carry out their own investigations and analysis of the Company and verify the accuracy, reliability and completeness of the information contained in this presentation or any other form of communication to which the recipient is permitted access in the course of evaluating any investment in the Company. To the maximum extent permitted by law, none of WIN Metals Limited or its subsidiaries or affiliates or the directors, employees, agents, representatives or advisers of any such party, nor any other person accepts any liability for any loss arising from the use of or reliance on this presentation or its contents or otherwise arising in connection with it, including without limitation, any liability arising from fault or negligence on the part of WIN Metals Limited or its subsidiaries or affiliates or the directors, employees, agents, representatives or advisers of any such party. Financial data All figures in the presentation are Australian dollars ($ or A$) unless stated otherwise. A number of figures, amounts, percentages, estimates, calculations of value and fractions in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation. Reliance should not be placed on the information or opinions contained in this presentation. This presentation is for information purposes only and is not financial product or investment advice, nor a recommendation to acquire securities in the Company (or any interest in Company securities). It has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making any investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek legal and taxation advice appropriate to their jurisdiction. Photographs and diagrams Past performance Compliance Statement Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as an indication of (and gives no guidance as to) future performance. Forward-looking information This presentation contains certain forward-looking statements with respect to the operations and business of the Company and certain plans and objectives of the management of the Company. Forward looking statements include those containing such words as "anticipate", "estimates", "forecasts", "should", "could", "may", "intends", "will", "expects", "plans" or similar expressions. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a range of variables and changes in underlying assumptions which could cause actual results or trends to differ materially. WIN Metals Limited does not make any representation or warranty as to the accuracy of such statements or assumptions. ASX: WIN Photographs and diagrams in the presentation are for illustration purposes only and should not be interpreted to mean that any person shown in them endorses this presentation or its contents or that the assets shown in them are owned by WIN Metals Limited. Diagrams and maps used in this presentation are illustrative only and may not be drawn to scale. Unless otherwise stated, all data contained in charts, graphs and tables is based on information available as at the date of this presentation. The information in this presentation that relates to estimates of nickel Mineral Resources for the Mt Edwards Project has been extracted from the Company’s ASX Announcements, with the most recent statement from the announcement titled “Munda Agreement with Auric Mining Ltd yields $1.2m+ for WIN” dated 23 July 2024. The information in this presentation that relates to estimates of lithium Mineral Resources for the Mt Edwards Project has been extracted from the Company’s ASX Announcement titled “375% Growth in Faraday-Trainline Lithium Mineral Resource” dated 8 November 2023. The information in this presentation relating to the Nickel Scoping Study has been extracted from the Company’s ASX Announcement of the 7 March 2024 titled “Standalone Mt Edwards Project Scoping Study” The information in this presentation that relates to exploration and evaluation results for the Mt Edwards Project have been extracted from the Company’s previous ASX Announcements as referenced in this Presentation. Copies of these announcements are also available on the Company’s website at www.widgienickel.com.au WIN Metals Limited confirms that it is not aware of any new information or data that materially affects the information included in the ASX market announcements, and in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant ASX market announcements continue to apply and have not materially changed. WIN Metals Limited confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the relevant ASX market announcements. 2 Developing WA Nickel and Lithium 240km2 granted mining leases covering the highly prolific Widgiemooltha Dome, with exposure to two critical minerals. Mt Edwards Nickel Project Significant resource, upgraded through drilling now subject to Scoping Study contemplating development of standalone concentrator. Faraday-Trainline Lithium Project Shovel ready project with upside potential. Potential to provide financial optionality when lithium pricing recovers. Met testing to confirm development pathway. Mineral Resources Mt Marion Lithium Operation: MIN ASX Announcements 22/09/2023: Mineral Resources and Ore Reserve Update, 21/02/2024 Mt Marion underground Mineral Resource Update Develop Dome North Deposit MRE: ESS ASX Announcement 22/12/2022: Dome North Mineral Resource Estimate Upgrade Mineral Resources Bald Hill Lithium Mine: TAW ASX Announcement 06/06/2018: Lithium Ore Reserve Increase at Bald Hill ASX: WIN 3 Battery Metals Outlook Lithium and nickel long-term market balances Current price environment remains challenging for both Lithium and Nickel, however long-term market imbalance remains ASX: WIN B e n c hmark M in eral In te lligence, L ith ium, N ic ke l an d Cobalt F or e casts, Q2 2 0 2 3 4 240km2 WIN Strategic Portfolio Mt Edwards Nickel Project (100%) • MRE: 13.04Mt @ 1.45% for 188,160 tonnes Ni • 12 separate nickel sulphide deposits, subject to a program of ongoing upgrades on Widgie infill drilling. • Proven Nickel Production History. Tenure hosts 4 historical mines that have produced 31kt of nickel from 1980 to 2008, and 12 confirmed deposits on granted mining leases • Byproduct value to be unlocked: Cu, Co, Pd, Pt & Au. Faraday-Trainline Lithium Project (100%) • Lithium discovery October 2022. • Faraday-Trainline MRE: 1.96Mt @ 0.69% Li2O • High grade near surface zone of 373kt @1.00% Li2O • Measured & Indicated 1.57Mt @ 0.71% Li2O • Expansion potential: open along strike and down dip. • Fully permitted, ready to start digging. Mineral Resources Mt Marion Lithium Operation: MIN ASX Announcements 22/09/2023: Mineral Resources and Ore Reserve Update, 21/02/2024 Mt Marion underground Mineral Resource Update Develop Dome North Deposit MRE: ESS ASX Announcement 22/12/2022: Dome North Mineral Resource Estimate Upgrade Mineral Resources Bald Hill Lithium Mine: TAW ASX Announcement 06/06/2018: Lithium Ore Reserve Increase at Bald Hill ASX: WIN 5 Mt Edwards Nickel Project 12 Separate Nickel Deposits Positioned to Drive Value • Unique occurrence of 12 deposits on 15 km of prospective strike. • Strategically significant resource in a region of numerous small deposits Mt Edwards Project with highly fragmented ownership. • WIN has drilled 106,000m to expand and improve resource base since listing. Indicated TOTAL Resources Inferred Deposit Tonne (kt) Nickel (%) Tonne (kt) Nickel (%) Tonne (kt) Nickel (%) Nickel Tonnes Gillett 2,267 1.35 871 1.16 3,138 1.30 40,770 Widgie 3 Widgie Townsite 512 1,649 1.34 1.60 222 853 1.95 1.38 734 2,502 1.53 1.53 11,200 38,260 Armstrong 949 1.45 10 1.04 959 1.44 13,820 132N 34 2.9 426 1.90 460 2.00 9,050 Munda 381 1.91 508 1.91 7,260 Cooke 154 1.30 154 1.30 2,003 Inco Boundary 464 1.20 464 1.20 5,590 McEwen 1,133 1.35 1,133 1.35 15,340 McEwen Hangingwall 1,916 1.36 1,916 1.36 26,110 Mt Edwards 26N 871 1.43 871 1.43 12,400 Zabel 272 1.9 53 2.04 325 1.96 6,360 TOTAL 5,693 1.48 7,355 1.42 13,038 1.45 188,160 Munda 7,260t Ni Above a 1% Ni cut-off, except Widgie 3, Gillett, Widgie Townsite and Armstrong, reported at 0.7% Ni cut-off ASX: WIN 6 Mt Edwards Nickel Project Standalone Nickel Concentrator Contemplated in Scoping Study ASX: WIN Significant cost efficiencies due to economies of scale Plant customised to WIN Ores to maximise value First optional step towards vertical integration Increased payability via access to multiple customers. Customised product. Minimised owner costs (transport, milling) Exploration upside potential – increase scale and confidence 7 Mt Edwards Nickel Project Mt Edwards Nickel Project Scoping Study Key Outcomes Free Cash Flow Total Net Revenue Total Capital Costs $402m $1.65bn $433m Unit Operating Costs (C1) Unit All in Sustaining Costs Pre-Production Capex $161.01/t $195.92/t $257m NPV IRR Production Life $197.4m 22.9% 6 years ASX announcement – 7/03/2024 Standalone Mt Edwards Project Scoping Study. Study assumes base case Ni price $24,000/t US @ exchange rate of 0.65USD/AUD ASX: WIN 8 Mt Edwards Nickel Project Mining Sequence Demonstrates High Rates of Extraction Bottom-up mining approach with backfill to maximise ore extraction and minimise dilution Mining to occur at shallow depths, low capex, good ground conditions and low water ingress make for cost effective productive mining Production target- 5.05Mt @1.56% Widgie 3 Deposit Stoping Sequence Estimated production target: 536kt @ 1.55% Ni ASX: WIN Long Section Facing East Showing Widgie 3 Mining Sequence North 250m South 9 Mt Edwards Nickel Project Flowsheet Configuration Mt Edwards Nickel Concentrator Flowsheet - 800,000tpa producing 10,380t Ni pa over 6 years in 103,000t concentrate pa. ASX: WIN 10 Mt Edwards Nickel Project Mt Edwards Nickel Project: The Opportunity Capital and operating cost reduction through potential expansion of output and/or mine life, economies of scale and second hand capex ASX: WIN Mine life extension and Resource Growth 7 additional deposits to consider & mineralisation remains open Mining Costs may be reduced through competitive tender process or achievement of higher development rates Metallurgical testwork and process improvements to further enhance outcomes Product payability and offtake. Customised concentrate specification can attract a premium, potential for green premium Permitting and approvals process to start now, to avoid delays seen elsewhere in WA Downstream processing to be evaluated, potential to reduce ex mine gate costs and further increase payabilities 11 Faraday-Trainline Lithium Project Faraday-Trainline Offers Development Optionality • Shovel ready - Mining approvals granted (located on Mining Lease M15/102) • Flowsheet development testwork has achieved 81.0% lithium recovery to a 6.3% Li2O flotation concentrate*. Repeatability testing on foot. • PFS in progress to confirm appropriate development pathway • Lithium drill investment since Faraday discovery - 18,000m Deposit Faraday Trainline Total Classification Tonnes (t) Li2O (%) Fe (%) Li2O (t) Measured 550,000 0.75 1.24 4,100 Indicated 250,000 0.66 1.73 1,600 Inferred 220,000 0.61 2.22 1,400 Sub-total 1,020,000 0.70 1.57 7,100 Measured - - - - Indicated 780,000 0.69 1.59 5,300 Inferred 160,000 0.63 1.66 1,000 Sub Total 940,000 0.68 1.60 6,300 Measured 550,000 0.75 1.24 4,100 Indicated 1,020,000 0.68 1.62 7,000 Inferred 390,000 0.62 1.98 2,400 Total 1,960,000 0.69 1.59 13,500 Faraday and Trainline Drill Density (red drill collars) with MRE block model ASX announcement 8/11/2023 – 375% Mineral Resource Growth at Faraday-Trainline Lithium Project ASX announcement – 2/08/2023 Faraday Metallurgical Testwork- Excellent Flotation Response November 2023 Lithium MRE by classification* ASX: WIN 12 Lithium Expansion Potential High grade expansion potential Farson, Gemini, Atomic 3 & Voyager • • New search area (Farson)-Visible spodumene supported by high grade rock chip samples including: • 2.52% Li2O , 1.53% Li2O, 1.31% Li2O, &1.28% Li2O Farson • 1.87% Li2O & 1.69% Li2O Gemini • 4.11% Li2O & 2.91% Li2O Atomic 3 • 3.29% Li2O & 2.41% Li2O Voyager Gemini to Voyager Lithium trend is a series of lithium bearing pegmatite dyke swarms. Potential for substantial feeder system. Pegmatite samples from Farson showing red-orange spodumene under UV light ASX: WIN Pegmatite samples from Gemini showing Coarse green spodumene crystals ASX Announcement – 12/02/2024 – High grade lithium discovery at Farson ASX Announcement- 27/2/2024- New Gemini Lithium Prospect Extends Lithium trend to 1.2km 13 WIN is Unlocking Significant Value across two in-demand Critical Minerals in a Tier 1 Mining Jurisdiction Lithium optionality Established shovel ready resource on granted mining lease. Nickel & Lithium Projects Permitting/PFS to come, as sentiment turns positive Growth opportunity Further Lithium & Nickel Resource upside Shareholder value is key Preserving value in current assets, and unlocking value through diversification Key Dates Ahead: ASX: WIN 2024 Lithium exploration Lithium Feasibility Study 2025 Downstream options Nickel PFS 14 Corporate Summary WIN ASX $0.024c Share Price 31 July 2024 Major Shareholders Market Cap $1.7M Cash 30 June 2024 44.1M Total Options and PRs on Issue 319.1M Shares on Issue Board & Management Andrew Parker Non-Executive Chair Steve Norregaard Managing Director & CEO Corporate Advisory & Law Mining Engineer Felicity Repacholi Non-Executive Director Scott Perry Non-Executive Director 4.35% Exploration and Development Geologist Process Engineer 39.36% Graeme Scott Company Secretary & CFO Will Stewart Geology Manager Virtue Investments Corp 9.23% Farjoy 4.74% D Reed TOP 20 ASX: WIN $7.7M 15 Mt Edwards Nickel Project Social Critical Minerals Project GHG Emissions Eligible for Federal government support, Critical Minerals funding, US reciprocity Low Nickel tonnes intensity Scope 1: 1.74t CO2e /t Scope 2: 4.5 t CO2e /t ESG CREDENTIALS Downstream strategy is key to reducing third party emissions Heritage and Native Title Agreements in place Regular surveys and consultations Zero major health and safety incidents in FY23 Zero regulatory or compliance breaches in FY23 Scope 3 Emissions Environmental Onsite processing of nickel sulphate Battery and solar in camp Production of battery precursor material NCM No rare species or environmentally sensitive areas 100% rehabilitation of disturbed land ASX: WIN 16 Level 4, 220 St Georges Tce, Perth, WA 6000 +61 8 63817250 info@winmetals.com.au ASX: WIN WINMETALS.COM.AU ASX: WIN WIDGIENICKEL.COM.AU 17 Appendix: Key Nickel Scoping Study Outcomes PARAMETER UNIT PROJECT TOTAL KEY ASSUMPTIONS PARAMETER UNIT PROJECT TOTAL FINANCIALS Nickel Price US$/tonne 24,000 Total Operating Costs AUD$ 812,719,828 Diesel Price US$/litre 1.20 Total Capital Costs AUD$ 433,227,055 Exchange Rate AUD:USD 0.65 Pre Production Capex AUD$ 257,029,982 Discount Rate % 8.0 Max Negative Cashflow (Month 16) AUD$ -269,209,468 Concentrator Nickel Recovery (Ni) % 79.0 Total Past Mine Gate Costs AUD$ 230,232,929 Offtake Nickel Payability % 80.0 (Con Transport, Offtake, Royalties) Unit Power Cost AUD$/kWhr 0.20 Total Net Revenue (Minus Past Mine Gate Costs) AUD$ 1,647,956,772 Total Concentrate Transport Costs AUD$/wmt 110.97 Total Cumulative Cashflow (Pre Tax) AUD$ 402,009,886 Discounted Cashflow (@ 8%) - NPV8 AUD$ 197,378,393 % 22.9 Unit Operating Costs (C1) AUD$/t milled 161.01 Unit Mining Operating Costs (Inc Power) AUD$/t mined 97.16 Unit Milling Operating Costs (Inc Power) AUD$/t milled 33.98 Unit All in Sustaining Costs AUD$/t milled 195.92 Unit All in Costs AUD$/t milled 246.84 Unit Nickel Operating Production Cost (Excluded Past Mine Gate Costs) US$/lb in Con 3.67 AUD$/t in Con 12,432 Comparative C1 Nickel Production Cost US$/lb Payable 5.39 PRODUCTION Life of Mine Months 94 Total Ore Mined Tonnes 5,047,555 Total Jumbo Development metres 48,734 Total Truck Material Movement tkm 19,171,620 Total Ore Milled dmt 5,047,555 Average Feed Grade % Ni 1.56 Concentrate Produced dmt 616,668 Concentrate Grade % Ni 10.1 Contained Nickel Tonnes 62,283 Internal Rate of Return UNIT COSTS ASX announcement 07/03/2024 – Standalone Mt Edwards Project Scoping Study Highlights Nickel Potential ASX: WIN 18