Announcement PDF ASX:WIN winmetals.com.au A Golden opportunity 7 May 2025 - RIU Sydney Resources Round Up Important Notice and Disclaimer 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 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. Past performance 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. 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. Photographs and diagrams 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. Compliance Statement The information in this presentation that relates to estimates of Gold Mineral Resources for the Butchers Creek Project has been extracted from the Company’s ASX Announcement titled “WIN advances Butchers Creek development with resource update” dated 16 April 2025. 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 Announcement titled “Munda Agreement with Auric Mining Ltd yields $1.2m+ for WIN (Updated)” 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 Butchers Creek and Mt Edwards Projects 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.winmetals.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. WIN METALS 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. 2 Corporate Overview 550.1M $0.022c $12.1M Shares on Issue $1.97M Share Price Market Cap 174.5M Cash Total Options on Issue 1 May 2025 1 May 2025 1 May 2025 31 March 2025 Share price 0.35 0.30 14,000,000 Gold up 25% 12,000,000 10,000,000 0.20 Volume 8,000,000 0.15 6,000,000 0.10 0.05 0.00 4,000,000 2,000,000 WIN METALS Price ($A/Share) 0.25 16,000,000 0 3 High-grade Butchers Creek Gold Project acquisition transformational for WIN shareholders Maiden drill campaign strengthens resource position paves way to evaluate commercial options Attractive Butchers Creek acquisition terms equal to A$8/oz Resource1 with considerable growth Portfolio optionality with constant inbound interest for WIN nickel and lithium portfolio Greenfields Exploration potential and resource growth opportunity apparent WIN METALS East Kimberley, Western Australia- Golden opportunity in Western Australia 4 1 Excludes any deferred consideration payable upon entering production The Team Board of Directors/Management Andrew Parker - Chairman Lawyer Steve Norregaard - MD & CEO Mining Engineer Felicity Repacholi - Non-Executive Director Geologist Graeme Scott - CFO/Company Secretary Accountant WIN METALS Scott Perry - Non-Executive Director Process Engineer Will Stewart - Geology Manager 5 Butchers Creek: Background • Halls Creek region was the site of the first gold rush in Western Australia mid 1880’s. • Butchers Creek located 30km south-east of Halls Creek in the Kimberley region of Western Australia. • Total gold production from the Butchers Creek open pit from 1995-1997 of 761,000t @ 2.09g/t Au for 52,000oz of gold produced, the operation closed due to low gold price. • Historic owners conducting exploration drilling include Northern Star (ASX:NST) in 2004-2007 and Meteoric Resources (ASX:MEI) from 2020-2022. WIN last program 2024. WIN METALS • Accessible via the partially sealed Duncan Road that connects the project to the town of Halls Creek and the sealed Great Northern Highway. 6 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 • Updated Mineral Resource Estimate: Butchers Creek Gold Mineral Resource revised to 5.23Mt @ 1.91g/t au for 321,000oz of gold1 • Significant Increase in Indicated Resource: Indicated category up by 86% to 3.58Mt @ 2.24g/t Au for 258,000oz of gold • Project De-Risked: Update Mineral Resource significantly enhances confidence for future Economic Evaluation • Growth Focused 2025 Drill Program: Planned drilling to target high priority, high grade resources growth targets, including Golden Crown (currently 0.4Mt @ 3.1g/t Au of inferred Mineral Resources) with recent extensional drilling returning 6m @ 10.85g/t Au2 • Heritage survey complete: Field survey complete with final report due in late May 2025 ahead of proposed July drill program WIN METALS Butchers Creek Gold Project: Mineral Resource Overview 1 ASX Ann - 16 Apr 2025 “WIN advances Butchers Creek towards development following resource update” 2 ASX Ann – 25 Nov 2024 “Golden Crown North Delivers High Grades and Growth Potential” 7  Extensional Drilling Success: Proof of concept drilling has successfully demonstrated the continuation of the mineralisation at Butchers Creek.  Significant Growth Opportunity: Unexplored zones indicate further resource potential beyond the current model.  Resource Enhancement with minimal spend to achieve 258,000oz of indicated resources.  Technical studies contemplating potential tolling and standalone processing options commenced. WIN METALS Butchers Creek Mineralisation- Confirmed, Expanded & still Open 8 Drilling Delivers High Grade Results - Down Plunge Potential Confirmed • Drilling confirms mineralisation remains open down plunge with the potential for resource growth • Strong coherent zones of gold mineralisation3 from first program reported including: 24BCRC002 66m @ 1.89g/t Au from 280m Incl. 17m @ 3.10g/t 24BCRC004 10m @ 2.54g/t Au from 368m Incl. 3m @ 5.70g/t 24BCRC015 98m @ 1.47g/t Au from 251m Incl. 13m @ 2.99g/t 24BCRC019 28m@ 2.90g/t Au from 291m Incl. 21m @ 3.54g/t 32m @ 2.65g/t Au from 231m Incl. 24m @ 3.37g/t Plan view of Butchers Creek with related drill section lines Step out success - 260m from 2021 resource drilling4 24BCRCD008 16.52m @ 2.10g/t Au from 447m WIN METALS 24BCRC021 Incl. 11m @ 3.01g/t 3 ASX Ann – 10 Dec 2024 “Thick High-Grade Gold Intersected in Butchers Creek Infill Drilling” 4 ASX Ann – 4 Feb 2025 “Butchers Creek Exploration Success- Step Out Drilling Unlocks Resource Potential” 9 Section lines A and B looking north-east Unique geometry, amenable to highly productive mechanized mining techniques due to the large widths Large widths= low dilution. High degree of mechanization = low cost. High OVMs=low capex/oz 1 ASX Ann – 10 December 2024 “Thick High-Grade Gold Intersected in Butchers Creek Infill Drilling”. WIN METALS Butchers Creek Resource Overview 10 Opportunities for development Indicated resource will now support mining studies for: Low strip ratio open pit ore tonnes that can be immediately accessed with potential toll treating milling option. Low working capital requirement Or Standalone onsite processing option to exploit the resource with: • Open pit evaluation to determine scope and full extent • Underground design to ensure maximum recovery is attained • Utilise existing disturbed footprint for all mining and processing activities that will minimise impact and permitting hurdles. Business as usual Deposit Mining Butchers Creek Resource Classification Tonnes (Mt) Au g/t Contained Gold (Oz) Indicated 1.5 1.99 96,000 Inferred 0.56 0.99 18,000 Indicated 2.08 2.42 162,000 Inferred 1.09 1.27 45,000 Total Indicated 3.58 2.24 258,000 Total Inferred 1.65 1.18 63,000 Total 5.23 1.91 321,000 Cut-Off Grade OP 0.5 UG 0.8 WIN METALS Butchers Creek resource is to provide the base load tonnage with satellite resources (Golden Crown) to give optionality and supplementary feed to Butchers Creek 11 Butchers Creek - Ready to dig in the short term • • • • Resource accessible in the current pit floor – Immediate source of ore Confirmation of the final open pit survey with April 2025 bathometric survey confirming no goodbye cuts = Low risk start up Southern end of pit has a 100m wide floor on granted mining lease M80/106 = Low working capital startup option Minimal in pit water (10m in the south) with dewatering license approved WIN METALS Butchers Creek open pit with block model shown 40m below current pit floor (left), southern section of pit looking north-west (right) with conceptual starter pit outline 12 April 2025 Bathometric survey Golden Crown – satellite deposit to test strike & depth extent • 2km of mineralised strike within syenite host unit • Shallow RC drilling planned to unlock open pit potential along strike 9,000m planned • Current Resource 38koz at 3.1g/t limited to a depth of 100m • BGP045 6.0m @ 44.0g/t from 14m • GCD010 2.0m @ 200.2g/t from 22m • GCP017 5.0m @ 70.5g/t from 9m • BGP121 5.0m @ 23.0g/t from 81m • BGP019 3.0m @ 18.0g/t from 6m • BGP008 3.0m @ 14.7g/t from 13m • BGP114 7.0m @ 5.5g/t from 64m • BGP067 7.0m @ 4.5g/t from 24m Recent Results6: 5 ASX Ann - 11 Sept 2024 “Butchers Creek Gold Project MRE and Exploration Results – Amended” 5 ASX Ann - 25 Nov 2024 “Golden Crown Delivers High Grade and Growth Potential” • 24BCRC014 6m @ 10.85g/t from 253m • 24BCRC012 5m @ 3.63g/t from 222m • 24BCRC013 2m @ 6.00g/t from130m WIN METALS Significant historical results include5: 13 Ganymede- Greenfields Target (EIS Co-funded) • Government EIS co-funding will facilitate drill testing of an Induced Polarisation (IP) anomaly to the east of Butchers Creek deposit • Ganymede has an equivalent geophysical signature to Butchers Creek gold deposit. Ganymede target has the potential to be a fold repeat of the Butchers Creek gold deposit WIN METALS • Drilling planned in the 2025 field season with PoW and Heritage Surveys complete 14 2025 Exploration and Resource Growth Programs – Butchers Creek Grassroots Development Advanced Recon, mapping, and sampling program RC exploration drilling Infill drilling, DD drilling MRE RC infill drilling to expand resource envelope and MRE Golden Crown Drilling along strike to confirm mineralisation Golden Crown Strike Syenite Targets: Ganymede EIS Approved Alluvial Targets: Rosie Flats, Nuggety Gully, Butchers Creek and Golden Crown. Greenfield Exploration: Ruby Queen North, Anomaly 8, Emjay, Sabre, and Oberon Drill ready IP and syenite targets to test Auger drill testing of alluvial targets Field Recon/ Mapping and Rock Chip Sampling April 2025 Heritage Survey Koongie Elvire and WIN team WIN METALS Prospect 15 WIN Metals EV comparison to Peers = Undervalued & primed for re-Rate Appendix 1: Peer Comparison Table ASX: WIN 16 Retaining Optionality and Preserving Latent Value 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, Scoping Study concluded contemplating development of standalone concentrator. Compelling at the right entry point ie Conc/NiSO4/pCAM Shovel ready project with upside potential. Potential to provide optionality when lithium pricing recovers. Met testing to confirm development pathway. Exploration potential remains. 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 WIN METALS Faraday-Trainline Lithium Project 17 WINMETALS.COM.AU +61 8 63817250 info@winmetals.com.au ASX: WIN WIN METALS Level 4, 220 St Georges Tce, Perth, WA 6000 18 Appendix 1- Peer Comparison Table ASX Ticker SPR GG8 MAU PDI BTR TCG FFM SMI AAR AZY MI6 WIA RXL MM8 GBR HRZ BGD AUC STN ODY MAT AUE WA8 PTN HRN WIN TRE GPR TAM AAM TOR NVA PRX 30/03/2025 30/4/2025- 1/5/2025 CASH MKT CAP EV 2670.00 256.16 36.32 279.03 9.23 390.19 77.62 947.13 230.40 7.03 388.20 26.39 59.08 459.56 55.36 382.40 223.75 22.29 39.64 306.85 6.01 263.60 33.84 259.01 17.07 219.40 7.09 110.11 4.25 55.50 6.00 121.99 6.97 102.89 183.83 14.88 114.13 4.54 21.57 1.19 3.09 49.10 12.45 84.75 7.86 82.29 79.00 108.07 1.90 65.90 1.97 11.55 7.16 61.82 34.20 73.20 19.33 41.13 13.10 22.35 0.98 25.89 13.08 106.59 6.35 1.92 Tonnes 2413.84 242.71 380.96 869.51 223.37 361.81 400.48 327.05 201.46 267.21 257.59 225.17 202.34 103.02 51.25 115.99 95.92 168.95 109.59 20.38 46.01 72.30 74.43 29.07 64.01 9.58 54.66 39.00 21.80 9.25 24.91 93.51 4.43 22.34 6.60 33.20 100.50 28.70 64.30 11.90 34.30 47.000 47.60 60.00 66.00 16.20 19.21 7.45 30.49 64.00 88.90 118.70 4.11 11.84 50.90 38.43 20.80 44.45 5.63 78.00 48.28 12.50 9.70 50.62 1102.00 20.20 Grade Oz 4.39 4.49 1.80 1.66 1.60 1.22 7.20 2.10 1.10 1.51 1.20 1.00 4.40 2.10 2.80 1.84 0.83 1.06 0.53 2.50 2.50 1.00 1.86 1.40 1.50 1.98 0.88 1.07 3.20 1.96 1.08 0.30 1.50 Sources of information: • Cash position @ 31/3/2025 from ASX Appendix 5B’s lodged • Mkt Cap- Market Index 30/4-1/5/2025 • Resources – as noted in Table “Source Doc” Measured Indicated Inferred Oz Oz Tonnes Grade Oz Tonnes Grade % M&I Tonnes Grade 8.400 3.07 13.960 5.17 2312800 73% 3,151,700 6.138 4.42 5.41 80027 0.460 8% 952,410 1.43 73% 21.800 2.01 1405338 11.300 1,923,062 2.28 83.700 1.54 4144000 16.800 77% 5,376,000 1.50 10.242 1.60 532000 17.019 2 94000 43% 1.464 1,457,000 1.22 1510000 25.800 60% 38.500 1.22 2,520,000 7.20 0% 11.90 2,800,000 1603000 69% 21.500 2.30 12.800 1.80 2,337,000 34.000 1.10 1178000 18.000 1.1 1622000 73% 32.200 1.59 1650000 15.400 1.35 71% 2,320,000 1.10 1400000 21.000 1.30 2,300,000 61% 39.000 0% 66.000 1.00 2,120,000 4.50 1561000 5.500 4.20 68% 10.700 2,300,000 12.110 2.00 790000 7.100 2.20 61% 1,290,000 340000 4.293 2.40 3.152 3.40 668,000 51% 935300 13.430 1.88 1.33 55900 15.750 1.85 55% 1.310 1,802,900 909000 33.200 0.75 53% 30.800 0.92 1,707,847 1.04 1067000 18.900 1.02 1.1 1352000 31.800 3,040,000 80% 38.100 1071000 50.600 0.54 0.55 85000 63.400 0.53 57% 4.700 2,030,000 3.08 15% 0.632 2.40 62000 3.480 407,000 2.70 352697 7.337 2.20 37295 4.063 42% 0.232 5 936,000 1,590,000 8% 3.900 1.00 125388 47.000 1.00 1.88 830000 21.017 1.75 3.710 2.43 290000 13.697 2301000 49% 10.800 1.30 52% 8.600 1.60 496000 955,000 28.193 1.48 1341510 16.257 1.51 2,137,000 63% 258000 2.050 1.53 359,000 72% 3.580 2.24 71.000 0.87 1990000 7.000 0.97 90% 2,200,000 0.98 1241000 6.490 0.98 2.250 3 217000 39.440 88% 1,663,000 1,286,030 2.000 3 190000 6.500 2.90 600000 4.200 3.80 61% 74% 6.211 2.25 450000 3.449 1.44 610,000 14.606 0.99 463200 36.012 1.11 1,750,000 26% 35% 1.400 4.1 180000 323.000 0.30 3250000 777.000 0.30 9,890,000 6.700 1.40 308000 13.5 1.50 945,000 33% EV/oz EV Rank 1 830000 $ 765.88 2 872383 $ 254.84 3 517724 $ 198.10 4 1231000 $ 161.74 5 832000 $ 153.31 6 1010000 $ 143.57 7 2800000 $ 143.03 8 734000 $ 139.94 9 444000 $ 124.21 10 670000 $ 115.18 11 900000 $ 112.00 12 2120000 $ 106.21 13 740000 $ 87.97 14 510000 $ 79.86 15 327000 $ 76.72 16 811600 $ 64.34 17 799000 $ 56.16 18 620000 $ 55.58 19 1071000 $ 53.99 20 345000 $ 50.07 21 518958 $ 49.16 1511085 $ 45.47 22 23 1181000 $ 32.35 24 457000 $ 30.44 789239 $ 29.95 25 26 101000 $ 26.69 27 210000 $ 24.85 28 205000 $ 23.45 500000 $ 16.95 29 160000 $ 15.16 30 31 1286800 $ 14.23 32 6460000 $ 9.46 33 636000 $ 4.69 Average $ 98.96 25% 24.73887 Source Doc 2/12/2024 Mineral Resource Statement Mar 2025 Quarterly April 2025 Future Facing Conference papers February 2025 BMO Conference Paper 2025 RIU Explorers Presentation Website Pickle Crow Resource- 4/5/2023 Ann 4/3/2025 ASX- MRE Review 10 April 2025 Resources Rising Stars Conference Minyari Dome-May 2025 Shaw & Partners Gold Conference 10 April 2025 Resources Rising Stars Conference ASX Ann 15 April 2025 Website-30 January 2024 Website- Feb 2023 April 2025 Investor presentation Website- 29 April 2025 Website February 2025 BMO Conference Paper Website- Feb 2025 ASX Ann15/2/204- 80% attributable Website March 2025 Non Deal Roadshow Presentation 19 Feb 2025 RIU Explorers Conference 3 July 2023 Website May 2023 Website ASX Ann- 16 April 2025 January 2025 Investor presentation Website- 13/8/2024 Website- 50% attributable Website 30 /5/2023 28 January 2025 Merger Presentation Website April 2023 Website 2024 MRE 19/8/2024 WIN METALS Stage Company Pre-feasibility Spartan Resource Gorilla Gold Resource Magnetic Predictive Discovery Pre- Feasibility Scoping Brightstar Turaco Gold Explorer FireFly Metals Explorer Santana Minerals Explorer Scoping Astral Resources Antipa Minerals Scoping Minerals 260 Explorer Explorer WIA Gold ROX Resources Pre-feasibility Pre- feasibility Medallion Metals Resource Great Boulder Horizon Minerals Pre-feasibility Barton Gold Scoping Pre- Feasibility Ausgold Saturn Metals Resource Explorer Odyssey Matsa Resources Resource Aurum Resources Explorer Warriedar Resources Resource Patronus Resources Resource Horizon Gold Resource WIN Metals Resource Toubani Resources Definitive Feasibility Geopacific Explorer Tanami Gold Explorer AuMEGA Explorer Torque Explorer Nova Minerals Definitive Feasibility Prodigy Gold Explorer 19