Announcement PDF ASX Announcement ASX:WIN 23 September 2025 RADIO DRILLING COMMENCES AND BUTCHERS CREEK GOLD SCOPING STUDY ADVANCING Project Updates – maiden RC exploration and resource drill program underway at the high-grade Radio Gold Mine whilst scoping study evaluation work at Butchers Creek continues in parallel at pace. • • • RC drilling is now underway at the Radio Gold Project: unlocking new exploration and development targets 9,000 metres of drilling planned to expand near-surface open pit resources and depth extensions at the main Radio mine: driving resource growth Butchers Creek Scoping Study in full swing: study advancing rapidly towards completion WIN Metals Ltd (ASX: WIN) is pleased to announce that with Program of Work (PoW) approvals secured, Reverse Circulation (RC) drilling is underway at the Radio Gold Project. Challenge Drilling mobilised to site on 17 September 2025 to commence a 9,000m drilling campaign targeting near-surface open pit potential at Radio, Radio Repeater and Radio South, as well as testing down-dip extensions of the main Radio deposit for resource growth. WIN’s technical team has been onsite for the past month finalising operational logistics, establishing the Bullfinch Tavern for worker accommodation and conducting surface sampling of ore stockpiles and historic tailings to assess potential gold endowment. The seven-week drill program is designed to facilitate an updated mineral resource for Radio, maiden resources at Radio Repeater and Radio South which will underpin studies aimed at near-term project development and potential early cashflow. In parallel, WIN has been progressing the Butchers Creek Scoping Study, with open pit and underground mine designs and processing plant design completed, with scheduling and costing nearing completion. The Company expects to provide a further update on the Butchers Creek Gold Project in the near future. ABN 77 648 687 094 Level 4, 220 St Georges Tce Perth, WA 6000 PO BOX 7713 Cloisters Square WA 6850 T: +61 8 6381 7250 F: +61 8 6381 7299 info@winmetals.com.au www.winmetals.com.au ASX:WIN 1 Radio Drilling Commences and Butchers Creek Gold Scoping Study Advancing 23 September 2025 WIN Metals Managing Director and CEO, Mr Steve Norregaard, commented: “WIN Metals is excited to announce drilling is now in full swing at the Radio Gold Project, with 9,000 metres underway aimed at further defining known gold occurrences and expanding existing resources. These efforts should put WIN in prime position to deliver early mining cashflow. Meanwhile work on the Butchers Creek Scoping Study is nearing completion, with results expected to be released prior to year end. With our active gold projects now a clear focus and retaining nickel and lithium optionality, WIN continues to strive to turn exploration into production and in turn value for shareholders.” Figure 1: Location of Radio Gold Project ABN 77 648 687 094 Level 4, 220 St Georges Tce Perth, WA 6000 PO BOX 7713 Cloisters Square WA 6850 T: +61 8 6381 7250 F: +61 8 6381 7299 info@winmetals.com.au www.winmetals.com.au ASX:WIN 2 Radio Drilling Commences and Butchers Creek Gold Scoping Study Advancing 23 September 2025 ABN 77 648 687 094 Level 4, 220 St Georges Tce Perth, WA 6000 PO BOX 7713 Cloisters Square WA 6850 T: +61 8 6381 7250 F: +61 8 6381 7299 info@winmetals.com.au www.winmetals.com.au ASX:WIN 3 Radio Drilling Commences and Butchers Creek Gold Scoping Study Advancing 23 September 2025 Figure 2: Drilling underway at Radio Approved by: The Board of Directors -ENDSFor further details please contact: Steve Norregaard Managing Director WIN Metals Ltd steve@winmetals.com.au 0472 621 529 ABN 77 648 687 094 Level 4, 220 St Georges Tce Perth, WA 6000 PO BOX 7713 Cloisters Square WA 6850 T: +61 8 6381 7250 F: +61 8 6381 7299 info@winmetals.com.au www.winmetals.com.au ASX:WIN 4 Radio Drilling Commences and Butchers Creek Gold Scoping Study Advancing 23 September 2025 About WIN Metals WIN Metals (ASX: WIN) is a mineral exploration company holding 350km2 of granted tenure in the Southern Goldfields and Kimberley regions of Western Australia. WIN possesses gold, nickel and lithium resources within the Company’s tenure. The Mt Edwards Nickel and Faraday-Trainline Lithium Projects are situated near Widgiemooltha, approximately 80km south of the regional centre of Kalgoorlie-Boulder and 30km south of Kambalda. The Mt Edwards Nickel Project is a collection of eleven (11) nickel deposits with a total mineral resource of 12.7Mt @ 1.43% Ni for 180,900t of contained nickel 1. The Faraday-Trainline Lithium Project is shovel-ready with an approved small mining proposal and a reported mineral resource of 1.96 Mt at 0.69% Li2O2. The Butchers Creek Gold Project is located 30km southeast of Halls Creek in the Kimberley region of Western Australia. It is a historic gold production centre hosting a global mineral resource of 5.6Mt at 1.98g/t Au for 359,000oz 3 of gold. Previous mining operations at Butchers Creek produced 52,000 ounces of gold between 1995 and 1997. WIN has conditionally agreed to acquire the Radio Gold Mine, which is located 8km north of Bullfinch, approximately 40km northwest of Southern Cross and about 400km east of Perth in the Yilgarn region of Western Australia. Table 1: WIN Metals Butchers Creek Gold Mineral Resource Estimates Deposit Last Update Butchers Creek Apr-25 Golden Crown Jun-21 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 Total 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. Table 2: WIN Metals Mt Edwards Nickel Mineral Resource Estimates Indicated Inferred TOTAL Resources Deposit 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 ASX:WIN “Sale of non-core assets yield $1.4M for WIN to advance gold Assets” Released 1 July 2025 ASX:WIN “375% Growth in Faraday-Trainline Lithium Mineral Resource” Released 8 November 2023 3 ASX:WIN “WIN advances Butchers Creek towards development following resource update” Released 16 April 2025 1 2 ABN 77 648 687 094 Level 4, 220 St Georges Tce Perth, WA 6000 PO BOX 7713 Cloisters Square WA 6850 T: +61 8 6381 7250 F: +61 8 6381 7299 info@winmetals.com.au www.winmetals.com.au ASX:WIN 5 Radio Drilling Commences and Butchers Creek Gold Scoping Study Advancing 23 September 2025 Indicated Deposit Tonne (Mt) Inferred Nickel (%) TOTAL Resources Tonne (Mt) Nickel (%) Tonne (Mt) Nickel (%) Nickel Tonnes 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. Table 3: WIN Metals Mt Edwards Lithium Mineral Resource Estimates Measured Indicated Inferred TOTAL Resources Deposit 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. Summary Information This announcement should be read in conjunction with WIN and other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.asx.com.au and available on WIN’s website at www.winmetals.com.au. Table 4: Reference of Documents included in this Announcement Number Announcement Date Company Announcement Title 1 1-Jul-25 WIN Sale of non-core assets yield $1.4M for WIN to advance gold Assets 2 8-Nov-23 WIN 375% Growth in Faraday-Trainline Lithium Mineral Resource 3 16-Apr-25 WIN WIN advances Butchers Creek towards development following resource update 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 Statements This announcement includes forward-looking statements that are only predictions and are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the ABN 77 648 687 094 Level 4, 220 St Georges Tce Perth, WA 6000 PO BOX 7713 Cloisters Square WA 6850 T: +61 8 6381 7250 F: +61 8 6381 7299 info@winmetals.com.au www.winmetals.com.au ASX:WIN 6 Radio Drilling Commences and Butchers Creek Gold Scoping Study Advancing 23 September 2025 control of WIN Metals Ltd, the directors and the Company’s management. Such forward-looking statements are not guarantees of future performance. Examples of forward-looking statements used in this announcement include use of the words ‘may’, ‘could’, ‘believes’, ’estimates’, ‘targets’, ’expects’, or ‘intend’ and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on several assumptions regarding future events and actions that, as at the date of announcement, are expected to take place. Actual values, results, interpretations or events may be materially different to those expressed or implied in this announcement. Given these uncertainties, recipients are cautioned not to place reliance on forwardlooking statements in the announcement as they speak only at the date of issue of this announcement. Subject to any continuing obligations under applicable law and the ASX Listing Rules, WIN Metals Ltd does not undertake any obligation to update or revise any information or any of the forward-looking statements in this announcement or any changes in events, conditions or circumstances on which any such forward-looking statement is based. ABN 77 648 687 094 Level 4, 220 St Georges Tce Perth, WA 6000 PO BOX 7713 Cloisters Square WA 6850 T: +61 8 6381 7250 F: +61 8 6381 7299 info@winmetals.com.au www.winmetals.com.au ASX:WIN 7