Announcement PDF 1 ASX Announcement ASX:WIN 24 August 2026 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 RADIO GOLD PROJECT RE-START STUDY Radio Re-Start study outlines a low- capital pathway to gold production by developing a standalone gold operation based on an initial integrated open-pit and underground operation while establishing a platform for potential regional growth. Managing Director’s Commentary WIN Metals Managing Director and CEO, Mr Steve Norregaard, commented: “Within 12 months of acquiring Radio 1 , WIN has completed a Study that outlines a clear, staged pathway toward gold production. The Project’s existing underground development, site infrastructure and secured processing equipment materially reduce the required new-build scope and support a peak pre-finance funding requirement of approximately A$19 million. “At the Study gold-price assumption of A$6,000/oz, the base case is forecast to deliver an A$18 million pre-tax NPV8, an 84% pre-tax project IRR, A$23 million of undiscounted pre-tax project cash flow and payback 11 months from first gold. These are compelling outcomes for an initial operation based solely on the production target and assumptions disclosed in this announcement. “Importantly, the Study does not include potential extensions at Radio and Repeater, the Princess Royal hard-rock opportunity, other regional deposits or third-party feed. Subject to the remaining approvals, financing and a final investment decision, Radio has the potential to establish WIN as a gold producer and provide a platform for disciplined regional growth.” Cautionary Statement The Re-Start Study (“Study”) referred to in this announcement has been undertaken by WIN Metals Ltd (WIN or the Company) for the purposes of demonstrating a business case to support the development of a standalone open pit and underground gold mine with associated processing facility at WIN’s Radio Gold Project (RGP, Project or Radio) in Western Australia. The Radio Re-Start Study is a preliminary technical and economic assessment of a potential restart of the Radio Gold Project. No Ore Reserve has been estimated or declared, and the Study does not constitute a decision to mine. Further detailed engineering, regulatory approvals, financing and a final investment decision are required before development could proceed. The Study has an overall estimated accuracy of approximately ±20%, as identified in the material assumptions and appendices. Actual capital costs, operating costs, production outcomes and financial results may differ materially from the Study estimates. The Study is based on JORC 2012 Code Indicated and Inferred Mineral Resources defined within the Project, with a production target comprising indicated (86%) and Inferred (14%) Mineral Resources over the life of the mine. Investors are cautioned that there is low level of geological confidence in Inferred Mineral Resources and moderate confidence in the indicated resources and there is no certainty that further drilling will result in the determination of Measured or Indicated Mineral Resources, or that the production target itself will be realised. Of the Mineral Resource tonnages scheduled for extraction in this Study’s production target plan over three years, approximately 86% is classified as Indicated and 14% as Inferred, incorporating the projected 11-month payback period. WIN has concluded that the financial viability of the project is not dependent on the inclusion of the Inferred Resources and WIN has concluded that is has reasonable grounds for disclosing a production target which includes Inferred Mineral Resource Material. 1 ASX: WIN “WIN Completes Acquisition of Radio Gold Mine” Released 24 September 2025 Radio Gold Project Re-Start Study 24 August 2026 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 The Study is based on the material assumptions outlined in this announcement, including assumptions about the availability of a total funding requirement of approximately $19 million. WIN considers all the material assumptions to be based on reasonable grounds. However, Investors should note that there is no certainty that WIN will be able to raise this funding when required. It is also possible that funding may only be available on terms that may be dilutive to or otherwise effect the value of WIN’s shares. It is also possible that WIN could pursue other value realisation or funding strategies such as forward gold sales, royalty streaming, goldprepay options, a sale,partial sale or joint venture of the Project. This couldmateriallyreduce WIN’sproportionate ownership of the Project. While WIN considers all the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Study will be achieved. Notwithstanding many components of this Study, such as pit shell design, underground mine design, capital costs, processing operating costs and other amounts may be more or less accurate than +/- 20%, WIN has concluded it has a reasonable basis for providing the forward-looking statements included in this announcement and believes it has a ‘reasonable basis’ to expect it will be able to complete the development of the Project as outlined in the attached Study. The mineral resources underpinning the production target have been prepared by competent persons in accordance with the JORC Code 2012 Edition (JORC 2012) and the ASX Listing Rules. All material assumptions on which the forecast financial information is based have been provided in this announcement and are also outlined in the attached appendices. Given the uncertainties involved, investors should not make any investment decisions based solely on the results of this Study. Figure 1: Radio boxcut and portal overlooking the proposed ROM and processing area Radio Gold Project Re-Start Study 24 August 2026 3 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 Study Highlights WIN Metals Ltd (ASX: WIN) (“WIN” or “the Company”) is pleased to announce completion of the Radio Gold Project (“the Project”) Re-Start Study (“Study”), which outlines a potential low-capital pathway to gold production through an integrated open-pit and underground operation feeding a dedicated 120ktpa carbon-in-leach (CIL) processing plant. The Project is located approximately 8km north-west of Bullfinch in Western Australia. The Study leverages substantial existing mine development, site infrastructure and processing equipment secured under the option arrangement described in WIN’s ASX announcement dated 18 June 2026 2 . Subject to the remaining regulatory approvals, financing and a final investment decision (FID), the proposed development would also establish dedicated processing infrastructure capable of supporting the future evaluation of additional WIN-owned and third-party feed. Initial integrated open-pit and underground operation feeding a dedicated 120ktpa CIL plant forecasts an A$18 million pre-tax NPV8, 84% pre-tax project IRR and 11-month payback at A$6,000/oz, while establishing a platform for potential regional growth. ~A$19m Peak pre-finance funding requirement ~A$18m Pre-tax NPV8 84% Pre-tax project IRR 11 months Payback from first gold ~A$23m Undiscounted pre-tax project cash flow INITIAL PRODUCTION TARGET 215kt at 3.16g/t Au for approximately 20.2koz of recovered gold over a 29-month processing schedule. Based on scheduled mined Mineral Resource tonnes, approximately 86% of the production target is derived from Indicated Mineral Resources and 14% from Inferred Mineral Resources. Approximately 91% of forecast gold production in the first two years is derived from Indicated Mineral Resources, and all scheduled Repeater open-pit ore is classified as Indicated. There is a low level of geological confidence associated with inferred mineral resources and there is no certainty that further exploration work will result in the determination of indicated mineral resources or that the production target itself will be realised. 2 ASX: WIN “WIN Secures Key Processing Infrastructure for Radio Gold” Released 18 June 2026 Radio Gold Project Re-Start Study 24 August 2026 4 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 Table 1: Radio Gold Project Re-Start Study highlights Key outcome Description Integrated development concept Initial open-pit and underground operation feeding a dedicated 120ktpa CIL processing plant. Initial production target 215kt at 3.16g/t Au for approximately 20.2koz of recovered gold over a 29-month processing schedule. Infrastructure advantage Leverages existing mine development, workshops, power infrastructure, processing civils, bore fields, tailings infrastructure and accommodation assets, materially reducing new-build scope. Peak funding requirement Approximately A$19 million on a pre-finance basis, rounded from the modelled maximum cumulative cash deficit of approximately A$18.9 million. Base-case economics A$23 million of undiscounted pre-tax project cash flow, A$18 million pre-tax NPV8, 84% pre-tax project IRR and 11-month payback from first gold at A$6,000/oz. Production profile Peak annual recovered gold production of approximately 9.5koz in Year 2. Metallurgical assumptions Plant recoveries of 95.0 % Au for Radio material and 90% Au for Princess Royal tailings. Positive downside sensitivity At A$5,100/oz, the Study forecasts positive pre-tax project cash flow, approximately A$3 million pre-tax NPV8, 21% pre-tax IRR and 19-month payback. Development pathway Subject to outstanding approvals, financing and FID, WIN is targeting commencement of development activities in early 2027. Included in the Study base case • Radio underground mine • Repeater open pit • Existing Radio surface stockpiles • Princess Royal tailings Indicated Mineral Resource Not included in the Study economics • Extensions to Radio and Repeater • Princess Royal hard-rock mineralisation • Other WIN-owned regional deposits • Third-party feed, toll treatment or joint ventures Radio Gold Project Re-Start Study 24 August 2026 5 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 Project Context and Integrated Development Concept Radio is located approximately 8km north-west of Bullfinch and 38km north-west of Southern Cross. Existing mine access, underground development and site infrastructure provide a foundation for the proposed restart. The location and existing boxcut are shown in the following figures. The Project location is shown in Figure 2, and the integrated development concept in Figure 3. Figure 2: Radio Gold Project location Figure 3: Integrated Radio underground and Repeater open-pit design relative to existing workings Radio Gold Project Re-Start Study 24 August 2026 6 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. Study Status and Basis The Radio Re-Start Study is a preliminary technical and economic assessment of a potential restart of the Radio Gold Project. No Ore Reserve has been estimated or declared, and the Study does not constitute a decision to mine. Further detailed engineering, regulatory approvals, financing and a final investment decision are required before development could proceed. The Study has an overall estimated accuracy of approximately ±20 as identified in the material assumptions and appendices. Actual capital costs, operating costs, production outcomes and financial results may differ materially from the Study estimates. The Mineral Resources underpinning the production target have been prepared by Competent Persons in accordance with the JORC Code (2012). The production target and forecast financial information are based on the material assumptions disclosed in this announcement and Appendix 1. IMPORTANT STUDY QUALIFICATIONS • No Ore Reserve has been estimated or declared. • Forecast financial outcomes are presented on a 100% project basis and are pre-tax, pre-finance and unleveraged. • Corporate income tax, financing costs and the potential utilisation of carried-forward tax losses are not included. • The required project funding is not currently secured. Figure 4: 1315 East lode north ore drive face sampling3 3 ASX:WIN “Radio Delivers Bonanza Gold Grades” Released 4 April 2026 Radio Gold Project Re-Start Study 24 August 2026 7 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. Key Study Outcomes WIN evaluated a range of development scenarios for the Radio Gold Project, including onsite processing, ore-sale and third- party toll-treatment alternatives. On the assumptions disclosed in this announcement, an integrated open-pit and underground operation feeding a dedicated 120ktpa CIL processing plant produced the strongest modelled commercial outcome. The financial model has been prepared on a 100% project basis. NPV, IRR and payback exclude financing costs. Payback is measuredfromfirst gold production, while the NPVismeasuredfromthe beginningof construction until the endof the project including salvage. The model includes a terminal salvage value of A$6m for equipment, processing plant and facilities including the tavern and accommodation at the end of the project life. Table 2: Key study physicals Study Physicals Study case Unit Open-pit mine duration 0.6 years Underground mine duration 2.6 years Processing duration 29 months Open-pit waste mined 487 kt Open-pit ore mined 43 kt Open-pit strip ratio 11.2 waste:ore Open-pit grade 2.31 g/t Au Open-pit contained gold 3 koz Underground waste mined 66 kt Underground ore mined 141 kt Underground grade 3.89 g/t Au Underground contained gold 18 koz MINE PRODUCTION TARGET Total ore mined 184 kt Mined grade 3.52 g/t Au Mined contained gold 21 koz Stockpiles and Princess Royal tailings 30.8 kt Stockpile/tailings grade 1.06 g/t Au Stockpile/tailings contained gold 1 koz PROCESSING PHYSICALS Tonnes processed 215 kt Processed grade 3.16 g/t Au Recovered gold 20.2 koz Radio Gold Project Re-Start Study 24 August 2026 8 ABN 77 648 687 094 Level 4, 220 St Georges Tce Perth, WA 6000 PO BOX 7713 Cloisters Square WA 6850 T: +61 8 6381 7250 F: +61 8 6381 7299 info@winmetals.com.au www.winmetals.com.au ASX:WIN Table 3: Key financial assumptions and results Key financial assumption or result Study case Unit Gold price 6,000 A$/oz Discount rate 8 % Diesel price (delivered, pre-excise) 1.928 A$/litre Radio gold recovery 95.0 % Princess Royal tailings gold recovery 90.0 % Diesel generation consumption 0.28 L/kWh Refining and transport cost 15 A$/oz CAPITAL EXPENDITURE Processing plant 8.3 A$M Tailings storage and associated infrastructure 2.5 A$M Camp and administration pre-production 3.2 A$M Underground equipment and pre-production 4.9 A$M Open-pit capital 1.0 A$M Sustaining capital 13.5 A$M Total life-of-mine capital ~33 A$M PROJECT RETURNS Undiscounted pre-tax project cash flow 23.1 A$M Pre-tax NPV8 18.1 A$M Pre-tax, pre-finance project IRR 84 % Payback from first gold 11 months C1 cash cost 3,157 A$/oz Study AISC (All in Sustaining Cost) 4,236 A$/oz Study AISC comprises C1 operating costs, royalties and sustaining capital. Financing costs and corporate income tax are excluded. The principal physical assumptions are summarised in Table 2 and the key financial assumptions and results in Table 3. Radio Gold Project Re-Start Study 24 August 2026 9 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. Production Target and Processing Schedule The initial production target is 215kt at 3.16g/t Au for approximately 20.2koz of recovered gold over a 29-month processing schedule. It comprises approximately 184kt of mined ore together with approximately 30.8kt of existing Radio stockpiles and Princess Royal tailings. Based on scheduled mined Mineral Resource tonnes, approximately 86% of the production target is derived from Indicated Mineral Resources and 14% from Inferred Mineral Resources. Approximately 91% of forecast gold production in the first two years is derived from Indicated Mineral Resources. The proportion of Inferred material increases later in the underground schedule as drilling density reduces at depth. WIN intends to undertake infill drilling and underground grade-control work ahead of mining; there is no certainty that further drilling will result in conversion of Inferred Mineral Resources to Indicated Mineral Resources. INFERRED MINERAL RESOURCE CAUTION There is a low level of geological confidence associated with inferred mineral resources and there is no certainty that further exploration work will result in the determination of indicated mineral resources or that the production target itself will be realised. Figure 5: Annual recovered gold profile by Mineral Resource classification Radio Gold Project Re-Start Study 24 August 2026 10 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 Figure 6: Annual processing profile and average feed grade The annual recovered-gold profile is shown in Figure 4 and the annual processing profile in Figure 5. Study Base Case The Study base case includes scheduled material from the Radio underground mine, the Repeater open pit, existing Radio surface stockpiles and the Princess Royal tailings Indicated Mineral Resource. It excludes Princess Royal hard-rock mineralisation, extensions to the Radio and Repeater lodes, other WIN-owned regional deposits and all third-party feed. No production, revenue, cash flow or value from these excluded opportunities is included in the production target or forecast financial information. 4. Mineral Resources and Geological Setting Radio Mineral Resource The current Radio Mineral Resource estimate was announced on 2 June 20264 and incorporates an additional 277 reverse- circulation drillholes and 17 face samples completed by WIN following acquisition of the Project. The total Mineral Resource is 366,000t at 4.2g/t Au for 49,600oz of contained gold. Table 4: Radio Gold Project Mineral Resource summary Resource Classification Tonnes Au g/t Contained Gold (Oz) Indicated 200,000 4.0 25,500 Inferred 166,000 4.5 24,100 Total 366,000 4.2 49,600 Figures are rounded. Open-pit resources are reported at a 0.5g/t Au cut-off to 50m below surface; resources below 50m are reported at a 1.0g/t Au cut-off. Tonnes and grades are rounded to reflect the relative uncertainty of the estimates. Princess Royal Tailings Mineral Resource The Princess Royal tailings estimate of 22,000t at 1.06g/t Au for 750oz is reported in this announcement as an Indicated Mineral Resource prepared in accordance with the JORC Code (2012). The estimate uses sampling, assay, density and metallurgical data generated during the 2014 Princess Royal tailings evaluation program, as described in Appendix 2. 4 ASX:WIN “WIN Increases Radio Gold Resource – 49,600 Ounces @ 4.2g/t” Released 2 June 2026 Radio Gold Project Re-Start Study 24 August 2026 11 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 Table 5: Princess Royal tailings Mineral Resource summary Resource Classification Tonnes Au g/t Contained Gold (Oz) Total Indicated 22,000 1.06 750 Tonnes and grades are rounded to reflect the relative uncertainty of the estimate. The full supporting information and JORC Table 1 are provided in Appendix 2. The Radio Mineral Resource is summarised in Table 4 and the Princess Royal tailings Mineral Resource in Table 5. Geological Setting and Mineralisation The Radio gold project lies in the northern Southern Cross Greenstone Belt, approximately 8.5km north of the Bullfinch townsite and historic 1.5Moz Copperhead open pit gold mine. Near Bullfinch the greenstone belt is approximately 7 km wide and consists of layered sequences of ultramafic, mafic and metasedimentary rocks which trend approximately NNW. Metamorphic grades within the greenstone belt are variable with higher grades (amphibolite facies) on the margins of the belt and lower grades within the core of the belt. The Radio Mine is situated at the western margin of the Ghooli granite dome. Gold mineralisation is hosted in quartz-vein systems controlled by a series of regional strike slip faults that crosscut the greenstone belt and extend west from the main granite dome. Mineralisation is hosted by a series of dip shear zones within a foliated granitic body and minor mafic amphibolite. The Radio granite is interpreted to represent a small granite body that intruded into an antiformal fold hinge zone within the mafic amphibolite. The unusual westerly location of this granite may indicate the presence of crustal scale faulting oblique to the northwest structural trend of the greenstone belt. This crustal faulting may also have played a role in locating and concentrating hydrothermal alteration and gold mineralisation. At Radio, two principal styles of mineralisation have been identified. The first, known as the “Main Lode”, is characterised by a white, highly fractured quartz vein ranging from a few centimetres up to 6 metres thick, with an average width of 1.5 metres. The second, the “East Lode”, consists of a laminated quartz vein, white to blue-grey in colour and notably competent, varying from a few centimetres to 1.0 metre in width, with an average thickness of approximately 0.5 metres. Both the Main and East Lodes have a strike orientation of 35° and dip at angles ranging from 30° to 60°. The lodes do not appear to converge at any point. Main Lode extends for 265 metres along strike and approximately 230 metres down dip, while the East Lode has a strike length of about 220 metres and a down-dip extent of 200 metres. Both lodes remain open down dip and along strike to the south-west, providing exploration opportunities that are not included in the Study economics. Radio Gold Project Re-Start Study 24 August 2026 12 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. Mining and Geotechnical Hydrology and Hydrogeology The Project is located near the top of the regional catchment adjacent to the banded iron formation range, limiting regional flood-inundation risk. The proposed decline arrangement provides approximately 5,000kL of storage below the new workings before inflows could affect the planned mine areas. Underground inflows through the fractured-rock aquifer are estimated at approximately 1.5–2 L/s. Water is expected to be reused underground, for dust suppression or in the processing plant. Additional process water is proposed to be sourced from existing borefields East and West of the mine. Geotechnical Conditions Across the open pit and underground work areas the site is generally covered by a 1-2m of transported cover, overlying material is interpreted as weathered granitic saprock. The top of fresh rock boundary(granite) is interpreted to vary between 4mbs to 16mbs. Weathered material is interpreted as fair to good rock and fresh material as good to very good rock. The Study therefore considers rock-mass conditions favourable for the proposed open-pit and underground mining methods, subject to ongoing geotechnical verification during detailed design and operations. Figure 7: Repeater interpreted weathering profile The interpreted weathering profile is shown in Figure 6. Repeater Open Pit The Repeater open pit is designed to mine near-surface en-echelon lodes and provide early ore to support the processing ramp-up. The selected pit design is based on a A$5,100/oz Whittle-optimised shell and geotechnical parameters derived from adjacent diamond drilling, rock testing, recent reverse-circulation drilling and structural mapping. The open-pit production target is 43kt at 2.31g/t Au for approximately 3koz of contained gold, with all scheduled open-pit ore classified as Indicated Mineral Resource. The design requires realignment of the existing Mt Jackson Road, subject to final engineering and the necessary approvals. Radio Gold Project Re-Start Study 24 August 2026 13 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 Table 6: Open-pit geotechnical design parameters Domain Bench Height (m) Bench Face Angle (°) Berm Width (m) Inter-Ramp Angle (°) Overall Slope Angle (°) Weathered (Upper Batter Slope) 10.0 60 6.0 59 49 Fresh (Intermediate Batter Slope) 20.0 70 6.0 Fresh (Lower Batter Slope) 12.5 70 - Figure 8: Repeater open-pit layout and indicative Mt Jackson Road realignment Radio Gold Project Re-Start Study 24 August 2026 14 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 Figure 9: Repeater open-pit representative cross-section Open-pit design parameters are set out in Table 6, with the layout shown in Figure 7 and the representative section in Figure 8. Radio Underground Mine The underground operation is based predominantly on selective airleg mining. Access is proposed through the existing boxcut, decline and level development completed in 2021 and 2022. A new 1:7 in-lode decline is proposed from the existing 1312 level access, developed at a 3.5m by 3.5m profile using a single-boom jumbo. Ore drives are planned at 2.4m wide by 2.7m high, with top-down overhand room-and-pillar stoping. The East Lode is proposed to be mined first where practicable, followed by the Main Lode. Study assumptions include 90% stope recovery, selective split firing in ore zones, an incremental development cut-off of 0.5g/t Au and a stope marginal cut-off of 1.6g/t Au. The underground production target is 141kt at 3.89g/t Au for approximately 17.6koz of contained gold. Existing infrastructure includes the boxcut, decline, level development and vertical shaft. Existing fans owned by WIN are proposed to support the initial ventilation arrangement, subject to final engineering and statutory approval. Figure 10: Historical Radio underground workings (Level 9) Figure 11: Existing Radio underground development and stopes Radio Gold Project Re-Start Study 24 August 2026 15 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 Figure 12: Proposed underground development and stopes Figure 13: Radio underground cross-section through planned development Radio Gold Project Re-Start Study 24 August 2026 16 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 Historical workings are illustrated in Figure 9, existing development in Figure 10, proposed development in Figure 11, and the underground cross-section in Figure 12. Waste Rock Management WIN estimates the mine will produce approximately 66kt of underground waste and 487kt of open-pit waste. Approximately 51% of waste material is planned for placement in the waste-rock landform, with the remainder proposed for road works, site construction, tailings-storage construction and closure works. Figure 14: Indicative Radio waste-rock landform Figure 15: Cross Section at highest point The indicative waste-rock landform is shown in Figure 13, while a cross section at the highest point is shown in Figure 14 Radio Gold Project Re-Start Study 24 August 2026 17 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. Processing, Tailings and Site Infrastructure Processing Plant Mining Engineering Services Australia (MESA) developed the process design and cost model for a fit-for-purpose 120ktpa processing solution based around the modular gravity plant secured under the option arrangement described in WIN’s 18 June 2026 announcement. The Study contemplates mobile three-stage crushing, ball milling, gravity recovery and CIL treatment, with loaded carbon processed offsite. Existing processing-plant earthworks and concrete civils at Radio, together with the modular equipment, reduce the required onsite construction scope. Study scheduling assumes approximately three months of onsite construction, while long-lead items—including CIL tanks, gravity concentrators and agitator assemblies—are estimated to require approximately 20 weeks and would be procured following FID and financing. The financial model applies a 95.0% plant gold recovery to Radio material and 90% to Princess Royal tailings. The Radio material assumption is supported by historical b