Announcement PDF WIN Metals Ltd ACN 648 687 094 Financial Report for the Year ended 30 June 2026 WIN Metals Ltd Review of Operations 1 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 2026. All $ figures are in Australian Dollars throughout this report unless otherwise stated. The Company had a number of milestone events during the year with a busy time on gold project acquisitions adding to its portfolio and establishing WIN with a solid presence in WA’s goldfields region initially through the acquisition of the Radio Gold Mine Project then subsequently the acquisitions of the Princess Royal Gold Mine and securing an option over the Stumpy Project. The Company has moved at pace at Radio, in just ten months since acquisition, having completed two successful drill programs and Mineral Resource updates and in August 2026 concluding technical and economic studies of a re-start of the mine featuring the construction of an on-site processing facility. At WIN’s Butchers Creek Gold Project a scoping study was completed providing the impetus to advance the Project ahead of planned drilling at the Golden Crown deposit aimed to bring this resource into the next iteration of development studies for the Project. The strategic value of WIN’s nickel and lithium interests continues to be maintained with limited work programs on evaluation of downstream nickel processing options and optimisation of lithium testwork including investigation of valuable by-product extraction. Key events of the year: • August 2025 – Placement capital raising $2.35m: shares issues at 2 cents per share was strongly oversubscribed, with funds directed towards accelerated drilling at Radio and evaluation work at Butchers Creek. • September 2025 - Completion of Radio Gold Mine Acquisition: acquisition of the high-grade Radio Gold Mine, securing a comprehensive asset package including infrastructure, equipment and surface ore stockpiles, with minimal up-front consideration and a deferred royalty structure. • November 2025 - Completed a transformational Scoping Study at the Butchers Creek Gold Project: confirming a 9-year Life of Mine with forecast production of approximately 200koz of gold, underpinned by strong operating margins, high-grade feed, and a simple, conventional processing flowsheet delivering robust project economics, based on a gold price assumption of $5,385 per ounce. • December 2025 – Placement capital raising $5.5m: shares issued at 3.5 cents per share, strengthening the Company’s balance sheet and funding ongoing drilling at the Radio Gold Project, advancement of the Butchers Creek Gold Project, and general working capital. • March 2026 - The Company completed strategic high-grade transactions: to expand the emerging Radio hub, acquiring the Princess Royal Gold Mine and securing an exclusive option over the Stumpy Doodle Gold Mine, thereby increasing project scale and introducing potential satellite ore sources for development. • June 2026 - Radio Gold Project Mineral Resource increased 21% to 49,600 ounces: 366,000 tonnes at 4.2 g/t Au, JORC 2012. Resource has grown 73% since WIN acquired the Project in August 2025. • June 2026 - WIN secured a six-month option over a modular gravity processing plant: a near new grinding and gravity circuit well suited to underpin WIN's proposed ~120,000tpa Radio operation. • August 2026 - Completed the Radio Gold Project Re-Start Study: the 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 WIN Metals Ltd Review of Operations 2 Figure 1: WIN Metals Project Map WIN Metals Ltd Review of Operations 3 Radio Gold Project (WIN 100%) - Exploration and Evaluation Activities The Radio Gold Project, located 8 km north of Bullfinch and approximately 38 km northwest of Southern Cross, is another cornerstone asset within WIN’s portfolio. Over its mine life, Radio produced roughly 71,000 ounces of gold at an average grade of 38 g/t Au. WIN’s 2026 global Mineral Resource Estimate for the Project totals 366,000t @ 4.22 g/t Au for 49,600 ounces of contained gold. Table 1: Radio Gold Project Mineral Resource Summary by classification 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 Note: Figures are rounded and reported at 0.5 g/t cut-off to 50 m below surface (open pit) and 1.0 g/t below 50 m of surface. Tonnes and grade have been rounded to reflect the relative uncertainty of the estimates Radio Gold Mine Acquisition and Strategy WIN completed the acquisition in September 20251 . The transaction included a total cash payment of $500,000 plus GST and share consideration of $400,000 plus GST via the issue of 20 million shares at $0.02 per share. A deferred consideration arrangement also applies, comprising a stepped royalty of 5% of net smelter returns up to the first 18,000 ounces produced, followed by a trailing 1.5% royalty thereafter. The acquisition included: • Modern underground decline access (330m of decline and 200m of ore development) • Existing surface ore stockpiles • Partially constructed 500 ktpa processing facility • Operational offices, workshop, underground mining equipment and accommodation facilities • Mining Lease M77/633, Prospecting Licence P77/4492, and Miscellaneous Licence L77/81 WIN rapidly advanced on-ground activities, with an initial 10m x 10m RC grade control and exploration drilling program to delineate near-surface resources and extend the resource footprint both along strike and down dip of known mineralisation resulting in an initial updated Mineral Resource Estimate (MRE). A second phase drill program was completed in March 2026 and fed into the latest updated MRE announced in June 2026. The results and MRE feed into the current economic mining studies in progress. In parallel, the Company aims to capitalise on prior infrastructure investment by evaluating options for a fit-for-purpose crushing, grinding, and gravity circuit, including potential leaching of gravity tails to maximise gold recovery. WIN also plans to systematically evaluate historic prospects across its broader tenure and surrounds. Whilst many of these prospects are small, high-grade occurrences that maybe lack standalone development potential, the Company sees significant opportunity to consolidate and unlock value by advancing these assets through targeted exploration and portfolio development. To this end WIN acquired the Princess Royal Gold Mine in May 2026 and has an option to acquire the high-grade Stumpy Doodle Project. Two Resource Updates at Radio An initial MRE update in January 2026 followed completion of WIN’s maiden drill program for the Project. Following the success of WIN’s second drill program the Resource was re-estimated to 49,600 ounces at 4.2 g/t Au2 , following 4,200m of drilling completed in February 2026, representing 73% resource growth since WIN acquired the Project in August 2025. Importantly, 25,500 ounces, or over half of the updated Resource, is now classified as Indicated, reflecting improved confidence in geological continuity and data quality. Indicated tonnage at Repeater increased by 38% to 66,000 tonnes at 3.4 g/t Au for 7,200 ounces, further de-risking the front end of the mine plan for both Radio and Repeater. 1 ASX:WIN “WIN Completes Acquisition of Radio Gold Mine” Released 24 September 2025 2 ASX:WIN “WIN Increases Radio Gold Resource – 49,600 Ounces @ 4.2g/t” Released 2 June 2026 WIN Metals Ltd Review of Operations 4 Table 2: Radio Gold Project Mineral Resource Summary by classification 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 Note: Figures are rounded and reported at 0.5 g/t cut-off to 50 m below surface (open pit) and 1.0 g/t below 50 m of surface. Tonnes and grade have been rounded to reflect the relative uncertainty of the estimates Figure 2: Comparison of January 2026 and June 2026 MRE’s Figure 3: Radio Gold Project prospect location and drill traces (black traces 2026 drilling) WIN Metals Ltd Review of Operations 5 Drilling demonstrates exploration and development upside potential3 WIN’s drill programs were designed to support mine planning at Radio and Repeater, and results confirmed high-grade gold mineralisation within the proposed underground and open pit mining areas, increasing confidence in the current mine plan, while also identifying additional zones outside the current mine design warranting assessment. Significant intersections included 1m at 23.40 g/t Au and 3m at 6.66 g/t Au within the proposed underground mining areas at Radio, and 3m at 19.51 g/t Au along the northern margin of the proposed Repeater open pit. Drilling also identified mineralisation outside the current mine design, with 2m at 16.01 g/t Au and 1m at 11.09 g/t Au, representing potential upside to be assessed in future mine planning. Underground sampling from recently developed workings on the 1315 level at Radio, accessed via the existing decline, returned exceptionally high grades of up to 334 g/t Au and 314 g/t Au from laminated quartz veins, with the high-grade samples taken from the current ore drive development face. A total of 46 underground samples were collected, providing a robust dataset that confirms the nuggety nature of the mineralisation, with these results located outside the current resource envelope and mine design. Figure 4: Radio significant drill results against proposed mine design looking west (left) and radio mine design looking west (right) Figure 5: Repeater drill results (left, looking west), (right) open pit mine design) and plan view. 3 ASX:WIN “Radio Delivers Bonanza Gold Grades” Released 4 May 2026 WIN Metals Ltd Review of Operations 6 Photo 1: 1315 East lode north ore drive face sample A key piece of the Radio Gold Project Development Jigsaw Secured WIN has been evaluating processing options for Radio, comparing the relative merits of ore tolling and ore purchase agreements against building a fit-for-purpose gravity or gravity-plus-leach plant onsite. Ore tolling and ore purchase arrangements have been assessed and based on current market conditions and discussions to date, are considered less attractive than onsite processing alternatives. In evaluating various onsite options WIN has secured a six-month option to acquire a modular gravity processing plant (MGP)4 . This represents a significant step in advancing WIN's proposed onsite processing strategy for Radio. The MGP comprises the key grinding and gravity recovery infrastructure required to underpin a proposed 120,000tpa gold processing facility and complete the front-end gold recovery circuit at Radio, including a ROM bin, conveyors, scrubber trommel, 245kW ball mill, screen, spiral, jig and lamella thickener modules. Importantly this equipment will be able to be retrofitted into the existing concrete footprint resulting in significant capital savings reinforcing the case for onsite processing. The MGP plant was constructed in 2014 to liberate a tantalite concentrate from pegmatite ore, ran for approximately one month before being decommissioned, and sat idle until it was acquired by Tungsten Mining in 2017. WIN's inspection found the plant in excellent condition. The ball mill size and plant design capacity are an ideal fit for WIN's intended production rate of 120,000tpa, or 15tph at the grind size required for maximum gold recovery. 4 ASX:WIN “WIN Secures Key Processing Infrastructure for Radio Gold” Released 18 June 2026 WIN Metals Ltd Review of Operations 7 WIN paid an option fee of $50,000 to secure the rights to acquire the complete plant within six months. Conversion of the option requires a further payment of $250,000 in cash and the issue of $250,000 in WIN shares priced at the 5-day VWAP at the time of conversion. Mining Engineering Services Australia Pty Ltd (MESA) has been engaged to advance engineering, cost estimation and development planning for the proposed processing facility and permitting activities have commenced to recommission the existing tailings dam and process plant site. Securing the option allows WIN to finalise costings and integrate the plant into the Company's financial model for the Project, explore financing options, and progress the necessary permits for the proposed mining operation. Photo 2: Modular Gravity Plant Installed and operational (as previously operated) Early Works Priming for Rapid Radio Re-start While the Radio Gold Mine is in a state of care and maintenance, it is being prepped for a return to operations. The explosive magazines have been moved to a newly constructed approved compliant location (Photo 3), pumping commenced of the historical workings through the shaft ahead of mine development, a new Class C waste disposal area established, rehabilitation and cleaning up of previously disturbed areas being undertaken, and the pre-existing borefield inspected for re-equipping. Accommodation units ex Mt Edwards Project relocated to the Radio Mine are currently being refurbished (Photo 5) and importantly an application to establish an additional 36 room mine camp at the Company's Bullfinch tavern has been lodged and approved with the Yilgarn Shire. The camp facility will be established with the existing owned units and those acquired as part of the Radio asset purchase - the first step in restarting the mine, to be commenced during the forthcoming quarter. Photo 3 and 4: New magazine fencing and earthing and WIN dongas undergoing refurbishment WIN Metals Ltd Review of Operations 8 Photo 5 and 6: Dewatering pump being lowered into the shaft and Bore field investigations The Bullfinch tavern has seen refurbishment works undertaken comprising replacement of evaporative air-conditioners, replacement of septic system and preparation of the site at the rear of the facility for the new camp. A structural assessment of the building and some remedial brickwork repairs have been completed. Photo 7: Rear of tavern, location of new camp install to incorporate all 10 donga blocks Various consultants have been engaged to assist with the mine restart including: Consultant Activity Entech Open Pit and Underground Geotech Cube Consulting Open Pit Optimisation MBS Environmental Permitting, Waste Rock Characterisation, Soil and Landform Assessments, Tailings Geochemical Characterisation MESA Process Plant Design and Costing GeoAnalytica Tailings Design MWES Surface Hydrology and Bore field assessment Zone 50 Road Realignment Survey and Design Structerre Soil geotechnical assessment WIN Metals Ltd Review of Operations 9 Freo Metallurgy Metallurgical Testwork METS Ventilation Modelling Elite Drafting Camp Submission Fosten Industries Camp construction Koalaty Mechanical Equipment assessment Underground and open pit designs, production schedule and a supporting first principles cost model are all advancing to inform the development decision. Permitting activities required under updated legislative frameworks remain well advanced for the proposed mining operations, with baseline studies and data collection progressing in parallel to support the proposed processing and tailings strategy. Various quotes have been received for both open pit and underground mining, tailings dam construction and process plant construction. Radio Gold Project Re-Start – August 2026 Shortly after the end of the financial year WIN completed and announced the results of the Radio Gold Project Re-start Study5 (Study). The 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. The key Study outcomes: 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 5 ASX:WIN “Radio Gold Project Re-Start Study” Released 24 August 2026 WIN Metals Ltd Review of Operations 10 The 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. Actual capital costs, operating costs, production outcomes and financial results may differ materially from the Study estimates. Adding to the Radio Hub - Princess Royal Gold Project (WIN 100%) and Stumpy Doodle Gold Project Acquisition Option In March 2026 WIN Metals executed two value-accretive gold transactions that materially enhanced the scale and optionality of the broader Radio Gold Project. The Company acquired the fully permitted Princess Royal Gold Mine, located approximately 80 km from Radio or some 5kms to the west of Westonia, and secured an exclusive 12‑month option over the high-grade Stumpy Doodle Gold Mine, situated 10 km north of Radio, with both assets positioned on granted Mining Leases to support a streamlined development pathway. Figure 6: Location of Radio, Princess Royal and Stumpy Doodle Projects Princess Royal brings an Exploration Target of 26,000–40,000 tonnes at 8.0–12.0 g/t Au for 7,000–15,000 ounces6 and is supported by exceptional historic grades, including diamond intercepts such as 2 m at 31.47 g/t Au and 2 m at 30.47 g/t Au, while Stumpy Doodle adds a highly prospective satellite position with historical production of ~2,300 tonnes at 11 g/t Au for ~830 ounces. Immediate work programs are being advanced, with drill planning underway at Princess Royal and exploration scheduled to commence at Stumpy Doodle during the option period, collectively increasing the Project’s potential high- margin ore sources and strengthening development flexibility for future processing and production scenarios. Cautionary Statement – Princess Royal Exploration Target An Exploration Target is a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnes and a range of grade or quality. The potential quantity and grade of the Princess Royal Exploration Target is conceptual in nature and, as such, there has been insufficient exploration drilling conducted to estimate a Mineral Resource. At this stage it is uncertain if further exploration drilling will result in the estimation of a Mineral Resource. The Exploration Target has been prepared in accordance with the JORC Code 2012. 6 ASX:WIN “WIN Builds Scale at Radio Gold with High Grade Acquisitions” Released 31 March 2026 WIN Metals Ltd Review of Operations 11 Princess Royal Acquisition Terms • Total cash payments of $500,000 (exclusive of GST). • A royalty of $75 (exclusive of GST), payable to the vendor, per ounce of gold in respect of all refined bullion that is the end product resulting from the gold bearing ore extracted and recovered from the Tenements (M77/0718, P77/4702 and P77/4703). • Assumption of another existing tiered royalty arrangement: o 0-5000 ounces - $nil o 5001- 13,800 ounces - $25 per ounce o 13,801 – 15,000 ounces - $25 per ounce initially by offset against a $30,000 prior advance payment Stumpy Doodle Option Terms • Non-refundable option fee of $20,000 (exclusive of GST) for an exclusive 12-month option to acquire (Option Period) the tenement ending 23 February 2027. • During the Option Period WIN is to conduct exploration activities on the tenement, including drilling costs to an invoiced value of no less than $50,000. • If at WIN’s election it exercises the option to acquire the tenement WIN will issue to the vendor fully paid ordinary shares in WIN (Shares) calculated as the greater of: o The number of Shares valued to $80,000 issued at the market price based upon a 15 day volume weighted average price of Shares calculated over the 15 ASX trading days on which trades in shares are recorded before (but not including) the satisfaction of conditions precedent for completion of the acquisition; or o 1,500,000 Shares. Butchers Creek Gold Project (WIN 100%) - Exploration and Evaluation Activities 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 359,000oz7 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. Table 3: Butchers Creek Global Mineral Resource Summary Deposit Last Update Resource Classification Tonnes (Mt) Au g/t Contained Gold (Oz) Butchers Creek Apr-25 Indicated 3.58 2.24 258,000 Inferred 1.65 1.18 63,000 Golden Crown Jun-21 Inferred 0.40 3.10 38,000 Total 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. 7 ASX:WIN “WIN advances Butchers Creek towards development following resource update” Released 16 April 2025 WIN Metals Ltd Review of Operations 12 Figure 7: Location of Butchers Creek Gold Project Butchers Creek Gold Project Scoping Study – November 2025 WIN completed a Scoping Study for the Butchers Creek Gold Project8 , confirming the technical and financial viability of developing a standalone open pit and underground gold operation with an on-site processing facility. Key outcomes of the Scoping Study include (based on a gold price assumption of $5,385 per ounce): • Life of Mine: 9 years • Ore processed: 3.29Mt @ 2.0g/t Au • Recovered gold: ~200koz • Average production: ~33kozpa during steady state operations • Peak production: ~37koz in Year 5 8 ASX:WIN “Butchers Creek Gold Project Delivers Robust Scoping Study” Released 12 November 2025 WIN Metals Ltd Review of Operations 13 • Pre-production capital: $142 million • Free cash flow: $288 million (pre-tax) • NPV (8%): $143 million (pre-tax) • IRR: 25% (pre-tax) • AISC: $3,032/oz • Payback period: Approximately 3.5 years from commencement of production The Study was based on the existing Butchers Creek Mineral Resource only demonstrating the potential to develop a conventional gold operation comprising open pit and underground mining supported by a 600ktpa CIL processing plant and associated infrastructure, a simple processing flowsheet. With an initial open pit strip ratio of approximately 11.8 and a highly mechanised underground bulk mining operation possible the robust financial outcomes reflect strong operating margins derived from high-grade feed, with the Project generating meaningful free cash flow over the Life of Mine at a gold price assumption of $5,385 per ounce. The Scoping Study also confirms that the Project benefits from low technical complexity, with no requirement for novel processing methods, and highlights opportunities to further enhance value through optimisation of mine scheduling, potential incorporation of the nearby Golden Crown deposit, and additional resource growth from continued exploration in a region ripe for consolidation. These opportunities will be assessed as the Project progresses to the next level of technical evaluation. The Company has commenced preliminary work streams to advance permitting pathways, upgrade tenure to allow mining, stakeholder engagement and further technical studies aimed at improving confidence levels and refining development options. The Scoping Study is a preliminary technical and economic assessment completed to a scoping level of accuracy of approximately ±40% and does not support the estimation of Ore Reserves. The production target is based on a combination of Indicated (approximately 96%) and Inferred (approximately 4%) Mineral Resources. While the inclusion of Inferred Mineral Resources is not material to the financial viability of the Project, there is no certainty that further exploration will result in the conversion of Inferred Resources to Indicated or Measured categories. Figure 8: Butchers Creek open pit cut back design WIN Metals Ltd Review of Operations 14 Figure 9: Butchers Creek underground mine design Figure 10: Site Layout WIN Metals Ltd Review of Operations 15 Activities at Butchers Creek are now focused on ongoing stakeholder negotiations. Key tenement applications at Butchers Creek and Golden Crown are being progressed, targeting the conversion of existing exploration licences to mining leases to facilitate potential future mining activities at the Project. Drilling is planned for the Golden Crown deposit to improve resource confidence so that the deposit can be assessed for future mining studies at the Project. In addition, infield exploration work has identified a series of high priority exploration targets at Ruby Queen, Ganymede and Emjay. 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. At 30 June 2026 Mt Edwards Nickel Project was comprised of 11 separate deposits with a total MRE of 12.66Mt grading 1.43% nickel for 180,900 tonnes9 . With the ongoing subdued nickel price attributed to rapid growth in nickel output in Indonesia limited work programs were undertaken at Mt Edwards during the year with the focus being on maintaining this highly strategic asset. Exploration for groundwater was completed during January 2026 over the Mt Morgans aquifer, with aircore drilling successfully intersecting thick water bearing sand units considered prospective for production bores to support future processing requirements at Mt Edwards. Securing a reliable, high-quality water supply is a key enabling milestone for any potential development and processing operation at the Project. Key miscellaneous licence applications were made to facilitate connection to mains power. WIN has carried out modelling to consider the merits of downstream processing of nickel concentrates from Mt Edwards to produce nickel sulphate/pCAM as an alternative to simply selling a low value concentrate into world markets incurring significant transport costs, penalties for deleterious elements and low payabilities. This study work remains ongoing as at year end. 9 ASX:WIN “Sale of non-core assets yield $1.4M for WIN to advance gold Assets” Released 1 July 2025 WIN Metals Ltd Review of Operations 16 Figure 11: Mt Edwards nickel and lithium resources at 30 June 2026 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% Li2O10 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. Metallurgical test work focused on critical mineral liberation via flotation are ongoing, targeting rubidium deportment within the lithium-bearing pegmatites, with work centred on evaluating alternative process flowsheets, detailed mineralogical mapping and research on alternative downstream refining options to support future development options for the Project. 10 ASX:WIN “375% Growth in Faraday-Trainline Lithium Mineral Resource” Released 8 November 2023 WIN Metals Ltd Review of Operations 17 No exploration activities