2026 W I N M E T A L S L I M I T E D REPORT WINMETALS.COM.AU ASX:WIN ANNUAL Y E A R E N D I N G 3 0 J U N E 2 0 2 6 W I N M E T A L S L I M I T E D CONTENTS Chairman’s Letter i ESG Report ii Review of Operations 1 Directors’ Report 18 Remuneration Report 25 Auditor’s Independence Declaration 38 Independent Auditor’s Report 39 Directors’ Declaration 43 Consolidated Entity Disclosure Statement 44 Consolidated Statement of Profit or Loss 45 Consolidated Statement of Financial Position 46 Consolidated Statement of Changes in Equity 47 Consolidated Statement of Cash Flows 48 Notes to the Consolidated Financial Statements 49 Additional Shareholder Information 79 Corporate Directory 88 i Chairman’s Letter Dear Shareholder, As Chairman of the Company and on behalf of my fellow Directors I am pleased to present the Annual Report for 2026. It has been another extremely busy year for the Company further building out our project portfolio’s gold focus. Our gold focus and the progress we have made on both projects is strongly validated by the strength of the gold price which has risen from around US$2,500 per ounce when we first announced acquisition of the Butchers Creek Gold Project back in August 2024 to a high of over US$5,600 per ounce seen within a few months of the announcement of our acquisition of the Radio Gold Project in August 2025. While prices are off that peak, they remain strong and it should be no surprise to many that WIN is bullish about the outlook for both the gold price and its Projects. September 2025 saw the Company acquire the Radio Gold Project on what we considered very favourable terms with modest up-front consideration. With the mine on care and maintenance the acquisition included a comprehensive asset package including; mine with 330m of decline and ore development, existing surface ore stockpiles, partly constructed processing facility, office, workshop, underground mining equipment and the old Bulfinch Tavern to operate as an accommodation and messing facility. Radio presented as a realistic near-term potential production opportunity for WIN and we wasted no time in getting to work having completed two successful drill programs, and the Re-start Study just announced a few weeks ago. These are great achievements by the Company and the team in less than a year since the acquisition. The drill programs have led to the release of two updated Mineral Resource Estimates and delivered over a 70% increase in gold ounces with over 50% of the Resource now sitting as Indicated. The latest Resource underpins the robust evaluation of the Re-start Study which we believe can be the catalyst to your Company making the transition to the ranks of gold producer. The Radio Study includes WIN having its own processing site which can pave the way for a longer-term sustaining production profile for the Company through both the addition of potential incremental resource growth at Radio itself but also from other identified opportunities in the surrounding area. WIN has already acted on this through the complimentary acquisition of the high-grade Princess Royal Gold Mine and by securing a purchase option over the Stumpy Gold project. At our other gold project, Butchers Creek Gold Project, in the Kimberley WIN completed a Scoping Study in November 2025 which demonstrated a financially robust project even more compelling if considered at current gold prices. The development of Butchers Creek is a longer-term aspiration with drilling planned at the Golden Crown deposit to upgrade the Resource for inclusion within the Butchers Creek development plan, and the current activities directed towards conversion of tenure to mining licences, permitting activities and negotiation of a mining agreement with the native title group. Our two capital raisings completed in August 2025 and December 2025, raising an aggregate gross proceeds $7.85m were extremely well supported by our existing shareholders whilst we also welcomed new investors excited by the potential of our portfolio. I am also delighted to report the tenure rationalisation transaction over part of the Mt Edwards Project just announced at the end of September 2026 with Astral Resources NL. The transaction provides WIN with non-dilutive funding totalling $9.05m which is set to energise our activities for the year ahead. This transaction was a long time in negotiation and sees a great outcome for both parties; WIN receiving the cash injection and gaining gold rights whilst preserving the majority of its nickel resources, and Astral Resources now free to develop its Mandilla Project unencumbered by the overlapping nickel rights. We are grateful to all our shareholders who have remained on the journey with us. Without your ongoing support it would not have been possible for the Company to revitalise and reposition itself in the gold space which now sees us firmly determined to transition to a gold producer over the coming year. Finally on behalf of the Board, I’d like to thank our management team and all our employees for their efforts throughout the year and to our shareholders for your continuing support and interest in the Company. I look forward to providing updates on more progress throughout the year ahead. Andrew Parker Non-executive Chairman WIN Metals Ltd ESG Report ii ESG Report WIN Metal’s primary objective is the exploration and development of its suite of projects. These projects include: • Yilgarn (Radio Gold Mine, Princess Royal and Stumpy projects) – commodity: gold • Butchers Creek – commodity: gold • Mt Edwards – commodities: nickel, gold, lithium and other potential critical metal by-products WIN recognises that creating and continuing to progress a sustainability plan will assist the Company facilitate a positive engagement with the environment and local communities in which we operate, as well as generating long term value for all our stakeholders through their involvement with a sustainable business. Key to these aims is the economic imperative ensuring a disciplined financial performance which is crucial for generating long-term sustainable value and building confidence among our key stakeholders, including employees, investors, and the local community. We remain committed to supporting local economic development while ensuring that our operations continue to deliver value to all our stakeholders. WIN Metal’s Managing Director and CFO are responsible for managing the Company’s economic performance and strategy through prudent financial planning, risk management, financial reporting, cash flow management, regulatory compliance and circular feedback to employees. This is achieved through activities such as financial planning, audits, KPI’s, risk management and assessment, and the Company’s corporate governance policies. WIN’s ESG Focus areas WIN Metals has previously identified a number of focus areas which are listed in the table below under their respective environment, social and governance pillars. These areas continue to guide the Company’s ESG process. Environment Social Governance Emissions & Energy Management Health & Safety Regulatory Compliance Ecological Impacts & Rehabilitation Employee Development & Engagement Economic Imperative Community & Stakeholder Engagement Environment Emissions and Energy Management WIN Metals understands the contributions the mining industry makes to global greenhouse gas emissions (GHG) and recognise that we have a responsibility to reduce our emissions to address climate change. All employees and contractors play a role in minimising emissions and ensuring efficient energy use. Ecological Impacts We have a responsibility to not only achieve all legislative compliance requirements but to meet the environmental expectations of the communities in which we operate. We have previously developedan Environmental Policy outlining our sustainable development commitments to the wider community to minimise the impact of our operations on the environment. There were no material environmental incidents or infringements recorded in FY26. WIN Metals Ltd ESG Report iii We have an Environmental Management Plan to guide our activities with respect to core values, environmental compliance, risk assessment, environmental monitoring and audits, rehabilitation, waste management and our collaboration with external stakeholders. Rehabilitation WIN Metals has processes in place to ensure rehabilitation to areas of disturbed land related to the conduct of exploration activities are fully rehabilitated within a timely manner as an integral part of the exploration process. Social Health & Safety WIN Metals believes that all employees, contractors and visitors have a fundamental right to a healthy and safe working environment. We have governance and other operating policies and procedures in place to prioritise health and safety across the business. We are very pleased to report that there were no major safety incidents in FY26. There were zero lost time injuries and one recordable injury across our employee and contractor workforce. Employee Development & Engagement As a growing exploration and development company, we want to build a work culture that values skills, knowledge and teamwork. We believe that investing in opportunities for employee development not only enhances job satisfaction, but improves productivity, initiative and employee retention. Community & Stakeholder Engagement We are committed to developing positive and long-term relationships with our local community stakeholders. We recognise that positive engagement with our stakeholders is vital to the success of our projects and our ability to establish a social license to operate. Our projects share country with Traditional Owner communities and we respect their deep connection to the land, their traditions, cultural sites and endeavour to foster a spirit of cooperation and understanding. Our leadership team have regular communication with the local Shires, Traditional Owner communities, local contractors, suppliers and community residents. We aim to buy local and give back to the community where possible. We continued to be proud supporters of the WA School of Mines (WASM), and the Southern Cross Basketball Association. WIN Metals Ltd ESG Report iv Governance WIN Metals recognises that building a culture of accountability starts with strong governance structures. While the Board has overall accountability for establishing and delivering an effective governance framework, all our team share responsibility for upholding our corporate governance standards. These are outlined in the Code of Conduct within our Corporate Governance Charter. The Board is responsible for corporate governance and management oversight, and delegates business strategy and executive decision-making to our senior management team. We regularly review governance practices and policies to incorporate best practice and legal reforms into our governance processes. ESG forms part of our overall business risk framework. Material risks are communicated to the Board and considered at regular Board meetings. Please visit our website for our Corporate Governance Charter which includes information on our other specific governance policies and charters. 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, locat