Announcement PDF ASX: WIN winmetals.com.au 2024 A N N UA L R E P O R T Year Ending 30 June 2024 The change of name to WIN Metals more accurately reflects the Company’s current activities and mineral endowment including Lithium, PGEs as well as Nickel, and its intention to diversify its portfolio by seeking other and complementary value accretive opportunities. Contents 4 Chairman’s Letter Auditors 52 Independent Report Statement 60 Consolidated of Changes in Equity of 6 Review Operations 56 Directors’ Declaration Statement 61 Consolidated of Cash Flows Social 18 Environment, and Governance Entity 57 Consolidated Disclosure Statement to the Consolidated 62 Notes Financial Statements 31 Directors’ Report Statement 58 Consolidated of Profit or Loss and Other 89 Additional Information Statement 59 Consolidated of Financial Position 97 Corporate Directory Comprehensive Income Independence 51 Auditors Declaration 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 2024, another highly active year for the Company. During the year the Company made significant progress developing the 100% owned Mt Edwards Lithium and Nickel Projects. Notwithstanding this progress a substantial downturn in commodity price performance for both nickel and lithium made this a challenging year for the Company. As support for these commodities became more and more scarce through the period, the Board and Management team worked tirelessly against significant market headwinds, pursuing a strategy of preserving value in current assets and unlocking value through diversification. After the reporting period, in line with this strategy, WIN announced the acquisition of the high-grade Butchers Creek Gold Project in the Kimberley region of Western Australia. The Project hosts an existing mineral resource with growth potential and production history making it an excellent fit for the Company given the strong gold price performance and outlook, as well as the recognised mine building and production skillset embedded within the team. This acquisition is subject to shareholder approval. At Mt Edwards, despite the challenging nickel price environment, the Company continued to demonstrate the viable development potential for the nickel project with significant drilling activity resulting in mineral resource 4 updates on four deposits and completion of a scoping study to assess an 800ktpa standalone operation. The value proposition was further demonstrated by the partial divestment of the Munda nickel deposit, also announced post year end generating valuable income without sacrificing any substantial nickel value. Building on our lithium discoveries last year, the Company also achieved a number of significant milestones as we executed development initiatives for the FaradayTrainline Lithium Project. Along with significant progress on metallurgical test work the Company achieved an uplift of 375% in the total lithium endowment. In addition, our exploration team successfully extended the lithium trend to 1.2km with four additional high-grade prospect areas identified warranting further evaluation when the time is right. After successfully meeting the conditions precedent set by the WA Government, all mining approvals at Faraday were received within 12 months of stepping on the ground. While navigating the prevailing challenges in the nickel and lithium space, we have continued to diligently execute our development strategy and deliver meaningful progress towards our objectives. The scale of our activities over the year, coupled with protracted mineral exploration sector headwinds, necessitated an additional funding Annual Report 2024 initiative and we are grateful for the rights issue support from our loyal shareholders. Post financial year end and to enable the acquisition of the Butchers Creek Gold Project the Company successfully raised $3.6m from existing and new shareholders and we welcome those new shareholders to our register. Shareholders are set to approve the shares and attaching unlisted options to be issued as a result of the capital raising at a General Meeting to be held on 21 October 2024. Shareholders will also be asked to approve the issue of shares to the vendor of the project, Meteoric Resources Limited, as part consideration for the acquisition and we welcome Meteoric to our register. The support of our shareholders further validates the diversification strategy and the prospectivity of the Project. With exploration having commenced at the Butchers Creek Gold Project, together with cost optimisation initiatives now in place at the Mt Edwards Project, WIN is well WIN Metals Limited positioned to continue executing the Company’s strategy and unlock the latent value we have built for shareholders. Acknowledging the addition of lithium and gold into the portfolio, the shareholders approved a change in the company name from Widgie Nickel Limited to WIN Metals Limited post-financial year end. 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 our progress throughout the year ahead. Andrew Parker Chairman 5 Review of Operations WIN Metals Ltd Review of Operations 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 2024. WIN Metals Ltd continued to advance its dual strategy of lithium and nickel development at the Faraday-Trainline Lithium Project, and contiguous Mt Edwards Nickel Project, a unique collection of 12 nickel sulphide deposits along 15km of strike. At a General Meeting held on 1 July 2024, a special resolution was passed by shareholders to change the Company name from Widgie Nickel Limited to WIN Metals Ltd 1. There was no change to the ASX ticker code (ASX: WIN). 0F Figure 1 - WIN tenure and surrounding projects 2 1F 1 ASX Announcement 3 July 2024 – Change of Company Name For third party Mineral Resource estimates, please refer to the following announcements: Mineral Resources Mt Marion Lithium Operation: MIN ASX Announcements 22/09/2023: Mineral Resources and Ore Reserve Update, 21/02/2024 Mt Marion underground Mineral Resource Update; Develop Dome North Deposit MRE: ESS ASX Announcement 22/12/2022: Dome North Mineral Resource Estimate Upgrade; Mineral Resources Bald Hill Lithium Mine: TAW ASX Announcement 06/06/2018: Lithium Ore Reserve Increase at Bald Hil 2 WIN Metals Limited 1 7 WIN Metals Ltd Review of Operations Butchers Creek (Gold) Acquisition to be added to WIN’s portfolio Subsequent to the end of the financial year, on 28 August 2024 the Company has announced an acquisition to acquire the high-grade gold project, Butchers Creek (formerly known as Palm Springs Gold Project). The project in the Kimberley region of Western Australia is being acquired from Meteoric Resources NL (ASX:MEI) via a tenement sale agreement. This exciting project addition comprises an already established high-grade mineral resource of some 357,000 oz (5.6Mt@2.0g/t) of gold based around two resource areas, a production history of 52,000 oz produced between 1995 and 1997, and a host of advanced high order gold exploration targets from over 60 known gold occurrences on a 100 sq.km tenement package. Figure 2: Location of Butchers Creek Project Consideration for the transaction comprises the following: I. $50,000 + GST “Exclusivity Fee”; II. $950,000 + GST (being $1,000,000 minus the Exclusivity Fee; and III. WIN Consideration Shares to the value of $1,750,000 (calculated based on a deemed issue price per WIN Share equal to the issue price applicable to the WIN capital raising). The WIN Consideration Shares will be subject to a 12-month voluntary escrow agreement. Consideration payable post settlement comprises: I. II. $1,000,000 + GST payable to Meteoric 18 months after Settlement; and An additional $1,250,000 + GST upon the production by the Company of 20,000 troy ounces of gold (in aggregate) at the Project. 2 8 Annual Report 2024 WIN Metals Ltd Review of Operations As a condition precedent to concluding the transaction WIN will be required to complete a capital raising of not less than $3m within 75 days of agreement signing, with the majority of the raised funds to be dedicated to the exploration and development of Butchers Creek. Completion of the transaction is also subject to: • the Company obtaining shareholder approval for the purposes of Listing Rule 7.1 to issue the WIN Consideration Shares; and • the parties receiving all the regulatory and third party approvals that are required for the transaction to proceed. Mt Edwards Nickel Project WIN controls a dominant ~240 km2 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 and 30km south-west of Kambalda. Figure 3: Location map of WIN's Mt Edwards Project Area * All Resources stated at 1% Ni lower cut, other than Armstrong, Widgie Townsite, Widgie 3 and Gillett at 0.7% Ni lower cut-off Extensive drilling campaigns throughout the year were highly successful in growing the resource base and increased confidence resulting in four mineral resource estimate (MRE) updates across the Mt Edwards Project area, including 3 WIN Metals Limited 9 WIN Metals Ltd Review of Operations the Armstrong, Gillett, Widgie 3 and Widgie Townsite deposits. Subsequent to the year end, WIN announced a partial divestment transaction for the Munda tenement that will yield $1.2m 3. 2F The Mt Edwards Nickel Project comprises 12 separate deposits, now with a current Total Mineral Resource Estimate of 13.04Mt grading 1.45% nickel for *188,160 tonnes (*following completion of the Munda tenement divestment transaction referred to above (Table 1)). Table 1- Win Metals Total Nickel Mineral Resources Indicated Deposit Inferred TOTAL Resources Tonne Nickel Tonne Nickel Tonne Nickel Nickel (kt) (%) (kt) (%) (kt) (%) Tonnes Gillett 2,267 1.35 871 1.16 3,138 1.30 40,770 Widgie 3 512 1.34 222 1.95 734 1.53 11,200 Widgie Townsite 1,649 1.60 853 1.38 2,502 1.53 38,260 Armstrong 949 1.45 10 1.04 959 1.44 13,820 132N 34 2.9 426 1.90 460 2.00 9,050 Munda 381 1.91 508 1.91 7,260 Cooke 154 1.30 154 1.30 2,003 Inco Boundary 464 1.20 464 1.20 5,590 McEwen 1,133 1.35 1,133 1.35 15,340 McEwen Hangingwall 1,916 1.36 1,916 1.36 26,110 Mt Edwards 26N 871 1.43 871 1.43 12,400 Zabel 272 1.9 53 2.04 325 1.96 6,360 TOTAL 5,693 1.48 7,355 1.42 13,038 1.45 188,160 * 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. * Munda Mineral Resource has been reported below 235mRL to reflect WIN’s proportionate ownership following the divestment. Standalone Mt Edwards Scoping Study 4 3F In early March 2024, the Company released a Scoping Study on the Mt Edwards Nickel Project. WIN commissioned the Scoping Study for the purpose of carrying out a preliminary assessment of the technical and financial viability of a standalone nickel mining and processing operation. The Scoping Study assesses the mining and processing of 5.05Mt of mineralisation grading 1.56% Ni over an initial six year mine production life (the “Production Target”): • • • • • 800ktpa standalone nickel concentrator producing 103,000t of concentrate pa @ 10.1% Ni concentrate for 10,380t of contained nickel per annum. Scoping Study undertaken at a base case assumed US$24,000/t nickel, the approximate midpoint of the nickel price during 2023 and in line with other recent ASX peer studies. Scoping Study based only on the mining of Widgie Townsite (WTS), Gillett/Widgie 3 (GW3), Armstrong (ANM) and 132N with seven remaining deposits with upgrade potential that can be included in subsequent studies. Scoping Study provides sufficient confidence to move to a Pre-Feasibility Study for the Mt Edwards Nickel Project. Studies examining opportunities to improve viability by considering downstream options are now being pursued. The mining plan for the Scoping Level Study evaluates Widgie Townsite, Gillett, Widgie 3, Armstrong and 132N deposits that contain Mineral Resources of 7.79Mt at 1.45% Ni for 113,100t of contained nickel. The proposed operation consists of four underground mines, an 800ktpa nickel concentrator, a 250 room accommodation village, a 15.5km 33kV/11kV overhead HV powerline, site offices/workshops, a central administration office complex and 3 4 ASX Announcement 23 July 2024 – Munda Agreement with Auric Mining Ltd yields $1.2m+ for WIN (Updated) ASX Announcement 7 March 2024 – Standalone Mt Edwards Project Scoping Study 10 4 Annual Report 2024 WIN Metals Ltd Review of Operations a core yard facility. The operations will mine nickel ore that will be carted to a centrally located nickel concentrator to produce a nickel concentrate. The underground mines were each designed with a figure 8 style capital development decline access for efficient mining and services installation. The mine designs utilise relatively small cross section haulage declines with dimensions of (5.2mH x 5.0mW) suitable for 40t payload ejector trucks. These smaller declines allow for faster development rates, less blast holes, less ground support and less waste rock removal relative to the standard decline dimensions (5.8mH x 5.5mW). Mine planning has incorporated full main infrastructure engineering designs for HV power, ventilation, pumping, water supply and secondary means of egress for each mine. The main mining method for the four underground mines can be best described as a bottom up panel long hole stoping method with waste (WRF) or cemented rock fill (CRF). The Production Target assessment process used the current Mineral Resource models and applied a 0.9% Ni grade cutoff during the Mine Stope Optimiser (MSO) stope selection process. This has provided a raw mining volume estimate for each Resource. Further mining dilution and recovery factors have then been applied along with practical economics for each individual stoping panel. This process has resulted in a Production Target of 5.05Mt grading 1.56% Ni containing 78.8kt of contained nickel metal for the Project. The Production Target comprises 77% of Resources classified as Measured/Indicated and 23% as Inferred. The focus of the first two (2) years of the mine plan calls for the development of the Widgie Townsite (WTS), and Gillett/ Widgie 3 (GW3) underground mines. This pre-production stage of the operational plan incorporates the construction of a HV powerline, concrete batch plant, main administration complex, nickel concentrator and accommodation village. Completion of the accommodation village is scheduled for month 4, energising of the main HV powerline month 5 and commissioning of the processing plant month 16. The Armstrong underground mine is scheduled for commencement at the start of year 5 with commencement of the 132N underground mine scheduled for the start of year 5 month 10. Monthly performance for the Project after ramp-up averages 68kt of ore produced and 450m of jumbo development completed. In total for the four underground mines, there is 15.2km of main haulage way development and 48.7km of total mine development to be completed. The number of jumbo development crews peaks at 4 in year 3 averaging 2.1 jumbo development crews over the life of the operations. During the Project, there is 2.4Mt of WRF and 0.67Mt of CRF required to be placed in stope voids. In total, there is 19.1Mtkm of trucking material movement. The average load and haul fleet size consists of six loaders and six trucks. The mining workforce including mobile maintenance during the Project averages 145 persons with a peak of 193 persons in year 6. The proposed processing flowsheet consists of a 220t/h 3 stage mobile crushing circuit producing crushed material to minus 10mm. The crushed material is conveyed to a fine ore bin of 14hr live capacity (1,400t) before being fed into a 100t/h ball mill circuit. Material is ground to P80 53 micron in the milling circuit then proceeds into the first conditioning tank with chemicals added prior to entering the rougher and scavenger flotation cells. Tailings are then transferred to a tailings thickener with a thickened tails stream of 50% solid pulp density subsequently pumped to the tailings storage facility. Sulphide minerals recovered from the rougher and scavenger float cells are fed into a second conditioning tank prior to entering the cleaner cells to improve the nickel grade and quality of the concentrate. Cleaned concentrate collected from the cleaner float cells is then pumped to the concentrate thickener before dewatering and washing within a pressure filter. The filter cake of 6% moisture is discharged for storage in a shed ready for transport and shipping. When in full production, the maximum milling rate applied is 70kt per month with average monthly concentrate production for the Project being 8.6kt. The targeted concentrate grade for the processing plant is 10.1% nickel with an average nickel recovery of 79%. The concentrate product will contain payable quantities of nickel, cobalt and palladium. After being stockpiled on site the concentrate will be transported to the Esperance Port for overseas export upon sufficient product being available ready for shipment. The operations will utilise a fully Fly in/Fly out (FIFO) workforce with accommodation provided by the 250 room onsite accommodation village. Transport to and from the Project has been costed utilising three (3) charter flights per week flying from Perth to the Kambalda airport. Full manning levels for the operation averages 240 over the life of the Project with a peak of 290 in year 5. Average non mining workers at full production is 77 comprising 41 people allocated for the processing plant, the balance in administration or support services. Average personnel onsite for the Project is 159 persons. During the village construction period an offsite accommodation facility in Kambalda will be utilised. The Project operations are scheduled to reach full commercial production in month 16 with the estimated pre-production capital cost being AUD$257M. When in full production the average monthly operating costs for the operation is AUD$10M. During this period capital costs per month average AUD$2.6M, fluctuating between AUD$409k up to AUD$8.6M. The estimated total unit operating costs over the life of the Project is AUD$161/t milled with total capital costs of AUD$433M. The Project is estimated to generate AUD$402M free cash over a 94 month period with a maximum negative cashflow of AUD$269.2M in month 16 at a US$24,000/t Ni price applying an exchange rate 0.65 AUD/USD. The estimated pre-mine gate unit operating nickel production cost is US$3.67/lb. Total past mine gate costs have been estimated at AUD$230.2M, which includes all third-party royalties and AUD$43.5M Western Australian State royalties. The calculated NPV at an 8% discount rate for the Project is AUD$197.4M and internal rate of return of 22.9%. 5 WIN Metals Limited 11 WIN Metals Ltd Review of Operations From the current defined Production Target of 5.05Mt @ 1.56% Ni, full operation mine production can be achieved for 6 years. There are seven additional defined Mineral Resources (refer Table 1) located at the Mt Edwards Nickel Project providing substantial upside and high probability of mine life extending beyond the Scoping Study projected life. These additional Mineral Resources will be assessed and ultimately exploited, if viable, to provide an increase to the production cashflow and mine life of the Project. Table 2 - Mt Edwards Nickel Project Scoping Study Key Outcomes PARAMETER UNIT PROJECT TOTAL KEY ASSUMPTIONS Nickel Price US$/tonne Diesel Price US$/litre 24,000 1.20 Exchange Rate AUD:USD 0.65 Discount Rate % 8.0 Concentrator Nickel Recovery (Ni) % 79.0 % 80.0 Offtake Nickel Payability Unit Power Cost AUD$/kWhr 0.20 Total Concentrate Transport Costs AUD$/wmt 110.97 Life of Mine Months 94 Total Ore Mined Tonnes 5,047,555 Total Jumbo Development metres 48,734 Total Truck Material Movement tkm 19,171,620 Total Ore Milled dmt 5,047,555 Average Feed Grade % Ni 1.56 Concentrate Produced dmt 616,668 PRODUCTION Concentrate Grade % Ni 10.1 Contained Nickel Tonnes 62,283 Total Operating Costs AUD$ 812,719,828 Total Capital Costs AUD$ 433,227,055 Pre Production Capex AUD$ 257,029,982 Max Negative Cashflow (Month 16) AUD$ -269,209,468 Total Past Mine Gate Costs AUD$ 230,232,929 Total Net Revenue (Minus Past Mine Gate Costs) AUD$ 1,647,956,772 Total Cumulative Cashflow (Pre Tax) AUD$ 402,009,886 Discounted Cashflow (@ 8%) - NPV8 AUD$ 197,378,393 % 22.9 Unit Operating Costs (C1) AUD$/t milled 161.01 Unit Mining Operating Costs (Inc Power) AUD$/t mined 97.16 Unit Milling Operating Costs (Inc Power) AUD$/t milled 33.98 Unit All in Sustaining Costs AUD$/t milled 195.92 FINANCIALS (Con Transport, Offtake, Royalties) Internal Rate of Return UNIT COSTS 6 12 Annual Report 2024 WIN Metals Ltd Review of Operations PARAMETER UNIT PROJECT TOTAL Unit All in Costs AUD$/t milled 246.84 Unit Nickel Operating Production Cost (Excluded Past Mine Gate Costs) US$/lb in Con 3.67 AUD$/t in Con 12,432 Comparative C1 Nickel Production Cost US$/lb Payable 5.39 Figure 4: Mt Edwards Nickel Project Conceptual Layout 7 WIN Metals Limited 13 WIN Metals Ltd Review of Operations Figure 5: Mt Edwards Nickel Concentrator Flowsheet Schematic Planning for subsequent levels of feasibility was advanced with activity to be governed by prevailing commodity and capital market sentiment which have unfortunately deteriorated markedly during the time of the study. Of note, the decision by BHP to pause production from all Nickel West operations until a review in early 2027, announced on the 11th of July 5 post the end of the financial year is seen as indicative of the current industry dynamics, demonstrating a need for a change in approach to combat the structural changes implemented in competing markets, notably Indonesia. 4F WIN is exploring opportunities to leverage off dormant infrastructure resulting from this BHP closure that may represent a capital or operating saving to our proposed project. Faraday-Trainline Lithium Project The Faraday-Trainline Lithium Project area is located on Mining Lease M15/102, 4km west north-west of the Widgiemooltha township. Access is via the Coolgardie-Norseman Rd, 63km south of Coolgardie. Faraday and Trainline are central to Widgie’s Mt Edwards Project, covering a significant land holding within the “Lithium Corridor” between Mt Marion lithium mine to the north and Pioneer Dome lithium deposit to the south. Following discovery of rock chips 6 grading up to 3.70% Li2O in October 2022 the Company fast tracked its exploration and development activities at the Faraday Lithium deposit. On 4 July 2023 WIN announced it had unearthed a new near surface lithium prospect, named Trainline, directly to the north of the Faraday Lithium Deposit 7. 5F 6F Drilling programs through the first half of the 2024 financial year returned high-grade lithium mineralisation at both deposits. In addition, the Company also instigated confirmatory QAQC testwork which illustrated the assay method utilised for a program of drilling that previously informed the Mineral Resource Estimate, as recommended by the assay laboratory had underestimated the grade by on average 29%. WIN re-assayed a total of 2,801 samples using the appropriate fusion assay method that resulted in an updated Mineral Resource Estimate for Faraday-Trainline with a materially higher lithium grade 8. 7F On 8 November 2023, the Faraday-Trainline lithium Mineral Resource Estimate (MRE) 9 was upgraded 375% to 1.96Mt @ 0.69% Li2O (0.30% Li2O cut-off) including a high-grade, near surface zone of 373kt @ 1.00% Li2O (0.85% Li2O cutoff), with a Measured and Indicated Mineral Resources total of 1.57Mt @ 0.71% Li2O. Further exploration activities throughout the second half of the 2024 financial year successfully identified two additional prospects in Farson and Gemini. 8F 5 BHP ASX Announcement 11 July 2024 - Western Australia Nickel to temporarily suspend operations ASX Announcement 3 October 2022 – High Grade Lithium Discovery at Mt Edwards ASX Announcement 4 July 2023 – New Lithium Discovery Positions Widgie for Resource Growth 8 ASX Announcement 27 September 2023 – Higher Grade Lithium to come on the cusp of being shovel ready at Faraday 9 ASX Announcement 8 November 2023 – 375% Growth in Faraday-Trainline Lithium Mineral Resource 6 7 14 8 Annual Report 2024 WIN Metals Ltd Review of Operations Figure 6: WIN Metals lithium deposits and surrounding lithium prospects Faraday Metallurgical Testwork 10 9F Metallurgical flotation test work was carried out on Faraday lithium samples10 with excellent results achieved. The flowsheet development test work was carried out by ALS Metallurgy Pty Ltd located in Balcatta, Perth. A 1.01% Li2O composite sample prepared from diamond drill core was used for flowsheet development testing and is considered representative of the high-grade core of the Faraday mineralisation. This composite achieved an 81% lithium recovery to produce a 6.3% Li2O concentrate. Two phases of metallurgical characterisation testing have now been undertaken on the samples. The dominant lithium mineral identified by XRD analysis is spodumene . A flowsheet with a ball mill grind, low intensity magnetic separation and desliming ahead of flotation has shown promise and supports further optimisation and assessment using a range of variability samples. Elevated grades of rubidium have been confirmed in the Faraday metallurgical samples with rubidium reporting to potassium feldspar. Further work is required to understand the potential economic benefit of rubidium as a by-product to the Li2O resource. Faraday-Trainline Metallurgical testwork remains ongoing to confirm overall metallurgical recoveries across the entire resource. Given the deterioration in the underlying commodity price, testwork outcomes have been modified to consider potential by-product recoveries and to gain an understanding of the value that may accrue to these byproducts. Market research currently being carried out will be taken into consideration in ongoing work. 10 ASX Announcement 2 August 2023 – Faraday Metallurgical Testwork-Excellent Flotation Response WIN Metals Limited 9 15 WIN Metals Ltd Review of Operations Faraday Mining Proposal Approval On 4 August 2023, WIN announced that the Department of Mines, Industry Regulation and Safety (DMIRS) conditionally approved the commencement of mining operations in accordance with the plans submitted for the proposed mining operation at the Company’s Faraday lithium deposit 11. The approval was given subject to two key conditions precedent being met, being; 10F 1. Completing a flora survey within the disturbance envelope with the results being provided to DMIRS prior to the commencement of any developmental or productive mining or construction activity; and 2. A clearance as prescribed under the Aboriginal Cultural Heritage Act 2021 over the proposed footprint is obtained for the purposes of mining as opposed to exploration. The Company has satisfied all the conditions necessary to begin mining over the proposed mining footprint area following lodgement of the Botanical Survey and receipt of the final report on the Aboriginal Cultural Heritage Survey carried out on M15/102 with neither survey noting any issues. Corporate Effective from 1 July 2024 Widgie Nickel Limited changed its name to WIN Metals Ltd following approval at the General Meeting of Shareholders held the same day 12. 11F As at 30 June 2024, WIN held $1.69m cash at bank. Following extensive exploration and development activities across both the Nickel and Lithium Projects throughout the reporting period, expenditure/activities have now slowed, in essence, to match minimum expenditure commitments on WIN’s tenure. On 16 April 2024, WIN announced its intention to launch a Rights Issue to raise up to $4 million 13. The Offer was for 1 fully paid ordinary share in the capital of the Company (Share) for every 2.9795 Shares held by eligible shareholders registered at the record date, together with 1 free attaching unlisted option (New Option) for every 2 Shares subscribed for and issued, exercisable at $0.07 each on or before 31 October 2025. 12F The Company received applications under the Offer for 21,194,774 Shares at the issue price of $0.04 per Share (New Shares) raising gross proceeds of $847,7913. The Company also issued 10,597,504 New Options. The Shortfall Offer is a separate offer made pursuant to the prospectus dated 18 April 2024 (Prospectus) and may remain open for up to three months following the closing date of the Rights Issue (Shortfall Offer). The issue price for each Share to be issued under the Shortfall Offer is at the same price at which New Shares have been offered under the Offer. Successful applicants under the Shortfall Offer will also be entitled to New Options on the same terms as under the Offer. Subsequent to the end of the financial year under the Shortfall Offer, following receipt of shareholder approval on 1 July 2024