Announcement PDF WIN AGM- 26 November 2025 A Golden Time, Golden Opportunity ASX:WIN winmetals.com.au 2 WIN METALS Important Notice and Disclaimer This Presentation has been prepared by WIN Metals Limited (“WIN” or the “Company”) to assist in informing interested parties about the Company. It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to securities in the Company. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation. Summary information This presentation may not be reproduced, redistributed or passed on, directly or indirectly, to any other person, or published, in whole or in part, for any purpose without the prior written approval of WIN Metals Limited . The material contained in this presentation is for information purposes only. This presentation is not an offer or invitation for subscription or purchase of, or a recommendation in relation to, securities in the Company and neither this presentation nor anything contained in it shall form the basis of any contract or commitment. This presentation may not be distributed or released in the United States. Securities may not be offered or sold in the United States unless such securities are registered under the U.S. Securities Act of 1933, as amended (“U.S. Securities Act”) or in a transaction exempt from, or not subject to, the registration requirements of the U.S. Securities Act and any other applicable securities laws. Each institution or person that reviews this presentation will be deemed to represent that each such institution or person is not in the United States. The distribution of this presentation may be restricted by law. Persons who come into possession of this presentation should seek advice and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable securities laws. Not financial product advice Reliance should not be placed on the information or opinions contained in this presentation. This presentation is for information purposes only and is not financial product or investment advice, nor a recommendation to acquire securities in the Company (or any interest in Company securities). It has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making any investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek legal and taxation advice appropriate to their jurisdiction. Past performance Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as an indication of (and gives no guidance as to) future performance. Forward-looking information This presentation contains certain forward-looking statements with respect to the operations and business of the Company and certain plans and objectives of the management of the Company. Forward looking statements include those containing such words as "anticipate", "estimates", "forecasts", "should", "could", "may", "intends", "will", "expects", "plans" or similar expressions. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a range of variables and changes in underlying assumptions which could cause actual results or trends to differ materially. WIN Metals Limited does not make any representation or warranty as to the accuracy of such statements or assumptions. No liability This presentation has been prepared by WIN Metals Limited based on information currently available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. Recipients should carry out their own investigations and analysis of the Company and verify the accuracy, reliability and completeness of the information contained in this presentation or any other form of communication to which the recipient is permitted access in the course of evaluating any investment in the Company. To the maximum extent permitted by law, none of WIN Metals Limited or its subsidiaries or affiliates or the directors, employees, agents, representatives or advisers of any such party, nor any other person accepts any liability for any loss arising from the use of or reliance on this presentation or its contents or otherwise arising in connection with it, including without limitation, any liability arising from fault or negligence on the part of WIN Metals Limited or its subsidiaries or affiliates or the directors, employees, agents, representatives or advisers of any such party. Financial data All figures in the presentation are Australian dollars ($ or A$) unless stated otherwise. A number of figures, amounts, percentages, estimates, calculations of value and fractions in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation. Photographs and diagrams Photographs and diagrams in the presentation are for illustration purposes only and should not be interpreted to mean that any person shown in them endorses this presentation or its contents or that the assets shown in them are owned by WIN Metals Limited. Diagrams and maps used in this presentation are illustrative only and may not be drawn to scale. Unless otherwise stated, all data contained in charts, graphs and tables is based on information available as at the date of this presentation. Compliance Statement The information in this presentation that relates to exploration results from the Radio Gold Project has been extracted from the Company’s ASX Announcement titled “Outstanding first results at Radio Gold Project” dated 5 November 2025. The information in this presentation that relates to historic exploration results for the Radio Gold Project has been extracted from the Company's ASX announcement titled "Radio Gold Project Historic Exploration Results " dated 21 October 2025. The information in this presentation relating to the Butchers Creek Gold Project Scoping Study has been extracted from the Company’s ASX Announcement of the 12 November 2025 titled “Butchers Creek Gold Project Delivers Robust Scoping Study”. The information in this presentation that relates to Exploration targets at Golden Crown has been extracted from the Company's ASX announcement titled “Exploration Target at Golden Crown Focus on Resource Growth" dated 27 May 2025. The information in this presentation that relates to estimates of Gold Mineral Resources for the Butchers Creek Project has been extracted from the Company’s ASX Announcement titled “WIN advances Butchers Creek development with resource update” dated 16 April 2025. The information in this presentation that relates to estimates of Nickel Mineral Resources for the Mt Edwards Project has been extracted from the Company’s ASX Announcement titled “Sale of No-Core Assets Yields $1.4m for WIN to Advance Gold” dated 1 July 2025. The information in this presentation that relates to estimates of Lithium Mineral Resources for the Mt Edwards Project has been extracted from the Company’s ASX Announcement titled “375% Growth in Faraday-Trainline Lithium Mineral Resource” dated 8 November 2023. The information in this presentation relating to the Nickel Scoping Study has been extracted from the Company’s ASX Announcement of the 7 March 2024 titled “Standalone Mt Edwards Project Scoping Study”. The information in this presentation that relates to exploration and evaluation results for the Butchers Creek, Radio Gold Project and Mt Edwards Projects have been extracted from the Company’s previous ASX Announcements as referenced in this Presentation. Copies of these announcements are also available on the Company’s website at www.winmetals.com.au. WIN Metals Limited confirms that it is not aware of any new information or data that materially affects the information included in the ASX market announcements, and in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant ASX market announcements continue to apply and have not materially changed. WIN Metals Limited confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the relevant ASX market announcements. 3 WIN METALS Project Portfolio - Diversified with near term production potential Four distinct project areas in Western Australia focused on exploring and developing resources in gold, nickel and lithium • Radio Gold Mine – Latest acquisition, drilling currently • Butchers Creek Gold Project- 5.6Mt for 359koz, scoping study completed • Mt Edwards Nickel Project -180,900t of contained nickel scoping study completed. Care and maintenance • Faraday Trainline Lithium Project -1.96Mt at 0.69% Li2O small mine approved. Test work ongoing 4 WIN METALS RADIO Mine Acquisition - Near term production potential Historical production +71Koz @ 38.5g/t Au from 1918 to 1974 10km2 mining tenements. Fully permitted mine- decline developed 330m, 200m ore development. Production stopes ready Mobile & Fixed Mining Equipment- Jumbos, loaders, trucks, LV’s, 2.4MVa genset, compressors, offices & workshop incl. Process plant partially completed Bullfinch Tavern- 22 room camp and messing facility incl. Prolific Greenstone belt - with numerous HG stranded assets….. Opportunity abounds Consideration $500 cash, $400k shares, 5% royalty up to 900oz, 1.5% thereafter. Good deal! Refer: ASX Announcement “WIN to acquire High Grade Radio Gold Mine” 4 August 2025 5 WIN METALS Open Pit - Near surface gold prospectivity highlighted 9,000m RC drill program, currently 90% complete and designed to: • Establish Radio Repeater and Radio South resources; and • Confirm and Expand Radio Central mine resource This investment accounts for just under 50% of all historical drilling undertaken across the entire project area, highlighting the potential remaining. Mineral Resource Update - New Year Mine Plan expected end of Q1 2026 UG & O/P Mine recommencement - targeting Q3 2026 6 WIN METALS Development Potential - Significant sunk capital to leverage Consider concurrent Open pit/UG development & other opportunities. Processing optionality - Toll or gravity onsite (+ 85% Gravity recoverable gold), partially completed Processing facility constructed with permitted tailings capacity. Radio Gold Project historical drilling results, underground workings and potential open pit opportunities. Gold intercepts are illustrated in grams x meters call outs hole ID, down hole interval (m) @ Au g/t. Long section looking north west. 7 WIN METALS First Pass Results at Repeater Impress! Repeater long section looking north west. Call outs hole ID, x m at xx g/t Au Announced 15% of results to date, remaining assays pending..more announcements to come 8 WIN METALS Butchers Creek: Background • Halls Creek region was the site of the first gold rush in Western Australia mid 1880’s. • Butchers Creek located 30km south-east of Halls Creek in the Kimberley region of Western Australia. • Accessible via the partially sealed Duncan Road that connects the project to the town of Halls Creek and the sealed Great Northern Highway. • Total gold production from the Butchers Creek open pit from 1995-1997 of 761,000t @ 2.09g/t Au for 52,000oz of gold produced, the operation closed due to low gold price. • Historic owners conducting exploration drilling include Northern Star (ASX:NST) in 2004-2007 and Meteoric Resources (ASX:MEI) from 2020-2022. WIN last program 2024. 9 WIN METALS Butchers Creek Gold Project: Mineral Resource 1 ASX Ann - 16 Apr 2025 “WIN advances Butchers Creek towards development following resource update” 2 ASX Ann – 25 Nov 2024 “Golden Crown North Delivers High Grades and Growth Potential” 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 • Updated Mineral Resource Estimate: Butchers Creek Gold Mineral Resource revised to 5.23Mt @ 1.91g/t Au for 321,000oz of gold1 • Significant Increase in Indicated Resource: Indicated category up by 86% to 3.58Mt @ 2.24g/t Au for 258,000oz of gold • Project De-Risked: Update Mineral Resource significantly enhances confidence for future Economic Evaluation • Growth Focused 2026 Drill Program: Planned drilling to target high priority, high grade resource growth targets, including Golden Crown (currently 0.4Mt @ 3.1g/t Au- inferred) with recent extensional drilling returning 6m @ 10.85g/t Au2 • Heritage survey complete: Field survey complete with final report received. 10 WIN METALS Drilling Delivers High Grade Results - Down Plunge Potential Confirmed Plan view of Butchers Creek with related drill section lines • Drilling confirms mineralisation remains open down plunge with the potential for resource growth • Strong coherent zones of gold mineralisation3 from first program reported including: 24BCRC002 66m @ 1.89g/t Au from 280m Incl. 17m @ 3.10g/t 24BCRC004 10m @ 2.54g/t Au from 368m Incl. 3m @ 5.70g/t 24BCRC015 98m @ 1.47g/t Au from 251m Incl. 13m @ 2.99g/t 24BCRC019 28m@ 2.90g/t Au from 291m Incl. 21m @ 3.54g/t 24BCRC021 32m @ 2.65g/t Au from 231m Incl. 24m @ 3.37g/t Step out success - 260m from 2021 resource drilling4 24BCRCD008 16.52m @ 2.10g/t Au from 447m Incl. 11m @ 3.01g/t 3 ASX Ann – 10 Dec 2024 “Thick High-Grade Gold Intersected in Butchers Creek Infill Drilling” 4 ASX Ann – 4 Feb 2025 “Butchers Creek Exploration Success- Step Out Drilling Unlocks Resource Potential” 11 WIN METALS Butchers Creek Scoping Study- Understanding the value proposition Open Pit cutback Cemented Rock Fill Pillars Haulage Decline Vent Decline Rock Fill Stopes Open Stopes 12 WIN METALS Site Layout- reinstating what was there 30 years ago Value retained through existing large capacity tailings storage facility (+4mt capacity remaining) Abundance of potable water available for processing in man made dams Plant site cleared Nominal waste dump capacity required - no increased disturbance from historical footprint Main Duncan road access now approaching fully sealed all weather status Camp Site to be reinstated Power- diesel generators- solar to be considered in next study phase 13 WIN METALS Scoping Study Outcomes Assumptions Unit of Measure Open Pit Mine Duration years 0.9 Underground Mine Duration years 7.75 Processing Duration years 7.25 Open Pit Waste Mined kt 1,446 Open Pit Ore Mined kt 123 Open Pit Strip Ratio 11.8 Open Pit Grade g/t Au 2.04 Open Pit Mined Ounces koz 8 Underground Waste Mined kt 541 Underground Ore Mined kt 3,165 Underground Grade g/t Au 2.00 Underground Mined Ounces koz 203 Mine Production Target Total Ore Mined kt 3,288 Grade g/t Au 2.00 Mined Ounces koz 211 Processing Physicals Tonnes Processed kt 3,288 Grade g/t Au 2.00 Ounces Recovered koz 200 Table 1: Scoping Study financial assumptions and results Key Financial Assumptions Gold Price A$/oz 5,385 Discount Rate % 8 Diesel Price A$/litre 1.75 Cement Price A$/t 587 Processing Plant Gold Recovery % 94.6 Unit Power Cost A$/kWhr 0.37 Refining Cost (incl. Transport) A$/oz 15 Capital Expenditure Pre Production Capex A$M 113 Pre Production Cost A$M 29 Sustaining Capex A$M 50 Post Production Capex Mining A$M 67 Total Capex (including Pre Production cost) A$M 259 Unit Costs Unit Operating Costs (C1) A$/t Processed 158 Unit Mining Operating Costs (Inc Power) A$/t Processed 46 Unit OP Mining Operating Costs (Inc Power) A$/t Processed 103 Unit UG Mining Operating Costs (Inc Power) A$/t Processed 84 Unit All in Sustaining Costs A$/t Processed 184 Unit All in Costs A$/t Processed 228 Operating Expenditure Total Operating Costs A$M 518 Total Past Mine Gate Costs (Refining, Transport, Royalties) A$M 41 Project Returns Total Net Revenue (Minus Past Mine Gate) A$M 1,036 Total Cumulative Cashflow (Pre Tax) A$M 288 Net Present Value (NPV 8%) A$M 143 Internal Rate of Return (IRR) % 25 Payback Period (Pre-Tax from start of gold production) Years 3.5 All in Sustaining Costs (AISC) A$/oz 3,032 Comparative C1 Cash Cost A$/oz 2,592 14 WIN METALS Golden Crown – Test strike & depth extent….still to come • 2km of mineralised strike within syenite host unit • Shallow RC drilling planned to unlock open pit potential along strike 9,000m planned- 2026 Q2 • Current Resource 38koz at 3.10g/t Au limited to a depth of 100m Significant Historical Gold Results5: • BGP045 6.0m @ 44.0g/t from 14m • GCD010 2.0m @ 200.2g/t from 22m • GCP017 5.0m @ 70.5g/t from 9m • BGP121 5.0m @ 23.0g/t from 81m • BGP019 3.0m @ 18.0g/t from 6m • BGP008 3.0m @ 14.7g/t from 13m • BGP114 7.0m @ 5.5g/t from 64m • BGP067 7.0m @ 4.5g/t from 24m Recent Gold Results6: • 24BCRC014 6m @ 10.85g/t from 253m • 24BCRC012 5m @ 3.63g/t from 222m • 24BCRC013 2m @ 6.00g/t from130m 5ASX Ann - 11 Sept 2024 “Butchers Creek Gold Project MRE and Exploration Results – Amended” 6ASX Ann - 25 Nov 2024 “Golden Crown Delivers High Grade and Growth Potential” 15 WIN METALS 240km2 granted mining leases covering the highly prolific Widgiemooltha Dome, with exposure to two critical minerals. Significant resource, upgraded through drilling, Scoping Study concluded contemplating development of standalone concentrator. Compelling at the right entry point ie Conc/NiSO4/pCAM *- Refer Slide 17 for Resource Breakdown to resource categories Mineral Resources Mt MarionLithium Operation: MIN ASX Announcements 22/09/2023: Mineral Resources and Ore Reserve Update, 21/02/2024 Mt Marionunderground 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 Hill Mt Edwards Nickel Project Shovel ready project with upside potential. Potential to provide optionality when lithium pricing recovers. Met testing to confirm development pathway, potential byproduct recognition. Exploration potential remains. Faraday-Trainline Lithium Project Retaining Optionality and Preserving Latent Value Nickel and Lithium * * 16 WIN METALS Level 4, 220 St Georges Tce, Perth, WA 6000 +61 8 63817250 info@winmetals.com.au ASX: WIN WINMETALS.COM.AU 17 WIN METALS Mt Edwards Nickel and Faraday Lithium Resources Deposit Measured Indicated Inferred TOTAL Resources Tonne (kt) Li2O (%) Tonne (kt) Li2O (%) Tonne (kt) Li2O (%) Tonne (kt) Li2O (%) Li2O Tonnes Faraday 550 0.75 250 0.66 220 0.61 1,020 0.7 7,100 Trainline - - 780 0.69 160 0.63 940 0.68 6,300 TOTAL 550 0.75 1,020 0.68 390 0.62 1,960 0.69 13,500 WIN Metals Faraday/Trainline Lithium Mineral Resource Estimate Reported above a cut-off grade of 0.30% Li2O to a depth of 310mRL (65m below surface) and 0.50% Li2O below 310mRL to 250mRL. Tonnes and grade have been rounded to reflect the relative uncertainty of the estimates. WIN Metals Mt Edwards Nickel Resource Estimate 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 uncertaintyof the estimates.