Announcement PDF ASX Announcement ASX:WIN 28 July 2025 June 2025 Quarterly Report Highlights Butchers Creek Gold Project – Updated Mineral Resource Estimate Updated Butchers Creek Mineral Resource Estimate delivers significant growth in Indicated Resources, advancing the deposit towards economic evaluation: • Butchers Creek updated Mineral Resource Estimate: 5.23Mt @ 1.91g/t Au for 321,000oz of Gold 1 • Global MRE 5.63Mt @ 1.98g/t Au for 359,000oz of gold • 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: Updated Resource significantly enhances confidence for future Economic Evaluation Butchers Creek Gold Project – Exploration Conducting field reconnaissance, reviewing historic datasets, and relogging historic core samples to guide and improve the success of future exploration activities: • Post Quarter end announcement “High grade gold confirms Emjay Prospectivity” rock chip assays up to 23.5g/t Au 2 • Exploration target for Golden Crown announced “Exploration at Golden Crown Commences with a growth focus” outlining a target of an additional 400kt to 700kt tonnes grading between 2.4g/t to 3.2g/t Au for 23,000oz to 73,000oz of gold 3. This to build upon the current Inferred Mineral Resource Estimate (MRE) of 400kt @ 3.1g/t Au for 38,000oz of gold • Announcement of Exploration Incentive Scheme (EIS) Co-funding award 4 “Award of Exploration Incentive Scheme (EIS) Co-funding” to drill test blind Ganymede Induced Polarisation (IP) anomaly east of the Butchers Creek deposit • Heritage survey clearance undertaken and concluded for proposed 2025 drilling at Butchers Creek Corporate On 1 July 2025 WIN announced the sale of non-core assets to Auric Mining Ltd for $1.4m, with a $900,000 payment received on 30 June 2025. This represents a timely boost to the Company’s cash reserves at financial year end with these funds available to advance the Company’s gold assets. View our hub and signup to receive updates from our InvestorHub: https://investors.winmetals.com.au/ 1 2 ASX:WIN “WIN advances Butchers Creek towards development following resource update” released 16 April 2025 ASX:WIN “High grade Gold Confirms Emjay Prospectivity” released 15 July 2025 3 ASX:WIN “Exploration Target at Golden Crown to Focus on Resource Growth” released 27 May 2025 4 ASX:WIN “Award of Exploration Incentive Scheme (EIS) Co-funding” released 1 May 2025 ABN 77 648 687 094 Level 4, 220 St Georges Tce Perth, WA 6000 PO BOX 7713 Cloisters Square WA 6850 T: +61 8 6381 7250 F: +61 8 6381 7299 info@winmetals.com.au www.winmetals.com.au ASX: WIN 1 June 2025 Quarterly Report 28 July 2025 WIN Metals Ltd (ASX: WIN) (“WIN” or “the Company”) is pleased to present its Quarterly Activities Report for the period ended 30 June 2025. WIN Metals Managing Director and CEO, Mr Steve Norregaard, commented: "After concluding our maiden drill program at Butchers Creek we are extremely pleased with the outcome of the updated MRE firming up the resource base ahead of development economic evaluation studies which are progressing well. Work on the ground to advance the project provides significant impetus that a long life project can be established successfully with the co-operation of all stakeholders. All this against an appreciating AUD gold price testing new all time highs” Butchers Creek Gold Project WIN advances Butchers Creek towards development following resource update – Released 16 April 2025 The April 2025 MRE update increased the Global Mineral Resource to 5.6Mt for 359,000 ounces of gold at 1.98g/t Au with 258,000 ounces or 80% now classified as Indicated, available for economic studies to support potential project development. Table 1: Butchers Creek Gold Project Resource Summary Deposit Last Update Butchers Creek Apr-25 Golden Crown Jun-21 Total Resource Classification Tonnes (Mt) Au g/t Contained Gold (Oz) Indicated 3.58 2.24 258,000 Inferred 1.65 1.18 63,000 Inferred 0.40 3.10 38,000 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. Table 2: Butchers Creek Gold Resource Summary – Reported by Cut-Off parameters Deposit Butchers Creek Mining Cut-Off Grade Resource Classification Tonnes (Mt) Au g/t Contained Gold (Oz) OP 0.5 Indicated 1.50 1.99 96,000 Inferred 0.56 0.99 18,000 UG 0.8 Indicated 2.08 2.42 162,000 Inferred 1.09 1.27 45,000 Total Indicated 3.58 2.24 258,000 Total Inferred 1.65 1.18 63,000 Total 5.23 1.91 321,000 Note: Butchers Creek figures are rounded and reported at 0.5g/t Au cut-off to 150m (+220mRL) below surface (370m RL) for open pit “OP” and a 0.8g/t Au cut-off below 150m (-220mRL) of surface (370mRL) for underground “UG”. This update reflects the successful conversion of an additional 119,000oz at 2.24g/t Au into the indicated category, representing an 86% increase in indicated gold resource ounces compared to the 2021 MRE, as illustrated by the waterfall chart in Figure 1 below. ABN 77 648 687 094 Level 4, 220 St Georges Tce Perth, WA 6000 PO BOX 7713 Cloisters Square WA 6850 T: +61 8 6381 7250 F: +61 8 6381 7299 info@winmetals.com.au www.winmetals.com.au ASX: WIN 2 June 2025 Quarterly Report 28 July 2025 Figure 1: Mineral Resource Changes by Classification Figure 2 presents the grade-tonnage curve for the Butchers Creek 2025 MRE, highlighting a substantial tonnage of 4.8Mt at 2.04g/t gold above a cut-off grade of 0.7 g/t Au. Figure 2: Butchers Creek 2025 MRE Grade Tonnage Curve Figure 3 illustrates the gold endowment at Butchers Creek from below the exisiting open pit down to 500m below surface. Ounces Per Vertical Meter (OPVM) average 972 ounces from the base of the open pit to 320 meters below surface. An OPVM of 1,000 ounces is an industry benchmark indicating strong potential for a highly successful underground mine. The Butchers Creek mineral resource remains open at depth and is currently only limited by the lack of further drilling. ABN 77 648 687 094 Level 4, 220 St Georges Tce Perth, WA 6000 PO BOX 7713 Cloisters Square WA 6850 T: +61 8 6381 7250 F: +61 8 6381 7299 info@winmetals.com.au www.winmetals.com.au ASX: WIN 3 June 2025 Quarterly Report 28 July 2025 Figure 3: Butchers Creek Long Section looking north-west. Gold endowment displayed as ounces per vertical metre (OPVM) Butchers Creek Gold Project – Exploration High grade Gold Confirms Emjay Prospectivity – Released 15 July 2025 The Emjay gold prospect is located 11km to the south of the Butchers Creek gold mine. Rock chip sampling has confirmed the prospect’s potential, with assays returning grades of up to 23.5 g/t gold. As part of ongoing efforts to define drill targets for the 2025 field season, desktop studies identified anomalies in government datasets, which were validated by high-grade field results within exploration licence E80/5059 at Emjay. Significant rock chip results from field sampling include: Table 3: Significant Rock Chip Samples at Emjay Sample ID Sample Type Au ppm 25BCS0028 ROCK 23.50 25BCS0029 ROCK 14.00 25BCS0027 ROCK 8.72 25BCS0043 ROCK 3.59 Note: results above 1g/t Au A total of 50 samples, comprising both rock chip and lag (surface rock fragment) samples, were collected over a 500meter strike length (Figure 4). Sampling was conducted across the strike to thoroughly test the prospect and confirm gold mineralisation. ABN 77 648 687 094 Level 4, 220 St Georges Tce Perth, WA 6000 PO BOX 7713 Cloisters Square WA 6850 T: +61 8 6381 7250 F: +61 8 6381 7299 info@winmetals.com.au www.winmetals.com.au ASX: WIN 4 June 2025 Quarterly Report 28 July 2025 Figure 4: Emjay sample locations with ppb gold MINDEX government datasets conflicted with open-file data, suggesting that Emjay is located 2 km further south than previously indicated. WIN will collaborate with the Department of Mines, Petroleum and Exploration (DMPE) to resolve this discrepancy. Exploration Target at Golden Crown to Focus on Resource Growth – Released 27 May 2025 WIN has defined an Exploration Target for Golden Crown of 400,000 to 700,000 tonnes grading between 2.4g/t and 3.2g/t Au, equivalent to 23,000 to 73,000 ounces of gold. This is in addition to the current Inferred Mineral Resource Estimate (MRE) of 400,000 tonnes at 3.1g/t Au, containing 38,000 ounces of gold. The potential quantity and grade of the Exploration Target are conceptual in nature, as insufficient exploration drilling has been conducted to estimate a Mineral Resource. At this stage, it is uncertain whether further drilling will lead to the estimation of a Mineral Resource. The Exploration Target has been prepared in accordance with the JORC Code (2012) and is exclusive of the 2021 Golden Crown Mineral Resource Estimate of 400,000 tonnes at 3.1g/t Au, containing 38,000 ounces of gold. ABN 77 648 687 094 Level 4, 220 St Georges Tce Perth, WA 6000 PO BOX 7713 Cloisters Square WA 6850 T: +61 8 6381 7250 F: +61 8 6381 7299 info@winmetals.com.au www.winmetals.com.au ASX: WIN 5 June 2025 Quarterly Report 28 July 2025 The Exploration Target is supported by the successful 2024 drilling campaign, which tested mineralisation below the current Inferred Resource at Golden Crown, including notable intercepts such as 6m at 10.85g/t Au from 140m below the Mineral Resource and 5m at 3.63g/t Au from 95m below the Mineral Resource. Figure 5: Golden Crown Exploration Target mineralisation envelopes (red fill) with 2021 MRE block model (grey) and drillhole traces (black) looking north-west. Dashed red line represents 500m of strike between Golden Crown South and North images for illustration purposes only. Heritage Survey Clearance for 2025 Drilling Programme All drilling proposed in the 2025 heritage survey has been cleared by the Koongie Elvire Traditional Owners Group following the completion of the survey in April. This approval enables WIN to progress its 2025 drilling programme, focusing on expanding the Golden Crown resource and testing the EIS co-funded exploration target, Ganymede. Award of Exploration Incentive Scheme (EIS) Co-funding – Released 1 May 2025 Government EIS co-funding will support drill testing of an Induced Polarisation (IP) anomaly at the Ganymede Prospect, located east of the Butchers Creek deposit. The application emphasised the similarities between the IP signatures of Ganymede and the Butchers Creek gold deposit. Drilling is planned for the 2025 field season, with PoW and Heritage Surveys already complete. Ganymede is believed to represent a folded repeat and extension of the Butchers Creek gold deposit (Figure 6) and is part of the broader Butchers Creek Gold Project. The granted funding will cover 50% of the direct drilling costs, up to a maximum refund of $57,500. Two diamond drillholes are planned to test the Ganymede Induced Polarisation (IP) geophysical anomaly, which was previously identified but remained undrilled by Meteoric Resources in 2022. ABN 77 648 687 094 Level 4, 220 St Georges Tce Perth, WA 6000 PO BOX 7713 Cloisters Square WA 6850 T: +61 8 6381 7250 F: +61 8 6381 7299 info@winmetals.com.au www.winmetals.com.au ASX: WIN 6 June 2025 Quarterly Report 28 July 2025 Figure 6: Ganymede location with reference to Butchers Creek and Mt Bradley gold mines Figure 7: Schematic geology cross section and associated IP anomaly of the Butchers Creek gold deposit and Ganymede gold target Mt Edwards Nickel Project WIN controls a dominant land package of approximately 240km² over the prolific nickel-producing Widgiemooltha Dome in Western Australia. The Mt Edwards Nickel Project is strategically located adjacent to key infrastructure, just 80km south of the major regional centre of Kalgoorlie and 30km southwest of Kambalda. Following the divestment of the nickel rights to the Munda tenement (M15/87), as described in the Corporate Section below, the Mt Edwards Nickel Project now comprised of 11 separate deposits with a total mineral resource of 12.7Mt grading 1.43% nickel, for 180,900 tonnes of contained nickel 5. 5 ASX Announcement– “Sale of Non-Core Assets Yields $1.4m for WIN to Advance Gold” Released 1 July 2025 ABN 77 648 687 094 Level 4, 220 St Georges Tce Perth, WA 6000 PO BOX 7713 Cloisters Square WA 6850 T: +61 8 6381 7250 F: +61 8 6381 7299 info@winmetals.com.au www.winmetals.com.au ASX: WIN 7 June 2025 Quarterly Report 28 July 2025 In March 2024, the Company released a Scoping Study for the Mt Edwards Nickel Project 6. WIN Metals commissioned this study to conduct a preliminary assessment of the technical and financial viability of a standalone nickel mining and processing operation. Limited further testwork is being undertaken to investigate the potential and economics of downstream processing options, to produce Nickel Sulphate or NCM battery precursor (pCAM). This work is anticipated to reach a conclusion during the forthcoming quarter guiding the company for future work on the project No exploration activities at the Mt Edwards Nickel Project were reported during the June 2025 Quarter. Table 4: WIN Metals Nickel Mineral Resources Indicated Deposit Tonne (Mt) Inferred Nickel (%) Tonne (Mt) TOTAL Resources Nickel (%) Tonne (Mt) Nickel (%) Nickel Tonnes Gillett* 2.27 1.35 0.87 1.16 3.14 1.30 40,770 Widgie 3* 0.51 1.34 0.22 1.95 0.73 1.53 11,200 Widgie Townsite* 1.65 1.60 0.85 1.38 2.50 1.53 38,260 Armstrong* 0.95 1.45 0.01 1.04 0.96 1.44 13,820 132N 0.03 2.90 0.43 1.90 0.46 2.00 9,050 Cooke 0.15 1.30 0.15 1.30 2,000 Inco Boundary 0.46 1.20 0.46 1.20 5,590 McEwen 1.13 1.35 1.13 1.35 15,340 McEwen Hangingwall 1.92 1.36 1.92 1.36 26,110 Mt Edwards 26N 0.87 1.43 0.87 1.43 12,400 0.05 2.04 0.33 1.96 6,360 1.43 180,900 Zabel 0.27 TOTAL 5.68 1.94 1.48 6.97 1.39 12.66 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. Faraday-Trainline Lithium Project The Faraday-Trainline lithium Mineral Resource Estimate (MRE) amounts to 1.96Mt @ 0.69% Li2O including a highgrade, near surface zone of 373kt @ 1.00% Li2O with a Measured and Indicated Mineral Resources total of 1.57Mt @ 0.71% Li2O 7. Table 5: WIN Metals Mt Edwards Lithium Mineral Resource Estimates Measured Deposit 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 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. No exploration activities at the Faraday-Trainline Lithium Project were reported during the June 2025 Quarter. 6 7 ASX Announcement “Standalone Mt Edwards Project Scoping Study” Released 7 March 2024 ASX Announcement “375% Growth in Faraday-Trainline Lithium Mineral Resource” Released 8 November 2023 ABN 77 648 687 094 Level 4, 220 St Georges Tce Perth, WA 6000 PO BOX 7713 Cloisters Square WA 6850 T: +61 8 6381 7250 F: +61 8 6381 7299 info@winmetals.com.au www.winmetals.com.au ASX: WIN 8 June 2025 Quarterly Report 28 July 2025 The Company has continued with metallurgical test work designed to optimise and build on work done to date. This work continues at limited rate aiming to improve concentrate grades and consider and evaluate byproducts to lithium production which have the potential to improve underlying economics. Corporate As at 30 June 2025, WIN held $2.341m cash at bank. Full details regarding the Company’s cash movements during the Quarter can be found in the attached Appendix 5B. Sale of Non-Core Assets Yields $1.4m to Advance Gold Assets WIN has agreed to divest its remaining nickel rights and associated entitlements to tenement M15/87, containing 7,260 tonnes of nickel, to Auric Mining Ltd (Auric). The agreement also includes the transfer of exploration camp infrastructure located on M15/101 and grants Auric exclusive access to water from the 132N open pit for seven (7) years, with no usage charges. This agreement follows the partial divestment of WIN’s nickel interest in tenement M15/87, concluded with Auric in 2024. WIN received an initial payment of $900,000 on 30 June 2025 and is scheduled to receive a further $500,000 by 31 July 2025, completing the $1.4 million transaction. The Munda nickel deposit was a non-core asset for WIN and is not part of the short to medium-term development plans for the Mt Edwards Nickel Project. This transaction preserves the vast majority of nickel at Mt Edwards while unlocking latent value, enabling WIN to continue advancing its gold assets at Butchers Creek and pursuing other opportunities. Corporate information as at 30 June 2025: ASX code WIN Board of Directors & Management Quoted Ordinary shares on issue: 550,058,399 Steve Norregaard – Managing Director & CEO Restricted Ordinary shares on issue: - Andrew Parker – Independent Non-Executive Chairman Unlisted Options ($0.036 to $0.35): 171,829,407 Felicity Repacholi - Independent Non-Executive Director Unlisted Performance Rights 18,300,000 Scott Perry - Independent Non-Executive Director Share price range last 12 months: $0.013 to $0.054 Share price at end of Quarter: $0.017 Company Secretary - Graeme Scott On 5 May 2025, WIN announced it had received a Writ of Summons filed on behalf of Estrella Resources Ltd (ASX:ESR) for alleged breaches of the conditions of a lithium royalty deed. The Writ was issued against WIN and its subsidiary Mt Edwards Critical Metals Pty Ltd in addition to Auric Mining Ltd and its subsidiary Widgie Gold Pty Ltd (ASX:AWJ) and Neometals Ltd (ASX: NMT). As previously reported the Company believes the claims are frivolous, without merit and accordingly will vigorously defend the proceedings including seeking costs and potential counter claims. Additional ASX Listing Rule Disclosures ASX Listing Rule 5.3.1: Payments for exploration, evaluation and development during the Quarter totalled $437,589 Details of exploration activities undertaken during the Quarter are as described above and in this section. ASX Listing Rule 5.3.2: The Company confirms there were no mining production and development activities undertaken during the Quarter. ASX Listing Rule 5.3.3: The details of the mining tenements, the location and the Company’s beneficial percentage interest held in those Tenements at the end of the Quarter is included in the Table at the end of this as Appendix 1. ABN 77 648 687 094 Level 4, 220 St Georges Tce Perth, WA 6000 PO BOX 7713 Cloisters Square WA 6850 T: +61 8 6381 7250 F: +61 8 6381 7299 info@winmetals.com.au www.winmetals.com.au ASX: WIN 9 June 2025 Quarterly Report 28 July 2025 ASX Listing Rule 5.3.5: payments to related parties or associates of the Company during the Quarter totalled $144,683. The payments were in respect of salaries and superannuation paid to the executive director and directors’ fees payable to the non-executive directors. Approved by: Board of WIN Metals Ltd -ENDSFor further details please contact: Steve Norregaard Managing Director WIN Metals Ltd steve@winmetals.com.au 0472 621 529 ABN 77 648 687 094 Level 4, 220 St Georges Tce Perth, WA 6000 PO BOX 7713 Cloisters Square WA 6850 T: +61 8 6381 7250 F: +61 8 6381 7299 info@winmetals.com.au www.winmetals.com.au ASX: WIN 10 June 2025 Quarterly Report 28 July 2025 Competent Person Statement The information in this announcement that relates to mineral resource estimates and exploration results is based on information reviewed, collated and fairly represented by Mr William Stewart, who is a full-time employee of WIN Metals Ltd. Mr Stewart is a member of the Australian Institute of Metallurgy and Mining (member no 224335). Mr Stewart has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Stewart consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Additionally, Mr Stewart confirms that the entity is not aware of any new information or data that materially affects the information contained in the ASX releases referred to in this report. Compliance Statement The information in this report is extracted from the ASX Announcements listed in the table below, which are also available on the Company’s website at www.winmetals.com.au and the ASX website www.asx.com under the code WIN. Number Announcement Date ASX Company Announcement Title 1 16-Apr-25 WIN WIN advances Butchers Creek towards development following resource update 2 15-Jul-25 WIN High grade Gold Confirms Emjay Prospectivity 3 27-May-25 WIN Exploration Target at Golden Crown to Focus on Resource Growth 4 1-May-25 WIN Award of Exploration Incentive Scheme (EIS) Co-funding 5 1-Jul-25 WIN Sale of Non-Core Assets Yields $1.4m for WIN to Advance Gold 6 7-Mar-24 WIN Standalone Mt Edwards Project Scoping Study 7 8-Nov-23 WIN 375% Growth in Faraday-Trainline Lithium Mineral Resource The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcements. Forward Looking Statement Caution regarding Forward Looking Information. This document contains forward looking statements concerning WIN Metals Ltd. Forward looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward-looking statements as a result of a variety of risks, uncertainties, and other factors. Forward looking statements in this document are based on WIN's beliefs, opinions and estimates as of the dates the forward-looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions, or estimates should change or to reflect other future developments. ABN 77 648 687 094 Level 4, 220 St Georges Tce Perth, WA 6000 PO BOX 7713 Cloisters Square WA 6850 T: +61 8 6381 7250 F: +61 8 6381 7299 info@winmetals.com.au www.winmetals.com.au ASX: WIN 11 June 2025 Quarterly Report 28 July 2025 Appendix 1 – Tenement Interests The changes in the Company’s tenement interests during the Quarter and as at 30 June 2025 are as reflected in the table below. The Company has an interest in the following projects and tenements in Western Australia: Project Name Licence Name Beneficial Interest Status Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Mt Edwards Butchers Creek Butchers Creek Butchers Creek Butchers Creek Butchers Creek Butchers Creek Butchers Creek M15/87 M15/699 P15/6362 P15/6387 P15/6539 E15/1749 P15/6570 P15/6612 L15/0426 M15/45 M15/46 M15/48 M15/74 M15/75 M15/77 M15/78 M15/79 M15/80 M15/94 M15/96 M15/97 M15/99 M15/100 M15/101 M15/102 M15/103 M15/105 L15/102 M15/478 M15/633 M15/653 M15/693 M15/698 M15/1271 L15/254 E15/989 L15/280 E15/1505 E15/1507 E15/1576 E15/1583 P15/6092 E15/1553 L15/0478 E80/6085 E80/6086 E80/4856 E80/4874 E80/4976 E80/5059 E80/5584 100% (*) 100% (#) 100% (#) 100% (#) 100% (#) 100% (#) 100% (#) 100% (#) 100% 100% (^) 100% (^) 100% (^) 100% (#) 100% (#) 100% (^) 100% (^) 100% (^) 100% (^) 100% (^) 100% (#) 100% (#) 100% (#) 100% (#) 100% (#) 100% (#) 100% (^) 100% (^) 100% 100% (^) 100% (^) 100% (#) 100% (^) 100% (#) 100% (#) 100% 100% (^) 100% 100% 100% 100% (#) 100% (#) 100% (#) 100% (#) 100% 100% 100% 100% 100% 100% 100% 100% Live Live Live Live Pending Live Live Live Pending Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Pending Pending Pending Live Live Live Live Live ABN 77 648 687 094 Level 4, 220 St Georges Tce Perth, WA 6000 PO BOX 7713 Cloisters Square WA 6850 T: +61 8 6381 7250 F: +61 8 6381 7299 info@winmetals.com.au www.winmetals.com.au ASX: WIN 12 June 2025 Quarterly Report 28 July 2025 Project Name Licence Name Beneficial Interest Status Butchers Creek E80/5660 100% Pending Butchers Creek M80/0106 97% Live Butchers Creek M80/0315 97% Live Butchers Creek M80/0418 100% Live Butchers Creek M80/0651 100% Pending Butchers Creek P80/1839 100% Live Butchers Creek P80/1854 100% Live Butchers Creek P80/1855 100% Live Butchers Creek P80/1884 100% Pending * Lithium Mineral rights only (remaining Nickel interests divested to Auric 30 June 2025), ^Nickel Mineral rights only, # No gold interest ABN 77 648 687 094 Level 4, 220 St Georges Tce Perth, WA 6000 PO BOX 7713 Cloisters Square WA 6850 T: +61 8 6381 7250 F: +61 8 6381 7299 info@winmetals.com.au www.winmetals.com.au ASX: WIN 13 Rule 5.5 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity WIN METALS LTD ABN Quarter ended (“current quarter”) 77 648 687 094 30 JUNE 2025 Current quarter $A’000 Consolidated statement of cash flows 1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for Full Year (12 months) $A’000 - - (a) exploration & evaluation - - (b) development - - (c) production - - (d) staff costs – net of project allocations (135) (619) (e) administration and corporate costs (184) (977) 1.3 Dividends received (see note 3) - - 1.4 Interest received 8 41 1.5 Interest and other costs of finance paid - (2) 1.6 Income taxes paid - - 1.7 Government grants and tax incentives – R&D Tax incentive - 856 1.8 Other (provide details if material) 36 74 1.9 Net cash from / (used in) operating activities (275) (627) 2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities - - (b) tenements - (1,000) (c) property, plant and equipment (12) (131) (d) exploration & evaluation (438) (3,366) - - - (5) (e) investments (f) other non-current Bonds/security deposits assets – ASX Listing Rules Appendix 5B (17/07/20) Page 14 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Consolidated statement of cash flows 2.2 Current quarter $A’000 Full Year (12 months) $A’000 Proceeds from the disposal of: (a) entities - - (b) tenements 200 1,125 (c) property, plant and equipment 900 945 (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities 650 (2,432) 3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) - 4,031 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - 2 3.4 Transaction costs related to issues of equity securities or convertible debt securities - (268) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings (6) (56) 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material) - - 3.10 Net cash from / (used in) financing activities (6) 3,709 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 1,972 1,691 4.2 Net cash from / (used in) operating activities (item 1.9 above) (275) (627) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 650 (2,432) 4.4 Net cash from / (used in) financing activities (item 3.10 above) (6) 3,709 ASX Listing Rules Appendix 5B (17/07/20) Page 15 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Consolidated statement of cash flows 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Full Year (12 months) $A’000 - - 2,341 2,341 Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 1,841 972 5.2 Call deposits 500 1,000 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of qua