Announcement PDF ASX Announcement ASX:WIN 21 August 2025 WIN METALS TO ACCELERATE DRILL PROGRAM AT RADIO MINE FOLLOWING STRATEGIC PLACEMENT New funds to drive accelerated drilling at the high-grade Radio Gold Mine and underpin resource expansion and evaluation work at Butchers Creek. • • • • Strategic placement at $0.02 per share: WIN Metals has received firm commitments for $2,350,000 through a heavily oversubscribed placement to a strategic consortium of predominantly long only resource investors Accelerated Drilling at Radio Gold Mine: Funds will enable WIN to fast-track and expand its upcoming program targeting extensions of high-grade mineralisation to drive resource growth and advance development planning Advancing Butchers Creek towards Development: Funds will support drilling and evaluation activities aimed at growing the existing gold resource base and progressing the Project towards a high-grade mining operation Strong near-term news flow: Results from an accelerated drill programs are expected to support a fast-tracked pathway to production and allow WIN to capitalise on historically high gold prices WIN Metals Limited (ASX: WIN, WIN or the Company) is pleased to announce that it has received firm commitments to raise A$2.35 million (before costs) via a share placement at an issue price of A$0.02 per share, together with 1 free attaching unlisted option for every 2 shares issued under the placement (Placement). The Company received strong support for the Placement from existing and new sophisticated and professional investors, with demand significantly in excess of total funds sought under the Placement. Placement proceeds will primarily be used to fund drilling at the Radio Mine Gold Project and drilling and evaluation work at the Butchers Creek Gold Project. Drilling at Radio is expected to commence within weeks, to follow shortly after completion of the Radio Mine Gold Project acquisition 1 as previously announced by the Company. 1 ASX:WIN “WIN to acquire high grade Radio gold mine – a near term production opportunity” Released 4 August 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 WIN Metals to Accelerate Drill Program at Radio Mine Following Strategic Placement 21 August 2025 The issue of the shares under the Placement will be issued under the Company’s available placement capacity under Listing Rules 7.1 and 7.1A. The options will be issued subject to the receipt of shareholder approval to be sought at the Company’s Annual General Meeting to be held on or around 26 November 2025. GBA Capital and SP Corporate Advisory Pty Ltd acted as Joint Lead Managers to the Placement. Placement Overview WIN has raised gross proceeds of A$2.35 million via a Placement of 117,514,599 shares at an issue price of A$0.02 per share (Placement Price). The Placement Price of A$0.02 per share represents a: • • 18.05% discount to the 10 day VWAP of $0.0238; and 11.05% discount to the 30 day VWAP of $0.0225. The shares will be issued under the Company’s Listing Rules 7.1 and 7.1A placement capacity, with 62,508,759 shares to be issued under Listing Rule 7.1, and 55,005,840 to be issued under Listing Rule 7.1A. WIN will also, subject to shareholder approval, issue one (1) attaching unlisted option for every two (2) shares issued pursuant to the Placement. The options will be exercisable at $0.04, each with an expiry date 2 years from the date of issue. The Company plans to seek shareholder approval for these issues at the Company’s Annual General Meeting expected to be held on or around 26 November 2025. At the same meeting, approval will also be sought for the directors to participate on the same terms as the Placement for a further 1,250,000 shares and 625,000 options. Placement proceeds will primarily be applied towards: • • • Resource drilling at Radio Gold Mine and Butchers Creek; Ongoing evaluation of high-priority satellite gold targets; and General working capital and costs of the offer. Joint Lead Managers The Company has agreed to pay the Joint Lead Manager’s a cash management and raising fee totalling 6% of the amount raised under the Placement. The Company has also agreed, subject to shareholder approval, to issue of an aggregate of 11,750,000 unlisted options (with terms identical to the terms of the Placement Options) to the Joint Lead Managers in part consideration for their services. 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 WIN Metals to Accelerate Drill Program at Radio Mine Following Strategic Placement 21 August 2025 WIN Metals Managing Director and CEO, Mr Steve Norregaard, commented: “On behalf of the Board of Directors, I am pleased to thank our existing investors for their ongoing support and also welcome the new investors to the Company who will be joining us on our newly formed golden pathway. We look forward to putting these funds immediately to work at both our Butchers Creek Gold Project and the Radio Gold Mine Project. We have much to look forward to over the coming months as results from these activities come to hand” Approved by: The Board of Directors -ENDS- For 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 3 WIN Metals to Accelerate Drill Program at Radio Mine Following Strategic Placement 21 August 2025 About WIN Metals WIN Metals (ASX: WIN) is a mineral exploration company holding 350km2 of granted tenure in the Southern Goldfields and Kimberley regions of Western Australia. WIN possesses gold, nickel and lithium resources within the Company’s tenure. The Mt Edwards Nickel and Faraday-Trainline Lithium Projects are situated near Widgiemooltha, approximately 80km south of the regional centre of Kalgoorlie-Boulder and 30km south of Kambalda. The Mt Edwards Nickel Project is a collection of eleven (11) nickel deposits with a total mineral resource of 12.7Mt @ 1.43% Ni for 180,900t of contained nickel 2. The Faraday-Trainline Lithium Project is shovel-ready with an approved small mining proposal and a reported mineral resource of 1.96 Mt at 0.69% Li2O3. The Butchers Creek Gold Project is located 30km southeast of Halls Creek in the Kimberley region of Western Australia. It is a historic gold production centre hosting a global mineral resource of 5.6Mt at 1.98g/t Au for 359,000oz of gold. Previous mining operations at Butchers Creek produced 52,000 ounces of gold between 1995 and 1997. Table 1: WIN Metals Butchers Creek Gold Mineral Resource Estimates 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: WIN Metals Mt Edwards Nickel Mineral Resource Estimates Indicated 2 3 Inferred TOTAL Resources Deposit Tonne (Mt) Nickel (%) Tonne (Mt) 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 McEwen Hangingwall 1.13 1.35 1.13 1.35 15,340 1.92 1.36 1.92 1.36 26,110 ASX:WIN “Sale of non-core assets yield $1.4M for WIN to advance gold Assets” Released 1 July 2025 ASX:WIN “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 4 WIN Metals to Accelerate Drill Program at Radio Mine Following Strategic Placement 21 August 2025 Indicated Deposit Tonne (Mt) Inferred Nickel (%) Mt Edwards 26N TOTAL Resources Tonne (Mt) Nickel (%) Tonne (Mt) Nickel (%) Nickel Tonnes 0.87 1.43 0.87 1.43 12,400 Zabel 0.27 1.94 0.05 2.04 0.33 1.96 6,360 TOTAL 5.68 1.48 6.97 1.39 12.66 1.43 180,900 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. Table 3: WIN Metals Mt Edwards Lithium Mineral Resource Estimates Measured Indicated Inferred TOTAL Resources Deposit 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. The Radio Gold Mine, located 8 km north of Bullfinch, approximately 40 km northwest of Southern Cross and about 400 km east of Perth in Western Australia’s Yilgarn region, is the subject of a binding Memorandum of Understanding (MoU) signed by WIN Metals to secure the project. Final documentation is pending. 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 WIN Metals to Accelerate Drill Program at Radio Mine Following Strategic Placement 21 August 2025 Figure 1: WIN's Project Locations 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