Announcement PDF ASX:WIN HIGH-GRADE GOLD NEAR-TERM RESTART ASX:WIN WINMETALS.COM.AU AMEC INVESTOR BRIEFING 31 MARCH 2026 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, exploration target and Acquisition of Princess Royal and Stumpy Doodle gold projects has been extracted from the Company’s ASX Announcement titled “WIN Builds Scale at Radio Gold Project with High Grade Gold Acquisitions” dated 31 March 2026. 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 “Repeater Continues to deliver Shallow High Grade Results” dated 8 December 2025. 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 Radio Gold Project has been extracted from the Company’s ASX Announcement titled “Radio Gold project Mineral Resource Update” dated 29 January 2026 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 DIVERSIFIED PROJECT PORTFOLIO RADIO GOLD MINE Latest acquisition, drilling recently completed WITH NEAR TERM PRODUCTION POTENTIAL Four distinct project areas in Western Australia focused on exploring and developing resources in gold, nickel and lithium BUTCHERS CREEK GOLD PROJECT 5.6Mt for 359koz, scoping study completed FARADAY TRAINLINE LITHIUM PROJECT 1.96Mt at 0.69% Li2O small mine approved. Test work ongoing MT EDWARDS NICKEL PROJECT 180,900t of contained Nickel scoping study completed. Care and maintenance 4 WIN METALS INVESTMENT HIGHLIGHTS WA Gold. Proven Operators. Near-Term Restart. TIER-1 JURISDICTION 100% Western Australia Focus RADIO GOLD Near-term production potential RADIO MRE 50% indicated 41koz @ 3.7g/t Au BUTCHERS CREEK Second gold pillar (359koz), scoping study indicates material leverage to Au price SUCCESSFUL CAPITAL RAISE $5.5m placement completed Dec 2025 01. 02. 03. 05. 06. L E D B Y E X P E R I E N C E D W A O P E R A T O R S EXPANDING RADIO FOOTPRINT High-grade satellite acquisitions on granted mining leases increase scale and optionality 04. 5 WIN METALS CORPORATE STRUCTURE $0.022 Share Price $18.9M Market Capitalisation $5.9M Cash at 31 December 2025 $13M Enterprise Value Meteoric Resources 8% Top 50 Shareholders 47% SHAREHOLDERS Steve Norregaard Managing Director & CEO BOARD Andrew Parker Chairman Scott Perry Independent Non-Executive Director Felicity Repacholi Independent Non-Executive Director Graeme Scott Chief Financial Officer & Company Secretary Steve Norregaard is a mining executive and engineer with 25+ years’ experience advancing base and precious metals projects from exploration to commercial production. He has held senior leadership roles at ASX-listed RED 5 Ltd and Westgold Resources Ltd (WGX) 6 WIN METALS RADIO GOLD Near term production potential ACQUISITION HIGHLIGHTS INVESTMENT RATIONALE LOW-COST ENTRY Acquired with substantial infrastructure included CYCLE TIMING High-grade WA gold asset secured in lower gold price environment GEOLOGICAL CONFIDENCE Historic production and drilling confirm continuity VALUE CREATION Updated JORC MRE confirms scale and restart potential REGIONAL UPSIDE Prolific greenstone belt with high- grade satellite assets including Princess Royal and Stumpy Doodle STRATEGIC CONSOLIDATION Expanding the Radio footprint with high-grade satellite deposits on granted mining leases Transitioned from acquisition to near-term restart opportunity, now supported by expanding regional scale ~10 KM² OF GRANTED TENURE Developed underground gold mine (WA) PROVEN HIGH-GRADE ASSET ~71 koz Au produced at ~38 g/t ADVANCED UNDERGROUND DEVELOPMENT With production stopes ready for mining ON-SITE INFRASTRUCTURE Including mining fleet, power, workshops & offices PROCESSING & ACCOMODATION Partially completed processing plant and accommodation (Bullfinch Tavern) Bought well. Infrastructure in place. Value validated through WIN drilling and a maiden JORC MRE. Strategy now expanding through acquisition of high-grade satellite assets around Radio. STUMPY DOODLE PRINCESS ROYAL 7 WIN METALS MULTIPLE MAIDEN DEPOSITS Maiden resources at Repeater, Radio South and Green Harp unlock high- margin starter pits and staged development options RADIO GOLD Updated JORC Mineral Resource Positions Radio as a Near-Term Production Opportunity 41kozAu@3.7g/t 46% Uplift in Contained Ounces Mineral Resource Estimate 50% Indicated (2026 MRE) DEVELOPMENT PATHWAY Rapid execution post- acquisition has repositioned Radio as a near-term production opportunity INDICATED RESOURCE BASE Indicated resource base supports mine design, scheduling and early-stage economic assessment 8 WIN METALS RADIO GOLD DEVELOPMENT PATHWAY AND WHAT COMES NEXT Q12026 Completed resource infill drilling, derisk mine planning and explore Repeater along strike and at depth Q12026 Evaluate extraction options - toll milling vs own processing options Q22026 Use technical studies to finalise approvals, funding and target a positive development decision by end Q2 2026 Q12026 Commence mine design, scheduling and development studies Q12026 Assess near-term restart of underground and open pit mining options Clear pathway towards Positive Development Decision 9 WIN METALS RADIO GOLD RESTART READINESS & GROWTH UPSIDE Existing underground decline and ore development already in place Production stopes established and ready High gravity recoveries demonstrated (>85% gravity recoverable gold) Multiple processing pathways available (toll or onsite) DERISKED RESTART Mineralisation open at depth and along strike Maiden resources at Repeater, Radio South and Green Harp provide immediate expansion opportunities Prolific WA greenstone belt with multiple high- grade stranded assets, including recently acquired Princess Royal and Stumpy Doodle GROWTH UPSIDE STRONGRE-STARTREADINESS With clear development and exploration upside as studies advance 10 WIN METALS EXPANDING RADIO GOLD PROJECT : High-Grade Satellite Opportunities Strategic consolidation of high-grade gold assets around Radio ALIGNED WITH WIN’S REGIONAL GROWTH STRATEGY KEY ADVANTAGES • Acquisition of Princess Royal Gold Mine (granted Mining Lease) o Fully permitted for Underground Mining • Option over Stumpy Doodle Gold Mine (granted Mining Lease) • Located within trucking distance to Radio • Existing mining history and demonstrated grade • Granted tenure supports streamlined development • Enhances scale and flexibility of the Radio project ASX:WIN “WIN Builds Scale at Radio Gold Project with High Grade Gold Acquisitions” Released 31 March 2026 11 WIN METALS PRINCESSROYAL High-gradeGrowthandOptionality HIGH-GRADE HISTORICAL GOLD PRODUCER • ~14,000oz @ 21g/t Au • Exploration Target: 7–15koz @ 8–12g/t Au IMMEDIATE UPSIDE High-grade intercepts: • 2m @ 31.47g/t • 2m @ 30.47g/t ADDITIONAL VALUE • Historic battery sands identified on the tenure INCREASED OPTIONALITY FOR RADIO DEVELOPMENT • Multiple potential high-margin ore sources • Flexibility in mine planning and scheduling • Supports a scalable, staged development approach ASX:WIN “WIN Builds Scale at Radio Gold Project with High Grade Gold Acquisitions” Released 31 March 2026 Cautionary Statement An Exploration Target is a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnes and a range of grade (or quality).The potential quantity and grade of the Princess Royal Exploration Target is conceptual in nature and, as such, there has been insufficient exploration drilling conducted to estimate a Mineral Resource. At this stage it is uncertain if further exploration drilling will result in the estimation of a Mineral Resource. The Exploration Target has been prepared in accordance with the JORC Code 2012. 12 WIN METALS STUMPY DOODLE High-gradeGrowth andOptionality NEAR-RADIO SATELLITE OPPORTUNITY • Located 10km north of Radio • Historical production: • ~830oz @ 11g/t Au EXPLORATION UPSIDE • Multiple historic workings • Underexplored tenure INCREASED OPTIONALITY FOR RADIO DEVELOPMENT • Multiple potential high-margin ore sources • Flexibility in mine planning and scheduling • Supports a scalable, staged development approach ASX:WIN “WIN Builds Scale at Radio Gold Project with High Grade Gold Acquisitions” Released 31 March 2026 13 WIN METALS BUTCHERSCREEK GOLDPROJECT SECOND GOLD PILLAR • Located 30km south-east of Halls Creek in the Kimberley region of Western Australia • Halls Creek was the site of Western Australia’s first gold rush (mid 1880s) • Accessible via the partially sealed Duncan Road, linking to Halls Creek and the sealed Great Northern Highway PROJECT CONTEXT & LOCATION • 359koz Au @ ~2.0 g/t JORC resource • Historic open pit production (1995–1997): • 761,000t @ 2.09 g/t Au for 52,000oz produced • Operation closed due to low gold prices, not geology • Scoping Study completed in November 2025 PRODUCTION & RESOURCE CREDENTIALS • Previous exploration by Northern Star (2004–2007) • Subsequent drilling by Meteoric Resources (2020–2022) • Most recent drilling program completed by WIN in late 2024 EXPLORATION PEDIGREE ASECONDWAGOLDASSET Providing scale, optionality and longer-term growth. 14 WIN METALS BUTCHERS CREEK SCOPING STUDY SCOPING STUDY – CONSERVATIVE BASE CASE (NOV 2025) • Resource base: 3.3Mt @ 2.0g/t Au (~211koz mined / ~200koz recovered) • Gold price assumption: A$5,385/oz • Production: ~25kozpa average | 33–37kozpa peak • Costs: C1 A$2,592/oz | AISC A$3,032/oz PRE-TAX ECONOMICS (8% DISCOUNT) • NPV: A$143m • IRR: 25% • Free cash flow: A$288m • Payback: ~3.5 years VALUE UPSIDE • Study based on A$5,385/oz; current ~A$6,500/oz highlights material gold price leverage • Optimisation potential: mine sequencing & throughput efficiencies • Scope to incorporate additional near-mine material (incl. Golden Crown) DEVELOPMENT & VALUE UPSIDE Butchers Creek open cut back design 15 WIN METALS NICKEL OPTIONALITY - MT EDWARDS PROJECT JORC MRE: 12.6Mt @ 1.43% Ni for 180,900t contained nickel Nickel sulphide resource with meaningful scale Located in an established Australian nickel province Asset retained on care and maintenance with no near-term capital allocation PORTFOLIO OPTIONALITY NICKEL & LITHIUM 240km2 granted mining leases covering the highly prolific Widgiemooltha Dome, with exposure to two critical minerals LITHIUM OPTIONALITY – FARADAY / TRAINLINE PROJECT JORC MRE: 1.96Mt @ 0.69% Li₂O Hard-rock lithium resource with expansion potential Located in a prospective Australian lithium province Tenure secured and preserved for future value uplift 16 WIN METALS MANAGEMENT & EXECUTION CAPABILITY Operator-led team with direct experience building and running WA gold mines. KEY LEADERSHIP HIGHLIGHT Managing Director: Former Director of Operations at Westgold Resources Geology Manager Will Stewart ex Silver Lake, IGO, Western Areas Mine Manager Ivan Komyshan, ex Barminco, Westgold, AMC EXECUTION CAPABILITY Strong internal capability across mining, geology and project development Deep understanding of WA permitting, approvals and operating environment Track record of moving assets from study through to production Demonstrated ability to identify and secure high-grade satellite assets to build scale around core operations WHY THIS MATTERS NOW Radio is transitioning from resource delivery into development planning Operational leadership is critical at this stage of the value curve Team aligned to disciplined capital allocation and execution 17 WIN METALS Level 4, 220 St Georges Tce,Perth, WA 6000 +61 8 63817250 info@winmetals.com.au ASX:WIN winmetals.com.au 18 WIN METALS APPENDICES 19 WIN METALS APPENDIX WIN METALS RESOURCE SUMMARY Radio Gold Project Mineral Resource Estimate Figures are rounded and reported at 0.5g/t cut-off to 50m below surface (open pit) and 1.0g/t below 50m of surface. Deposit Resource Classification Tonnes Au g/t Contained Gold (Oz) East Indicated 37,000 3.63 4,300 Main Indicated 66,000 4.69 10,000 Repeater Indicated 48,000 3.90 6,000 Radio South Indicated 10,000 2.21 700 East Inferred 44,000 5.35 7,500 Main Inferred 81,000 2.45 6,300 Repeater Inferred 32,000 3.86 3,900 Radio South Inferred 17,000 2.91 1,600 Green Harp Inferred 7,000 2.34 600 Mill Inferred 3,000 0.92 100 Total Indicated + Inferred 345,000 3.70 41,000 20 WIN METALS APPENDIX WIN METALS RESOURCE SUMMARY Butchers Creek Gold Mineral Resource Estimate 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 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 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. 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. 21 WIN METALS APPENDIX WIN METALS RESOURCE SUMMARY Mt Edwards Nickel Sulphide Mineral Resource Estimate Deposit Indicated Inferred TOTAL Resources 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 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 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.