Announcement PDF ASX Announcement ASX:WIN 2 November 2026 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 MAIDEN FARADAY RUBIDIUM MINERAL RESOURCE ESTIMATE MRE for Rubidium, an extremely high value critical mineral HIGHLIGHTS • Maiden Rubidium Mineral Resource of 5.8 Mt at 0.12% Rb2O for 6,950 tonnes of contained Rb₂O at the Faraday Critical Minerals Project • Rubidium is an extremely high value critical mineral listed by the United States of America, Japan and others • High‑grade core of 2.1 Mt at 0.16% Rb₂O and 0.67% Li₂O outcropping from surface • High confidence resource with 3.9 Mt (67%) classified as Measured and Indicated • Rubidium mineralisation remains open at depth, providing clear potential for resource growth • Approved small mining proposal in place for Faraday, supporting near‑term development options • Preliminary metallurgical testwork confirms positive Rubidium upgrading and roast leach extraction with potential to separate spodumene by-product • Mineralogy represents favourable extraction characteristics compared to other known Rubidium resources • Forward work planned to optimise beneficiation, roast leaching and develop the Rubidium purification process in addition to strategic partnership discussions. WIN Metals Ltd (ASX: WIN) (WIN or the Company) is pleased to report a maiden Rubidium Mineral Resource Estimate (MRE) for the Company’s 100%-owned Faraday Critical Minerals Project (Faraday), located 65 km south of Coolgardie in Western Australia. The MRE comprises 5.8 Mt at 0.12% Rb₂O for 6,950 tonnes of contained Rb₂O, including a high-grade lithium zone of 2.1 Mt at 0.16% Rb₂O and 0.67% Li₂O from surface. Managing Director and CEO, Mr Steve Norregaard commented: “I am pleased to finally be able to unveil this hidden treasure. Rubidium is an extremely high value critical mineral and given the potential significance we have been very diligent in undertaking the necessary testwork to demonstrate a validated pathway to extraction prior to declaring the Resource. These successful outcomes confirm Faraday as a genuine high value critical minerals Maiden Faraday Rubidium Mineral Resource Estimate 2 November 2026 2 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 asset complementing our gold and nickel assets. The Resource integrity provides a robust geological platform from which to advance development studies with a high level of confidence. With the majority of the Resource already classified as Measured and Indicated, now supported by positive metallurgical testwork outcomes and an approved small mining proposal, we are well placed to progress detailed pilot scale testwork to confirm downstream processing pathways and pursue strategic partnership options. With 99.95% Rubidium carbonate trading at between $1000 and $1500 USD/kg the potential value proposition is clear, far outweighing any potential lithium value which represents the icing on the Rubidium cake!” About Rubidium: Rubidium is a highly reactive alkali metal that is emerging as a strategic technology commodity, with growing demand in advanced electronics, specialty glass, atomic clocks, medical imaging and next‑generation battery and energy‑storage applications. Its unique physical and chemical properties make rubidium particularly attractive in high‑precision timing devices, emerging quantum technologies and niche industrial processes where secure, high‑purity supply is limited and dominated by a small number of producers. As global investment accelerates into energy transition, digital infrastructure and quantum‑enabled systems, the market for rubidium and rubidium‑bearing products is expected to expand, creating an opportunity for new discoveries and supply sources to capture value in a tightening, high‑margin specialty metals segment. Next Steps: • Design and execute a testing program on a composite sample representing average potential process feed. The strategy will be to optimise the beneficiation and roast leach areas of the flowsheet and early generation of pregnant liquor to develop the downstream purification process,targeting a 99% rubidium saltproduct.Sufficient feed mass will be held in reserve to validate an optimised processing flowsheet with the aim to generate a small quantity of marketing sample. • Advance economic studies as the flowsheet optimisation and development testwork progresses, assess the potential scale and scaling opportunities for the project. Raw material access is readily available by virtue of previously granted small mining proposal approval. • Engage with potential strategic partners and offtake counterparties to progress potential funding options and development pathways for rubidium, lithium and ancillary products. Faraday Critical Minerals Project – Mineral Resource Estimate: The Faraday Critical Minerals Project MRE has been reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 Edition). The October 2026 MRE is reported at a 0.05% Rb₂O cut-off and totals 5,800,000 tonnes at 0.12% Rb₂O and 0.30% Li₂O. The global resource is inclusive of a high‑grade lithium zone of 2,100,000 tonnes at 0.16% Rb₂O and 0.67% Li₂O reported at a 0.05% Rb₂O and 0.30% Li₂O cut-off. Maiden Faraday Rubidium Mineral Resource Estimate 2 November 2026 3 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 Table 1: Faraday Critical Minerals Project Rubidium Mineral Resource Summary by classification Resource Classification Tonnes Rb2O % Contained Rb2O Tonnes Li2O % Contained Li2O Tonnes Measured 1,100,000 0.12 1,350 0.47 5,200 Indicated 2,800,000 0.12 3,500 0.33 9,300 Inferred 1,900,000 0.11 2,100 0.14 2,700 Total 5,800,000 0.12 6,950 0.30 17,200 Note: Figures are rounded and reported at 0.05% Rb2O cut-off Table 2: Faraday Critical Minerals Project High-Grade Lithium Resource Summary Resource Classification Tonnes Rb2O % Contained Rb2O Tonnes Li2O % Contained Li2O Tonnes Measured 600,000 0.15 850 0.77 4,600 Indicated 1,200,000 0.16 1,950 0.64 7,800 Inferred 300,000 0.16 400 0.57 1,400 Total 2,100,000 0.16 3,200 0.67 13,800 Note: Figures are rounded and reported at 0.05% Rb2O and 0.3% Li2O cut-off Figure 1: Faraday Rb2O Grade Tonnage Curve Maiden Faraday Rubidium Mineral Resource Estimate 2 November 2026 4 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 Faraday Critical Minerals Project MRE Discussion Overview WIN Metals has completed the October 2026 Mineral Resource Estimate (MRE) for the Faraday Critical Minerals Project following metallurgical testwork that verified the rubidium leach extraction potential of the Faraday-Trainline Lithium-Caesium-Tantalum (LCT) pegmatite system. The previous Faraday MRE, reported in November 20231 focussed solely on lithium mineralisation, ignoring the rubidium endowment. A subsequent review of the Faraday assay dataset has confirmed that rubidium is pervasively distributed throughout the pegmatite domains predominantly associated with potassium feldspar and micas, rather than linked to the Spodumene. Figure 2: Faraday Critical Minerals Project mineralisation wireframes (drill traces – white) Location and Project History The Faraday Critical Minerals deposit is located within Mining Lease M15/102, approximately 4 km west-northwest of the Widgiemooltha townsite. Access is via the Coolgardie–Norseman Road, approximately 63 km south of Coolgardie. Thedeposit forms a central component of WIN’s Mt Edwards Project, which comprises a substantial landholding within the highly prospective Widgiemooltha “Lithium Corridor,” situated between Mt Marion (Mineral Resources Limited, ASX: MRL) to the north and Pioneer Dome (Develop, ASX: DVP) to the south. 1 ASX:WIN “375% Growth in Faraday-Trainline Lithium Mineral Resource” Released 8 November 2023 Maiden Faraday Rubidium Mineral Resource Estimate 2 November 2026 5 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 Figure 3: Location of Faraday Critical Minerals Project Resource Growth Potential Faraday remains open at depth, with the westernmost drill lines in the northern area intersecting rubidium mineralisation beyond the current modelled limits. During the 2023 drilling program, field geologists observed a reduction in visible spodumene in RC chips towards the west, despite continued pegmatite development and as such drilling was curtailed based on lithium observations alone. Subsequent assay review in 2025 confirmed that rubidium mineralisation is pervasive further west than the current modelled wireframes. Figure 4 highlights unmodelled rubidium mineralisation in the north‑western portion of the deposit, representing upside potential to the current Mineral Resource. All rubidium results are detailed in the appendices to this announcement. Maiden Faraday Rubidium Mineral Resource Estimate 2 November 2026 6 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 Figure 4: Rubidium ppm outside of 2026 MRE update - potential for resource growth to the west (% Rb2O= 1.0936*%Rb) Regional Geology The Faraday Critical Minerals Project is located within the Norseman–Wiluna Greenstone Belt of the Archaean Yilgarn Craton in Western Australia. The Coolgardie Domain in this area is bounded by major regional structures, including the Zuleika Shear Zone to the east and the Bullabulling Shear Zone and late-stage granitoid intrusions to the west. Regionally, the geology comprises a thick sequence of basalt and ultramafic volcanic rocks overlain by felsic volcanic and sedimentary units. This mafic–ultramafic package, equivalent to the Coolgardie Group and similar to the well-known Kambalda Sequence, is prospective for both nickel sulphide and lithium-bearing pegmatite mineralisation. The volcanic succession is overlain by felsic lava flows and volcaniclastic rocks, together with interbedded sedimentary units dominated by sandstones and siltstones. To the east of the Project, younger conglomerate and sandstone units of the Merougil Conglomerate were deposited during active deformation and are locally preserved in fault-bounded basins. Multiple deformation events have affected the region, resulting in folding, thrust repetition of the volcanic sequence and later strike-slip faulting, all of which have influenced the distribution and orientation of mineralised bodies. Regional metamorphism is generally of greenschist to lower amphibolite facies. Local Geology The Faraday Critical Minerals Project is situated along the northern margin of the Widgiemooltha Dome, with mineralisation hosted within stacked LCT pegmatites associated with fractionated, late-stage graniticintrusions. Thepegmatites arehosted within steeplydipping maficand ultramafic Maiden Faraday Rubidium Mineral Resource Estimate 2 November 2026 7 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 rocks part of the Mt Edwards Basalt and Widgiemooltha Komatiite. The Faraday deposit is bifurcated by a late-stage, east–west trending dolerite dyke that truncates the two pegmatite bodies north and south of the dolerite dyke, namely Faraday to the south, Trainline to the north. Mineralisation Interpretation The pegmatites comprise multiple stacked and anastomosing lodes intruded into steeply dipping mafic to ultramafic host rocks. They dip shallowly west at approximately 15° to 25°, with local outcrop observed. Six principal pegmatite vein sets have been interpreted, extending for about 750 m along a north–south strike. Individual lodes range from 1 m to 23 m in thickness, with an average width of approximately 6 m. The pegmatite system remains open at depth, with current interpretations extending to approximately 380 m down dip in the south and 540 m in the north or extending to around 130 m below surface. A high-grade lithium zone within the pegmatites has been defined using a nominal cut-off grade of 0.30% Li₂O. Rubidium mineralisation is more pervasive and less zoned than the lithium-bearing spodumene, as rubidium-bearing potassium feldspar and mica occur throughout the LCT pegmatites at Faraday. The dominant lithium-bearing mineral at Faraday is spodumene, with testwork by WIN returning 81% recovery to produce a 6.3% Li₂O (C6) concentrate2 . Drilling Techniques The drilling database comprises 419 RC drillholes for a total of 17,277 m and 13 diamond drillholes for a total of 460 m. Diamond drilling was undertaken for geotechnical and metallurgical purposes, as well as density determination and was not used for resource estimation. RC drilling was completed using a face-sampling percussion hammer with a 143 mm diameter bit. Diamond core was drilled at HQ and PQ diameters. Drillhole collar coordinates were surveyed using a Trimble RTK-DGPS, achieving an accuracy of approximately 0.02 m horizontally and 0.1 m vertically. Downhole surveys were conducted using a Reflex Sprint IQ gyro tool operated by the drilling contractor. Table 3: Faraday Drill Data Drill type Year Number of Drillholes Metres drilled RC 2022 18 1,090 2023 401 15,737 DD 2022 2 61 2023 11 399 Total 432 17,287 The Faraday starter pit area has been drilled to 10 x 10 m and 20 x 20 m immediately to the west. Step out drilling has been drilled at 80 m centres down dip to the west. The northern part of the deposit known as Trainline has been drilled to 80 x 80 m with infill drilling of the lithium high-grade zone at 40 x 40 m see Figure 5 below. 2 ASX:WIN “Faraday Metallurgical Testwork-Excellent Flotation Response” Released 2 August 2023 Maiden Faraday Rubidium Mineral Resource Estimate 2 November 2026 8 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 Figure 5: Plan view with Faraday- Trainline wireframes and drill collars (red circles) Sampling and Sub Sampling Reverse circulation (RC) samples were collected at one‑metre intervals. Each primary sample was split on‑rig using a rotary cone splitter to produce two equal sub‑samples in pre‑numbered calico bags, each weighing approximately 2–3.5 kg. The residual reject material was temporarily stored in sample piles at the drill site. These collection methods were designed to ensure representative and consistent sampling. Primary RC samples were also split via the on‑rig cyclone splitter to produce representative sub‑samples of approximately 3–5 kg. Most samples were dry, and any moist samples were processed using the same methodology. Samples were dried at 105°C, crushed to <10 mm, riffle split, and pulverised to 90% passing 75 µm. A 200 g pulp was retained for assay, and coarse rejects were archived. Sample sizes are considered appropriate for the style of mineralisation and expected grain size. Assay and QAQC WIN Metals implemented a quality assurance and quality control (QAQC) program comprising the routine insertion of certified reference materials (CRMs), blanks and field duplicates at nominal rates of approximately 5% and 2%, respectively. Samples were analysed by Bureau Veritas, Nagrom, and Intertek laboratories in Perth, Western Australia. Analytical methods included peroxide fusion digest with ICP-OES finish for lithium (Li), boron (B), beryllium (Be), caesium (Cs) and rubidium (Rb), and lithium borate fusion with XRF finish Maiden Faraday Rubidium Mineral Resource Estimate 2 November 2026 9 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 for aluminium (Al), barium (Ba), calcium (Ca), iron (Fe), potassium (K), magnesium (Mg), manganese (Mn), niobium (Nb), phosphorus (P), sulphur (S), tin (Sn), strontium (Sr), tantalum (Ta) and tungsten (W). In addition to the Company’s QAQC program, the laboratories inserted their own standards, blanks, and duplicates as part of internal quality control procedures. The combined QAQC datasets have been reviewed and are considered satisfactory, demonstrating acceptable levels of accuracy and precision for the analytical methods employed. No umpire laboratory analyses have been undertaken at this stage. Bureau Veritas and Intertek are NATA accredited to ISO/IEC 17025, providing additional confidence in the reliability of the analytical results. All drillholes were assayed for lithium, with a subset analysed for rubidium. At the time of drilling, rubidium was not considered an economic driver for the Faraday-Trainline Mineral Resource and was therefore not routinely assayed across all holes. Consequently, 36% (157) of the total drillholes were analysed for rubidium. Table 4: Assay by drillhole Assay Number of Drillholes % Li only 275 64% Rb + Li 157 36% Total 432 100% Figure 6: Drill holes with Rb + Li assays (red) Li only assay (dark blue) Maiden Faraday Rubidium Mineral Resource Estimate 2 November 2026 10 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 Estimation and Modelling Techniques The mineral resource estimate for Faraday was completed using Micromine software. Samples were composited for Rb2O, Li2O, Cs, Fe2O3, MgO, Nb and Ta2O to 1m within each estimation domain using best fit length option and a threshold inclusion of samples at sample length 50% of the targeted composite length. A geostatistical analysis was conducted to determine the influence of any extreme values resulting in minor top capping applied to Li2O and Cs. Variogram modelling was undertaken for the composited data for all domains with sufficient data to produce robust variograms. All variogram models were undertaken by transforming the composite data to Gaussian space, modelling a Gaussian variogram, and then back-transforming the Gaussian models to real space for use in interpolation. For domains with geostatistically insignificant number of data points, variograms models were adopted from the modelled variograms and the orientation modified accordingly. A Kriging Neighbourhood Analysis (“KNA”) and the domain widths and orientation were used to determine the most appropriate block size and other estimation parameters such as minimum and maximum samples, discretisation and search distance to be used for the estimation. An estimation block size for the area closely spaced drilling (mostly 10m x 10m) at Faraday was 5m (X) × 5m (Y) × 2m (Z) and for the remaining areas at Faraday and all of Trainline defined by wider spaced drilling the parent block size used was 20m (X) × 20m (Y) × 4m (Z) and for volume resolution, sub-blocking was set to 2.5m (X) × 2.5m (Y) × 0.5m (Z). Grade estimation used Ordinary Kriging with hard domain boundaries and parameters optimised for each domain based on the variogram models. Each of the whole pegmatites represented hard boundaries for the estimationof Rb2O%,Cs ppm, Fe2O3%,Li2O%,Nb ppm and Ta2O5 ppm. Dynamic anisotropy (“DA”) was used for all grade estimates to account for the undulating nature of the pegmatites. The grade estimates used two passes with the first pass search distance of between 50 and 120m and the second pass using three times the first pass distance. The minimum number of samples was set to six and the maximum number of samples set to 16. An in-situ density of 2.67 t/m3 was applied to the pegmatites based on 93 SG determination measurements. Cut-off Grades A cut-off grade of 0.05% Rb₂O has been applied to the Mineral Resource. A higher‑grade lithium domain within the pegmatite has been reported at a cut-off of 0.05% Rb₂O and 0.3% Li₂O. These Rb₂O cut-off grades are considered appropriate for the style of mineralisation and the anticipated low strip‑ratio open pit mining scenarios and are regarded as suitable for reporting the Mineral Resource. Resource Classification The Mineral Resource has been classified with reference to drill spacing, rubidium assay coverage, geological and mineralisation continuity and the estimation search pass informing each block. Measured Resources occur in areas drilled on approximately 10 m × 10 m centres, where rubidium assays are spaced at about 20 m, geological continuity is high and blocks are estimated in the first search pass. Indicated Resources occur at approximately 40 m spacing adjacent to Measured areas with robust geological continuity and first pass estimation while Inferred Resources are defined at wider spacing where continuity is moderate and blocks are estimated in later search passes. Maiden Faraday Rubidium Mineral Resource Estimate 2 November 2026 11 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 Figure 7: Faraday resource classification with drill collars Rb assays (red) Li only assay (dark blue) Review and Audits The MRE has undergone internal review by WIN personnel and the Competent Person with no fatal flaws identified. The estimation methodology is considered appropriate for the style, geometry and continuity of the mineralisation and suitable for public reporting of the Mineral Resource. Resource Comparison Rubidium was not reported in the 8 November 2023 Faraday-Trainline estimate. A comparison between the 2023 and 2026 high-grade lithium resource estimate shows a 7% increase in tonnes, a 3% decrease in grade and a 2% increase in total contained Li2O, with no new drilling since 2023. The 2026 update incorporatesminor refinementsto thegeologicalmodel,includingexclusionof internal ultramafic xenolith dilution, small adjustments to wireframe boundaries and revisions to classification limits. Overall, the 2026 and 2023 models compare favourably. The slight decrease in grade is interpreted to result from the refinement of the pegmatite domains—specifically the exclusion of contact mixing-zone material—together with the addition of internal dilution domains, which are not reported as mineralised material. Overall, the Li₂O grade in the 2026 MRE decreased by 0.028 % (a relative reduction of 4%) compared with the 2023 MRE. Although the global raw sample statistics for the refined pegmatite domains show a slight increase in mean Li₂O grade following the exclusion of contact mixing-zone material, Maiden Faraday Rubidium Mineral Resource Estimate 2 November 2026 12 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 the final 2026 ordinary kriging (OK) block model reports this modest overall decrease within the reported comparison envelope. The 2026 estimate is reported at a 0.05% Rb₂O and 0.30% Li₂O cut-off assuming the entire high- grade lithium resource could reasonably be exploited using shallow open pit mining methods. The 2023 estimate reported at 0.30% Li2O cut-off to a depth of 65m below surface and 0.50% Li2O below 65m based on the lithium content only. Table 5: 2023 to 2026 Lithium MRE Comparison Resource Classification Tonnes Li2O % Contained Li2O Tonnes 2023 Measured 550,000 0.75 4,100 2026 Measured 600,000 0.77 4,600 Difference 50,000 0.02 500 2023 Indicated 1,020,000 0.68 7,000 2026 Indicated 1,200,000 0.64 7,800 Difference 180,000 -0.04 800 2023 Inferred 390,000 0.62 2,400 2026 Inferred 300,000 0.57 1,400 Difference -90,000 -0.05 -1000 2023 Total 1,960,000 0.69 13,500 2026 Total 2,100,000 0.67 13,800 Difference 140,000 -0.02 300 % Relative Difference 107% 97% 102% Metallurgy3 Preliminary bench-scale metallurgical testwork has been completed to assess the physical concentration of rubidium-bearing minerals and subsequent rubidium extraction through roast- leach processing. The key outcomes from the 2026 testwork program are outlined below. The results provide sufficient confidence to progress to the development and evaluation of the downstream purification circuit. The next phase of metallurgical testing will increase feed mass and investigate several candidate purification pathways identified from literature studies and Wood's prior experience with similar metallurgical processes. Physical Concentration Testwork A preliminary concentrator flowsheet has been developed which grinds to P80 106 µm, removes magnetic and slimes particles and uses low pH flotation techniques aimed at separating rubidium 3 ASX:WIN “Successful Extraction of Valuable Rubidium from Faraday” Released 19 October 2026 Maiden Faraday Rubidium Mineral Resource Estimate 2 November 2026 13 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 containing potassium feldspar and mica. Examples of each concentrate chemistry are tabled below. Photos of these concentrates are illustrated in Figure 8. Table 6: Mica Concentrate Chemistry (A27055_ JS6246_Recleaner Concentrate) %Rb %K2O %Na2O %Fe %Li2O %SiO2 %CaO %Al2O3 %MgO ppm_Cs1 0.75 9.38 0.87 2.02 0.43 46.3 0.14 32.6 0.61 382 1 Cs assay sourced from a bulk roast leach head sample (A27691 - Testwork Results (22-06-26)) (% Rb2O= 1.0936*%Rb) Table 7: Potassium Feldspar Concentrate Chemistry (A27055_ JS6352_K Feld 3rd Cleaner Con 1) %Rb %K2O %Na2O %Fe %Li2O %SiO2 %CaO %Al2O3 %MgO ppm_Cs 0.38 8.08 5.69 0.04 0.06 64.7 0.10 18.7 0.03 140 (% Rb2O= 1.0936*%Rb) The potassium feldspar concentrate, which accounts for most of the recovered rubidium, has a simpler mineral assemblage and significantly lower levels of lithium, caesium,iron and magnesium. These features are considered advantageous for downstream processing with the aim to produce a minimum 99.0% rubidium salt. Mineralogical investigations using a laser ablation technique (LA-ICP-MS analyses) indicate the potassium feldspar mineral has rubidium grades averaging 0.81% and negligible amounts of rubidium are associated with sodium feldspar, quartz and spodumene. Qemscan® analysis has determined the potassium feldspar is well liberated at the proposed primary grind size. Further optimisation of the potassium feldspar flotation area of the flowsheet (improved depression of sodium feldspar) is considered justified and likely to improve on the rubidium and potassium concentrate grade presented in Table 7. Maiden Faraday Rubidium Mineral Resource Estimate 2 November 2026 14 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 JS6246_Recleaner Mica Concentrate JS6352_ K-Feldspar Concentrate Figure 8: Examples of Rubidium Concentrates Outside the primary focus of rubidium extraction some notable findings have been realised during the beneficiation testwork program. These include: • Spodumene is readily floated from the feldspar flotation tails and in preliminary sighter testing a 6.7% Li2O cleaner concentrate at 75% lithium recovery has been demonstrated, with low Fe presence (0.55% Fe) • Elevated light rare earth element grades (0.24% total La + Ce + Nd + Pr) and niobium (0.65%) within heavier particles (SG >3.2) were contained within a wet high intensity magnetic concentrate currently separated as a tails stream to clean the feed to the flotation circuit. The magnetic stream represented approximately 1% of the pegmatite composite sample. • The potential to clean and generate a sodium dominant feldspar concentrate. Rubidium Extraction Testwork Preliminary bench scale tests of potential rubidium leach extraction techniques with and without roasting pre-treatment, have been carried out. Thus far the most promising approach for rubidium extraction was found via a chloride salt roast leach process, as illustrated by the leach extraction data within Table 8. Potassium rubidium and caesium were strongly extracted to the water leach solution at the initial conditions tested, with low solubility of aluminium and silica. Table 8: Salt Roast and Water Leach Percentage Extractions (120 minutes roast at 950o C) A27691 Test Reference Rb% K% Fe% Li% Si% Al% Mg% Cs% Bulk Mica Concentrate (JS6246-47) HY21454 93.8 92.4 <0.1 74.5 0.18 1.79 <0.01 89.8 K-Feldspar Concentrate (JS6286) HY21587 96.7 93.6 7.0 49.9 3.83 3.54 <0.01 71.4 Maiden Faraday Rubidium Mineral Resource Estimate 2 November 2026 15 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 The high rubidium extraction achieved for either concentrate is considered encouraging and enables an option to treat a single combined concentrate. The preliminary work thus far has provided a guide for the leach liquor chemistry and impurities that a downstream purification flowsheet targeting a 99% rubidium salt product would be required to address. Other by-product opportunities for such a flowsheet would consider potassium and caesium salts. Further work is warranted to develop the optimal reagent mix a