Announcement PDF ASX:WIN HIGH-GRADE GOLD RE-START STUDY COMPLETE ASX:WIN WINMETALS.COM.AU INVESTOR PRESENTATION AUGUST 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 agreementto subscribe for securities in theCompanywill be enteredinto 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 constitutea 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 theirown objectives,financial situation and needs and seeklegal and taxation advice appropriate to their jurisdiction. Past performance Past performanceinformationgiven in this presentationis 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 affectedby a range of variables and changesin underlyingassumptions which could cause actual results or trendsto differmaterially. WIN Metals Limited does notmake anyrepresentationor warranty as to theaccuracy of such statementsor 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 thedirectors, employees,agents,representativesor 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 presentationare subjectto theeffectof rounding.Accordingly, theactual calculation of thesefigures may differ from thefigures 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 otherwisestated, all data containedin charts, graphs and tables is basedon information available as at the date of this presentation. Compliance Statement The informationin this presentationthatrelatesto theoption over theStumpy Doodle gold project has beenextractedfrom the Company’sASX Announcementtitled “WIN Builds Scale at Radio Gold Project with High Grade Gold Acquisitions” dated 31 March 2026. The informationrelating to the completed acquisition of thePrincess Royal Gold Mine,the PrincessRoyal Exploration Target and associatedhigh-graderock chip results has beenextractedfrom theCompany’sASX Announcementtitled “High-Grade PrincessRoyal Results ConfirmAcquisition Upside” dated 26 May 2026. Theinformationin this presentationthatrelatesto exploration results from theRadio Gold Project has beenextractedfrom the Company’sASX Announcementstitled “Radio Delivers BonanzaGold Grades” dated 4 May 2026, “RepeaterContinuesto deliver Shallow High Grade Results” dated8 December2025 and “Outstandingfirst results at Radio Gold Project” dated5 November2025. The informationin this presentationthatrelatesto historic exploration results for the Radio Gold Project has beenextractedfrom theCompany'sASX announcementtitled "Radio Gold Project Historic Exploration Results " dated21 October2025. 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 “ButchersCreek Gold Project Delivers Robust Scoping Study”. The informationin this presentationthatrelatesto Exploration targetsat GoldenCrown has beenextractedfrom theCompany'sASX announcementtitled “Exploration Target at GoldenCrown 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 “WIN IncreasesRadio Gold Resource to 49,600 Ouncesat 4.2 g/t” dated 2 June 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 advancesButchers Creekdevelopmentwith resource update” dated16 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 LithiumMineral Resource” dated8 November2023. 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. The informationin this presentationthatrelatesto theoption over a modular gravity processingplant has beenextractedfrom the Company’sASX Announcementtitled “WIN SecuresKey ProcessingInfrastructure for Radio Gold Project” dated 18 June 2026. Theinformation relatingto metallurgical testwork at the Radio Gold Project has beenextracted from theCompany’sASX Announcementtitled“Exceptional Metallurgical RecoveryConfirmedfor Radio” dated13 August 2026. The informationin this presentationthatrelatesto theRadio Gold Project Re-Start Study, includingthe production targetand forecast financialinformation,has beenextractedfrom the Company’sASX Announcementtitled “Radio Gold Project Re-Start Study” dated 24 August 2026. Productiontarget: Approximately86% of theproduction target underpinningthe Study is derived from IndicatedMineral Resourcesand approximately 14% from InferredMineral Resources,which carry a lower level of geological confidence.TheStudy is a preliminary technicaland economic assessment. It is insufficientto support estimationof Ore Reserves, does notconstitutea decision to mine,and thereis no certaintyit will be realised, thatfurtherexploration will convert InferredResourcesto a higherconfidencecategory,or thatthe Radio Gold Project will be developed. 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 therelevantASX market announcements. 3 WIN METALS DIVERSIFIED PROJECT PORTFOLIO RADIO GOLD MINE Re-Start Study complete, low- capex pathway to production 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. Re-Start Study Complete. TIER-1 JURISDICTION 100% Western Australia Focus RADIO GOLD Re-Start Study complete RADIO MRE 49.6koz @ 4.2g/t, 51% indicated A$18m NPV8, 11-mth payback BUTCHERS CREEK Second gold pillar (359koz), scoping study indicates material leverage to Au price NICKEL ASSETS LATENT VALUE TODAY Price rebound underway Downstream potentially may improve value proposition 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 Princess Royal acquired and processing infrastructure secured, adding scale and optionality 04. LITHIUM ASSETS- LATENT VALUE TODAY Price rebound underway, byproduct value may unlock additional value 5 WIN METALS CORPORATE STRUCTURE $0.016 Share Price 26 August 2026 $13.7M Market Capitalisation $1.99M Cash at 30 June 2026 $11.7M 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 Tectonic Resources ,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 now stands at 49,600oz at 4.2g/t Au, up 21% since the prior update REGIONAL UPSIDE Prolific greenstone belt. Princess Royal acquired outright, with an option over Stumpy Doodle STRATEGIC CONSOLIDATION Expanding the Radio footprint with high-grade satellite deposits on granted mining leases Transitioned from acquisition to a completed Re-Start Study, now backed by growing scale and secured processing infrastructure ~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 has now delivered a Re-Start Study, with Princess Royal acquired to add regional scale. STUMPY DOODLE PRINCESS ROYAL 7 WIN METALS MULTIPLE MAIDEN DEPOSITS Maiden resources at Repeater, Radio South and Green Harp underpin high- margin starter pits and staged development options RADIO GOLD Updated JORC Mineral Resource Positions Radio as a Near-Term Production Opportunity 49,600ozAu@4.2g/t 21% Uplift in Contained Ounces Mineral Resource Estimate 51% Indicated (2026 MRE) Deposit Resource Classification Tonnes Au g/t Contained Gold (Oz) All Deposits Indicated 200,000 4.00 25,500 All Deposits Inferred 166,000 4.50 24,100 Total Indicated + Inferred 366,000 4.20 49,600 DEVELOPMENT PATHWAY Rapid execution since acquisition has delivered a Re-Start Study outlining a clear pathway to production INDICATED RESOURCE BASE Indicated resource base underpins the Re-Start Study's production target and financial model 8 WIN METALS RADIO GOLD DEVELOPMENT PATHWAY AND WHAT COMES NEXT MILESTONES DELIVERED ACQUISITION RESOURCE UPGRADES MODULARPROCESS PLANTACQUISITION MET TESTWORK WHAT COMES NEXT WIN’s immediate priorities: finalise outstanding approvals, complete engineering, advance financing and position the Project for FID ▪ Works Approval & Mining Development Proposal: Lodgement targeted by end August 2026 ▪ Regulatory assessment and conditions: Expected late 2026 into early 2027, timing outside WIN’s control ▪ Financing and Final Investment Decision: Subject to acceptable funding terms and Board approval ▪ Offsite procurement and fabrication: Of long-lead items, following FID ▪ Onsite development and construction: Targeted for early 2027 ▪ Commissioning and first gold: To be confirmed in the execution schedule Peak pre-finance funding requirement: approximately A$19m (not yet secured) RESTART PLAN 01 02 03 04 05 9 WIN METALS SECURING THE PATHWAY: Processing & Metallurgy Processing route and recoveries confirmed ahead of the Re-Start Study PROCESSING INFRASTRUCTURE METALLURGICAL RECOVERY ▪ Six-month option over a modular gravity processing plant from Tungsten Mining NL (ASX:TGN) ▪ Well suited to proposed 120,000tpa Radio Gold operation ▪ Option payment A$50,000 Conversion: A$250,000 cash plus A$250,000 in shares ▪ MESA engaged for engineering, cost estimation and development planning ▪ +95% combined gravity and leach recovery confirmed ▪ 98.6–99.0% extraction at P80=75µm in 24-hour gravity/leach testwork ▪ Testwork by Fremantle Metallurgy on two bulk RC composites ASX:WIN “WIN Secures Key ProcessingInfrastructure for Radio Gold Project” Released 18 June 2026; “Exceptional Metallurgical Recovery Confirmed for Radio” Released 13 August 2026 10 WIN METALS RADIO GOLD RE-START STUDY PRODUCTION TARGET (BASE CASE, A$6,000/OZ AU) • Production target: 215kt @ 3.16g/t Au (~20.2koz recovered gold over 29 months) • Resource mix: ~86% Indicated, ~14% Inferred Mineral Resources • Peak production: ~9.5koz recovered gold in Year 2 • Mining sources: Radio underground, Repeater open pit, Radio stockpiles, Princess Royal tailings PRE-TAX ECONOMICS (8% DISCOUNT) NPV: A$18m IRR: 84% Undiscounted cash flow: ~A$23m Payback: 11 months from first gold DOWNSIDE SENSITIVITY & UPSIDE • At A$5,100/oz gold, Study remains positive: ~A$3m NPV8, 21% IRR, 19-month payback • Metallurgical recoveries assumed: 95% Au (Radio), 90% Au (Princess Royal tailings) • Peak pre-finance funding requirement ~A$19m PRODUCTION TARGET & ECONOMICS Figure 1: Radio boxcut and portal overlooking the proposed ROM and processing area 11 WIN METALS RADIOGOLDRE-STARTSTUDY DevelopmentPathway INCLUDED IN THE STUDY BASE CASE • Radio underground mine and Repeater open pit • Radio stockpiles and Princess Royal tailings NOT YET CAPTURED • Extensions to Radio and Repeater • Princess Royal hard-rock mineralisation • Other WIN regional deposits, third-party feed A PLATFORM FOR REGIONAL GROWTH • Upside from Radio and Repeater extensions • Princess Royal hard-rock mineralisation • Regional consolidation across the greenstone belt • Subject to approvals, financing and a 2027 FID “Within 12 months of acquiring Radio, WIN has completed a Study that outlines a clear, staged pathway toward gold production… these are compelling outcomes for an initial operation based solely on the production target and assumptions disclosed.” Steve Norregaard Managing Director & CEO ASX:WIN “Radio Gold Project Re-Start Study” Released 24 August 2026 Cautionary Statement The Study is a preliminary technical and economic assessment.There is no Ore Reserve and the Study does not constitute a decision to mine. Forecast financial outcomes have an accuracy of approximately ±20%. The production target includes Inferred Mineral Resource material, which carries a lower level of geological confidence, and there is no certainty the production target or forecast financial information will be realised. Further approvals,financing and a Final Investment Decision are required before development can proceed. 12 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 • Princess Royal Gold Mine acquisition completed (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 “High-Grade Princess Royal Results Confirm Acquisition Upside” Released 26 May 2026 13 WIN METALS PRINCESSROYAL High-gradeGrowthandOptionality HIGH-GRADE HISTORICAL GOLD PRODUCER • ~13,900oz @ 21g/t Au • Exploration Target: 7,000–15,000oz @ 8.0–12.0g/t Au IMMEDIATE UPSIDE High-grade intercepts: • 2m @ 31.47g/t • 2m @ 30.47g/t • Rock chips: Hill End up to 5.59g/t, Battler West up to 4.61g/t ADDITIONAL VALUE • Battery sands identified on the tenure, up to 1.62g/t Au at Great Battler 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 “High-Grade Princess Royal Results Confirm Acquisition Upside” Released 26 May 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. 14 WIN METALS STUMPY DOODLE NEAR-RADIO SATELLITE OPPORTUNITY • Located 10km north of Radio • Historical production: • ~830oz @ 11g/t Au EXPLORATION UPSIDE • Multiple historic workings (600m) • 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 High-grade Growth and Optionality 15 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. 16 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 17 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 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 Byproduct Rb liberation testing ongoing 18 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 Chris Hesford, ex KCGM, ASX Limited, Lefroy Exploration 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 This team delivered the Re-Start Study within 12 months of acquiring Radio: an 84% pre-tax IRR and 11-month payback Operational leadership now carries Radio through approvals, financing and construction to first gold Team aligned to disciplined capital allocation and execution 19 WIN METALS Level 4, 220 St Georges Tce,Perth, WA 6000 +61 8 63817250 info@winmetals.com.au ASX:WIN winmetals.com.au 20 WIN METALS APPENDICES 21 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. Repeater (Indicated): 66,000t at 3.4g/t Au for 7,200oz. Full deposit-by-deposit breakdown is set out in the ASX Announcement “WIN Increases Radio Gold Resource to 49,600 Ounces at 4.2 g/t” dated 2 June 2026. Deposit Resource Classification Tonnes Au g/t Contained Gold (Oz) All Deposits Indicated 200,000 4.00 25,500 All Deposits Inferred 166,000 4.50 24,100 Total Indicated + Inferred 366,000 4.20 49,600 22 WIN METALS APPENDIX RADIO GOLD RE-START STUDY Key financial assumptions and results No Ore Reserve has been estimated or declared. Forecast outcomes are pre-tax, pre-finance and unleveraged; corporate income tax and financing costs are excluded. The approximately A$19m peak funding requirement is not yet secured. The production target includes approximately 14% Inferred Mineral Resource tonnes: there is a low level of geological confidence associated with Inferred Mineral Resources and no certainty that further exploration will convert them to Indicated status or that the production target itself will be realised. Metric Study case Unit Gold price 6,000 A$/oz Discount rate 8 % Total life-of-mine capital ~33 A$M Undiscounted pre-tax project cash flow 23.1 A$M Pre-tax NPV8 18.1 A$M Pre-tax, pre-finance project IRR 84 % Payback from first gold 11 months C1 cash cost 3,157 A$/oz Study AISC (All-In Sustaining Cost) 4,236 A$/oz Forecast financial information is presented on a 100% project basis and is pre-tax, pre-finance and unleveraged. Corporate income tax, financing costs and the potential utilisation of carried-forward tax losses are excluded. Source: ASX announcement “Radio Gold Project Re-Start Study” dated 24 August 2026, Table 3. 23 WIN METALS APPENDIX RADIO GOLD RE-START STUDY Financial sensitivity to Australian-dollar gold price Metric A$5,100/oz A$5,550/oz A$6,000/oz A$6,450/oz A$6,900/oz Payback from first gold (months) 19 12 11 10 9 Peak cash deficit (A$M) 19 19 19 19 19 Undiscounted pre-tax cash flow (A$M) 6 15 23 32 42 Pre-tax NPV8 (A$M) 3 11 18 26 33 Pre-tax project IRR (%) 21 52 84 117 151 Gold price is a Study assumption, not a forecast of future gold prices, and is the principal driver of forecast Project cash flows. All scenarios apply the Study base-case cost structure; only the gold price assumption varies. At A$5,100/oz, approximately 15% below the Study base case, the Project remains forecast to generate positive undiscounted pre-tax cash flow, an approximately A$3m pre-tax NPV8, 21% pre-tax IRR and 19-month payback. Source: ASX announcement “Radio Gold Project Re-Start Study” dated 24 August 2026, Table 7. 24 WIN METALS APPENDIX RADIO GOLD RE-START STUDY Capital and operating cost estimates Capital item A$M Processing plant 8.3 Tailings storage and infrastructure 2.5 Camp and administration (pre-production) 3.2 Underground equipment and pre-production 4.9 Open-pit capital 1.0 Sustaining capital 13.5 Total life-of-mine capital ~33 Cost category A$/oz Processing and refining 1,020 General and administration 676 Underground mining 1,167 Open-pit mining 210 C1 cash cost 3,157 Royalties 366 Sustaining capital 714 Study AISC 4,236 Capital costs are based on requests for quotation, supplier pricing and first-principles estimates; major contracts have not all been executed and actual costs may differ from the Study estimates. Study AISC comprises C1 cash cost, royalties and sustaining capital, and excludes financing costs and corporate income tax. Source: ASX announcement “Radio Gold Project Re-Start Study” dated 24 August 2026, Tables 3, 8 and 9. 25 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 sur