WIN Metals Secures $9.05M Through Mt Edwards Tenure Rationalisation
Key Takeaways
- WIN Metals receives $9,050,000 in cash from Astral Resources NL, structured as $8,050,000 on completion (on or before 5 October 2026) and $1,000,000 following registration of the M15/96 transfer.
- Despite divesting the Zabel Nickel Resource, WIN retains a 12.33Mt at 1.42% Ni resource base for 174,540 tonnes of contained nickel across ten deposits — the vast majority of its pre-transaction inventory.
- WIN now holds 100% of mineral rights over the McEwen and McEwen Hangingwall nickel resources via a Mining Rights Agreement over the relevant portion of M15/653, eliminating shared rights and simplifying the development path.
- The transaction adds new gold exploration optionality, with WIN gaining gold rights over M15/99, M15/101, and M15/102 in a region described as hosting multi-million ounce gold resources immediately to the north and south.
- WIN retains all lithium rights across the relevant tenure, preserving optionality for its Faraday-Trainline Lithium Project (1.96Mt at 0.69% Li₂O).
WIN Metals secures $9.05M through strategic Mt Edwards tenure rationalisation
WIN Metals (ASX: WIN) has announced a tenure rationalisation transaction with Astral Resources NL (ASX: AAR) that delivers $9,050,000 in cash consideration while preserving the vast majority of WIN’s nickel resource base at the Mt Edwards Nickel Project. The deal is structured as a mutual value-creation outcome, with both companies gaining clear, unencumbered control over their respective mineral rights. Completion is scheduled on or before 5 October 2026.
Each party exits the transaction with a cleaner, more focused asset base. WIN receives cash and retains its core nickel inventory; Astral gains the tenure it needs to advance its Mandilla Gold Project without the complexity of shared mineral rights.
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Transaction terms at a glance
The deal was executed via sale and purchase agreements on 25 September 2026, with consideration structured across two payment tranches.
| Party | What They Receive | Tenure Affected | Key Rights |
|---|---|---|---|
| WIN Metals | Gold rights transferred to WIN’s subsidiary Mt Edwards Critical Metals Pty Ltd (MECM) | M15/99, M15/101, M15/102 | 100% gold rights on these leases |
| WIN Metals | Mining Rights Agreement (WIN MRA) over all mineral rights in favour of MECM | Portion of M15/653 (McEwen and McEwen Hangingwall Nickel Resources) | 100% mineral rights over nickel resource-bearing portion; lithium rights retained across relevant tenure |
| Astral Resources | Tenure and all mineral rights (excluding lithium rights) | M15/96, M15/97, M15/100, M15/653, M15/1271, ML15/254 | Includes Zabel Nickel Resource on M15/97: 325kt @ 2% Ni for 6,360 Ni tonnes |
| Astral Resources | Nickel rights transfer plus Mining Rights Agreement (AAR MRA) over gold mineralisation | M15/633 (nickel rights); portion of M15/99 (gold MRA) | All mineral rights excluding lithium over AAR MRA area of M15/99 |
The $9,050,000 consideration (exc. GST) is payable in two tranches:
- $8,050,000 payable on completion (on or before 5 October 2026)
- $1,000,000 payable following registration of the transfer of M15/96 to Astral on the WA Department of Mines, Petroleum and Exploration Tenement Register
WIN retains all lithium rights across the relevant tenure, an important preservation point for its Faraday-Trainline Lithium Project optionality.
Nickel resource base remains largely intact post-transaction
Despite divesting the Zabel Nickel Resource (located on M15/97) to Astral, WIN’s updated total nickel resource inventory stands at 12.33Mt at 1.42% Ni for 174,540t of contained nickel. The Zabel deposit represented a comparatively small portion of the overall resource base, and the retained inventory spans ten deposits.
| Deposit | Indicated Tonnes (Mt) | Indicated Ni (%) | Inferred Tonnes (Mt) | Inferred Ni (%) | Total Tonnes (Mt) | Total Ni (%) | 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 |
| TOTAL | 5.41 | 1.45 | 6.92 | 1.38 | 12.33 | 1.42 | 174,540 |
All Resources reported at 1.0% Ni cut-off except Widgie Townsite, 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.
The retained deposits include Gillett, Widgie Townsite, Armstrong, McEwen, McEwen Hangingwall, and Mt Edwards 26N. Notably, WIN now holds 100% of mineral rights over the McEwen and McEwen Hangingwall resource-bearing portion of M15/653 via the WIN MRA.
A Mining Rights Agreement is a contractual arrangement whereby one party holds rights to mine specific minerals over tenure owned by another party. Having 100% of mineral rights over the relevant portion of M15/653, even via an MRA, means there are no shared rights and no encumbrances on the development path for these nickel resources — a material simplification for any future development planning.
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CEO perspective and what comes next
Steve Norregaard, Managing Director and CEO, WIN Metals
“This transaction represents a genuine win-win for both companies. WIN receives an important cash injection which enables us to progress its activities and advance its near-term development plans, but also very importantly preserves the vast majority of its nickel resource base…”
Management has highlighted three strategic outcomes from the transaction:
- A cash injection of $9.05M to advance near-term development plans
- A simplified development path over the McEwen and McEwen Hangingwall nickel resources, with 100% of mineral rights now held via the WIN MRA
- New gold exploration optionality, with gold rights now held over M15/99, M15/101, and M15/102, in a region the announcement describes as having multi-million ounce gold resources to the immediate north and south
WIN’s broader portfolio spans approximately 350km² of granted tenure across WA’s Southern Goldfields and Kimberley regions. Key assets include the Mt Edwards Nickel Project (12.33Mt @ 1.42% Ni for 174,540t of contained nickel), the Faraday-Trainline Lithium Project (1.96Mt @ 0.69% Li₂O), the Butchers Creek Gold Project (5.6Mt @ 1.98g/t Au for 359,000oz), and the Radio Gold Project (366,000t @ 4.22g/t Au for 49,600oz).
Ready to Explore WIN Metals’ Strengthened Position at the Mt Edwards Nickel Project?
WIN Metals has secured $9.05M in cash while retaining a 12.33Mt nickel resource base across ten deposits, alongside new gold exploration rights and a simplified development path over its McEwen and McEwen Hangingwall resources.
Discover the full details of this tenure rationalisation and WIN’s broader project portfolio by visiting the WIN Metals (ASX: WIN) company profile on Discovery Alert.