WIN Metals Expands Radio Gold Resource 73% to 49,600 Ounces

WIN Metals Grows Radio Gold Resource to 49,600 Ounces — Development Decision Firmly in Sight

WIN Metals Ltd (ASX: WIN) has delivered another meaningful step forward at its Radio Gold Project in Western Australia, with the WIN Metals Radio Gold Project resource grows to 49,600 ounces milestone now confirmed through an updated Mineral Resource Estimate (MRE) of 366,000 tonnes at 4.2 g/t Au for 49,600 ounces of contained gold. This represents a 21% increase in total ounces from the January 2026 estimate and, more significantly, a 73% growth in the resource since WIN acquired the project in August 2025 — achieved through two focused drill programmes in under 12 months.

With mining studies, permitting activities, and processing evaluations all advancing in parallel, Radio is rapidly shaping up as WIN's near-term production opportunity.

From Acquisition to Development Candidate in Under a Year

The pace at which WIN has advanced Radio is notable. The company acquired the project in August 2025 and immediately set about drilling to establish geological confidence and grow the resource base.

Key milestones since acquisition include:

• August 2025 — WIN acquires 100% of the Radio Gold Project
• January 2026 — First updated MRE released: 345,000 tonnes at 3.7 g/t Au for 41,000 ounces
• February 2026 — Second drill programme completed: 4,200 metres targeting near-term production areas and the Repeater deposit
• May 2026 — Bonanza-grade face samples reported, including grades above 300 g/t Au in the upper levels at Radio
• June 2026 — Updated MRE confirmed at 366,000 tonnes at 4.2 g/t Au for 49,600 ounces, representing a 73% increase since acquisition

This trajectory reflects a clear and deliberate strategy: acquire a historically productive, high-grade asset, add geological confidence through targeted drilling, and move decisively toward a development decision.

Resource at a Glance: What the Numbers Show

The June 2026 MRE delivers growth across both ounces and grade compared to the previous January 2026 estimate.

June 2026 MRE — Summary by Classification

Reported at 0.5 g/t Au cut-off to 50m below surface (open pit) and 1.0 g/t Au below 50m (underground).

MRE Comparison: January 2026 vs. June 2026

Three data points stand out from this comparison:

1. Total ounces grew by 21% — adding 8,600 ounces to the resource inventory
2. Overall grade improved by 14% — rising from 3.70 g/t to 4.22 g/t Au, making Radio a genuinely high-grade system by open pit standards
3. Indicated ounces grew 21% to 25,500 oz — half the total resource is now classified at the higher confidence level, directly feeding into mine design work

A notable contributor to the grade improvement was a reassessment of the high-grade top-cut applied during resource estimation — raised from 30 g/t Au to 100 g/t Au. Statistical analysis of the expanded drill dataset demonstrated that the previous cap was overly conservative for a high-grade, nuggety system like Radio. The revised 100 g/t Au cap is better supported by the underlying composite statistics and results in a more representative estimate of contained metal.

"In less than a year since acquiring the Radio Gold Project, WIN has delivered a transformational uplift in the Mineral Resource, now standing at 49,600 ounces at 4.2 g/t gold. This rapid growth in ounces and grade demonstrates the quality of the asset and the now much higher geological confidence validates our decision to move quickly and aggressively on Radio as a key near-term production opportunity for the Company. With mining studies, permitting and processing options well advanced, WIN is now firmly positioned to progress Radio towards a development decision in the near future, with a clear objective of transforming the Company into a cash-generating gold producer."

— Managing Director and CEO Steve Norregaard

Understanding Indicated vs. Inferred: Why Classification Matters

For investors less familiar with resource reporting terminology, the distinction between Indicated and Inferred resources is one of the most important concepts to understand when evaluating a project's progress.

What Is an Indicated Resource?

Indicated Resources are those where geological data — drill spacing, underground access, face sampling, and continuity of the mineralised body — is sufficient to assume a reasonable level of geological and grade continuity. Indicated material can be used directly in mine planning, mine scheduling, and financial modelling.

What Is an Inferred Resource?

Inferred Resources are based on more limited information. While the geological evidence points to mineralisation being present, there is not enough data density to assume the same level of continuity. Inferred material generally cannot be relied upon for detailed mine design.

Why Does This Matter Now?

The jump in WIN's Indicated resource at Radio — from 21,000 ounces to 25,500 ounces — means that a greater portion of the gold inventory can now be incorporated into the mine schedule with a higher degree of confidence. This is a direct enabler of the next phase of work: finalising the mine plan, completing financial modelling, and moving toward a development decision.

Glossary of key terms used in this update:

Repeater Adds Depth: A Second Mining Front Taking Shape

One of the more meaningful developments in this update is the continued de-risking of the Repeater deposit, located immediately north of Radio Main and interpreted as a geological continuation of the same mineralised system.

The 2026 drill programme targeted Repeater specifically to increase resource confidence. Furthermore, the results delivered were encouraging:

• Indicated tonnage at Repeater increased 38% to 66,000 tonnes at 3.4 g/t Au for 7,200 ounces
• Previously reported drill intercepts at Repeater include 3 m @ 19.5 g/t Au — a bonanza-grade result for an area that had previously seen only shallow open pit workings
• Repeater is now better understood both at depth and along strike, supporting its inclusion in near-term mine planning

The structural relationship between Radio and Repeater — both hosted within the same sheared granite contact along the greenstone belt margin — means Repeater benefits from the same well-understood geological controls that have guided production at Radio for over a century.

A Project With Deep Historical Roots and Fresh Infrastructure

The Radio Gold Project carries a production heritage that few small-cap exploration assets can match. Gold mining at Radio commenced in 1918, with approximately 71,000 ounces produced at an average head grade of 38 g/t Au between 1918 and 1974. That historical grade is exceptional by any standard and speaks to the quality of the mineralised system.

Critically for near-term development economics, the mine site is not starting from scratch:

• The Radio mine site remains intact and dewatered, with all necessary underground infrastructure in place
• Underground operations were re-established as recently as 2018, with a new surface portal and approximately 330 metres of decline developed to the historic second level
• A shallow open pit to ~25 metres depth was completed, and most near-surface mineralisation remains unmined, presenting additional upside

This existing infrastructure materially reduces the upfront capital required to restart operations and supports the potential for a faster development timeline compared to a greenfield project.

Metallurgy: No Surprises, High Gravity Recovery

Metallurgical characteristics are an important but often underappreciated component of a project's development potential. In addition, testwork completed to date at Radio is encouraging:

• A bottle-roll cyanide leach test on representative Radio ore returned recoveries consistent with industry-standard cyanide leach performance
• In 2018, a parcel of approximately 1,286 tonnes of ore was successfully toll-treated through Barto Gold's Marvel Loch processing plant with no gold recovery issues
• Gravity recovery testing completed at ALS in May 2021 recovered 85.9% of the gold into a low-mass gravity concentrate — a strong result pointing to the presence of liberated coarse free gold

The 85.9% gravity recovery figure is particularly significant. Gold that responds strongly to gravity separation can be captured early in the processing flowsheet at relatively low cost, reducing the amount of material that needs to go through more expensive downstream processing steps like carbon-in-leach. WIN is currently evaluating ore processing options, and confirmatory metallurgical testwork is underway.

What Comes Next: The Path to a Development Decision

WIN has outlined a clear set of near-term milestones for Radio, all oriented toward reaching a final investment decision:

The sequencing reflects a disciplined approach: build the resource base, increase confidence in the key mining areas, and advance permitting and financial modelling in parallel — rather than in series. This parallel-path approach compresses the overall timeline to potential production.

WIN's Broader Portfolio: A Multi-Asset Platform

While Radio is clearly the near-term focus, investors should note that WIN holds a diversified portfolio of mineral assets across approximately 350 km² of granted tenure in Western Australia.

WIN Metals — Asset Summary

The Butchers Creek Gold Project is a substantial resource in its own right, with 359,000 ounces defined and historical production of approximately 52,000 ounces between 1995 and 1997. Notably, WIN advanced Butchers Creek toward development in April 2025, meaning the company is simultaneously de-risking two gold development assets.

Technical Characteristics of Radio Gold Mineralisation

Gold mineralisation at Radio occurs within two narrow, high-grade quartz structures known as the Main (Footwall) Lode and the East (Hangingwall) Lode. These structures are hosted within sheared granite along the margin of a greenstone belt — a geological setting recognised globally for hosting high-grade gold deposits.

Key structural characteristics:

• Strike orientation: Northeast-trending, extending up to 700 metres along surface
• Dip angle: 30–60 degrees to the east-southeast
• Continuity: Demonstrated over 130 metres underground through historical workings
• Width: Typically 0.2–2.0 metres, with localised thickening in dilation zones
• Mineralogy: Predominantly coarse, free gold with accessory pyrite, galena, and arsenopyrite

This geological setting — orogenic quartz-vein style mineralisation — is consistent with some of Australia's most productive gold deposits and supports the potential for consistent, predictable mining conditions.

The vein system forms what geologists term "en-echelon arrays" — essentially a series of overlapping, parallel structures that create multiple mining targets within the same geological framework. These stacked mineralised shoots typically extend 100–300 metres in length and pitch obliquely to the main trend, reflecting the complex structural controls that concentrated gold in these specific locations.

Why Investors Should Keep Watching WIN Metals

WIN Metals has executed a focused strategy with notable efficiency since acquiring Radio just 10 months ago. The company has:

1. Grown the Radio resource by 73% in less than a year through two disciplined drill programmes
2. Upgraded resource confidence — half the resource is now Indicated, suitable for mine design and scheduling
3. Advanced all workstreams in parallel — mining studies, permitting, metallurgical testwork, and financial modelling are all in motion simultaneously
4. Leveraged existing infrastructure — the intact, dewatered mine site with underground access reduces capital requirements compared to a greenfield development
5. Confirmed strong metallurgy — gravity recoveries of 85.9% support a conventional and cost-effective processing pathway

The combination of a high-grade, historically proven deposit with existing infrastructure, a growing Indicated resource, and parallel development workstreams positions Radio as one of the more executable near-term gold development opportunities at this scale in Western Australia's Eastern Goldfields.

The WIN Metals Radio Gold Project resource grows to 49,600 ounces achievement represents more than just a numerical milestone — it reflects the systematic de-risking of what was already a historically productive asset. With mining studies advancing and a final investment decision approaching, investors should watch closely for the next wave of catalysts from this rapidly maturing development opportunity.

Key Takeaway:
WIN Metals has rapidly positioned the Radio Gold Project as a credible near-term gold development candidate, growing the resource to 49,600 ounces at 4.2 g/t — 73% growth since acquisition — while simultaneously advancing mining studies, permitting, and processing evaluations. With the mine site already dewatered and underground infrastructure in place, and a final investment decision approaching, investors should watch closely for the next wave of catalysts from Radio.

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