WIN Metals Accelerates Gold Production with $5.5M Capital Raise

WIN Metals Secures $5.5M War Chest to Fast-Track Gold Production

WIN Metals Limited (ASX: WIN) has delivered strong news to investors, announcing the successful completion of a heavily oversubscribed $5.5 million placement at $0.035 per share. The Western Australian gold explorer is now well-positioned to advance its high-grade Radio Gold Mine and Butchers Creek Gold Projects toward production, capitalising on historically high gold prices.

The placement attracted significant interest from both existing and new sophisticated investors, with demand substantially exceeding the funds sought. This strong investor confidence signals market recognition of WIN's strategic position in Western Australia's proven gold districts.

Placement Details Drive Value for Shareholders

The pricing represents a modest discount to recent trading levels whilst providing attractive upside through free attaching options. These options, exercisable at $0.07, offer shareholders potential leverage to future share price appreciation.

Shareholders will vote on the option issue at a General Meeting scheduled for late January 2026, with directors also participating on identical terms. Furthermore, this includes an additional 285,714 shares and 142,857 options.

Radio Gold Mine: Exceptional High-Grade Opportunity

The Radio Gold Project stands out as a premier asset in WIN's portfolio, having historically produced approximately 71,000 ounces at an exceptional grade of 38g/t gold. Located just 8 kilometres north of Bullfinch in the proven Yilgarn region, Radio represents immediate production potential.

Fresh funds will enable WIN to commence the second phase of drilling at Radio following completion of their maiden drill programme in November 2025. Moreover, the company expects drilling to resume in the New Year after final analysis and interpretation of initial results.

Understanding High-Grade Gold Deposits

High-grade gold deposits like Radio are particularly valuable because they can support profitable operations even at smaller scales. In contrast, typical gold mines operate at grades between 1-3 grams per tonne, whilst Radio's historical 38g/t average places it among Australia's highest-grade gold mines.

This exceptional grade means less ore needs to be processed to produce each ounce of gold, significantly reducing operating costs and capital requirements. For investors, high-grade deposits offer faster payback periods and higher margins, making them especially attractive in current market conditions.

High-grade deposits also provide operational flexibility, allowing companies to maintain profitability even during periods of lower commodity prices. Consequently, this resilience makes Radio particularly attractive for production planning.

Butchers Creek: Substantial Resource Base Ready for Development

WIN's Butchers Creek Gold Project brings scale and established resources to complement Radio's high-grade profile. Located 30 kilometres southeast of Halls Creek in the Kimberley, this historic production centre hosts a global mineral resource of 5.6Mt at 1.98g/t Au for 359,000 ounces.

The project has proven production credentials, having produced 52,000 ounces between 1995 and 1997. Additionally, fresh drilling at the Golden Crown deposit will support an updated feasibility study, potentially expanding the development scope and extending mine life.

Strategic Fund Allocation Targets Production

The announcement detailed clear deployment of the placement proceeds across four key areas:

• Resource and exploration drilling at Radio Gold Mine Project – Advancing toward production readiness
• Resource and exploration drilling at Golden Crown deposit – Expanding Butchers Creek development scope
• Ongoing evaluation and technical studies – Supporting development decisions
• General working capital and costs – Maintaining operational flexibility

This focused allocation demonstrates management's commitment to advancing both projects toward production whilst maintaining financial prudence. The timing aligns with seasonal operational windows, with Butchers Creek drilling planned after the Kimberley wet season ends.

What This Means for Investors

The strategic allocation ensures maximum impact from the raised capital. By targeting both immediate opportunities and longer-term expansion, WIN positions itself for sustained growth across multiple assets.

Furthermore, the focus on technical studies demonstrates a methodical approach to development. This reduces execution risk whilst ensuring optimal project design before major capital commitments.

Management Commentary Signals Confidence

"On behalf of the Board of Directors, I am pleased to thank our existing investors for their ongoing support and also welcome the new investors to the Company. These funds will allow us to rapidly progress our plans to transition to a producer," said Steve Norregaard, Managing Director.

"The WIN team are enthused by what we have achieved at both our Butchers Creek Gold Project and the Radio Gold Mine Project in a very short time frame since acquiring the projects. We all have much to look forward to over the coming months with gold production now firmly in our sights," he added.

This commentary reflects management's confidence in the development pathway ahead. The emphasis on becoming a producer signals a clear strategic shift from exploration to production focus.

Why WIN Metals Deserves Investor Attention

WIN Metals has assembled a compelling portfolio of advanced gold assets in proven Western Australian mining districts. The combination of Radio's exceptional grades and Butchers Creek's substantial resources provides both immediate production potential and longer-term scalability.

Key Investment Highlights:

• High-grade production potential – Radio's historical 38g/t average grade among Australia's highest
• Substantial resource base – Combined 359,000+ ounce resource at Butchers Creek provides scale
• Proven production history – Both projects have successful mining records
• Strategic location – Assets located in established mining regions with infrastructure access
• Well-funded advancement – Fresh capital enables rapid progress toward production
• Favourable market timing – Gold prices near historic highs support project economics

The company's diversified asset base also includes significant nickel (180,900 tonnes contained) and lithium resources (13,500 tonnes Li2O). These additional commodities provide further optionality as markets evolve.

Dual-Asset Strategy Reduces Risk

WIN's strategy focuses on leveraging the complementary nature of both projects. Radio offers near-term production potential with exceptional grades, whilst Butchers Creek provides the scale and resource base for sustained operations.

This dual-asset approach de-risks the pathway to production whilst maximising resource utilisation across both projects. Additionally, having two distinct development tracks provides operational flexibility and reduces single-asset dependency.

What Are the Next Steps and Catalysts?

The company has outlined a clear pathway for the coming months. Drilling at Radio is expected to commence following final analysis of the maiden programme completed in November. The second phase aims to extend known mineralisation and identify additional targets for resource expansion.

At Butchers Creek, drilling at Golden Crown will commence after the Kimberley wet season, targeting resource expansion and grade improvement. These results will feed into an updated feasibility study incorporating the broader project scope.

The General Meeting in late January 2026 represents another near-term catalyst, with shareholder approval for the free attaching options. This provides additional funding capacity through exercise proceeds if share price performance warrants.

Strong news flow is anticipated through the first half of 2026 as drilling programmes advance and technical studies progress. This activity timeline supports the company's transition from explorer to producer as market conditions remain favourable.

Critical Success Factors

Several key factors will determine WIN's success in transitioning to production:

• Drilling results confirmation – Proving up grade continuity and resource expansion potential
• Technical study outcomes – Demonstrating economic viability and optimal development approaches
• Permitting progress – Securing necessary approvals for production activities
• Market conditions – Maintaining favourable gold price environment for project economics

WIN Metals has positioned itself strategically with immediate production potential through its high-grade Radio project and substantial resource base at Butchers Creek. The successful $5.5 million placement provides the financial foundation to advance both projects toward production, with drilling programmes resuming in early 2026 and strong news flow expected. Investors should monitor WIN's progress closely as the company transitions from explorer to producer in Australia's premier gold districts.

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