Butchers Creek Scoping Study Shows A$143M NPV; Radio Project Extends High-Grade Gold

Butchers Creek Scoping Study Validates Project Potential

WIN Metals Ltd (ASX – WIN) has taken a significant step forward in its gold development strategy with the completion of a scoping study for the Butchers Creek Gold Project in Western Australia's Kimberley region. The study confirms a 9-year life of mine, forecasting production of approximately 200,000 ounces of gold. The project economics are underpinned by strong operating margins, driven by high-grade ore feed and a straightforward, conventional processing flowsheet.

Key financial metrics from the study include a pre-tax net present value (NPV) of A$143 million at an 8% discount rate, an internal rate of return (IRR) of 25%, and a payback period of around 3.5 years. The all-in sustaining cost (AISC) is estimated at A$3,032 per ounce, assuming a gold price of A$5,385 per ounce. The project contemplates both open pit and underground mining supported by a 600,000 tonnes per annum carbon-in-leach (CIL) processing plant.

Radio Gold Project Drilling Highlights High-Grade Extensions

Meanwhile, at the Radio Gold Project in the Southern Cross region, WIN Metals has reported exceptional drilling results that extend high-grade gold mineralisation both along strike and at depth. The Repeater Prospect, interpreted as the northern continuation of the historic Radio deposit, has delivered standout intercepts such as 1 metre at 33.95 grams per tonne (g/t) gold and 2 metres at 30.58 g/t gold, including a remarkable 1 metre at 50.8 g/t gold.

These results confirm multiple stacked lodes with strong continuity, supporting the potential for a maiden Mineral Resource at Repeater. Additionally, drilling south of existing development at Radio Main has confirmed high-grade mineralisation beyond current mine workings, reinforcing the project's near-term development optionality.

Capital Raising and Financial Position

To fund ongoing drilling and project advancement, WIN Metals successfully completed a A$5.5 million capital raising in December 2025, issuing shares at 3.5 cents each with attaching options exercisable at 7 cents. The placement was oversubscribed, reflecting strong investor confidence. At the end of the quarter, the company held a cash balance of A$5.934 million, providing a solid financial foundation for exploration, permitting, and technical studies.

Looking Ahead – Development and Resource Definition

WIN Metals is progressing permitting pathways and further technical studies at Butchers Creek to refine development options and improve project confidence. At Radio, the company is integrating drilling data to update geological models and define maiden Mineral Resources at Repeater and Radio South. Near-term restart options for underground mining and low-cost open pit opportunities are also under evaluation, positioning the company to unlock value from these high-grade gold assets.

While metallurgical test work continues at the Mt Edwards Nickel and Faraday-Trainline Lithium Projects, the focus remains firmly on advancing the gold portfolio, which now shows promising signs of transitioning from exploration to development.