WIN Metals has boosted its Radio Gold Project resource by 46% to 41,000 ounces, with half now classified as Indicated, while strategic acquisitions at Princess Royal and Stumpy Doodle widen its development options.
- 46% increase in Radio Gold Mineral Resource to 41,000 ounces
- Approximately 50% of resource upgraded to Indicated classification
- Acquisition of Princess Royal Gold Mine and option over Stumpy Doodle
- Near-surface mineralisation confirmed at multiple Radio prospects
- Cash balance of $4.1 million with $1.53 million exploration spend
Significant Resource Upgrade at Radio Gold Project
WIN Metals Ltd (ASX:WIN) has announced a substantial 46% increase in the Mineral Resource at its Radio Gold Project in Western Australia, lifting contained gold to 41,000 ounces at an average grade of 3.70 g/t Au. Notably, approximately half of this updated resource is now classified as Indicated, enhancing geological confidence and laying a firmer foundation for detailed mine design and economic evaluation. This upgrade incorporates results from around 9,000 metres of drilling completed in 2025 and includes maiden Mineral Resource Estimates for the Repeater, Radio South, and Green Harp domains, which collectively add nearly 13,000 ounces to the resource base.
The improved resource profile positions WIN to assess both open pit and underground mining scenarios, with a potential development decision targeted for the end of Q2 2026. While no Ore Reserves or production targets have been reported yet, early-stage mine planning and scheduling studies have commenced, leveraging existing underground infrastructure and near-surface mineralisation. These advances underscore the project's growing scale and potential as a high-grade gold operation in the Southern Cross Goldfields.
Strategic Acquisitions Expand Radio Hub
Further bolstering its growth strategy, WIN completed two key acquisitions during the quarter: the fully permitted Princess Royal Gold Mine and an exclusive 12-month option over the Stumpy Doodle Gold Mine. These transactions are designed to add high-grade satellite ore sources to the emerging Radio production hub, enhancing future development flexibility. Princess Royal carries an Exploration Target of 7,000–15,000 ounces at grades between 8.0 and 12.0 g/t Au, supported by exceptional historic diamond drill intercepts exceeding 30 g/t Au. Stumpy Doodle, with historical production of approximately 830 ounces at 11 g/t Au, offers a highly prospective satellite position close to Radio.
Immediate exploration activities are underway, including drill planning at Princess Royal and scheduled exploration at Stumpy Doodle during the option period. Both assets are situated on granted mining leases, facilitating streamlined development pathways. These moves complement the resource upgrade and reflect WIN’s ambition to build a scalable, high-margin gold project in the region. This expansion follows the company’s earlier Radio Gold Project exploration results that confirmed shallow, near-surface mineralisation across multiple prospects, underpinning the resource growth.
Ongoing Exploration and Development Activities
During the quarter, WIN completed a 7,000 metre reverse circulation drilling program at Radio designed to support detailed mine planning and underground sampling. Assay results are expected imminently, which will inform further mine design and processing evaluations. The company is also progressing tenement applications at its Butchers Creek Gold Project in the Kimberley, with drilling planned to enhance resource confidence ahead of potential mining studies.
At the Mt Edwards Nickel Project, groundwater exploration has identified promising water-bearing sand units to support future processing needs, with production bore drilling scheduled within six months. Meanwhile, metallurgical test work at the Faraday-Trainline Lithium Project is ongoing, focusing on mineral liberation and downstream refining options to support future development.
Financial Position and Corporate Developments
WIN Metals reported a cash balance of $4.1 million at the end of March 2026, following $1.53 million spent on exploration and evaluation activities during the quarter. The company’s capital position is supported by prior placements and option agreements, including the recent issuance of 78.7 million listed options exercisable at $0.07. Executive and non-executive director payments for the quarter totalled $159,499.
The company’s managing director, Steve Norregaard, highlighted the quarter as a pivotal step transitioning the Radio Gold Project from exploration success towards development, emphasising the enhanced resource scale and quality as key enablers. The acquisitions at Princess Royal and Stumpy Doodle further underpin the strategy to build a high-grade gold hub with multiple satellite sources.
WIN’s progress continues to build on its recent Radio Gold Project Mineral Resource update and high-grade acquisitions that expanded the project’s footprint and potential.
Bottom Line?
The substantial resource upgrade and strategic acquisitions position WIN Metals for a critical development decision in Q2 2026, but the path to production hinges on upcoming drilling results and economic studies.
Questions in the middle?
- Will the upcoming assay results from the recent drilling confirm further resource growth or higher-grade zones?
- How will WIN Metals balance open pit versus underground mining scenarios in its development decision?
- What impact will the Princess Royal and Stumpy Doodle acquisitions have on the overall project economics and timeline?