WIN Metals Expands Radio Gold Project with Princess Royal Acquisition and High-Grade Targets

Acquisition Boosts High-Grade Gold Portfolio

WIN Metals Ltd (ASX:WIN) has sealed the deal on the Princess Royal Gold Mine acquisition, a fully permitted historic operation boasting approximately 13,900 ounces of gold produced at a remarkable 21 g/t grade. Situated 80 km southwest of its flagship Radio Gold Project in Western Australia, the purchase significantly expands WIN’s footprint and resource optionality in a region already known for rich gold endowment.

The Princess Royal tenure carries an Exploration Target of 26,000 to 40,000 tonnes grading between 8.0 and 12.0 g/t Au, translating to a conceptual 7,000 to 15,000 ounces of gold. While this target remains conceptual and requires further drilling to confirm a Mineral Resource, it offers a tantalising glimpse of near-term development potential complementary to Radio’s existing 41,000-ounce Mineral Resource estimate. The acquisition follows WIN’s earlier strategic moves to build scale at Radio, including a high-grade gold acquisition announced this Marchhigh-grade acquisitions.

Satellite Prospects Deliver Early Exploration Upside

Reconnaissance sampling across the broader Princess Royal package has quickly validated the acquisition’s upside. The Hill End Prospect, located just 2 km east of the mine, returned rock chip samples as high as 5.59 g/t Au from historic shaft spoil. Nearby Battler West also yielded impressive rock chips up to 4.61 g/t Au, despite lacking modern drilling data, highlighting a notable gap in exploration coverage and a clear opportunity for systematic targeting.

Additionally, the Great Battler battery sands, remnants of historic processing, showed gold grades up to 1.62 g/t Au, with an average of 0.89 g/t Au across sampled areas. These sands could supplement existing resources and provide accessible ounces with further metallurgical and tonnage studies planned. This expanding portfolio of satellite prospects adds multiple high-grade targets to support flexible mine sequencing at Radio, reinforcing WIN’s strategy to underpin a resilient production profile.

Drill Planning and Development Pathway Advancing

With mining leases granted and a Programme of Work approved for Princess Royal, WIN is moving swiftly into drill planning and mine studies. The company has engaged drill contractors and is preparing systematic sampling programs to convert exploration potential into mineable inventory. This disciplined approach to capital allocation aims to ensure each acquisition strengthens the overall project quality and development case.

WIN’s recent resource upgrade at Radio, including a 46% increase in contained gold to 41,000 ounces, sets a strong foundation for integrating Princess Royal’s high-grade ounces. The combined assets now offer a broader and more flexible development pipeline, with multiple satellite prospects ready to be tested and potentially sequenced to optimise project economicsresource upgrade. The company’s Managing Director Steve Norregaard emphasised the acquisition’s role in delivering a “fully permitted, high-grade gold asset” and providing “immediate optionality” for future development scenarios.

Transaction Terms and Regional Context

The acquisition consideration included A$500,000 in cash paid on closing, alongside a royalty structure payable on refined gold bullion from the tenements. This includes a tiered royalty arrangement up to 15,000 ounces of production, with a $75 per ounce royalty thereafter. The Princess Royal package comprises one Mining Lease and two Prospecting Licences totaling 197 hectares, all in good standing.

Geologically, Princess Royal sits within the Southern Cross Greenstone Belt, sharing the same package as the nearby Edna May Gold Mine, which has produced over 1 million ounces since 1910. The proximity to established gold infrastructure and regional mining activity bodes well for WIN’s plans to develop the site as a satellite to Radio.

WIN Metals continues to advance a diversified portfolio, including nickel and lithium projects in Western Australia, but gold remains the immediate focus. The company’s recent high-grade discoveries at Radio, including bonanza grades up to 334 g/t Au, have already boosted development prospects and underpin the strategic value of the Princess Royal acquisitionhigh-grade gold discovery.