WIN Metals Confirms Over 95% Gold Recovery at Radio Gold Project

Exceptional Metallurgical Performance Demonstrated

WIN Metals Ltd (ASX:WIN) has delivered compelling metallurgical test results from its Radio Gold Project, confirming combined gravity and leach gold recoveries above 95%. Recent testwork on bulk composite samples revealed gravity gold contents ranging from 63% to 81%, alongside whole ore leach gold extractions between 90% and 94% at a fine grind size (P80=75 µm). These figures suggest the ore is free milling and highly amenable to conventional processing techniques, setting the stage for efficient gold recovery at scale.

The tests included 24-hour gravity and leach extractions reaching up to 99% gold recovery, supported by historical 2018 results that similarly achieved approximately 99% total gold extraction. This consistency across testing campaigns strengthens confidence in the metallurgical response of Radio’s ore.

Gravity Gold Content and Processing Implications

Gravity recoverable gold (GRG) tests using Falcon concentrators indicated a significant free gold component, with 75-81% of gold recovered in the initial concentration stage. Bulk gravity tests across various liberation sizes confirmed an average gravity gold content exceeding 65%, highlighting the presence of coarse gold grains. Intensive cyanidation of gravity concentrates achieved near-complete gold extraction, underscoring the effectiveness of combining gravity concentration with cyanide leaching.

Gravity tailings cyanidation further demonstrated high gold extraction rates, with minimal sensitivity to grind size. Overall, the combined gravity and cyanidation process achieved gold extractions of 97% or higher within 24 hours, pointing to a robust and scalable processing route.

Technical Confidence Supports Development Progression

Managing Director Steve Norregaard described the results as “the last bit of confirmatory news” needed to conclude technical evaluations, emphasising the potential for overall recoveries exceeding 95% in a plant scenario. WIN Metals is now positioned to advance Radio towards a development decision, aiming to transition into a cash-generating gold producer.

The metallurgical testwork program was conducted by Fremantle Metallurgy and independently reviewed by Black Swan Metallurgy. It involved comprehensive sample preparation, grindability assessments, gravity recoverable gold testing, and cyanide leach evaluations on composites representative of the main mineralised bodies. Quality assurance protocols ensured reliable assay data, while the spatial distribution of samples aligned with the company’s recent Mineral Resource estimate of 49,600 ounces at 4.2 g/t Au.

Broader Portfolio Context and Next Steps

Radio is a cornerstone asset within WIN Metals’ diversified portfolio, which also includes the Butchers Creek Gold Project, Mt Edwards Nickel Project, and Faraday-Trainline Lithium Project. The company recently expanded Radio’s resource base and secured strategic options for onsite gravity processing, complementing the metallurgical findings.

Study outcomes for the Radio Gold Project are expected shortly, potentially unlocking development pathways aligned with the company’s goal of becoming a producer. The strong metallurgical performance mitigates a key technical risk, but typical uncertainties around project execution and market conditions remain.