Private Placement Offer utilising the company’s Listing Rule 7.1 and 7.1A capacity to raise up to $2.00 million with the ability to take oversubscriptions at an issue price of $0.02 (2 cents).

The issue price represents the following discounts to ASX market pricing per share:

• 20.00% discount to the Last Closing Price of $0.025 on 18 August 2025
• 21.01% discount to the 5 Day VWAP of $0.0253

The offer comes with a one for two (1 for 2) free attaching unlisted option. The terms of the options are $0.04 (4 cents) exercise price, expiring two (2) years from the date of issue. The issuance of the options will be subject to shareholder approval at the company annual general meeting (AGM) in approximately three (3) months.

WIN Metals Ltd (ASX: WIN) is an Australian multi-asset developer aiming to generate near-term gold production and cashflow through a disciplined, low-capex development strategy. Following a major resource upgrade in 2025, the Company now controls a consolidated 359koz high-grade gold inventory at its flagship Butchers Creek Project complimented by the recent announcement of the acquisition of the Radio Gold Mine, both strategically located within trucking distance of third-party processing plants.

Situated in Western Australia’s Kimberley region, Butchers Creek hosts a JORC 2012 Mineral Resource of 5.23 Mt @ 1.91 g/t Au for 321 koz (359 koz @ 1.98 g/t Au including Golden Crown), with approximately 72% classified as Indicated. This upgrade represents a step-change from the prior estimate and anchors WIN’s near-term development strategy. Recent drilling has confirmed the open nature of Butchers Creek Mineralisation with 16.52m@2.10g/t recorded some 260m beyond southernmost drilling on the main resource. This complements infill results such as 98m@1.47g/t, 77m@1.68g/t, 28m@2.9g/t, 8m@4.55g/t and 32m@2.65g/t. With previous production of 52,000 ounces metallurgical performance indicates >90% recovery via conventional gravity/CIL, supported by proximity to regional milling infrastructure.

WIN is advancing a multi-faceted programme focused on progressive resource growth. Drilling is targeted at proving up satellite resources at Golden Crown and green fields targets such as Ganymede, conversion of remaining Inferred ounces and extensions down-plunge at Butchers Creek whilst testing alluvial basin style gold targets regionally. The longer-term objective is to establish a multi-lode system exceeding 500koz capable of underpinning a standalone development scenario.

The main Butchers Creek resource is currently subject of a scoping study assessment to determine viability on a standalone basis.

The acquisition of the historic Radio Gold Mine provides a second potential production front. Radio previously produced ~71,050 oz Au at head grades of +35 g/t Au. WIN intends to test adjacent near surface open pittable mineralisation in close proximity to the main Radio workings with a view to progressing a dual open pit and underground redevelopment scenario. With the lion’s share of pre-production capex already sunk for the underground mine with mine equipment and accommodation included as part of the sale the asset presents a low-capex, high-margin opportunity and enhances the flexibility of WIN’s emerging gold platform. Nearby toll milling options exist.

The Company retains exposure to critical battery metals through its Mt Edwards Nickel Project (12.66 Mt @ 1.43% Ni for 180.9 kt Ni) and the Faraday–Trainline Lithium Project (1.96 mt @ 0.69% Li₂O). While non-core to immediate development plans, these assets represent significant latent value and provide strategic optionality and potential future monetisation pathways, offering leverage to broader commodity cycles.

With a materially upgraded gold inventory, clear near-term development pathway and multiple exploration and corporate catalysts, WIN Metals is positioned to transition rapidly into gold production while providing investors exposure to high-grade ounces and strategic critical-metal upside.