WIN Metals Limited (ASX:WIN) has entered into two agreements to expand its Butchers Creek Gold Project in the Kimberley region of Western Australia, acquiring two granted Exploration Licences from IGO Limited (ASX:IGO) and securing an exclusive five-year option over an Exploration Licence application from Metal Bank Limited (ASX:MBK), for a total upfront consideration of $115,000.

Key Points

  • Two granted Exploration Licences acquired from IGO Limited for a cash payment of $100,000, plus a 2% net smelter return royalty on all ores, concentrates and other products extracted from those tenements
  • Exclusive five-year option over Exploration Licence application EL80/5248 from Metal Bank Limited secured for a non-refundable option fee of $15,000, with the option period ending 4 November 2031
  • Butchers Creek tenure package grows to 343 km², an increase of 62%, adjoining Hastings Technology Metals Limited's (ASX:HAS) Brockman Rare Earths and Niobium Project
  • New tenure hosts approximately 3.4 km of historical gold workings at Darcys, located west of the Butchers Creek open pit and along strike from Golden Crown
  • Completion of the IGO acquisition is anticipated by 31 December 2026, subject to IGO securing necessary third-party consents

IGO Exploration Licence Acquisition Terms

WIN's wholly owned subsidiary, Butchers Creek Metals Pty Ltd, will acquire granted Exploration Licences 80/5607 and 80/5608 from IGO Limited for a cash payment of $100,000 exclusive of GST, together with a 2% net smelter return royalty on all ores, concentrates and other products extracted from those tenements. Completion is scheduled to occur five business days following satisfaction of a condition precedent requiring IGO to secure any necessary consents from third parties. Completion is currently anticipated by 31 December 2026. Exploration Licence 80/5607 is located immediately west of the Butchers Creek open pit and incorporates part of a previous tailings dam facility.

Metal Bank Option Agreement Details

Butchers Creek Metals Pty Ltd has been granted an exclusive five-year option to acquire Exploration Licence application 80/5248 from Metal Bank Limited, running until 4 November 2031. A non-refundable option fee of $15,000 exclusive of GST has been paid. If WIN elects to exercise the option, further consideration would include $85,000 exclusive of GST payable to Metal Bank, a 0.75% royalty on gold produced from the tenement, and an additional $250,000 exclusive of GST payable if and when Butchers Creek Metals Pty Ltd first identifies a JORC Code Mineral Resource of 100,000 ounces of gold in aggregate on that tenement.

Butchers Creek Project Mineral Resource and Tenure Package

The Butchers Creek Gold Project hosts an existing Mineral Resource of 5.6 million tonnes at 1.98 grams per tonne gold for 359,000 ounces of gold. With the addition of the new tenure, the Butchers Creek tenure package grows to 343 km², representing an increase of 62%. The Metal Bank tenement hosts historical gold workings to the south, where gold reportedly occurs discontinuously over approximately 3.4 kilometres of strike, with very little modern exploration undertaken. The new tenure also secures the planned footprint for the Butchers Creek Project tailings storage facility.