Highlights

  • Faraday has a maiden resource of 5.8 million tonnes at 0.12% rubidium oxide.
  • Measured and Indicated material comprises approximately 67% of tonnage.
  • Early laboratory tests reported high rubidium extraction under specific conditions.
  • Further metallurgy, economic assessment and potential offtake discussions are planned.

WIN Metals Ltd (ASX:WIN) is a Western Australian mineral exploration and development company with interests in critical minerals. On 2 November 2026 it announced a maiden rubidium resource at Faraday, part of its Mt Edwards Project. The estimate provides a defined inventory of rubidium-bearing material and associated lithium, while processing performance and project Economics remain subject to further studies.

Maiden Estimate Establishes a Defined Inventory

WIN Metals Ltd (ASX:WIN) reported a maiden JORC 2012 Mineral Resource Estimate at its Faraday Critical Minerals Project on 2 November 2026. At a 0.05% rubidium oxide (Rb2O) cut-off, the estimate totals 5.8 million tonnes at 0.12% Rb2O for 6,950 tonnes of contained oxide. The same material grades 0.30% lithium oxide (Li2O), equivalent to 17,200 tonnes of contained Li2O. Faraday lies within the company's Mt Edwards Project in Western Australia. The resource is an estimate of mineralised material, not a declaration of reserves or a production forecast. WIN Metals Ltd (ASX:WIN) has not completed an economic study demonstrating commercial extraction. The 2026 milestone is therefore the establishment of a geological inventory on which further technical evaluation can be based.

Confidence Categories and Geological Setting

The estimate comprises 1.1 million tonnes of Measured material containing 1,350 tonnes Rb2O, 2.8 million tonnes Indicated containing 3,500 tonnes and 1.9 million tonnes Inferred containing 2,100 tonnes. Measured and Indicated material together account for about 67% of resource tonnage. A higher-grade lithium zone within the overall estimate contains 2.1 million tonnes at 0.16% Rb2O and 0.67% Li2O. The geological model describes stacked lithium-caesium-tantalum pegmatites, with six vein sets extending across approximately 750 metres of strike. The estimate uses data from 432 holes, although only 157 were assayed for rubidium. That distinction is relevant when assessing the extent of direct analytical coverage. WIN Metals Ltd (ASX:WIN) reported that rubidium is associated principally with feldspar and mica, while lithium-bearing spodumene has a different distribution within the system.

Metallurgical Results and Outstanding Studies

Preliminary laboratory work produced feldspar concentrate grading about 0.42% Rb2O and mica concentrate grading approximately 0.82% Rb2O. Under the tested chloride salt roast-leach conditions at 950 degrees Celsius, rubidium extraction was approximately 96.7% from feldspar and 93.8% from bulk mica. Separate sighter testing produced a spodumene concentrate grading 6.7% Li2O at 75% recovery. These are early bench-scale observations, not evidence of commercial plant performance. WIN Metals Ltd (ASX:WIN) intends to optimise beneficiation and roast-leach performance using composite samples, examine purification towards a 99% rubidium salt and retain material for potential marketing. The company also plans economic studies, development-scale assessment and engagement with potential strategic partners and offtakers. The announcement did not set a completion schedule for those activities.

Key Insights

WIN Metals Ltd (ASX:WIN) has defined a maiden rubidium-bearing resource at Faraday, supported by preliminary laboratory results. The next tests concern processing performance, economic viability and commercial arrangements. The resource alone does not establish that a mine or processing operation will be developed.