Highlights

  • The Radio Gold restart study targets about 20,200 recovered ounces over 29 months from a 120,000 tonne a year plant.
  • The A$6,000 an ounce base case shows a pre-tax net present value of A$18 million and an 11-month payback.
  • WIN received A$8.05 million on 6 October 2026 under its Mt Edwards transaction with Astral.
  • Peak funding of about A$19 million is still needed, against September quarter-end cash of A$1.16 million.

WIN Metals (ASX:WIN) has put numbers on a Radio Gold restart, banked A$8.05 million from Astral and lodged the first permit applications. The catch is a funding gap of about A$19 million at peak, which the company says is still to be closed.

Radio Gold restart study

WIN released its quarterly activities report and Appendix 5B on 27 October 2026, with the Radio Gold Project, which it owns 100%, as the centrepiece. A re-start study released on 24 August 2026 contemplates an integrated open-pit and underground operation feeding a 120,000 tonne a year carbon-in-leach plant. It targets 215,000 tonnes at 3.16 grams per tonne gold for about 20,200 ounces recovered over 29 months.

At a gold price of A$6,000 an ounce, the base case shows a pre-tax net present value at an 8% discount rate of A$18 million, a pre-tax internal rate of return of 84%, undiscounted pre-tax cash flow of A$23 million and an 11-month payback. Peak funding before finance costs is about A$19 million. A downside case at A$5,100 an ounce gives a net present value of about A$3 million, an internal rate of return of 21% and a 19-month payback.

Study limits and approvals

The company stressed that the study has limits. No Ore Reserve has been declared, the accuracy is about plus or minus 20%, and financing, approvals and a final investment decision are all still required. WIN is targeting the start of development in early 2027.

Laboratory gravity and leach testing returned extraction of 98.6% to 99.0%, although the company warned that laboratory values may overstate results in practice.

On permitting, WIN lodged a Mine Development and Closure Plan on 11 September and a Works Approval application on 18 September 2026. The existing Radio resource is 366,000 tonnes at 4.2 grams per tonne gold for 49,600 ounces in the Indicated and Inferred categories. A tailings resource at Princess Royal of 22,000 tonnes at 1.06 grams per tonne gold, or 750 ounces, is included in the study, and drilling there is planned.

Mt Edwards nickel transaction

WIN reported the completion of its Mt Edwards transaction with Astral. It received gold rights over several leases and retained its McEwen nickel resources.

Total consideration is A$9.05 million, of which A$8.05 million was received on completion on 6 October 2026 and A$1 million is due once a lease transfer is registered. WIN's nickel resources now total 12.33 million tonnes at 1.42% nickel, containing 174,540 tonnes of nickel.

Other projects

At Butchers Creek in the Kimberley there was no on-ground activity, and five mining lease applications are progressing through the right-to-negotiate process with the Koongie Elvire People.

The Faraday Critical Minerals project, formerly Faraday-Trainline Lithium, produced bench-scale roast-leach rubidium extraction of 93.8% to 96.7%. Geological modelling is under way and WIN is seeking an offtake partner. The lithium resource is 1.96 million tonnes at 0.69% lithium oxide.

Cash and funding

Cash at 30 September 2026 was A$1.16 million. Net operating outflow for the quarter was A$496,000, investing outflow was A$1.199 million and financing inflow was A$859,000 from convertible notes.

The notes, issued on 4 September 2026 for about A$860,000, have a 12-month term at 10% interest and can be converted from six months after issue.

The Astral cash allows WIN to keep operating, but it still needs substantial funding, about A$19 million at peak, to restart Radio. The annual general meeting is scheduled for 11 November 2026.