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Highlights

  • WIN Metals has completed the acquisition of the Radio Gold Mine.
  • Acquisition includes extensive mining infrastructure and partially constructed processing facility.
  • Near-surface open pit targets being tested with 10m x 10m RC drilling program.
  • Deferred royalty up to 18,000oz with 1.5% trailing royalty thereafter in perpetuity.

WIN Metals LTD (ASX:WIN) is a mineral exploration company with 350 km² of tenure in Western Australia, holding gold, nickel, and lithium resources. The company announced that it has completed the acquisition of the Radio Gold Mine from Top Global Mining Pty Ltd, as initially announced on 4 August 2025. The deal includes a portfolio of tenements, mining and processing infrastructure, accommodation facilities, vehicles, and associated equipment. Located 38km north of Southern Cross in Western Australia’s Yilgarn region, the mine is approximately 400km east of Perth.

The mine infrastructure is largely in place, including a portal and decline development to the second level, mobile mining fleet, power generators, compressed air systems, and a partially constructed 500ktpa processing facility with roughly 70% of concrete mill footings completed. The acquisition was finalized with a cash payment of AUD 500,000 plus GST, and 20 million shares issued at AUD 0.02 per share, along with a stepped royalty on net smelter returns.

Asset Package
The acquisition provides a modern underground decline mine with 330m of decline and 200m of ore development, existing surface ore stockpiles, operational offices, workshops, underground mining equipment, and accommodation facilities 6km south in Bullfinch. Historically, the Radio Gold Mine produced 71,000oz of gold at an average grade of 38.5g/t Au between 1918 and 1974.

Exploration and Development Strategy
WIN is advancing a 10m x 10m RC drill program targeting near-surface open pit opportunities at Radio Repeater, Radio South, and central near-surface zones, aiming to delineate resources to ~50m depth. The company plans to review historic mineral resource data and conduct underground mining studies to explore potential extensions at depth. Prior metallurgical tests demonstrated gravity recoveries of 87% from the Radio mineralisation.

Project History and Geology
Gold mining at Radio began in 1918, with underground operations re-established in 2018. The site remains intact with dewatered mines and installed infrastructure. The project lies within the northern Southern Cross Greenstone Belt, characterized by mafic to ultramafic rocks, minor sediments, late-stage pegmatites, and Proterozoic dolerite dykes. Two principal lode styles, Main Lode and East Lode, are identified with strike orientations of 35° and dip angles ranging 30°–60°, both remaining open down-dip and along strike.

Tenure
The acquired tenements include Mining Lease M77/633, Prospecting Licence P77/4492, and Miscellaneous Licence L77/81, all in good standing. The package also includes underground mining equipment, site offices, workshops, generators, compressors, fuel facilities, light vehicles, and accommodation at the Bullfinch Hotel and partially completed mining camp.

Share Performance

The stock is currently trading at AUD 0.028 per share as of 24 September 2025, up from its last close of AUD 0.022. With 667,574,043 shares on issue, WIN Metals has a market capitalisation of approximately AUD 14.89 million.