# WIN: Financial Report 30 June 2026

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/win-financial-report-30-june-2026--4d7b8129-e745-4a73-beda-d44f4637fa9a

Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146694

Publisher: asx

Original announcement: 2026-09-30T08:20:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-09-30T09:32:48.615Z

Atlas analysis updated: 2026-09-30T09:32:48.615Z

- Company: WIN Metals Ltd

- Ticker: WIN

- Exchange: ASX

- Region: Western Australia

- Primary commodity: Gold

- Secondary commodities: Nickel, Lithium

- Document categories: Resource update, Drill results, Capital raise, Metallurgy

- Extracted: 2026-09-30 09:32:49 UTC

Narrative sentiment: 0.40 · Bullish

## Minestarters Atlas summary

WIN Metals Ltd reported a year of significant activity, primarily focused on its gold assets in Western Australia. The company achieved a 73% increase in the Radio Gold Project's Mineral Resource to 49,600 ounces at 4.2 g/t Au, with over half now in the Indicated category. A positive Scoping Study for the Butchers Creek Gold Project outlined robust economics for a 9-year mine life, and a Re-Start Study for Radio detailed a low-capital pathway to gold production with high assumed recoveries. However, the company faces a material uncertainty regarding its ability to continue as a going concern, despite successful capital raises and a recent $9 million asset sale post-period.

Reasoning: WIN Metals Ltd has made substantial progress on its gold portfolio, including significant resource growth, positive studies for project restarts, and strategic acquisitions, supported by successful capital raises. However, the company faces a material uncertainty regarding its going concern status and has limited activity on its nickel and lithium assets, indicating a mixed financial and operational outlook.

- Positive factor: Significant resource growth for Radio Gold Project \(73% increase\) with over half now Indicated, improving confidence.

- Positive factor: Completion of a positive Scoping Study for Butchers Creek Gold Project outlining robust economics \(9-year LOM, 200koz Au\).

- Positive factor: Completion of Radio Gold Project Re-Start Study detailing a low-capital pathway to production with high assumed recoveries \(95% Au\).

- Positive factor: Strategic acquisitions of Princess Royal Gold Mine and an option over Stumpy Project, expanding the Radio hub.

- Positive factor: Successful capital raises \($2.35M and $5.5M\) and a significant post-period $9M asset sale providing funding.

- Positive factor: High-grade drill intercepts and bonanza underground samples reported from Radio Gold Project.

- Negative factor: Material uncertainty regarding the company's ability to continue as a going concern due to losses and cash outflows.

- Negative factor: Limited work programs on nickel and lithium projects due to subdued commodity prices.

- Negative factor: Butchers Creek Scoping Study is preliminary \(±40% accuracy\) and includes Inferred resources.

- Negative factor: Convertible note funding post-period indicates ongoing funding needs, potentially at dilutive terms.

- Negative factor: Legal proceedings regarding a lithium royalty deed introduce uncertainty and potential financial impact.

- Negative factor: Some resource estimates are stale, with effective dates more than two years old.

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 15

## Classification and evidence

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: the document describes a mill\_cil route \("CIL"\)

**Gravity Route**

Polarity: neutral

Definition: Gravity separation forms a material part of the flowsheet.

Why it applies: the document describes a gravity route \("gravity"\)

## Extracted facts

Stored fact records: 15. Some facts used in scoring do not have a stored record.

## Resource Estimates (13)

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/win-financial-report-30-june-2026--4d7b8129-e745-4a73-beda-d44f4637fa9a#fact-resource-facts-0)

Radio · gold

#### Identity

- Project: Radio
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: WIN

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Chris Hesford
- Resource group id: resource:71a0811bf271a2752101

#### Resource Data

- Category: indicated
- Tonnes: 200000
- Grade: 4
- Grade Unit: g/t
- Contained Metal: 25500
- Contained Unit: oz
- Cutoff Grade: 0.5
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2026-06-01

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The Indicated resource for the Radio Gold Project shows strong growth and improved confidence, with a high average grade, indicating positive progress for the project. The cut-off grade is conditional, but 0.5 g/t is reasonable for open pit.

- Positive factor: Significant increase in Indicated resource tonnage, improving confidence in the project.

- Positive factor: Resource growth of 73% since acquisition demonstrates successful exploration and de-risking.

- Positive factor: High average grade for an open pit gold resource.

Evidence · table

> 4.0

Context: 200,000

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/win-financial-report-30-june-2026--4d7b8129-e745-4a73-beda-d44f4637fa9a#fact-resource-facts-1)

Radio · gold

#### Identity

- Project: Radio
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: WIN

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Chris Hesford
- Resource group id: resource:b5bfcea9bf685ebc78f9

#### Resource Data

- Category: inferred
- Tonnes: 166000
- Grade: 4.5
- Grade Unit: g/t
- Contained Metal: 24100
- Contained Unit: oz
- Cutoff Grade: 0.5
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2026-06-01

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The Inferred resource for the Radio Gold Project shows a high average grade and contributes to overall resource growth, but its lower confidence category means it requires further drilling for de-risking. The cut-off grade is conditional, but 0.5 g/t is reasonable for open pit.

- Positive factor: High average grade for an open pit gold resource.

- Positive factor: Resource growth of 73% since acquisition demonstrates successful exploration.

- Negative factor: Inferred category indicates lower geological confidence.

Evidence · table

> 4.5

Context: 166,000

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The resource is classified as Inferred, indicating lower geological confidence.

Evidence · table

> Inferred

Context: Inferred

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/win-financial-report-30-june-2026--4d7b8129-e745-4a73-beda-d44f4637fa9a#fact-resource-facts-2)

Radio Gold Project · gold

#### Identity

- Project: Radio Gold Project
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: WIN

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Chris Hesford
- Resource group id: resource:d059987243087bd3b579
- Deposit or zone: Repeater

#### Resource Data

- Category: indicated
- Tonnes: 66000
- Grade: 3.4
- Grade Unit: g/t
- Contained Metal: 7200
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2026-06-01

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The Indicated resource for the Repeater deposit shows a substantial increase in tonnage and a good average grade, contributing to the de-risking of the overall Radio Gold Project mine plan.

- Positive factor: Significant increase in Indicated tonnage \(38%\) for the Repeater deposit, de-risking the mine plan.

- Positive factor: Good average grade for an open pit gold resource.

Evidence · text

> Indicated tonnage at Repeater increased by 38% to 66,000 tonnes at 3.4 g/t Au for 7,200 ounces

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/win-financial-report-30-june-2026--4d7b8129-e745-4a73-beda-d44f4637fa9a#fact-resource-facts-3)

Butchers Creek Gold Project · gold

#### Identity

- Project: Butchers Creek Gold Project
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: WIN

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Chris Hesford
- Resource group id: resource:80a00c0730fab949853d
- Deposit or zone: Butchers Creek

#### Resource Data

- Category: indicated
- Tonnes: 3580000
- Grade: 2.24
- Grade Unit: g/t
- Contained Metal: 258000
- Contained Unit: oz
- Cutoff Grade: 0.5
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2025-04-01

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The Butchers Creek Indicated resource provides a substantial and high-confidence foundation for the project's development, underpinning the positive Scoping Study outcomes.

- Positive factor: Large Indicated resource tonnage with a good average grade, forming a solid base for development studies.

- Positive factor: Supports a positive Scoping Study for a 9-year mine life.

Evidence · table

> 2.24

Context: 3.58

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/win-financial-report-30-june-2026--4d7b8129-e745-4a73-beda-d44f4637fa9a#fact-resource-facts-4)

Butchers Creek Gold Project · gold

#### Identity

- Project: Butchers Creek Gold Project
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: WIN

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Chris Hesford
- Resource group id: resource:4c9919ae7d3b41ed662c
- Deposit or zone: Butchers Creek

#### Resource Data

- Category: inferred
- Tonnes: 1650000
- Grade: 1.18
- Grade Unit: g/t
- Contained Metal: 63000
- Contained Unit: oz
- Cutoff Grade: 0.5
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2025-04-01

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The Inferred resource at Butchers Creek adds to the project's overall scale but its lower confidence category means it cannot solely support economic studies and requires further de-risking.

- Positive factor: Contributes to the overall resource base for the Butchers Creek Project.

- Positive factor: Supports the Scoping Study for a potential gold operation.

- Negative factor: Inferred category indicates lower geological confidence and requires further drilling.

Evidence · table

> 1.18

Context: 1.65

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The resource is classified as Inferred, indicating lower geological confidence.

Evidence · table

> Inferred

Context: Inferred

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/win-financial-report-30-june-2026--4d7b8129-e745-4a73-beda-d44f4637fa9a#fact-resource-facts-5)

Butchers Creek Gold Project · gold

#### Identity

- Project: Butchers Creek Gold Project
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: WIN

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Chris Hesford
- Resource group id: resource:b20f77cb88515a7c8724
- Deposit or zone: Golden Crown

#### Resource Data

- Category: inferred
- Tonnes: 400000
- Grade: 3.1
- Grade Unit: g/t
- Contained Metal: 38000
- Contained Unit: oz
- Cutoff Grade: 0.8
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2021-06-01

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The Golden Crown Inferred resource contributes to the project's total, but its stale effective date and lower confidence category mean it requires updated work to be considered current and reliable for development studies.

- Positive factor: Adds to the overall resource base for the Butchers Creek Project with a good grade.

- Negative factor: Inferred category indicates lower geological confidence.

- Negative factor: Estimate is stale, with an effective date over two years old, raising currency concerns.

Evidence · table

> 3.10

Context: 0.40

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The resource is classified as Inferred, indicating lower geological confidence.

Evidence · table

> Inferred

Context: Inferred

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

### Fact 7

[Link to this fact](https://atlas-staging.minestarters.com/news/win-financial-report-30-june-2026--4d7b8129-e745-4a73-beda-d44f4637fa9a#fact-resource-facts-6)

Mt Edwards Nickel Project · nickel

#### Identity

- Project: Mt Edwards Nickel Project
- Commodity: nickel
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: WIN

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Chris Hesford
- Resource group id: resource:c3905c26da2f824f3ebf

#### Resource Data

- Tonnes: 12660000
- Grade: 1.43
- Grade Unit: %
- Contained Metal: 180900
- Contained Unit: t

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The Mt Edwards Nickel Project holds a substantial total resource, but the absence of detailed resource categories and limited recent work due to market conditions reduce its current development appeal.

- Positive factor: Large total resource tonnage with a good nickel grade.

- Negative factor: No specific resource categories \(Measured, Indicated, Inferred\) are provided, limiting confidence.

- Negative factor: Limited work programs due to subdued nickel prices, indicating a lack of active development.

Evidence · text

> 12.66Mt grading 1.43% nickel for 180,900 tonnes

#### Tags used in scoring

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/win-financial-report-30-june-2026--4d7b8129-e745-4a73-beda-d44f4637fa9a#fact-resource-facts-7)

Faraday-Trainline Lithium Project · lithium

#### Identity

- Project: Faraday-Trainline Lithium Project
- Commodity: lithium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: WIN

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Chris Hesford
- Resource group id: resource:add587ae0b1e73c2c5b1

#### Resource Data

- Category: indicated
- Tonnes: 1570000
- Grade: 0.71
- Grade Unit: % Li2O

#### Prior Estimate

- Resource Date: 2023-11-08

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The Measured and Indicated resource for the Faraday-Trainline Lithium Project is substantial, but its stale effective date and lack of recent exploration activity reduce its current relevance and confidence.

- Positive factor: Significant Measured and Indicated resource tonnage with a good lithium grade.

- Negative factor: Estimate is stale, with an effective date over two years old, raising currency concerns.

- Negative factor: No exploration activities were carried out during the year, indicating a lack of active development.

Evidence · text

> Measured and Indicated Mineral Resources total of 1.57Mt @ 0.71% Li2O

#### Tags used in scoring

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### Fact 9

[Link to this fact](https://atlas-staging.minestarters.com/news/win-financial-report-30-june-2026--4d7b8129-e745-4a73-beda-d44f4637fa9a#fact-resource-facts-9)

#### Identity

- Ticker: WIN

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The convertible note offering provides necessary funding but highlights the company's ongoing capital requirements and introduces potential future dilution for shareholders.

- Positive factor: Secured additional funding to support operations.

- Negative factor: Convertible note financing may lead to future dilution.

- Negative factor: Indicates ongoing funding needs, especially in light of the going concern warning.

Evidence · text

> On 31 August 2026 the Company announced it had secured $860,000 in funding via a convertible note offering

#### Tags used in scoring

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### Fact 10

[Link to this fact](https://atlas-staging.minestarters.com/news/win-financial-report-30-june-2026--4d7b8129-e745-4a73-beda-d44f4637fa9a#fact-resource-facts-10)

Radio Gold Mine Project · gold

#### Identity

- Project: Radio Gold Mine Project
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: WIN

#### Resource scope

- Resource group id: resource:1893e23f7f55b0a0cce5

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The acquisition of the Radio Gold Mine is a highly strategic move, providing a significant gold asset with existing infrastructure and a favorable payment structure, establishing a key operational hub.

- Positive factor: Acquisition of a high-grade gold mine with existing infrastructure and ore stockpiles.

- Positive factor: Deferred royalty structure limits upfront cash outlay.

- Positive factor: Establishes a solid presence in WA’s goldfields region.

Evidence · text

> September 2025 - Completion of Radio Gold Mine Acquisition: acquisition of the high-grade Radio Gold Mine, securing a comprehensive asset package including infrastructure, equipment and surface ore stockpiles, with minimal up-front consideration and a deferred royalty structure.

#### Tags used in scoring

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### Fact 11

[Link to this fact](https://atlas-staging.minestarters.com/news/win-financial-report-30-june-2026--4d7b8129-e745-4a73-beda-d44f4637fa9a#fact-resource-facts-12)

Stumpy Doodle Gold Mine · gold

#### Identity

- Project: Stumpy Doodle Gold Mine
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: WIN

#### Resource scope

- Resource group id: resource:b708f551503742d65177

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The option agreement for Stumpy Doodle Gold Mine offers future growth potential and strategic flexibility for the Radio Gold Project, with a modest upfront cost.

- Positive factor: Securing an exclusive option over a high-grade gold project, adding to the Radio hub.

- Positive factor: Provides potential satellite ore sources and strengthens development flexibility.

Evidence · text

> securing an exclusive option over the Stumpy Doodle Gold Mine

#### Tags used in scoring

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### Fact 12

[Link to this fact](https://atlas-staging.minestarters.com/news/win-financial-report-30-june-2026--4d7b8129-e745-4a73-beda-d44f4637fa9a#fact-resource-facts-13)

Mt Edwards Project · nickel

#### Identity

- Project: Mt Edwards Project
- Commodity: nickel
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: WIN

#### Resource scope

- Resource group id: resource:c4cc0342e490254b26de

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The tenure rationalization transaction provides a substantial cash boost, which is critical for the company's funding needs and strategic focus on its gold projects.

- Positive factor: Significant cash injection \($9.05M\) from the sale of non-core assets, improving financial liquidity.

- Positive factor: Rationalizes tenure, allowing focus on core gold assets.

Evidence · text

> On 28 September 2026 the Company announced a tenure rationalisation transaction over a portion of its Mt Edwards Project with Astral Resources NL \(ASX:AAR\). Under the transaction WIN is set to receive total consideration of $9,050,000 \(exc.GST\)

#### Tags used in scoring

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/win-financial-report-30-june-2026--4d7b8129-e745-4a73-beda-d44f4637fa9a#fact-resource-facts-14)

Radio · gold

#### Identity

- Project: Radio
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: WIN

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Chris Hesford
- Resource group id: resource:375a80a6384318d0886a

#### Resource Data

- Category: inferred
- Tonnes: 366000
- Grade: 4.2
- Grade Unit: g/t
- Cutoff Grade: 0.5
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2026-06-01

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The Inferred resource for the Radio Gold Project shows a high average grade and contributes to overall resource growth, but its lower confidence category means it requires further drilling for de-risking. The cut-off grade is conditional, but 0.5 g/t is reasonable for open pit. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: High average grade for an open pit gold resource.

- Positive factor: Resource growth of 73% since acquisition demonstrates successful exploration.

- Negative factor: Inferred category indicates lower geological confidence.

Evidence · table

> 4.2

Context: 366,000

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

## Metallurgical Results (2)

### pilot plant

[Link to this fact](https://atlas-staging.minestarters.com/news/win-financial-report-30-june-2026--4d7b8129-e745-4a73-beda-d44f4637fa9a#fact-metallurgical-facts-8)

Radio Gold Project · gold

#### Identity

- Project: Radio Gold Project
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: WIN

#### Test Work

- Program Status: detailed
- Test Type: pilot plant
- Processing Route: CIL

#### Recovery

- Recovery: 95 %
- Recovery Basis: to\_payable\_metal

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The high gold recovery rate for Radio material through CIL processing is an excellent result, significantly de-risking the project's metallurgical aspects and supporting strong project economics.

- Positive factor: Exceptional gold recovery \(95.0%\) for CIL processing, indicating high efficiency.

- Positive factor: Recovery figures are from a Re-Start Study, suggesting a high level of confidence for commercial operations.

Evidence · text

> Plant recoveries of 95.0 % Au for Radio material

### pilot plant

[Link to this fact](https://atlas-staging.minestarters.com/news/win-financial-report-30-june-2026--4d7b8129-e745-4a73-beda-d44f4637fa9a#fact-metallurgical-facts-11)

Princess Royal Gold Mine · gold

#### Identity

- Project: Princess Royal Gold Mine
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: WIN

#### Test Work

- Program Status: detailed
- Test Type: pilot plant
- Processing Route: CIL

#### Recovery

- Recovery: 90 %
- Recovery Basis: to\_payable\_metal

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The strong gold recovery rate for Princess Royal tailings through CIL processing is a positive result, contributing to the overall project economics and de-risking metallurgical aspects.

- Positive factor: Strong gold recovery \(90%\) for CIL processing of tailings, indicating good efficiency.

- Positive factor: Recovery figures are from a Re-Start Study, suggesting a high level of confidence for commercial operations.

Evidence · text

> 90% Au for Princess Royal tailings

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.