WIN: WIN Annual Report 2026
Original announcement by asx on
- Company
- WIN Metals Ltd
- Ticker
- WIN
- Exchange
- ASX
- Region
- Western Australia
- Primary commodity
- Gold
- Secondary commodities
- Nickel, Lithium
- Document categories
- Agreement transaction, Resource update, Other, Capital raise, Metallurgy
- Extracted
- 2026-10-15 07:03:56 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
WIN Metals Ltd's 2026 Annual Report highlights a transformative year focused on gold, with key acquisitions including the Radio Gold Mine and Princess Royal Gold Mine, and an option over the Stumpy Doodle Gold Mine. The company reported a 73% increase in the Radio Gold Project's resource and positive re-start study results, alongside a robust scoping study for the Butchers Creek Gold Project. These developments were supported by successful capital raises and a strategic tenure rationalisation, although the auditor noted a material uncertainty regarding the company's going concern status.
Reasoning: The annual report details a highly active year for WIN Metals, marked by strategic gold project acquisitions, significant resource growth, and positive economic studies, positioning the company for a transition to gold producer. Successful capital raises and a tenure rationalisation transaction have strengthened its financial position, despite ongoing financial and legal uncertainties.
Positive factors
- Significant gold project acquisitions (Radio, Princess Royal, Stumpy option) expanding portfolio and regional hub strategy.
- Substantial increase in Radio Gold Project's resource (73% growth, 50%+ Indicated) and positive re-start study results.
- Robust economic studies (Radio Re-start, Butchers Creek Scoping) demonstrating financial viability and low-capital pathways to production.
- Successful capital raises strengthening balance sheet and funding activities.
- Strategic tenure rationalisation providing non-dilutive funding and gold rights.
Negative factors
- Material uncertainty regarding going concern due to ongoing losses and cash outflows, requiring additional funding.
- Legal proceedings with Estrella Resources Ltd for alleged breaches of lithium royalty deed.
- Deferred consideration and royalty obligations on acquired projects.
Facts used in scoring: 20
Classification and evidence
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: the document describes a mill_cil route ("CIL")
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: the document describes a gravity route ("gravity")
Extracted facts
Stored fact records: 14. Some facts used in scoring do not have a stored record.
Resource Estimates (12)
indicatedRadio · goldTonnes: 200000Grade: 4Grade Unit: g/tContained Metal: 25500Contained Unit: ozView all detailsHide details
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
- Mr 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
- Prior Tonnes
- 66000
- Prior Grade
- 3.4
- Prior Contained Metal
- 7200
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-15T00:00:00.000Z
Reasoning: The Indicated resource at Radio Gold Project shows strong tonnage and grade, reflecting improved confidence and contributing significantly to the project's overall value.
Positive factors
- Significant tonnage and contained gold in the Indicated category.
- Improved confidence in geological continuity and data quality.
- Category upgrade from prior estimate (implied by 73% resource growth and 50%+ Indicated).
Evidence · table
“4.0”
Context: 200,000
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 200000 against 66000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 4 against 3.4 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 25500 against 7200 previously
inferredRadio · goldTonnes: 166000Grade: 4.5Grade Unit: g/tContained Metal: 24100Contained Unit: ozView all detailsHide details
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
- Mr 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
- 2026-10-15T00:00:00.000Z
Reasoning: The Inferred resource adds to the overall project scale with a good grade, though it represents a lower confidence category.
Positive factors
- Good grade for an Inferred resource.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“4.5”
Context: 166,000
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Fact 3Radio Gold Project · goldTonnes: 366000Grade: 4.2Grade Unit: g/tContained Metal: 49600Contained Unit: ozView all detailsHide details
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
- Mr Chris Hesford
- Resource group id
- resource:8e922e5eccf7db01392b
Resource Data
- Tonnes
- 366000
- Grade
- 4.2
- Grade Unit
- g/t
- Contained Metal
- 49600
- Contained Unit
- oz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2026-06-01
- Prior Contained Metal
- 28670
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-15T00:00:00.000Z
Reasoning: The total resource for the Radio Gold Project demonstrates substantial growth and a high average grade, significantly enhancing the project's potential.
Positive factors
- Significant total contained gold ounces.
- 73% resource growth since acquisition.
- High average grade for the total resource.
Evidence · table
“366,000”
Context: Total
Tags used in scoring
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 49600 against 28670 previously
indicatedButchers Creek Gold Project · goldTonnes: 3580000Grade: 2.24Grade Unit: g/tContained Metal: 258000Contained Unit: ozView all detailsHide details
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
- Mr Chris Hesford
- Resource group id
- resource:8ab213eae8d1914db219
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 Au
Prior Estimate
- Resource Date
- 2025-04-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-15T00:00:00.000Z
Reasoning: The Butchers Creek Indicated resource provides a substantial and confident base for future development, supporting the project's viability.
Positive factors
- Large tonnage and contained gold in the Indicated category.
- Solid grade for an open-pit scenario.
Evidence · table
“2.24”
Context: 3.58
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredButchers Creek Gold Project · goldTonnes: 1650000Grade: 1.18Grade Unit: g/tContained Metal: 63000Contained Unit: ozView all detailsHide details
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
- Mr Chris Hesford
- Resource group id
- resource:1184549ac66f798b0cf9
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 Au
Prior Estimate
- Resource Date
- 2025-04-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-15T00:00:00.000Z
Reasoning: The Inferred resource contributes to the project's scale, but its lower confidence category requires further drilling for de-risking.
Positive factors
- Adds to overall project tonnage and contained gold.
Negative factors
- Lower confidence due to Inferred category.
Evidence · table
“1.18”
Context: 1.65
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredButchers Creek Gold Project · goldTonnes: 400000Grade: 3.1Grade Unit: g/tContained Metal: 38000Contained Unit: ozView all detailsHide details
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
- Mr 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 Au
Prior Estimate
- Resource Date
- 2021-06-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-15T00:00:00.000Z
Reasoning: The Golden Crown Inferred resource offers high-grade potential, but its older effective date and lower confidence category indicate a need for further work.
Positive factors
- High-grade Inferred resource at Golden Crown.
Negative factors
- Lower confidence due to Inferred category.
- Estimate date is older (June 2021).
Evidence · table
“3.10”
Context: 0.40
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 5.4 years before this release
Fact 7Butchers Creek Gold Project · goldTonnes: 5630000Grade: 1.98Grade Unit: g/tContained Metal: 359000Contained Unit: ozView all detailsHide details
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
- Mr Chris Hesford
- Resource group id
- resource:7a170f593a38dfc51f92
Resource Data
- Tonnes
- 5630000
- Grade
- 1.98
- Grade Unit
- g/t
- Contained Metal
- 359000
- Contained Unit
- oz
Prior Estimate
- Resource Date
- 2025-04-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-15T00:00:00.000Z
Reasoning: The Butchers Creek project holds a significant total gold resource, providing a strong foundation for future development.
Positive factors
- Substantial total contained gold ounces for the project.
Evidence · table
“5.63”
Context: Total Indicated + Inferred
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Fact 8Mt Edwards Nickel Project · nickelTonnes: 12660000Grade: 1.43Grade Unit: %Contained Metal: 180900Contained Unit: tView all detailsHide details
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
- Mr 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
- 2025-07-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-15T00:00:00.000Z
Reasoning: The Mt Edwards Nickel Project holds a significant nickel resource, but its development is currently constrained by market conditions and prior impairment.
Positive factors
- Large total nickel resource with a good grade.
Negative factors
- Limited work programs due to subdued nickel price.
- Prior impairment of nickel and lithium assets.
Evidence · text
“At 30 June 2026 Mt Edwards Nickel Project was comprised of 11 separate deposits with a total MRE of 12.66Mt grading 1.43% nickel for 180,900 tonnes9.”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Fact 9Faraday-Trainline Lithium Project · lithiumTonnes: 1960000Grade: 0.69Grade Unit: % Li2OView all detailsHide details
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
- Mr Chris Hesford
- Resource group id
- resource:6ed172fc2ec95d118cdb
Resource Data
- Tonnes
- 1960000
- Grade
- 0.69
- Grade Unit
- % Li2O
Prior Estimate
- Resource Date
- 2023-11-08
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-15T00:00:00.000Z
Reasoning: The Faraday-Trainline Lithium Project has a notable resource, but lack of recent exploration activity and an older estimate date suggest it's not a current focus.
Positive factors
- Good total lithium resource.
Negative factors
- No exploration activities during the year.
- Older effective date (November 2023).
Evidence · text
“The Faraday-Trainline lithium Mineral Resource Estimate (MRE) amounts to 1.96Mt @ 0.69% Li2O10”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 2.9 years before this release
high-grade, near surface zoneFaraday-Trainline Lithium Project · lithiumTonnes: 373000Grade: 1Grade Unit: % Li2OView all detailsHide details
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
- Mr Chris Hesford
- Resource group id
- resource:6856baca70ac9b75e133
- Deposit or zone
- high-grade, near surface zone
Resource Data
- Tonnes
- 373000
- Grade
- 1
- Grade Unit
- % Li2O
Prior Estimate
- Resource Date
- 2023-11-08
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-15T00:00:00.000Z
Reasoning: The high-grade, near-surface lithium resource is a positive aspect, but the project's overall progress has been limited.
Positive factors
- High-grade, near-surface component of the lithium resource.
Negative factors
- No exploration activities during the year.
- Older effective date (November 2023).
Evidence · text
“including a high-grade, near surface zone of 373kt @ 1.00% Li2O”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 2.9 years before this release
indicatedFaraday-Trainline Lithium Project · lithiumTonnes: 1570000Grade: 0.71Grade Unit: % Li2OView all detailsHide details
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
- Mr 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
- 2026-10-15T00:00:00.000Z
Reasoning: The substantial Measured and Indicated lithium resource provides a good foundation, but the project's advancement has been slow.
Positive factors
- Significant portion of the resource in Measured and Indicated categories, indicating higher confidence.
Negative factors
- No exploration activities during the year.
- Older effective date (November 2023).
Evidence · text
“with a Measured and Indicated Mineral Resources total of 1.57Mt @ 0.71% Li2O.”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 2.9 years before this release
inferredRadio · goldTonnes: 366000Grade: 4.2Grade Unit: g/tView all detailsHide details
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
- Mr 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
- 2026-10-15T00:00:00.000Z
Reasoning: The Inferred resource adds to the overall project scale with a good grade, though it represents a lower confidence category. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Good grade for an Inferred resource.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“4.2”
Context: 366,000
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Metallurgical Results (2)
Fact 1Radio Gold Project · goldRecovery: 95 %View all detailsHide details
Identity
- Project
- Radio Gold Project
- Commodity
- gold
- Ticker
- WIN
Test Work
- Processing Route
- CIL
Recovery
- Recovery
- 95 %
- Recovery Basis
- to_payable_metal
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-15T00:00:00.000Z
Reasoning: The assumed high gold recovery for Radio material in the re-start study is a positive indicator for project economics, though it is an assumption.
Positive factors
- High gold recovery for Radio material, indicating efficient processing.
Negative factors
- Assumption within a study, not a direct test result from this document.
Evidence · text
“Metallurgical assumptions Plant recoveries of 95.0 % Au for Radio material”
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the mill_cil signal
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: 95% is at or above the exceptional band (95%)
Fact 2Princess Royal Gold Mine · goldRecovery: 90 %View all detailsHide details
Identity
- Project
- Princess Royal Gold Mine
- Commodity
- gold
- Ticker
- WIN
Test Work
- Processing Route
- CIL
Recovery
- Recovery
- 90 %
- Recovery Basis
- to_payable_metal
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-15T00:00:00.000Z
Reasoning: The assumed good gold recovery from Princess Royal tailings suggests potential for additional value extraction, though it is an assumption within the study.
Positive factors
- Good gold recovery for Princess Royal tailings, indicating potential for reprocessing.
Negative factors
- Assumption within a study, not a direct test result from this document.
Evidence · text
“and 90% Au for Princess Royal tailings.”
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the mill_cil signal
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.