# WIN: WIN Annual Report 2026 Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/win-win-annual-report-2026--d53b2798-65b9-4ec1-b3a9-6d74d1b5900b Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03152991 Publisher: asx Original announcement: 2026-10-15T06:48:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-15T07:03:56.285Z Atlas analysis updated: 2026-10-15T07:03:56.285Z - 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 Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas 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 factor: Significant gold project acquisitions \(Radio, Princess Royal, Stumpy option\) expanding portfolio and regional hub strategy. - Positive factor: Substantial increase in Radio Gold Project's resource \(73% growth, 50%+ Indicated\) and positive re-start study results. - Positive factor: Robust economic studies \(Radio Re-start, Butchers Creek Scoping\) demonstrating financial viability and low-capital pathways to production. - Positive factor: Successful capital raises strengthening balance sheet and funding activities. - Positive factor: Strategic tenure rationalisation providing non-dilutive funding and gold rights. - Negative factor: Material uncertainty regarding going concern due to ongoing losses and cash outflows, requiring additional funding. - Negative factor: Legal proceedings with Estrella Resources Ltd for alleged breaches of lithium royalty deed. - Negative factor: Deferred consideration and royalty obligations on acquired projects. Facts used in scoring: 20 ## 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: 14. Some facts used in scoring do not have a stored record. ## Resource Estimates (12) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/win-win-annual-report-2026--d53b2798-65b9-4ec1-b3a9-6d74d1b5900b#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: 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 factor: Significant tonnage and contained gold in the Indicated category. - Positive factor: Improved confidence in geological continuity and data quality. - Positive factor: 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 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 **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 **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 200000 against 66000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 4 against 3.4 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 25500 against 7200 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/win-win-annual-report-2026--d53b2798-65b9-4ec1-b3a9-6d74d1b5900b#fact-resource-facts-2) 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: 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 factor: Good grade for an Inferred resource. - Negative factor: Inferred category has 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: 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 ### Fact 3 [Link to this fact](https://atlas-staging.minestarters.com/news/win-win-annual-report-2026--d53b2798-65b9-4ec1-b3a9-6d74d1b5900b#fact-resource-facts-3) 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: 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 factor: Significant total contained gold ounces. - Positive factor: 73% resource growth since acquisition. - Positive factor: High average grade for the total resource. Evidence · table > 366,000 Context: Total #### Tags used in scoring **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 **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 49600 against 28670 previously ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/win-win-annual-report-2026--d53b2798-65b9-4ec1-b3a9-6d74d1b5900b#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: 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 factor: Large tonnage and contained gold in the Indicated category. - Positive factor: Solid grade for an open-pit scenario. 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 **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/win-win-annual-report-2026--d53b2798-65b9-4ec1-b3a9-6d74d1b5900b#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: 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 factor: Adds to overall project tonnage and contained gold. - Negative factor: Lower confidence due to Inferred category. 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: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/win-win-annual-report-2026--d53b2798-65b9-4ec1-b3a9-6d74d1b5900b#fact-resource-facts-6) 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: 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 factor: High-grade Inferred resource at Golden Crown. - Negative factor: Lower confidence due to Inferred category. - Negative factor: Estimate date is older \(June 2021\). 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: 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 **Stale Estimate** Polarity: negative Definition: 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 7 [Link to this fact](https://atlas-staging.minestarters.com/news/win-win-annual-report-2026--d53b2798-65b9-4ec1-b3a9-6d74d1b5900b#fact-resource-facts-7) 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: 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 factor: Substantial total contained gold ounces for the project. Evidence · table > 5.63 Context: Total Indicated + Inferred #### 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 **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 ### Fact 8 [Link to this fact](https://atlas-staging.minestarters.com/news/win-win-annual-report-2026--d53b2798-65b9-4ec1-b3a9-6d74d1b5900b#fact-resource-facts-8) 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: 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 factor: Large total nickel resource with a good grade. - Negative factor: Limited work programs due to subdued nickel price. - Negative factor: 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 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 **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 ### Fact 9 [Link to this fact](https://atlas-staging.minestarters.com/news/win-win-annual-report-2026--d53b2798-65b9-4ec1-b3a9-6d74d1b5900b#fact-resource-facts-9) 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: 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 factor: Good total lithium resource. - Negative factor: No exploration activities during the year. - Negative factor: 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 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 **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 **Stale Estimate** Polarity: negative Definition: 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 zone [Link to this fact](https://atlas-staging.minestarters.com/news/win-win-annual-report-2026--d53b2798-65b9-4ec1-b3a9-6d74d1b5900b#fact-resource-facts-10) 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: 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 factor: High-grade, near-surface component of the lithium resource. - Negative factor: No exploration activities during the year. - Negative factor: 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 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 **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 **Stale Estimate** Polarity: negative Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/win-win-annual-report-2026--d53b2798-65b9-4ec1-b3a9-6d74d1b5900b#fact-resource-facts-11) 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: 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 factor: Significant portion of the resource in Measured and Indicated categories, indicating higher confidence. - Negative factor: No exploration activities during the year. - Negative factor: 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 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 **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 **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/win-win-annual-report-2026--d53b2798-65b9-4ec1-b3a9-6d74d1b5900b#fact-resource-facts-19) 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: 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 factor: Good grade for an Inferred resource. - Negative factor: Inferred category has 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) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/win-win-annual-report-2026--d53b2798-65b9-4ec1-b3a9-6d74d1b5900b#fact-metallurgical-facts-12) Radio Gold Project · gold #### 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 factor: High gold recovery for Radio material, indicating efficient processing. - Negative factor: 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 Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the mill\_cil signal **High Recovery** Polarity: positive Definition: 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 2 [Link to this fact](https://atlas-staging.minestarters.com/news/win-win-annual-report-2026--d53b2798-65b9-4ec1-b3a9-6d74d1b5900b#fact-metallurgical-facts-18) Princess Royal Gold Mine · gold #### 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 factor: Good gold recovery for Princess Royal tailings, indicating potential for reprocessing. - Negative factor: 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 Route** Polarity: neutral Definition: 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.