WIN Metals Raises $2.35M to Accelerate Radio Drilling and Butchers Creek Study

Strategic Acquisition at Radio Gold Mine

WIN Metals Ltd (ASX, WIN) marked a pivotal moment in its growth trajectory by completing the acquisition of the Radio Gold Mine in late September 2025. Situated north of Southern Cross in Western Australia, Radio is renowned for its exceptionally high-grade gold mineralisation, historically producing approximately 71,000 ounces at an impressive grade of 38 grams per tonne. The acquisition terms were notably attractive, involving a modest upfront cash payment of $500,000 plus GST, alongside a share issuance and a deferred royalty arrangement that aligns future payments with production milestones.

The asset package includes modern underground infrastructure, surface ore stockpiles, and a partially constructed processing facility capable of handling 500,000 tonnes per annum. This foundation positions WIN Metals to rapidly advance operational readiness while minimising initial capital outlay.

Exploration and Resource Expansion Efforts

Immediately following the acquisition, WIN Metals initiated a maiden 9,000-metre reverse circulation drilling program focused on delineating near-surface open pit resources and extending mineralisation at depth. This program aims to underpin an updated Mineral Resource Estimate, which will be critical for forthcoming economic studies and mine planning. Concurrently, the company is evaluating processing options to optimise gold recovery, including potential leaching of gravity tails, leveraging prior infrastructure investments.

Progress at Butchers Creek and Regional Prospects

Alongside Radio, WIN Metals is advancing its Butchers Creek Gold Project in the Kimberley region. The scoping study encompassing open pit and underground mine designs, as well as processing plant layouts, has been completed with scheduling and costing in advanced stages. A detailed update is anticipated in the December quarter. Regional exploration has also identified promising gold trends at Ruby Queen North and the Emjay prospect, with rock chip assays reaching up to 23.5 grams per tonne, elevating these targets to drill-ready status.

Capital Raising and Corporate Moves

To fuel its accelerated exploration and evaluation programs, WIN Metals successfully raised $2.35 million in a strongly oversubscribed placement during August 2025. The funds are earmarked primarily for drilling at Radio and advancing Butchers Creek studies. Additionally, the company is set to receive $0.5 million from the divestment of non-core nickel assets, specifically the Munda tenement, allowing WIN to sharpen its focus on gold assets while unlocking latent value from its nickel portfolio.

Financial Position and Outlook

At the end of the quarter, WIN Metals reported a healthy cash balance of $2.257 million, providing a solid runway for ongoing activities. While no mining production occurred during the period, the company’s strategic moves and exploration momentum position it well to convert resources into value. Managing Director Steve Norregaard highlighted the company’s commitment to delivering meaningful updates as it progresses its growth strategy amid a favourable gold price environment.