WIN Metals Ltd has completed a Re-Start Study for the Radio Gold Project in Western Australia, outlining a standalone open-pit and underground operation backed by a peak pre-finance funding requirement of approximately A$19 million.

The study envisions an initial production target of 215,000 tonnes at 3.16 grams per tonne of gold for approximately 20,200 ounces of recovered gold over a 29-month processing schedule. Under the base-case assumption of A$6,000 per ounce, the project is forecast to deliver an A$18 million pre-tax net present value at an 8% discount rate, an 84% pre-tax project internal rate of return, and A$23 million in undiscounted pre-tax cash flow, with an 11-month payback period from first gold.

The new study shifts from resource definition to economic evaluation following appraisal. WIN acquired the project in August 2025 and completed 9,000 metres of drilling that year. In June 2026, the company secured a six-month option to acquire a modular gravity processing plant from Tungsten Mining NL to support the proposed 120,000-tonne-per-annum operation. That option expires around December 2026 and requires a final cash payment of $250,000 alongside $250,000 in shares.

While the June 2026 Mineral Resource Estimate stood at 49,600 ounces of gold, the re-start study schedules an initial production target of approximately 20.2 thousand ounces derived from Indicated (86%) and Inferred (14%) resources. WIN noted that no Ore Reserve has been estimated or declared.

“Within 12 months of acquiring Radio, WIN has completed a Study that outlines a clear, staged pathway toward gold production. The Project's existing underground development, site infrastructure and secured processing equipment materially reduce the required new-build scope and support a peak pre-finance funding requirement of approximately A$19 million.”

— Steve Norregaard, Managing Director and CEO

Development remains contingent on remaining regulatory approvals, financing, and a final investment decision, with the company targeting the commencement of development activities in early 2027.

Read the full announcement: Radio Gold Project Re-Start Study