24 August 2026 | Radio Gold Project, near Bullfinch, Western Australia
WIN Metals has completed a restart study for the Radio Gold Project that outlines a small integrated open-pit and underground operation feeding a dedicated 120,000-tonne-a-year carbon-in-leach plant.
The project is located about eight kilometres north-west of Bullfinch and 38 kilometres north-west of Southern Cross. WIN’s study estimates peak pre-finance funding of approximately A$19 million and targets the start of development activities in early 2027, subject to approvals, financing and a final investment decision.
Initial production target spans 29 months
The study sets an initial production target of 215,000 tonnes at 3.16 grams per tonne gold for approximately 20,200 ounces of recovered gold over a 29-month processing schedule.
Around 86 per cent of scheduled tonnes are classified as Indicated Mineral Resources and 14 per cent as Inferred. WIN cautions that no Ore Reserve has been declared, the study is a preliminary technical and economic assessment with an estimated accuracy of about plus or minus 20 per cent, and it does not constitute a decision to mine.
At the study’s A$6,000-an-ounce gold-price assumption, WIN reports a pre-tax net present value of A$18 million, an 84 per cent internal rate of return and an 11-month payback from first gold. Undiscounted pre-tax project cash flow is estimated at A$23 million.
The company also tested a A$5,100-an-ounce downside case, which remained positive with an estimated A$3 million pre-tax net present value and a 21 per cent internal rate of return.
Existing infrastructure reduces the new-build scope
The proposed operation would use existing underground development, mine access, workshops, power infrastructure, processing civils, borefields, tailings infrastructure and accommodation. The base case combines the Radio underground mine, Repeater open pit, existing Radio surface stockpiles and the Princess Royal tailings resource.
Extensions to Radio and Repeater, Princess Royal hard-rock mineralisation, other regional deposits and third-party feed are excluded from the study economics.
WIN’s workforce assumption averages about 47 people on site at full production, spanning administration, mining, processing and maintenance. That figure is a study assumption rather than a recruitment announcement.
Next steps
WIN must complete detailed engineering, secure remaining regulatory approvals, arrange funding and make a final investment decision before development can proceed. The company is also finalising approvals for accommodation works and other execution-readiness activities.
If the project advances, its integrated mine-and-plant plan could support work across underground and open-pit mining, processing, maintenance, site services and project delivery.
Source: WIN Metals Ltd, “Radio Gold Project Re-Start Study”, 24 August 2026.