WIN Metals (ASX:WIN) Managing Director Steve Norregaard says the company will be “perfectly poised” to move forward with the Radio and Butchers Creek projects in Western Australia when speaking to Mining.com.au ahead of its recently announced capital raise.
“The caveat here is potentially – depending on how Radio actually stacks up – we may not need to go back to market,” Norregaard tells this news service.
“Over the last 18 months, we’ve completed two capital raises, raised $6 million, which completely changed the focus of the company from an aspiring nickel miner into a diversified commodity company with a near term production asset in Radio, a growth profile in gold by virtue of the Butchers Creek Project whilst still retaining the full exposure to that nickel and lithium asset.”
As reported by Mining.com.au, the company is raising $5.5 million through a share placement at $0.035 per share, offering shareholders one free attaching option per every two shares held in this placement.
Proceeds will be used to conduct phase two of drilling at the Radio Project, as well as drilling and evaluation of Butchers Creek.
WIN returned a Scoping Study for the Butchers Creek Gold Project last month, confirming the viability of developing a standalone operation for a total project funding of $142 million, as reported.
Norreggard tells Mining.com.au that the company intends to start drilling at Butchers Creek in March or April of 2026 following the conclusion of this Scoping Study.
“That’ll be quite an extensive program, a full iteration, and a lot of technical work is going to be done in that period, basically starting after the wet season,” Norregaard adds.
“By the end of the year, one would like to think the project is in a much more advanced state with the risks and various aspects of it.
“One of the key things for us is a conversion of a host of prospecting and exploration licences into mining leases, which is probably the long lead item in the permitting process.”
Speaking on the Scoping Study, Norreggard describes this stage to have provided “remarkable” results for the company.
“It drew a line in the sand and provided a clear path forward to being able to build a much more robust business case with the knowledge that at a bare minimum, you’ve got a very, very compelling one looking at the single resource,” Norreggard explains to Mining.com.au.
Currently, the company is awaiting the assays from its 9,000m drilling campaign at Radio, with all data expected to be returned by mid-December.
WIN will conduct economic studies at Radio across February and March 2026, recomputing the resource base on return of the assays.
“The capital is all sunk in this project,” Norreggard shares.
“We’ve got the mine site fully established – it’s a very straightforward, low CapEx entry to mining, so the financial evaluation should be relatively straightforward.”
WIN Metals is an exploration company focused on gold and lithium, and operating in the southern Goldfields and Kimberly regions of Western Australia.
Write to Maddison Elliott at Mining.com.au
Images: WIN Metals
