Interview with Steve Norregaard, MD & CEO of Win Metals Ltd.

Recording date: 13th February 2025

ASX-listed Win Metals has strategically pivoted from nickel to gold, acquiring the promising Butchers Creek gold project in Western Australia. The company, which listed in 2021 as a pure-play nickel company, made this transition in 2024 in response to declining nickel prices and shifting market sentiment.

The Butchers Creek acquisition, completed in November 2024, brought a substantial 357,000-ounce gold resource to Win Metals at an attractive entry price of under A$10 per resource ounce. The company has already completed a 75,000-meter drill program, yielding positive results that suggest significant resource growth potential. Notably, extensional drilling has confirmed mineralization extending 250 meters beyond the current one-kilometer-long resource.

Win Metals is pursuing a two-pronged development strategy. In the near term, the company is evaluating toll milling opportunities to enable rapid gold production with minimal capital expenditure. This approach would allow Win to generate cash flow without the need for substantial upfront investment in processing infrastructure. Additionally, the company is exploring alluvial mining potential, which could provide another avenue for low-cost gold production.

The project benefits from existing infrastructure, including a tailings storage facility, water supply, and proximity to the regional center of Halls Creek. According to Managing Director Steve Norregaard, the mineralization at Butchers Creek is characterized by broad zones amenable to efficient bulk mining methods, which could translate to competitive operating costs.

Looking ahead, Win Metals plans to update the resource estimate and initiate a scoping study to evaluate development options. The company aims to potentially commence gold production through toll milling within 18 months, using the resulting cash flow to fund further exploration and development activities.

While focusing on gold, Win Metals maintains its nickel assets, which previously supported a market capitalization exceeding $160 million. The company sees these assets as providing additional value potential when nickel prices recover above US$20,000 per tonne.

With a current market capitalization of just $10 million, Win Metals appears positioned to capitalize on record-high gold prices through its Butchers Creek development. The project combines near-term production potential through toll milling with longer-term standalone development opportunities, while the company's retained nickel assets provide additional upside exposure to future nickel price recovery.

The company's strategy aligns with the current strong gold market, driven by global economic uncertainty, inflation concerns, and geopolitical tensions that have pushed gold prices to historic highs above US$2,800 per ounce.

View Win Metals' company profile: https://www.cruxinvestor.com/companies/win-metals

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