WIN Metals (ASX:WIN) has completed the acquisition of the Radio Gold Mine in Western Australia from Top Global Mining, securing a fully equipped asset package and initiating exploration and resource drilling programs.
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Located 38 kilometres north of Southern Cross in the Yilgarn region, approximately 400 kilometres east of Perth, the Radio Gold Mine includes mining leases, infrastructure, vehicles, and accommodation facilities.
WIN highlighted the project’s rapid restart potential, citing existing underground mine development, ore stockpiles, surface infrastructure, and a partially built 500,000 tonnes per annum processing facility.
The acquisition terms included upfront consideration of $500,000 in cash and $400K in WIN shares issued at cents per share, alongside deferred royalties.
A 5% net smelter return royalty applies on the first 18,000 ounces of gold production, reducing to 1.5% thereafter in perpetuity.
Commenting on the acquisition, WIN Metals Managing Director and CEO Steve Norregaard said the company views Radio as a “transformational opportunity,” with the potential to generate near-term cash flow.
He added that the existing infrastructure reduces reliance on toll milling and positions the company to advance multiple development pathways.
Radio Gold Mine carries a strong production history, having delivered 71,000 ounces at an average grade of 38.5 grams per tonne between 1918 and 1974. More recently, underground development extended to the second mine level, with over A$30 million invested by prior owners.
Infrastructure in place includes a mobile mining fleet, workshops, power systems, generators, compressors, and ball mills rated at 650 kW and 900 kW.
WIN’s strategy focuses on both near-surface and underground opportunities. A 9,000-metre reverse circulation drill program is underway to evaluate shallow open-pit prospects at Radio Repeater, Radio South, and central zones near existing workings. The company intends to use results to update the MRE and underpin mining studies for potential open-pit development alongside further underground mining.
In parallel, WIN is assessing options to complete and adapt the partially constructed processing facility. Testwork by previous operators indicated gold recoveries of up to 87% via gravity circuits, which WIN may now seek to expand with additional leaching to maximise recoveries.
WIN heads into Wednesday trade at 2.2cps.
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