Waratah Minerals (WTM) investor relations material

Key discoveries and project overview

• Major gold discovery near Orange, NSW, with rapid expansion and one of the largest drill programs on Australia's East Coast, evolving into a district-scale system with several million-ounce potential.

• The Spur Gold Corridor has expanded by 6 km, with continuous, high-grade intercepts and multiple prospects including Spur, Consols, Ironclad, and Golden Clad.

• The mineral system extends over 6 km of strike and more than 1 km vertically, with only 10-11% of the system explored, indicating substantial upside.

• The project covers approximately 100 sq km, with multiple intrusive porphyry complexes and numerous untested targets.

• Aggressive exploration strategy includes an 80,000-metre drilling program, with up to 12 rigs active and strong funding of AUD 57 million in cash.

Technical and operational advancements

• Discovery holes include significant intercepts, such as 208.7m at 1.17g/t Au and 117m at 2.01g/t Au, with over 25 intercepts exceeding 100 gram-meter intervals.

• High gold recoveries (90–97%) confirmed by geometallurgical studies, supporting simple, conventional processing.

• The system remains open in most directions, with ongoing step-out and infill drilling expanding the resource footprint.

• The geology supports both bulk mining and selective high-grade extraction, with favorable economics for open-pit mining.

• The project benefits from established infrastructure, a skilled workforce, and a mining-friendly jurisdiction.

Management, strategy, and financials

• Led by a highly experienced board and technical team with a strong track record in discovery, resource development, and project divestment.

• Clear value creation strategy focused on rapid resource growth, low discovery costs, and aggressive drilling.

• Recent capital raisings and strategic acquisitions, including new licenses at Ironclad and Golden Clad, have strengthened the project’s position.

• Tight capital structure and significant institutional shareholder support.

• The project is well-funded, with a market cap under AUD 200 million.