Waratah Minerals (WTM) Diggers & Dealers Mining Forum 2025 summary

Key discoveries and exploration strategy

• Major gold discovery at Spur Gold Corridor, with stepout drilling intercepts including 208.7m @ 1.17g/t Au and 89m @ 1.96g/t Au from 614m, confirming significant scale and grade potential.

• Porphyry copper-gold mineralisation intersected at Breccia West, with 196m @ 0.54% CuEq and 84m @ 0.62% CuEq, confirming a strong copper-gold system.

• Innovative exploration strategy focuses on margins of magnetic highs and fertile intrusive complexes, enabling rapid identification of mineralized zones.

• Epithermal gold system defined along >1.5km strike, with only ~20% of the target area tested, supporting ongoing expansion.

• Visible gold, strong geochemical associations, and continuity of mineralization indicate a fertile system with both epithermal and porphyry potential.

Operational progress and team development

• Drilling operations expanded to three rigs in 2025, with plans for further increases and intensified extensional and infill drilling.

• Technical team strengthened with experienced geologists and new hires in legal and M&A, supporting rapid project advancement.

• Collaboration with academic researchers and use of advanced analytical techniques are enhancing geological understanding.

• Project benefits from proximity to major mining operations, excellent infrastructure, and increasing investment activity in the region.

• Led by an experienced team with proven discovery track records at major mining companies.

Strategic positioning and financial highlights

• Holds a 100% owned, district-scale land position in the Macquarie Arc, a premier gold-copper province with world-class deposits.

• Market capitalisation at $70.0M with $7.5M cash as of June 2025, supported by recent capital raises and strong shareholder support.

• Board and management hold 11.2% (fully diluted), with top 20 shareholders controlling 50.7% of shares.

• Share price at $0.30 (1 August 2025), with strong analyst coverage and supportive institutional investors.

• Surrounded by major mining companies and recent investments, enhancing strategic value and partnership potential.