Waratah Minerals (WTM) H1 2026 earnings summary

Executive summary

• Report covers the half-year ended 30 June 2026, focusing on gold and copper exploration in Australia.

• Loss for the period was $20.1M, significantly higher than $5.8M in the prior year, reflecting increased exploration activity.

• Major drilling programs advanced at Spur, Consols, Alpine, and Gazzards zones, with notable high-grade gold intercepts.

• Strategic acquisitions of Ironclad and Goldenclad mining leases completed, consolidating the Spur Gold District.

• $48M capital raised in May 2026 to fund ongoing exploration and drilling.

Financial highlights

• Net loss for the half-year: $20,061,796 (vs. $5,754,659 for the same period in 2025).

• Basic and diluted loss per share: (6.07) cents (vs. (2.74) cents in 2025).

• Cash and cash equivalents at 30 June 2026: $57.7M (vs. $28.6M at 31 Dec 2025).

• Net assets increased to $59.8M (from $34.1M at 31 Dec 2025).

• Operating cash outflow: $15.5M (vs. $4.5M in 2025); financing inflow: $45.7M.

Outlook and guidance

• Ongoing 80,000m drilling program at Spur and Consols to continue, targeting resource growth.

• Further exploration at Alpine, Gazzards, and Ironclad zones planned.

• Consolidation of district expected to de-risk exploration and enhance resource potential.