Waratah Minerals (WTM) Investor presentation summary

Investment highlights and corporate overview

• Emerging large-scale gold discovery with district-scale land position and potential for a globally significant deposit.

• Strong management and technical team with proven track record in resource development and project divestment.

• Market capitalisation of $191M, $28.6M cash at bank, and 309M shares on issue as of February 2026.

• Board and management hold 11% (fully diluted); top shareholders include Gladstone Mining, 1832 Asset Management, and Farjoy.

Project location and strategic advantages

• Projects located in Australia's premier gold-copper belt, the Macquarie Arc, home to world-class deposits and major mining operations.

• District benefits from developed infrastructure, skilled workforce, and a stable legal and fiscal framework.

• 100% ownership of a highly strategic, district-scale land position (~100 sq km) with multiple discovery opportunities.

Spur Gold-Copper Project exploration and results

• Extensive historical and recent exploration, with over 39,000m drilled to date and 7 rigs active.

• High-grade intercepts include 208.7m @ 1.17g/t Au (Consols) and 104m @ 1.53g/t Au (Spur).

• Spur and Consols zones show rapid resource growth, with mineralisation open and multiple untested targets.

• Geometallurgical studies confirm high gold recoveries (90-97%) using conventional processing.