Waratah Minerals (WTM) Q2 2026 U earnings summary

Executive summary

• Advanced a major 80,000m drilling program at the Spur Gold Project, expanding to 12 rigs to accelerate exploration and resource definition.

• Spur Zone drilling confirmed continuity and scale, extending the mineralised footprint to 550m x 800m, open along strike and depth.

• Consols Zone drilling returned multiple >200 gram-metre intercepts, expanding the mineralised envelope and validating growth potential.

• Completed acquisition of Ironclad Mining Lease and secured an option over Goldenclad Mining Leases, consolidating the Spur Gold District.

Financial highlights

• Completed a $48.0 million share placement to fund ongoing drilling and exploration activities.

• Held $57.7 million in cash and $148,000 in listed investments as of 30 June 2026.

• Exploration and evaluation expenditure for the quarter was $9.7 million.

• Net cash outflow from operating activities was $9.95 million for the quarter.

• Estimated 5.8 quarters of funding available based on current cash and outgoings.

Outlook and guidance

• Ongoing aggressive drilling at Spur and Consols zones, with further exploration at Gazzards, Alpine, and Ironclad planned.

• Regional soil sampling and structural mapping underway to identify new targets.

• Reverse Circulation drilling scheduled for high-priority northern targets later in 2026.