Waratah Minerals (WTM) Q3 2025 TU earnings summary

Executive summary

• Extensional drilling at the Spur Gold Corridor delivered significant gold intercepts, notably 208.7m @ 1.17 g/t Au, expanding the known gold footprint by 500m to over 1.5km along strike.

• Multiple zones, including Consols, Essex, and Thistle, were extended with high-grade gold mineralisation confirmed in several drill holes.

• Two additional drill rigs are scheduled to accelerate exploration in the December quarter.

Financial highlights

• $30 million was raised via share placement at $0.575 per share to institutional, sophisticated, and professional investors.

• Cash position at 30 September 2025 was $16.1 million.

• Exploration and evaluation expenditure for the quarter was $2.8 million.

Outlook and guidance

• Proceeds from the placement will fund further drilling at Spur Gold Corridor, metallurgical test work, target definition, and working capital.

• The drilling program has been extended by 60 holes based on encouraging results.