Waratah Minerals (WTM) Q3 2026 TU earnings summary

Executive summary

• September-quarter drilling advanced Spur’s 6km district-scale gold corridor; Consols delivered the strongest intercept to date, while work at Spur, Ironclad, Gum Flat, Alpine and Gazzards expanded the project pipeline.

• Completion of the Ironclad Mining Lease acquisition consolidated the historic gold mines in the Spur district; early Consols test work returned 89–93% recovery by gravity and conventional leaching.

Financial highlights

• Cash and listed investments totalled $44.46m at 30 September 2026; cash and cash equivalents were $44.46m, compared with $57.714m at the previous quarter end.

• September-quarter operating cash outflow was $12.029m; net investing outflow was $1.178m and net financing outflow was $47k.

• Cash receipts from equity issues were $48.0m in the nine months to September; exploration and evaluation cash payments were $11.391m in Q3 and $26.150m year to date.

Outlook and guidance

• Follow-up diamond drilling at Alpine and Gazzards was expected to begin in the December 2026 quarter; follow-up drilling targeting shallow, high-grade gold at Ironclad was also planned for that quarter.

• Further Spur drilling is intended to define and expand known gold zones and systematically test exploration targets; mineralisation remains open along strike and at depth.

• Metallurgical work continues on three bulk master composites and 20 variability samples to develop a processing flowsheet for Spur and Consols.