Waratah Minerals (WTM) Q4 2025 TU earnings summary

Executive summary

• Aggressive 80,000m drilling program underway at the Spur gold project, targeting both shallow and deep high-grade mineralisation with seven rigs active on site.

• Significant high-grade gold intercepts reported at both Spur and Consols Zones, expanding known mineralisation and identifying new high-grade zones.

• Board restructure and technical team expansion implemented to support increased operational activity and transition toward development.

Financial highlights

• Cash and listed investments totaled $28.6 million as of 31 December 2025.

• $3.7 million spent on exploration and evaluation during the quarter.

• Second tranche of a $30 million placement completed, raising approximately $18.3 million for drilling and project development.

Outlook and guidance

• 2026 drilling program aims to expand gold mineralisation with a focus on both shallow and deep targets at Spur and Consols Zones.

• Strategy in place to rapidly define system scale and unlock commercial value for shareholders.