Waratah Minerals (WTM) investor relations material

Project development and exploration progress

• Aggressive drilling program underway with up to 12 rigs, targeting a significant gold district in a premier Australian gold belt.

• Spur project in Central West New South Wales is the main focus, with 2 km drilled and 4 km remaining along a 6 km trend.

• Multiple linked deposits identified, with high-grade and low-grade zones suitable for bulk mining.

• Over 80,000 m drilled in the past year, greatly expanding geological understanding and confirming world-class discovery characteristics.

• Recent drill results include broad, high-grade intercepts, such as 46 m at 7.5 g/t gold.

Financial and corporate overview

• Market capitalization recently increased from AUD 240 million to over AUD 300 million, with share price rising from AUD 0.62 to nearly AUD 0.80.

• Strong cash position with AUD 57 million in the bank and a tightly held register, including significant board and management ownership.

• Successful capital raises at increasing prices, maintaining control and minimizing dilution.

• Team has a proven discovery record and deep expertise in similar geological systems.

Geological context and resource potential

• Project is located in the Macquarie Arc, a prolific gold and copper belt hosting major deposits like Cadia, Lake Cowal, and Northparkes.

• Spur project benefits from excellent infrastructure, skilled workforce, and favorable tenure for rapid conversion to mining license.

• Historical exploration was limited, but recent drilling has rapidly advanced understanding and revealed significant gold potential.

• Multiple mineralized zones identified, with high recoveries from gravity and leaching, and no deleterious elements.