Waratah Minerals (WTM) Q1 2026 TU earnings summary

Executive summary

• Advanced an 80,000m drilling program at the Spur Gold Project, with 10 rigs completing 14,822m across 26 holes during the quarter.

• Significant shallow and high-grade gold mineralisation confirmed at both Consols and Spur Zones, with mineralisation remaining open in multiple directions.

• Secured exclusive right to acquire 100% of the Ironclad Mining Lease, consolidating a district-scale landholding.

• Well-funded with $22.4 million in cash as of 31 March 2026.

Financial highlights

• Exploration & evaluation expenditure for the quarter was $5 million.

• No substantive mining production or development activities during the quarter; development expenditure was nil.

• Payments to related parties totaled $236,000 for the quarter.

• Net cash used in operating activities was $5.58 million; net cash used in investing activities was $0.73 million.

• Cash and cash equivalents at quarter end were $22.45 million, down from $28.63 million in the previous quarter.

Outlook and guidance

• Ongoing aggressive drilling at Spur and Consols Zones to expand and define high-grade gold resources.

• Planned reverse circulation drilling at high-priority targets Alpine and Gazzards in April 2026.

• Further geometallurgical studies and metallurgical flow sheet design for Spur Zone underway.