Waratah Minerals Limited · ASX:WTM
Waratah Minerals — Investor Presentation (September 2025)
24 slides from Waratah Minerals's investor presentation, September 2025
Slide 1: Investor Presentation
Investor Presentation ASX:WTM | September 2025
Slide 2: Investment Highlights
Azura Project Gold-Copper-Nickel Investment Highlights Gold System Discovered at Spur Gold Corridor Creating value for our stakeholders through discovery High Calibre Discovery Team Internationally experienced team with a track record of discovery Spur Project Gold-Copper Strategic Position in Major
Slide 3: Corporate Overview
Corporate Overview 273M 11% $0.72 $196M $16.5M $0.8M Shares on Issue Board and Management Share price Market Cash at bank1 Listed Investment2 (ASX Code: WTM) (fully diluted) (3 Sep 2025) Capitalisation (1 September 2025) LSE:TGR Board of Directors Significant Shareholders 3 Gladstone Mining 8.4% Pet
Slide 4: Delivering a World Class Discovery
Delivering a World Class Discovery Share Price Performance since Spur Project Acquisition Acquisition Exploration Discovery Aug 2025 $30m placement 0.575 $0.90 14.0 Aug 2025 $0.80 Aug 2024 High grade extensions to Spur $5m placement 0.25 208.7m @ 1.17g/t Au from 514m 12.0 May 2025 4 $0.70 Jul 2024 3
Slide 5: Why Macquarie Arc
Why Macquarie Arc Home of World-Class Gold-Copper Deposits Australia’s Premier Porphyry Terrain Hosts world-class gold-copper mines High value gold-rich porphyry & epithermal deposits Majors Investing in Mining and Exploration A$1.6Bn in mining M&A and A$300m in JVs since 20231 Newmont, Gold
Slide 6: Spur Gold – Copper Project
Spur Gold – Copper Project District-scale land position Highly strategic district-scale land position 100% owned large tenure holding Large epithermal-porphyry corridor Multiple Macquarie Arc porphyry-intrusive complexes Numerous porphyry gold-copper and epithermal gold 6 targets, extensive fe
Slide 7: Spur Gold Corridor: Extensive Shallow Epithermal Gold at Surface
Spur Gold Corridor Extensive Shallow Epithermal Gold at Surface m c SD010 137.5m, Quartz–carbonate/ ankerite–pyrite ± chalcopyrite veins ± tellurides, sub vertical stringers, 124g/t Au, 1% Cu (Epithermal) m c SD010 115.3m, quartz + ankerite + pyrite vein, 3.6g/t Au, 0.2% Cu (Epithermal) m c 7 SPD003
Slide 8: Spur Gold Corridor: Rapidly Demonstrating Scale & Grade
Spur Gold Corridor Rapidly Demonstrating Scale & Grade 8 ASX:WTM
Slide 9: Major Gold Discovery
Major Gold Discovery Signalled by stepout results at the Spur Gold Corridor – Consols Zone SPRCD062 208.7m @ 1.17 g/t Au from 514m inc. 89m @ 1.96 g/t Au from 614m Inc. 38m @ 3.61 g/t Au from 665m 9 ASX:WTM o ASX WTM 4 August 2025
Slide 10: Copper-Gold Porphyry Connection
Spur Gold – Copper Project Copper-Gold Porphyry Connection Porphyry Cu-Au mineralisation intersected at Breccia West Intermineral magmatic-hydrothermal breccias Late-stage Cu-Au mineralisation 84m @ 0.62% CuEq, 0.40% Cu, 0.26g/t Au from 29m (BZD001 - ASX WTM 5 May 2025) 10 ASX:WTM o ASX WTM 5
Slide 11: Spur's World Class Potential
Spur’s World Class Potential Cadia Valley Spur Project EXPLORATION CRITERIA ASX:NEM ASX:WTM Macquarie Arc Tier 1 Analogues East Lachlan - Macquarie Arc - Central Molong Belt Margin of major multiphase intrusive complex Equivalent stratigraphic position in Late Ordovician-Silurian rocks k
Slide 12: Ramping up Activity and Newsflow
Ramping up Activity and Newsflow 12 Discovery ACTIVITIES SEPT QTR DEC QTR MAR QTR Spur Gold-Copper Project Drilling Relogging/sampling historic Metallurgical Testwork Target Definition, inc. geochemistry, geophysics ASX:WTM Research - CODES OTC:BTRYF Estimates of times are indicative and are subject
Slide 13: Defining a World Class Deposit
Defining a World Class Deposit People: proven team of explorationists Project: strategic position in a world-class gold-copper province Proven Discovery strategy: ‘Proof of Concept’ achieved - explore margins of fertile intrusive complexes 13 Expanding drilling to trigger discovery events and resour
Slide 14: References
References Newcrest 2021, Newcrest agrees to acquire Pretium Resources Mining, ASX, 9 Alkane 2023, Resource and Reserve Statement FY23, 13 September 2023 November 2021 Blue Ocean Equities 2024., Research Note, 8 October 2024 Newmont 2023, Mining Annual Mineral Resources and Ore Reserves Stat
Slide 15: Disclaimer, Compliance & Cautionary Statements
Disclaimer, Compliance & Cautionary Statements Forward Looking Statements This announcement contains “forward-looking statements” within the meaning of securities laws of applicable jurisdictions. Forward-looking statements can generally be identified by the use of forward-looking words such as “may
Slide 16: Appendix
) 7 WARATAH Appendix
Slide 17: Spur Gold – Copper Project: Project History
Spur Gold – Copper Project Pre-1970s 1970s/1980s Project History • Historical mining • Porphyry copper potential recognised • 1860s alluvial mining • Anaconda, Billiton, Cyprus Gold • Small shafts and open • Targeting Intrusive-hosted pits on gold veins porphyry setting 2018 1990s - 2016 • Ore Disco
Slide 18: Geological Model
Spur Gold – Copper Project Geological Model Porphyries form in clusters over several kilometres and are vertically extensive Alteration halos occur in distinct zones / strong upper-level sodic signature 18 Epithermal gold overlies porphyry gold-copper - a direct exploration target and indicates pres
Slide 19: Similarities to Cowal Gold Corridor
Spur Gold – Copper Project Similarities to Cowal Gold Corridor (ASX:EVN) Same intercepts / Same scale / Margin of multiphase Epithermal sulphide stringers Same mineralisation style intrusive complex + albite + hematite association GRE46 OREBODY- 3Mozs (ASX:EVL) 7.5m @ 10g/t Au (1535DD330, EVN1) 43m
Slide 20: Fertile intrusions linked to epithermal-porphyry gold-copper mineralisation
Spur Gold – Copper Project Fertile intrusions linked to epithermal- porphyry gold-copper mineralisation Multielement geochemistry identifies fertile intrusions at margin of main intrusive complex coincident with epithermal gold mineralisation 20 ASX:WTM Sr/Y vs SiO2 - Loucks, 2014, V/Sc vs Sc - Ha
Slide 21: Macquarie Arc Correlations
Spur Gold – Copper Project Macquarie Arc Correlations Multielement geochemistry identifies fertile Macquarie Arc ‘Phase 4’ intrusions at margin of main intrusive complex Magmatic geochemistry trends follow those seen at major Macquarie Arc Au-Cu deposits 21 ASX:WTM Sr/Y vs SiO2 - Loucks, 2014, V
Slide 22: Spur historic vs new Waratah dataset
Spur Gold – Copper Project Spur historic vs new Waratah dataset New multielement geochemistry identifies fertile Macquarie Arc ‘Phase 4’ intrusions at margin of main intrusive complex Upgrades prospectivity based on historic understanding 22 ASX:WTM Sr/Y vs SiO2 - Loucks, 2014, V/Sc vs Sc - Hall
Slide 23: SPRCD062 Major gold discovery core photos
SPRCD062 464.9m – Patchy and Spur Gold – Copper Project veinlet associated pyrite ± chalcopyrite with pervasive k- feldspar alteration, cm Major gold discovery signalled by stepout results 1.14g/t Au at the Spur Gold Corridor – Consols Zone SPRCD062 592.6m – Patchy and veinlet associated quartz + py
Slide 24: Contact Us
Contact Us Peter Duerden Managing Director E: info@waratahminerals.com T: +61 8 6148 1000 ASX:WTM W: waratahminerals.com waratahminerals.com
Waratah Minerals — Investor Presentation (September 2025) on 6ix