Waratah Minerals : FY24 Half Year Financial Statements

About this update from Waratah Minerals Limited

ABN 75 152 071 095 Condensed Interim Financial Statements 30 June 2024 Waratah Minerals Limited Condensed Interim Financial Statements - 30 June 2024 Contents Directors' Report 3 Auditor's Independence Declaration 10 Condensed Consolidated Statement of Profit or Loss and other Comprehensive Income 11 Condensed Consolidated Statement of Financial Position 12 Condensed Consolidated Statement of Changes in Equity 13 Condensed Consolidated Statement of Cash Flows 14 Notes to the Condensed Consolidated Financial Statements 15 Directors' Declaration 21 Independent Auditor's Review Report 22 These half-yearly financial statements do not include all the notes of the type normally included in the annual financial statements. Accordingly, the half-yearly financial statements are to be read in conjunction with the 31 December 2023 annual report and any public announcements made by Waratah Minerals Limited during the period from 1 January 2024 to the date of this report in accordance with the continuous disclosure requirements of the Corporations Act 2001. Page 2 Waratah Minerals Limited Condensed Interim Financial Statements - 30 June 2024 Directors' Report Your Directors present their half-yearly report on the Group consisting of Waratah Minerals Limited ("Waratah Minerals" or "the Company") and the entities it controlled at the end of, or during, the period 1 January 2024 to 30 June 2024 ("the Group"). Directors The names of the Directors of Waratah Minerals Limited during the interim reporting period are as follows. Appointed Mr Peter Duerden Managing Director 10 January 2022 Dr Darryl Clark Non-Executive Chairman 22 October 2020 Dr Andrew Stewart Non-Executive Director 4 September 2023 All Directors were in office for the entire period unless otherwise stated. Review of Operations The Group loss for the period from 1 January 2024 to 30 June 2024 was $5,429,115 (30 June 2023: $2,216,976). The Company has continued to carefully manage the operating cost base to ensure the most effective use of its available funding. Spur Project - Orange, NSW Exploration activity during the reporting period included the Company's maiden drilling programme, comprising 21 diamond and RC drillholes for 4,034m at the Spur gold-copper project. The drilling activity was designed to test extensions of shallow epithermal gold mineralisation and investigate a potential link with an alkalic porphyry gold-copper system down plunge. Ongoing results have strongly validated the company's exploration strategy, with strong gold + copper intercepts returned, including: Page 3 Waratah Minerals Limited Condensed Interim Financial Statements - 30 June 2024 Directors' Report (continued) SPRC002 11m @ 10.82g/t Au, 0.12% Cu from 154m SPUR EAST inc 7m @ 16.78g/t Au, 0.18% Cu from 154m SPUR EAST and 69m @ 0.49g/t Au from 28m SPUR EAST SPRC007 89m @ 1.73g/t Au, 0.08% Cu from 115m SPUR inc 57m @ 2.50g/t Au, 0.11% Cu from 115m SPUR also 16m @ 5.59g/t Au, 0.32% Cu from 156m SPUR also 9m @ 9.33 g/t Au, 0.38% Cu from 163m SPUR SPD001 22m @ 1.92g/t Au from 11m SPUR EAST inc 5m @ 6.69g/t Au from 24m SPUR EAST SPD002 44m @ 1.06g/t Au from 153m SPUR inc 5m @ 4.37g/t Au from 157m SPUR also 2.2m @ 5.42g/t Au from 183.8m SPUR SPD003 71.9m @ 1.23g/t Au, 0.1% Cu from 21.1m SPUR inc 16m @ 3.78g/t Au, 0.26% Cu from 35m SPUR also 1.25m @ 20.99g/t Au, 1.86% Cu from 35m SPUR SPD003 10m @ 2.40g/t Au from 354m SPUR SOUTH inc 3m @ 7.50g/t Au from 361m SPUR SOUTH Also 1m @ 22g/t Au, 0.12% Cu from 361m SPUR SOUTH SPD003 2.9m @ 1.01g/t Au from 419m to EOH SPUR SOUTH Table 1: Drilling results from Spur Project In addition, the Company completed an Ambient Noise Tomography (ANT) geophysical survey across priority areas at the Spur Project to aid in target definition, in particular to highlight the margins of intrusive complexes, considered strongly prospective for epithermal-porphyry mineralisation. The survey comprised 100 geodes, spaced 315m apart and covered 9km 2 in 2 weeks. Data processing used 3D shear velocity models generated via Fleet Space Technologies' proprietary automated data processing. Several features of interest were identified, including: north-south trending high-velocity zone east of the main Spur Prospect, interpreted to represent a major new Intrusive-Porphyry Complex (Consols Intrusive-Porphyry Complex) north-south trending high-velocity zone west of the main Spur Prospect, interpreted to represent the southern extension of the main Cargo Intrusive Complex (Spur West Intrusive-Porphyry Complex) high-velocity zone within the complex Gum Flat Fault Zone, interpreted to represent a major new concealed Intrusive-Porphyry Complex (Millambri Intrusive-Porphyry Complex) major WNW-ESE trending break in high-velocity trends, interpreted as a WNW-ESE trending fault (Spur South Fault). Page 4 Waratah Minerals Limited Condensed Interim Financial Statements - 30 June 2024 Directors' Report (continued) In addition to the recently completed ANT survey, high-resolution ground magnetics (100m line spacing) has been completed with interpretation underway. The combined datasets will support ongoing drilling activity by defining extents of epithermal-porphyry mineralisation target zones and assist the development of a geological framework. In particular, the target definition work will define the margins of the early intrusive complexes, which appear to be an important control on epithermal-porphyry mineralisation in the area. Figure 1: Cross section showing SPRC007, looking north, recent results shown in red Page 5 Waratah Minerals Limited Condensed Interim Financial Statements - 30 June 2024 Directors' Report (continued) Figure 2: Spur drilling coverage and geology summary, showing RC completed and planned drillholes, recent results shown in red Page 6 Waratah Minerals Limited Condensed Interim Financial Statements - 30 June 2024 Directors' Report (continued) Figure 3: Spur District cross section, showing zones of high seismic velocity >3500m/s, looking north Figure 4: ANT shear velocity model, depth inversion at 500m depth, providing definition of discrete high velocity zones, interpreted as new and extensions of large intrusion-porphyry complexes Page 7 Waratah Minerals Limited Condensed Interim Financial Statements - 30 June 2024 Directors' Report (continued) Stavely-Stawell Project - Western Victoria Exploration activity during the reporting period included community and landholder liaison in preparation for future target definition and exploration activity in the White Rabbit-Wonga corridor. Ongoing exploration results have highlighted the prospectivity of the White Rabbit-Wonga corridor in the project area, with robust indications of Intrusion-related gold (IRG) systems and will form the focus of future exploration activity. The significance of IRG Mineralisation in the White Rabbit District is demonstrated by the presence of the Wonga IRG Deposit, located 12km northeast and at the southern end of the ~6Moz Stawell Gold Field (Stawell Gold Mines Pty Ltd - Arete Capital Partners) (Figure 5). The White Rabbit District lies along the same regional, northeast trending structural corridor that contains the Wonga Deposit (Figure 5) (Miller and Wilson, 2004). Figure 5: Summary of Stawell Region, highlighting priority IRG White Rabbit-Wonga Corridor, modified from Miller and Wilson 2004 Azura Project - Kimberley region, Western Australia Exploration activity during the reporting period included progressing environmental and cultural clearance permitting and discussions with potential funding partners. Page 8 Waratah Minerals Limited Condensed Interim Financial Statements - 30 June 2024 Directors' Report (continued) Change of Name In January 2024, following shareholder approval in December 2023, the Company changed its name from Battery Minerals Limited to Waratah Minerals Limited. The change of name and code (ASX: WTM) became effective on ASX on 5 January 2024. Issue of Performance Rights On 29 January and 14 February 2024, following shareholder approval received at the General Meeting held on 15 December 2023 to issue performance rights to the Directors, the Company issued a total of 6,200,000 Tranche A performance rights and 6,200,000 Tranche B performance rights to Directors (two tranches of 4,750,000 performance rights) and consultants (two tranches of 1,450,000 performance rights). Both tranches have an expiry date 4 years from the date of issue. The Tranche A rights vest upon announcement of a minimum 500,000 ounces of Inferred, Indicated and/or Measured Resources, at a minimum lower cutoff grade of 0.5 grams per tonne of gold at any of the Company's projects. The Tranche B rights vest upon announcement of a minimum 1,000,000 ounces of Inferred, Indicated and/or Measured Resources, at a minimum lower cut-off grade of 0.5 grams per tonne of gold at any of the Company's projects. Share Placement raises $3M In April 2024 the Company announced a capital raising via a share placement raising $3,000,000 through the issue of 30,000,000 shares at $0.10 per share. After Reporting Date Events On 6 August 2024 the Company announced that it had received firm commitments to raise $5 million (before costs) via a share placement to institutional, sophisticated and professional investors at $0.25 per share with 20 million ordinary shares to be issued. The placement will occur in two tranches with the first tranche of 7.3m shares raising $1.825m under the Company's existing Listing Rule 7.1 and 7.1A placement capacities, followed by a second tranche of approximately 12.7m shares to raise $3.175m subject to shareholder approval at a General Meeting expected to be held on 23 September 2024. The tranche one funds were received on 12 August 2024 with settlement of the tranche two funds expected to occur on 30 September 2024. Other than the above, no other matters or circumstances have arisen after the end of the reporting period which significantly affected or may significantly affect the operations of the Group. Auditor's Independence Declaration The Auditor's Independence Declaration under section 307C of the Corporations Act 2001 can be found on the following page. This report is signed in accordance with a resolution of the Board of Directors. Peter Duerden Managing Director Perth, Western Australia 16 August 2024 Page 9 Lead Auditor's Independence Declaration under Section 307C of the Corporations Act 2001 To the Directors of Waratah Minerals Limited I declare that, to the best of my knowledge and belief, in relation to the review of Waratah Minerals Limited for the half-year ended 30 June 2024 there have been: no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the review; and no contraventions of any applicable code of professional conduct in relation to the review . KPM_INI_01 PAR_SIG_01 PAR_NAM_01 PAR_POS_01 PAR_DAT_01 PAR_CIT_01 KPMG Matthew Hingeley Partner Perth 16 August 2024 1 0 KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional Standards Legislation.

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