Waratah Minerals (ASX:WTM) has released an investor presentation for November 2026 detailing a maiden Mineral Resource Estimate of 3.1 million ounces of gold at 1.2 g/t Au at its Spur Gold–Copper Project in New South Wales, achieved within approximately 14 months of the discovery hole at Consols at an all-in discovery cost of $14.62 per ounce.

Key Points

  • Maiden MRE of 3.1 Moz Au at 1.2 g/t Au (27% Indicated, 73% Inferred) achieved within approximately 14 months of the Consols discovery hole at an all-in discovery cost of $14.62/oz
  • Exploration Target of 5.1–10.4 Moz at 0.6 to 0.9 g/t Au for 287 to 350 Mt of mineralised material across the 6 km Spur Gold Corridor
  • 353 drill holes permitted across the project, with approximately 77,000 m of drilling completed to date using approximately 10 rigs
  • Cash at bank of $44.5 million as at 30 September 2026, with 388 million shares on issue and a market capitalisation of $307 million

Maiden Mineral Resource Estimate at Spur Gold–Copper Project

The maiden MRE, as detailed in the company's 4 November 2026 filing, was estimated at 3.1 Moz Au at 1.2 g/t Au, using a 0.5 g/t Au cutoff for surface mining above 150 m RL and a 1 g/t Au cutoff for underground potential below 150 m RL. The resource comprises 27% Indicated and 73% Inferred categories. The most recent significant intercept disclosed was 46 m at 7.27 g/t Au from 541 m at Consols (SPD075), reported on 22 September 2026. The project covers approximately 100 square kilometres and is 100% owned by Waratah Minerals.

Spur Exploration Target and Corridor Scale

The filing discloses an Exploration Target of 5.1–10.4 Moz at 0.6 to 0.9 g/t Au for 287 to 350 Mt of mineralised material. This target covers extensions of known mineralisation outside the maiden MRE across the 6 km high-priority Spur Gold Corridor, compared with approximately 2 km incorporated within the maiden MRE. The company noted that the potential quantity and grade of the Exploration Target are conceptual in nature, that there has been insufficient exploration to estimate a Mineral Resource for the reported target areas, and that it is uncertain whether further exploration will result in a Mineral Resource estimate.

Corporate Overview and Shareholder Structure

According to the filing, Waratah Minerals had 388 million shares on issue, a share price of $0.79 as at 9 November 2026, a market capitalisation of $307 million, and cash at bank of $44.5 million as at 30 September 2026. Board and management hold 9% on a fully diluted basis. Significant shareholders listed include Gladstone Mining at 8.5%, Farjoy at 7.7%, Acorn Capital at 5.1%, and Sprott Inc at 5.0%, with the top 20 shareholders collectively holding 59.1% of shares.