Waratah Minerals Presents 3.1 Moz Maiden Gold Resource and 5.1–10.4 Moz Exploration Target at Spur Project

Sonal Goyal

11 November 2026 02:32 PM AEDT

Waratah Minerals Presents 3.1 Moz Maiden Gold Resource and 5.1–10.4 Moz Exploration Target at Spur Project

Image Source: Krish Capital Pty Ltd

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Waratah Minerals (ASX:WTM) has released an investor presentation detailing its maiden Mineral Resource Estimate of 3.1 million ounces of gold at 1.2 grams per tonne at the Spur Gold–Copper Project in the Macquarie Arc, New South Wales, alongside an Exploration Target of 5.1 to 10.4 million ounces at 0.6 to 0.9 grams per tonne gold for 287 to 350 million tonnes of mineralised material.

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 discovery hole at Consols, at an all-in discovery cost of $14.62 per ounce.
Exploration Target of 5.1–10.4 Moz at 0.6 to 0.9 g/t Au for 287 to 350 Mt covers the 6 km Spur Gold Corridor, compared with approximately 2 km incorporated within the maiden MRE.
353 drill holes are permitted across the project, with approximately 77,000 metres drilled to date and around 10 rigs currently active.
The company reported cash at bank of $44.5 million as at 30 September 2026 and a market capitalisation of $307 million based on a share price of $0.79 on 9 November 2026.

Maiden Mineral Resource Estimate Details

According to the filing, the maiden MRE of 3.1 Moz Au at 1.2 g/t Au was declared on 4 November 2026 and combines surface mining and underground potential. The surface mining component applies a 0.5 g/t Au cut-off for mineralisation above 150 metres RL, while the underground component applies a 1 g/t Au cut-off below 150 metres RL. The filing states the resource was achieved within approximately 14 months of the Consols discovery hole, at a total all-in discovery cost, including acquisition, of $14.62 per ounce. The most recent notable intercept cited is 46 metres at 7.27 g/t Au from 541 metres at Consols, reported on 22 September 2026.

Spur Exploration Target and Project Scale

The filing discloses an Exploration Target of 5.1 to 10.4 Moz at 0.6 to 0.9 g/t Au across 287 to 350 million tonnes of mineralised material. The target covers extensions of known mineralisation outside the maiden MRE and spans the full 6 km high-priority Spur Gold Corridor. The filing states that the potential quantity and grade of the Exploration Target are conceptual in nature, that insufficient exploration has been conducted to estimate a Mineral Resource for the target areas, and that it is uncertain whether further exploration will result in a Mineral Resource estimate. Grades reported are averages across domains, and ounces represent the sum of component domains.

Corporate Structure and Shareholder Position

The filing discloses 388 million shares on issue, with board and management holding 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%. The company completed a $48 million placement at $0.62 per share on 22 September 2026. The Spur Gold–Copper Project is stated to cover approximately 100 square kilometres and is 100% owned by Waratah Minerals, situated within the Macquarie Arc in New South Wales.

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