Key Highlights:
• Waratah Minerals (ASX:WTM) shares rose 2.14% to AUD 0.72 on 1 May 2026.
• Drilling returned a second greater-than-200 gram-metre intercept at the Consols zone.
• The Consols discovery continues to expand across multiple directions.
• Spur zone drilling confirmed near-surface high-grade mineralisation.
• Ongoing drilling supports the company’s exploration-led growth strategy.

Waratah Minerals (ASX:WTM) shares moved higher to AUD 0.72, up 2.14% as of 1 May 2026 (2:55 pm GMT+10), following the release of new drilling results from its Spur Gold Project in New South Wales. The share price gain comes as the company reported additional high-grade intercepts, including a second greater-than-200 gram-metre result at the Consols zone.

The update reinforces the exploration momentum at the project, where drilling continues to extend mineralisation beyond previously defined areas.

Consols Zone Extends Further

The latest drilling results highlight continued expansion of the Consols gold zone. A key intercept from drillhole SPD027 has extended high-grade mineralisation deeper and beyond earlier drilling, indicating potential for further growth.

The Consols system now spans a significant area and remains open in multiple directions, suggesting that the full extent of mineralisation has yet to be defined. The presence of high-grade intervals within broader zones points to a structurally controlled system with variability in grade distribution.

This extension of the Consols zone forms part of the company’s broader strategy to identify and expand high-grade gold mineralisation.

High-Grade Intercepts at Depth

Drilling at Consols delivered multiple zones of mineralisation, including intervals with elevated gold grades at depth. These results include narrower high-grade sections embedded within wider mineralised zones.

The identification of high-grade intervals at depth may influence future exploration targeting, as the company continues to test extensions of the system. The presence of visible gold and associated alteration further supports the interpretation of a potentially robust mineralised system.

Such results are often used to guide follow-up drilling aimed at defining continuity and scale.

Spur Zone Confirms Near-Surface Mineralisation

In addition to Consols, drilling at the Spur zone continues to confirm mineralisation closer to surface. Results from recent holes indicate consistent gold grades, including higher-grade sections within broader intervals.

These findings suggest that the Spur zone may offer near-term exploration opportunities, particularly where mineralisation is accessible from surface. The combination of shallow and deeper targets provides multiple avenues for ongoing exploration.

The results also contribute to building a broader geological understanding of the Spur district.

Exploration Strategy Focused on Growth

Waratah’s drilling program is designed to support rapid growth of its resource base, targeting both extensions of known zones and new discoveries. Multiple drilling fronts are active across the project, reflecting an exploration-led approach.

The consistency of intercepts across both Consols and Spur zones is being used to refine targeting and guide future drilling campaigns. The company continues to focus on expanding the footprint of mineralisation within the broader project area.

About the Company

Waratah Minerals (ASX:WTM) is an exploration company focused on gold projects in Australia. Its flagship Spur Gold Project is located in New South Wales.

Industry Trends and Market Context

The gold exploration sector remains influenced by Commodity price trends and investor appetite for discovery-driven growth. High-grade discoveries can attract attention, particularly when supported by consistent drilling results and expansion potential.

Exploration activity is often driven by the ability to demonstrate scale and continuity, which are key factors in transitioning from discovery to resource definition.

Investment Risks and Challenges

Exploration results are inherently uncertain, with the continuity and economic viability of mineralisation requiring further validation. While high-grade intercepts are encouraging, additional drilling is needed to define the overall resource.

Operational risks include drilling execution and geological interpretation, while market risks relate to fluctuations in gold prices and investor sentiment. The pathway from exploration to development also involves regulatory and financial considerations.

Bullish vs Bearish Perspectives

From a bullish perspective, the continued expansion of the Consols zone and consistent drilling results at Spur may indicate potential for resource growth. The presence of high-grade mineralisation could support future development scenarios.

From a bearish standpoint, the project remains in the exploration phase, with no defined resource yet confirmed at scale. The reliance on ongoing drilling success introduces uncertainty, and timelines toward development remain undefined.