Highlights

  • Waratah announced a maiden Spur resource of approximately 3.08 million ounces.
  • Around 73% of contained gold is classified as Inferred.
  • The separate Exploration Target is conceptual and is not a Mineral Resource.
  • Additional drilling and metallurgical work are planned into 2027.

Waratah Minerals Limited (ASX:WTM) explores gold projects including Spur in New South Wales and Stavely-Stawell in Victoria. On 4 November 2026 it announced the first Mineral Resource Estimate for Spur, covering the Spur and Consols deposits. The resource provides a new basis for technical assessment, although most ounces are Inferred and additional drilling and metallurgical studies remain central to the programme.

First Resource Covers Spur and Consols

Waratah Minerals Limited (ASX:WTM) released its maiden JORC 2012 Mineral Resource Estimate for the Spur Gold Project in central New South Wales on 4 November 2026. The estimate totals 82.9 million tonnes at 1.2 grams per tonne gold for approximately 3.08 million ounces, commonly rounded to 3.1 million ounces. Spur contributes 910,000 ounces from 32.0 million tonnes at 0.9 g/t, while Consols accounts for 2.17 million ounces from 50.9 million tonnes at 1.3 g/t. The resource is based on 175 holes totalling 72,890 metres drilled by Waratah since January 2024. Historical drilling was excluded from the estimate because it did not meet the confidence threshold applied by the Competent Person. Waratah Minerals Limited (ASX:WTM) has therefore established a defined geological inventory, rather than a reserve or approved mine plan.

Resource Confidence and Mining Concepts

The Indicated component is 21.6 million tonnes at 1.18 g/t for 820,000 ounces. The remaining 61.3 million tonnes at 1.1 g/t for 2.26 million ounces is Inferred, representing roughly 73% of contained gold. No Measured resource was reported. The company described 2.32 million ounces above a specified elevation and cut-off as potentially amenable to open-pit mining, with another 760,000 ounces below that level considered for potential underground methods. These are preliminary classifications, not optimised mine designs. Waratah Minerals Limited (ASX:WTM) stated that pit and underground optimisation, mining cost assumptions, dilution and recovery inputs had not yet been applied. Consequently, the resource's economic extraction characteristics remain to be tested through further technical work.

Exploration Target and 2027 Work Programme

Waratah separately reported an Exploration Target of 287 million to 350 million tonnes at 0.6 to 0.9 g/t gold, representing a conceptual range of 5.1 million to 10.4 million ounces across seven prospect areas. That target is not part of the maiden Mineral Resource, and there has been insufficient exploration to estimate resources across the targeted material. The company also reported preliminary gravity-plus-leach recovery indications of approximately 89% to 97%, while noting that larger-scale metallurgical work was expected in the first quarter of 2027. Waratah Minerals Limited (ASX:WTM) outlined about 50,000 metres of additional drilling over the following six months, with 12 diamond rigs operating. Its immediate objective is to grow the resource towards five million ounces, but that is a company goal rather than an established estimate. Further drilling will test extensions and improve geological confidence.

Key Insights

Waratah Minerals Limited (ASX:WTM) has reached a resource-definition milestone at Spur, although most ounces remain Inferred and mine design is preliminary. Its conceptual Exploration Target should not be added to the 3.08-million-ounce resource. Additional drilling and metallurgical results will determine the next stage of evaluation.