Highlights

• Drill hole SPD075 returned 46m at 7.27 g/t gold, the best result to date at Spur.
• Waratah released an investor presentation on 23 September 2026 outlining a 6km gold corridor.
• WTM shares were up 10.38% at AU$0.877.

Waratah Minerals Limited (ASX: WTM) announced on 22 September 2026 that drill hole SPD075 has delivered the strongest intercept so far at its Spur Gold Discovery in New South Wales. The company followed this on 23 September 2026 with an investor presentation for the Precious Metals Summit in Beaver Creek, which runs from 22 to 25 September.

Standout High-Grade Results

SPD075 extended mineralisation at the Consols Zone by 70m to the north and 150m to the east. The headline interval of 46m at 7.27 g/t gold from 541m included:

• 19m at 15.62 g/t gold from 541m
• 10m at 28.93 g/t gold from 550m
• 1.3m at 206 g/t gold from 556m

Higher up, the hole returned 80m at 0.97 g/t gold from 394m, with a short 0.45m section grading 71.68 g/t. Closer to surface, it hit 23m at 2.18 g/t gold from 312m, including 5m at 7.82 g/t.

Four High-Grade Zones Defined

The results help outline four separate high-grade zones below the Colthi Fault. Consols mineralisation now stretches about 400m along strike and 400m vertically, and most zones remain open.

Managing Director Peter Duerden called SPD075 one of the most important holes drilled at the project. He added that the high-grade zones increasingly appear to be part of a much larger connected system.

Presentation Highlights District Scale

Today's presentation describes Spur as a 6km mineralised corridor of linked discoveries, with only 11% of the 50 sq km trend tested so far. Key points include:

• 221 holes drilled for about 87,500m, with an 80km program underway in 2026
• 11 drill rigs active and 28 intercepts above 100 gram-metres
• Early test work showing gold recoveries above 90%
• Cash of AU$57.7 million at 30 June 2026 and 388 million shares on issue

The company also noted that the Cargo Mining Common tenure could support faster permitting. Upcoming catalysts include an Exploration Target, a maiden Mineral Resource Estimate, diamond drilling at the northern targets and more geometallurgical test work. WTM shares were trading at AU$0.877, up AU$0.082 (10.38%), on 23 September 2026.

Note- All data presented is based on information available at the time of writing.

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