Waratah Minerals (WTM) H2 2025 earnings summary

Executive summary

• Achieved a transformational year, shifting focus to gold development at the Spur Project, resulting in a sixfold increase in market capitalisation from $30M to $200M and successful equity raisings totaling $38.4M during 2025.

• Completed over 37,000m of drilling at Spur, expanding known mineralisation and delivering standout results, including 208.7m @ 1.17g/t Au at Consols Zone.

• Disposed of the Azura Copper Project for $20,000 and acquired the Ironclad Mining Lease, enhancing the Spur Project's strategic position.

Financial highlights

• Loss after tax for 2025 was $17.1M, a 29% improvement from $24.1M in 2024, driven by increased exploration and evaluation costs ($11.0M) and higher share-based payments ($4.2M).

• Cash and cash equivalents rose to $28.6M (from $4.2M), and net assets increased to $34.1M (from $9.9M), reflecting strong capital inflows.

• No dividends were paid or declared for the year.

Outlook and guidance

• Commenced an 80,000m drilling campaign in early 2026 at Spur, targeting further resource growth and new high-grade discoveries.

• Strategic focus remains on advancing Spur toward development, with continued commitment to responsible exploration and stakeholder engagement.