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2026-11-06
◂ Monitor WTM ASX

Waratah Minerals Limited

Discovery Drill Stage · Gold · Copper · Australia Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.765
1D
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1M
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YTD
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1Y
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Upside
Locked: sign in to view
Mkt cap
A$297M
EV
A$239.2M
Cash
A$57.7M
Debt
A$0
3 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$57.7M Finite
Debt A$0 Net cash A$57.7M
Basic shares 388.3M 2026-08-31
Runway 5.8 quarters Issuer calculation of A$57.714 million cash divided by A$9.947 million of relevant June-quarter outgoings.

Liquidity

Financial position

A$57.714 million June cash and 5.8 reported quarters of funding cover the current exploration campaign. A$9.719 million of exploration payments in the June quarter and A$19.088 million half-year exploration expense demonstrate rapid capital consumption. The A$7.25 million December 2025 exploration-licence commitment overlaps planned field spending; it is not added again to the valuation reserve.

Capital structure

Ownership and dilution

Ordinary shares
388.3M
Fully diluted
447.5M

The exact 387,752,326 June ordinary count rose by 500,000 after an August option exercise at A$0.16, according to an accessible secondary account of the ASX notice. Those shares replace 500,000 options, leaving the 447,462,662 gross fully diluted equivalent count unchanged. The primary August Appendix 2A could not be opened; this bridge has medium certainty.

Security classes7
ClassTypeQuantityStrikeExpiry
Ordinary fully paid shares quoted on ASXOrdinary Share388.3M——
Options expiring 31 January 2027 with nil exercise priceOption1.1MA$02027-01-31
Options expiring 28 February 2028 at A$0.258Option133.3KA$0.2582028-02-28
Options expiring 31 March 2027 at A$0.75Option166.7KA$0.752027-03-31
Options expiring 19 December 2028 at A$0.16Option23.1MA$0.162028-12-19
Options expiring 19 December 2028 at A$0.08Option8MA$0.082028-12-19
Performance rights outstandingPerformance Right26.8MA$0—

KPI history

Operating metrics

Source values by period
Operating metric source table5
MetricProjectPeriodPeriod typeValueStatus
OtherSpurProgram to 4 August 2026Point In Time77,132 metres drilledReported
OtherCompanyQuarter ended 30 June 2026Quarter9,719,000 AUD exploration paymentsReported
OtherSpurAt 30 June 2026Point In Time12 active drill rigsReported
OtherCompanyHalf year ended 30 June 2026Half Year19,088,147 AUD exploration and evaluation expenseReported
RecoverySpurInitial testwork reported 16 September 2026Point In Time91 % midpoint of reported 89-93% rangeSource Derived
Company guidance1
MetricProjectPeriodLowHighStatus
Growth And Discovery DrillingspurCalendar 202680,00080,000 metresCurrent

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-08-31RaisingWtm Ordinary Fully PaidA$80K500KA$0.16CompletedSecondary account of 500,000 options exercised into ordinary shares for A$80,000; primary Appendix 2A unavailable.Max 500K
2026-05-14Ann. 2026-05-07RaisingWtm Ordinary Fully PaidA$48M77.4MA$0.62CompletedA$48.0 million placement before A$2.353 million of June-quarter transaction costs, issued at A$0.62 per share.Max 77.4M · Period 2026-05-07 to 2026-05-14

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-09-23

The latest annual report identifies the continuing Yanbulla NSR over EL5238. The original June Goldenclad option announcement supplies staged consideration, spending and conditional royalty terms. No production offtake, stream, processing contract or hedge was identified in the reviewed packet.

Deep Ore Discovery acquisition vendor retains a 2.5% NSR over all minerals extracted from Spur EL5238.

Royalty · Active
Counterparties
Yanbulla Mining Pty Ltd
Applies to
Spur Gold-Copper Project · Gold · Copper
Economic direction
Burden
Period
From 2023-12-01; no end date stated
Key terms
Net smelter royalty: 2.5 % of net smelter return
How it affects our valuation

No valuation treatment is available for this arrangement.

Goldenclad is an option, not owned tenure. Staged fees and shares plus A$400,000 exploration spend are required; 1.5% NSR arises only after completion.

Other · Conditional
Counterparties
M.N.I. Mining Pty Ltd shareholder
Applies to
Spur Gold-Copper Project · Gold · Copper
Economic direction
Mixed
Period
2026-06-02 to 2028-06-02
Key terms
Exclusive option term: 24 months
Initial option fee: 100,000 AUD
Extension fee after first anniversary: 100,000 AUD
Exercise consideration: 500,000 AUD
JORC reserve bonus: 500,000 AUD
Exploration commitment: 400,000 AUD
Post-completion net smelter royalty: 1.5 % NSR
How it affects our valuation

No valuation treatment is available for this arrangement.