Waratah’s Board Shakeup and Drilling Surge Signal Critical Phase Ahead

Drilling Momentum at Spur Project

Waratah Minerals (ASX: WTM) has delivered a robust quarterly update for the period ending December 2024, highlighting continued advancement at its flagship Spur Gold-Copper Project in New South Wales. The company completed 4,794 metres of reverse circulation (RC) drilling during the quarter, bringing the total drilled to 11,589 metres along the southern margin of the main intrusive complex. This drilling has successfully extended known gold zones along the Dalcoath-Spur-Essex trend, a corridor exceeding one kilometre in length.

Noteworthy intercepts include broad zones of gold mineralisation with grades such as 70 metres at 1.00 g/t Au from 119 metres and multiple higher-grade intervals, including 1 metre at 14.4 g/t Au. These results reinforce the potential for a significant epithermal-porphyry system, with copper and molybdenum pathfinder anomalies further supporting the prospectivity of the area.

Strategic Board Realignment

Reflecting its evolving corporate strategy, Waratah appointed Dr. Andrew Stewart as Non-Executive Chairman, replacing Dr. Darryl Clark who transitioned to a Non-Executive Director role due to other commitments. Additionally, Naomi Scott joined the board as an Independent Non-Executive Director. Ms Scott brings extensive mining industry experience, including legal governance and M&A expertise from her tenure with Anglo American, and has a history with Waratah as its former legal counsel.

These board changes underscore Waratah’s ambition to strengthen governance and position itself for the next phase of exploration and potential discovery at Spur and beyond.

Financial Position and Broader Exploration Portfolio

Waratah remains well-capitalised with A$4.2 million in cash at the end of December 2024, supplemented by listed investments valued at approximately A$0.8 million. This financial footing supports ongoing drilling and exploration activities.

While the Spur Project remains the primary focus, Waratah also holds interests in the Stavely-Stawell Project in Victoria and the Azura Project in Western Australia. Both projects are highly prospective for gold and copper-nickel mineralisation, though no field activities were reported during the quarter.

Exploration Outlook

Waratah’s exploration approach targets the margins of the main intrusive complex, a strategy validated by the proximity to major deposits such as Newmont’s Cadia Valley (>50Moz Au, 9.5Mt Cu) and Evolution’s Cowal (9.6Moz Au). The company’s ongoing drilling and geophysical surveys aim to delineate the extent of mineralisation and vector towards higher-grade zones.

Managing Director Peter Duerden expressed optimism about the company’s trajectory, noting the extension of the drill program based on strong results and the anticipation of further updates in the March 2025 quarter. The combination of geological potential, solid drilling results, and refreshed leadership sets the stage for Waratah to build shareholder value in the coming months.