Waratah Minerals’ Share Price Slides 17% on Incomplete Assay Results
Waratah Minerals has addressed a sharp share price drop and surge in trading volume, attributing the market activity to pending, incomplete exploration results at its Spur Gold-Copper Project.
- Share price fell from $0.715 to $0.59 amid increased trading volume
- Company held incomplete assay results pending verification
- Relied on ASX Listing Rule 3.1A to withhold partial data
- Requested trading halt to manage disclosure timing
- Confirmed compliance with continuous disclosure obligations
Context of Price Movement
Waratah Minerals Limited (ASX, WTM) recently faced a notable share price decline, dropping from an opening price of $0.715 to an intraday low of $0.59 on 11 November 2025. This price movement was accompanied by a significant increase in trading volume over several days, prompting the ASX to issue a formal price query to the company.
Company Response and Disclosure Strategy
In its response, Waratah Minerals acknowledged possessing material information related to its ongoing exploration at the Spur Gold-Copper Project. However, the company clarified that the exploration results were incomplete at the time, with assay data from drill holes SPD011, SPD012, and SPD013 still being processed and verified. To avoid releasing partial or potentially misleading information, Waratah invoked ASX Listing Rule 3.1A, which allows companies to withhold information if it is incomplete and confidential.
The company emphasized strict confidentiality measures, including restricted laboratory access and internal controls, to safeguard the sensitive data. Recognizing that the recent market activity suggested the information might no longer be confidential, Waratah proactively requested a trading halt to manage the timing of its forthcoming announcement.
Implications for Investors and Market
This episode highlights the delicate balance mining exploration companies must maintain between regulatory compliance and market transparency. Waratah’s decision to withhold partial assay results until full verification reflects a cautious approach to continuous disclosure, aiming to prevent market confusion or false signals. Investors will be closely watching the upcoming full release of assay results, expected approximately four weeks after drilling completion, for clearer insights into the project’s potential.
Meanwhile, the company reaffirmed its adherence to ASX Listing Rules and confirmed that its board authorized the response to the ASX price query, underscoring its commitment to regulatory standards.
Bottom Line?
Waratah’s next exploration update will be pivotal in shaping market sentiment and validating its cautious disclosure approach.
Questions in the middle?
- What will the complete assay results reveal about the Spur Project’s viability?
- How might the upcoming announcement affect Waratah’s share price and investor confidence?
- Could further trading volatility occur if partial results leak before official disclosure?
