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ASX:WTM Investor Presentation Diggers & Dealers Mining Forum , 3-5 August 2026 Major New Gold Discovery in NSW
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ASX:WTM 2 Investment Highlights Creating value for our stakeholders through discovery Strong management team & board High calibre discovery team with strong track record of value creation, resource development & project divestment Major new gold discovery Spur evolving from early exploration into a district-scale gold system with potential for several million ounces Clear value creation strategy Aggressive exploration delivering rapid resource growth and low discovery costs Spur Project Gold-Copper Stavely-Stawell Project Gold-Copper NSW VIC
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ASX:WTM 3 Drilling Unlocks 6km Expansion to Spur Gold Corridor Latest RC Drilling Returns Strong Shallow Results Shallow Mineralisation Fifteen shallow RC drill holes at Gazzards returned near surface gold over a 500m strike extent District Scale System Recent RC drilling confirmed district-scale system with 6km of strike between Spur and Gazzards Continuous System Step-out drilling successfully extended mineralisation along strike WTM ASX 3 August 2026 - Waratah Unlocks 6km Expansion to Spur Gold Corridor Best Results Include: 8m @ 3.54 g/t Au from 120m (ARC009) 17m @ 1.36 g/t Au from 96m (ARC011) 15m @ 1.16 g/t Au from 11m (ARC006)
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ASX:WTM - 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 $- $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 $0.80 $0.90 Volume (m) Price (A$/share) 388M Shares on Issue (ASX Code: WTM) v 9% Board and Management (fully diluted) $0.465c Share price (30 July 2026) $180M Market Capitalisation $57.7M Cash at bank1 (30 June 2026) 4 Corporate Overview Gladstone Mining 8.5% Farjoy 7.7% 1832 Asset Management 6.3% Top 20 Shareholders 69.3% Significant Shareholders Analyst Coverage 1 Includes proceeds of $48 million placement (minus costs) as released to ASX 7 May 2026 DiscoveryExploration 18 Feb 2025 2nd drill rig mobilised 12 May 2025 $8.4m placement 0.275 13 Aug 2025 $30m placement 0.575 4 Aug 2025 High grade extensions to Spur 208.7m @ 1.17g/t Au from 514m 5 May 2025 Porphyry copper-gold 196m @ 0.54% CuEq 22 Jan 2026 80,000m drilling commences 16 Feb 2026 Ironclad acquisition 2 Jun 2026 Goldenclad acquisition 7 May 2026 $48m placement 0.62
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ASX:WTM 5 A Proven Discovery Team Peter Duerden Managing Director Geologist and Mining Executive with over 25 years’ experience and a track record of developing successful discovery strategies with juniors and majors, including roles at Newcrest Mining Limited and Alkane Resources Limited. Board of Directors Dr. Andrew Stewart Executive Chairman Geologist with over 25 years’ experience in project generation, mineral exploration and capital markets. Andrew has held senior technical and management roles within Ivanhoe Mines, Oxiana, Vale and Xanadu Mines, where he has been involved in several globally significant greenfields discoveries. Dr. Darryl Clark Non-Executive Director Mining executive with over 30 years of experience discovering, building and operating mines. Previous roles at Cameco, Vale, BHP, Ivanhoe Mines, SRK and currently the SVP Exploration and Resource Development at Maaden. Naomi Scott Non-Executive Director Lawyer with extensive experience across the mining industry including as a senior business development manager with Anglo American, legal compliance, risk analysis and M&A support. Johan Van Vuuren Non-Executive Director Experienced global executive with deep expertise in corporate strategy, transformation, M&A, international finance, and ESG- focused investment. Formerly SVP Corporate Development at Maaden. Strong record of discovery, value creation, resource development & project divestment in Australia & globally History of Discoveries Macquarie Arc Expertise Experienced Developers of Gold and Porphyry Deposits Significant Commercial Capability
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ASX:WTM 6 Macquarie Arc Home of World-Class Gold-Copper Deposits
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ASX:WTM 7 Macquarie Arc Home of World-Class Gold-Copper Deposits Total metal endowment from Harris et al 2020, CMOC 2023, Evolution 2023, Alkane 2023, Regis 2023 1 Source: Kreuzer et al. 2015 Australia’s Premier Au - Cu Belt • Gold and copper elephant country • > 80 Moz Au / 13Mt Cu endowment 1 • Several major mining operations • Discovery potential validated by recent discoveries & global majors investing in region Mining Friendly Jurisdiction • Stable & reliable legal and fiscal framework • Community of mine workers
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ASX:WTM 8 Strategic Position in an Established Mining District A Major Gold Mining District Developed Infrastructure • High Voltage Power / Gas - State Grid • Several major mining operations • Skilled local workforce Brownfields Environment • Untested potential • Large fertile Macquarie Arc porphyry intrusive complexes • Cost effective exploration • No seasonality
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ASX:WTM 9 Spur Gold – Copper Project Highly strategic district-scale land position 100% Ownership of a Large Gold District • Multiple discovery opportunities • Numerous multiphase intrusive porphyry complexes • Covering ~100 square kilometres Unique & Strong Tenure • Cargo Mining Common was set aside specifically for mining in the late 1800s • Conversion mine development is faster than other forms of land tenure
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ASX:WTM 1970s/1980s 1990s - 2016 2026 • Deep Ore Discovery P/L acquires Spur • Historical mining • 1860s alluvial mining & small- scale underground and open pits on gold veins • Porphyry copper potential recognised • Anaconda, Billiton, Cyprus Gold • Golden Cross Resources, Newcrest exploring main intrusive/porphyry complex ASX:WTM 10 Spur Gold – Copper Project History Ridgeway porphyry discovery - 1996 Cadia Hill Mining Commences - 1998 2018 • Clear exploration strategy targeting epithermal gold at margin of porphyry complex • Spur drilling demonstrates grade + scale: 11m @ 10.82g/t Au from 154m - SPRC002 (ASX WTM 17 June 2024), 89m @ 1.73g/t Au from 115m - SPRC007 (ASX WTM 3 July 2024) • Consols discovery delivers best intercept to date: 208.7m @ 1.17 g/t Au from 514m inc. 89m @ 1.96 g/t Au from 614m - SPRCD062 (ASX WTM 4 August 2025) Pre-1970s 20262024/2025 • Expanded drilling activity to ~10 rigs, resource + extensional + discovery • ~77,000m drilling to date • 25 >100gram metre intercepts defining multiple high-grade zones • Consols continues to deliver extensional drill results: 42m @ 2.95 g/t Au from 262m SPD015 (ASX WTM 2 February 2026)
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ASX:WTM 11We have a clear value creation strategy through aggressive exploration delivering rapid resource growth and low discovery costs.” “ Dr. Andrew Stewart, Executive Chairman
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ASX:WTM 12 Spur Gold – Copper Project Large under-explored gold district Multiple discovery opportunities • Historic exploration focused on copper • Numerous outcropping gold-rich veins Rapidly growing scale & grade • High strike rate to date with Spur & Consols • Value-creation through discovery and resource growth • Rapid resource growth and new high-grade discoveries outside areas of known mineralisation Large porphyry – breccia complex • Numerous untested targets
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ASX:WTM 13 Exploration Momentum Getting Better with Geological Understanding Intercepts exceeding 100g/m25 Program underway in 2026 80km Drill rigs active 10 Holes drilled to date ~77,132m 196 SPRCD062: 208.7m @ 1.17 g/t Au from 514m (Consols) SPD027: 117m @ 2.01 g/t Au from 661m (Consols) SPD025: 80m @ 1.78 g/t Au from 271m (Consols) SPRC007: 104m @ 1.53 g/t Au from 112m (Spur) SPD021: 6m @ 24.56 g/t Au from 329m (Spur) SPD038: 80m @ 1.75 g/t Au from 0m (Spur) SPD015: 42m @ 2.95g/t from 262m (Consols) SPD048: 144m @ 1.49g/t from 482m (Consols) Top Intercepts
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ASX:WTM Growth of the Discovery District scale gold system – Snapshot of system growth from 2024 to 2026 14
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ASX:WTM Growth of the Discovery District scale gold system – Snapshot of system growth from 2024 to 2026 15
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ASX:WTM Growth of the Discovery District scale gold system – Snapshot of system growth from 2024 to 2026 16
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ASX:WTM 17 Rapidly Demonstrating Growing Systems Spur Gold Zone 124g/t Au 44.3g/t Au Spur zone covers 1km x 250m • Domain south of Essex Fault • Diamond drilling defining a large system with numerous high-grade shoots • Multiphase veining, stringers and disseminated gold • High grade gold occurs as shallowly north plunging zones, within broader south plunging domains • System remains open in multiple directions
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ASX:WTM 18 Spur Gold Zone 44.3g/t Au44.3g/t Au SPD058 @ 43-44m 108g/t Au. Gold and native bismuth precipitating on the intersection between vein sets SPRCD037 @ 436-437m 11.6g/t Au. Massive sulphide veins SPRCD037 @ 448-449m 7.06g/t Au. Quartz carbonate sulphide breccias
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ASX:WTM 19 124g/t Au 44.3g/t Au Consols Gold Zone Growing Consols zone: >300m east-west >400m north-south and >600m vertically Series of east-west quartz- sulphide sheeted vein sets Associated with strong potassic alteration Potential for further significant high-grade discoveries With the opportunity to rapidly add ounces and unlock substantial resource growth
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ASX:WTM 20 Consols Zone – Major New Gold Discovery Consols Gold Zone Multiple high-grade gold zones East-west quartz-sulphide sheeted vein sets associated with strong potassic alteration Unlocking ounces for substantial resource growth A A SPD011: 1m @ 12.03g/t from 793m SPD015: 1m @ 42.19g/t from 296m SPRCD062: 1m @ 37.9g/t from 669m Quartz sulphide veinlets with k-feldspar
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ASX:WTM 21 Intermediate Sulphidation Epithermal Mapping a large IS Epithermal system Grades improving at depth with increasing potassic alteration System has potential for vertical extent of >1 km CM High grade gold from Consols Zone 701 m. 120g/t Au. Quartz-magnetite-gold-pyrite breccia associated with strong potassic alteration (SPD027) CM increasing temperature + increasing grade CM Favourable Economics • Favourable resource economics (larger tonnage plus decent grade) • Attractive for open-pit-style mining in many cases, which can lower capital intensity and operating costs compared with ultra-high-grade, narrow-vein- only systems • A clear geological framework that helps de-risk the next step (e.g., tracing the system up-dip to low-sulphidation veins or down-dip to porphyry-style copper-gold) SPRCD062: 592.6m – Patchy and veinlet associated quartz + pyrite ± chalcopyrite with pervasive k-feldspar + chlorite alteration, 4.45g/t Au SPRCD062 596.3m - Patchy and veinlet associated pyrite ± chalcopyrite with pervasive chlorite alteration, 2.56g/t Au
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ASX:WTM 22 Geometallurgy Confirms High Gold Recoveries at Spur Results suggest simple, conventional process pathway for Spur Geometallurgical Results • High gold recoveries of over 90% (90-97%) by gravity and conventional leaching • Coarse, free milling gold in grain sizes up to 688 µm • Gravity recovery ranging between 15-45% • Conventional leaching recovery ranging between 51 and 74% Gravity Concentrate +75 µm fraction Gravity Concentrate +38 µm fraction Micro-XRF scanning with an AMICS (Advanced Mineral Identification and Characterisation System) generated mineral map on half core (ASX WTM 9 February 2026) Mineral map from high resolution micro-XRF scan Mineral map from micro-XRF scan Sample ScanSample: SPRCD037 – 436m (Spur)
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ASX:WTM 23 2026 - Growth & Discovery Drilling Underway at Spur Gold Project Targeting Resource Growth & New Discoveries Growth & discovery drilling underway • 80,000-metre drilling program in 2026 • 10 drill rigs active Targeting & scope • Multiple rigs targeting shallow, near-surface mineralisation, and deeper large-scale, high- grade targets New shallow high-grade discoveries • Multiple promising new targets Regional exploration • Additional new drill targets, unlocking multi- million-ounce gold potential
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ASX:WTM 24 We are working to unlock Australia’s Next Multi-Million Ounce Gold District “ Dr. Andrew Stewart, Executive Chairman
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ASX:WTM 25 Investment Summary Investor appeal Tight structure & numerous growth catalysts Rare tenure opportunity Cargo Mining Common could facilitate rapid permitting 2026 CATALYSTS Consols Drilling Results Spur Definition Drilling Results Geometallurgical Studies Exploration Upside Only 11% of 50 sq km trend tested Results from Alpine, Gazzards & other targets System extension could double resource potential with drilling underway for growth & further discovery Unlocking Australia’s Next Multi Million Ounce Gold District
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ASX:WTM Forward Looking Statements This announcement contains “forward-looking statements” within the meaning of securities laws of applicable jurisdictions. Forward-looking statements can generally be identified by the use of forward-looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe”, “continue”, “objectives”, “outlook”, “guidance” or other similar words, and include statements regarding certain plans, strategies and objectives of management and expected financial performance. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Waratah Minerals and any of its officers, employees, agents or associates. Actual results, performance or achievements may vary materially from any projections and forward-looking statements and the assumptions on which those statements are based. Exploration potential is conceptual in nature, there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. Readers are cautioned not to place undue reliance on forward-looking statements and Waratah Minerals assumes no obligation to update such information. Competent Persons Statement Any references to Exploration Results, Ore Reserve and Mineral Resource estimations should be read in conjunction with the competent person statements included in the ASX announcements referenced in this presentation as well as Waratah Minerals’ other periodic and continuous disclosure announcements lodged with the ASX, which are available on the Waratah Minerals’ website. The information in this report that relates to Waratah Minerals’, Mineral Resources or Ore Reserves is a compilation of previously published data for which Competent Persons consents were obtained. Their consents remain in place for subsequent releases by Waratah Minerals of the same information in the same form and context, until the consent is withdrawn or replaced by a subsequent report and accompanying consent This is not a disclosure document. Any material used in this presentation is a summary of selected data, and any investor should refer to all Waratah Minerals Limited ASX releases and statutory reports before considering to invest in the company. Any forward-looking information in this presentation has been prepared on the basis of a number of assumptions that may prove not to be correct. Neither Waratah Minerals Limited, nor its officers, employees and advisors make or give any representation, warranty or guarantee in relation to this presentation. Waratah Minerals Limited reserves the right to update, amend or supplement the Information in this presentation at any time in its absolute discretion without incurring any obligation to do so. The information in this document that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Peter Duerden who is a Registered Professional Geoscientist (RPGeo) and member of the Australian Institute of Geoscientists. Mr Duerden is a full-time employee of Waratah Minerals Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Duerden consents to the inclusion in this presentation of the matters based on his information in the form and context in which it appears. Waratah Minerals confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the market announcements continue to apply and have not materially changed. Waratah Minerals confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements. Previously Reported Information The information in this report that references previously reported exploration results is extracted from the Company’s ASX market announcements released on the date noted in the body of the text where that reference appears. The previous market announcements are available to view on the Company's website or on the ASX website (www.asx.com.au). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements Metal equivalents for drilling and exploration results have been calculated at a copper price of US$4/lb, gold price of US$2500/oz. Individual grades for the metals are set out in the presentation and ASX announcements. No metallurgical recovery work has been completed on the project; however, recoveries have been assumed to be like that reported as target LOM copper and gold recoveries for the nearby Cadia Valley Operations and reported at 80.3% for Au and 85.2% for copper by Newcrest. Source - Cadia expansion & Lihir recovery improvement projects approved. Market release 9th October 2020. The copper equivalent (CuEq) calculation represents the total metal value for each metal, multiplied by the conversion factor, summed and expressed in equivalent copper percentage with a metallurgical recovery factor applied. Copper recovery used was 85%, gold recovery 80%. Copper equivalent (CuEq) grade values were calculated using the following formula: CuEq = Cu (%) + Au (g/t) * 0.911459 * 0.94117. In the opinion of the Company, all elements included in the metal equivalent calculations have a reasonable potential to be sold and recovered based on current market conditions and the Company’s operational experience. Important Notice This ASX Announcement does not constitute an offer to acquire or sell or a solicitation of an offer to sell or purchase any securities in any jurisdiction. In particular, this ASX Announcement does not constitute an offer, solicitation or sale to any U.S. person or in the United States or any state or jurisdiction in which such an offer, tender offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and neither such securities nor any interest or participation therein may not be offered, or sold, pledged or otherwise transferred, directly or indirectly, in the United States or to any U.S. person absent registration or an available exemption from, or a transaction not subject to, registration under the United States Securities Act of 1933 Disclaimer, Compliance & Cautionary Statements 26
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ASX:WTM ▪ Alkane 2023, Resource and Reserve Statement FY23, 13 September 2023 ▪ Blue Ocean Equities 2024., Research Note, 8 October 2024 ▪ CMOC 2023, China Molybdenum Company Limited, 2022 Annual Report, http://www.cmocinternational.com/ ▪ Evolution 2023, https://evolutionmining.com.au/reservesresources/ ▪ Evolution Mining Limited. (2024). Annual mineral resources and ore reserves statement as at 31 December 2023. https://evolutionmining.com.au/wp-content/uploads/2024/02/2680687-Annual-Mineral-Resources- and-Ore-Reserves-Statement.pdf ▪ Harris, Cooke, Cuison, Groome, Wilson, Fox, Holliday, Tosdal., 2020. Geologic Evolution of Late Ordovician to Early Silurian Alkalic Porphyry Au-Cu Deposits at Cadia, New South Wales, Australia, SEG Special Publication 23 ▪ Kreuzer et al. 2015. Comparing prospectivity modelling results and past exploration data: A case study of porphyry Cu–Au mineral systems in the Macquarie Arc, Lachlan Fold Belt, New South Wales. https://doi.org/10.1016/j.oregeorev.2014.09.001 ▪ Newmont 2023, Mining Annual Mineral Resources and Ore Reserves Statement, https://operations.newmont.com/reserves-and-resources ▪ Regis Resources 2023., Annual Mineral Resource and Ore Reserve Statement 20 June 2023 This presentation was authorised for release by the Managing Director of Waratah Minerals Limited ▪ ASX WTM 23 January 2024 Spur drilling commences ▪ ASX WTM 10 April 2024 Epithermal and Porphyry Skarn Gold at Spur ▪ ASX WTM 24 May 2024 ANT Results ▪ ASX WTM 17 June 2024 Outstanding gold results from Spur East ▪ ASX WTM 2 July 2024 Further high-grade results from Spur ▪ ASX WTM 30 July 2024 High-grade results & drilling recommences at Spur ▪ ASX WTM 24 September 2024 Drilling opens multiple discovery fronts at Spur ▪ ASX WTM 19 November 2024 Dalcoath Extensions ▪ ASX WTM 20 January 2025 Spur Gold Zones Extended ▪ ASX WTM 24 March 2025 Drilling extends high grade gold ▪ ASX WTM 28 April 2025 Drilling Extends Spur Gold Corridor ▪ ASX WTM 5 May 2025 Porphyry Copper-Gold Intersected at Breccia West ▪ ASX WTM 18 June 2025 Drilling Success Continues at Spur ▪ ASX WTM 4 August 2025 Multiple Zones of high-grade gold mineralisation extend Spur Gold Corridor ▪ ASX WTM 10 September 2025 Consols Drilling Extends Spur Gold Corridor ▪ ASX WTM 14 October 2025 Drilling Extends Spur Gold Corridor ▪ ASX WTM 13 November 2025 Gold Zones Extended at Spur and Consols ▪ ASX WTM 22 December 2025 Drilling Extends Spur ▪ ASX WTM 22 January 2026 80,000m drilling commences at Spur Gold Project ▪ ASX WTM 2 February 2026 Drilling returns high-grade gold hits from Consols & Spur ▪ ASX WTM 9 February 2026 High Gold Recoveries from Spur Zone ▪ ASX WTM 16 February 2026 Strategic Acquisition Expands Spur Gold Project ▪ ASX WTM 2 March 2026 Drilling Expands Spur and Consols Gold Systems ▪ ASX WTM 26 March 2026 Consols High-Grade Mineralisation and System Expansion ▪ ASX WTM 15 April 2026 High-Grade Gold Mineralisation Continues to Grow at Consols ▪ ASX WTM 1 May 2026 Drilling Returns Second >200gm Intercept at Consols ▪ ASX WTM 2 June 2026 Waratah Consolidates Spur Gold District ▪ ASX WTM 11 June 2026 Exceptional Results Demonstrate Scale Upside at Spur Project ▪ ASX WTM 1 July 2026 Continued Growth at the Spur Gold Zone ▪ ASX WTM 13 July 2026 Consols Gold Zone Grows with Strong Drill Results References 27
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Andrew Stewart Executive Chair E: info@waratahminerals.com W: waratahminerals.com waratahminerals.com ASX:WTM Contact Us