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Investor Presentation ASX:WTM | October 2025 For personal use only
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ASX:WTM 2 Investment Highlights High Calibre Discovery Team Internationally experienced team with a track record of discovery Strategic Position in Major Gold-Copper District Majors actively exploring and investing Expanding Drilling to Trigger Discovery Events and Resource Definition Drill and de-risk to unlock and grow asset value Well-Funded and Supportive Register Strong foundation for value creation Creating value for our stakeholders through discovery Gold System Discovered at Spur Gold Corridor Creating value for our stakeholders through discovery Spur Project Gold-Copper Azura Project Gold-Copper-Nickel Stavely-Stawell Project Gold-Copper Proven Discovery Strategy Exploration model revealing multiple additional discovery opportunities For personal use only
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ASX:WTM 308M Shares on Issue (ASX Code: WTM) 11% Board and Management (fully diluted) $0.805 Share price (20 Oct 2025) $248M Market Capitalisation $34M Cash at bank1 (1 October 2025) $0.8M Listed Investment2 LSE:TGR 3 Corporate Overview 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 Gladstone Mining 8.4% 1832 Asset Management 6.8% Farjoy 6.7% Regal Fund Management 5.5% Top 20 Shareholders 50.7% Dr. Andrew Stewart Non-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 Significant Shareholders Analyst Coverage 1. Cash position inclusive of Tranche 1 and Tranche 2 funds. 2. 6,546,556 TGR Ordinary shares at spot price, £0.0625, AUD/GBP 0.51 For personal use only
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ASX:WTM - 2.0 4.0 6.0 8.0 10.0 12.0 14.0 $- $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 $0.80 $0.90 Volume (m) Price (A$/share) DiscoveryExploration 4 Delivering a World Class Discovery 18 Feb 2025 2nd drill rig mobilised 17 Oct 2023 Acquisition of Spur Project 8 Dec 2023 $0.5m Placement to Strategics 0.038 6 Aug 2024 $5m placement 0.25 12 May 2025 $8.4m placement 0.275 20 May 2025 3rd drill rig mobilised 3 Jul 2024 High-grade gold 57m @ 2.50g/t Au, 0.11% Cu from 115m 5 May 2025 Porphyry copper-gold 196m @ 0.54% CuEq 4 Aug 2025 High grade extensions to Spur 208.7m @ 1.17g/t Au from 514m 13 Aug 2025 $30m placement 0.575 Acquisition Share Price Performance since Spur Project Acquisition For personal use only
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ASX:WTM 5 Why Macquarie Arc Home of World-Class Gold-Copper Deposits Total metal endowment from Harris et al 2020, CMOC 2023, Evolution 2023, Alkane 2023, Regis 20231 Blue Ocean Equities Research Note 2024 Australia’s Premier Porphyry Terrain Hosts world-class gold-copper mines High value gold-rich porphyry & epithermal deposits Majors Investing in Mining and Exploration A$1.6Bn in mining M&A and A$300m in JVs since 20231 Newmont, Goldfields, AngloGold, Evolution, Fortescue Recent Discovery Success Deployment of modern exploration techniques Boda-Kaiser Deposit (ASX: ALK) Cowal GRE-Dalwhinnie (ASX: EVN) Recognition of upper-level near-surface signatures Excellent Infrastructure Paved roads, rail lines, airports, power Low-cost exploration For personal use only
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ASX:WTM 6 Spur Gold – Copper Project District-scale land position Highly strategic district-scale land position 100% owned large tenure holding Large epithermal-porphyry corridor Multiple Macquarie Arc porphyry-intrusive complexes Numerous porphyry gold-copper and epithermal gold targets, extensive fertile sodic alteration signature Clear exploration strategy delivering results Targeting margins of fertile intrusive complexes 11m @ 10.82 g/t Au from 154m (SPRC002) 89m @ 1.73 g/t Au, 0.08% Cu from 115m (SPRC007) 196m @ 0.54% CuEq, 0.35% Cu, 0.23 Au g/t from 1m (BZD001) Two high value exploration targets Large epithermal gold Porphyry gold-copper For personal use only
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ASX:WTM 7 Spur Gold – Copper Project Macquarie Arc Tier 1 Analogues Modified from Holliday et al 2002, Total metal endowment Newmont 2023, Harris et al 2020 EXPLORATION CRITERIA Cadia Valley ASX:NEM Spur Project ASX:WTM East Lachlan - Macquarie Arc - Central Molong Belt Margin of major multiphase intrusive complex Equivalent stratigraphic position in Late Ordovician-Silurian rocks kspar-albite-hematite- tourmaline/alkalic porphyry alteration associated with Au-Cu mineralisation Presence of oxidised skarn (oxidised ore fluids + preservation potential) EXPLORATION CRITERIA Cowal ASX:EVM Spur Project ASX:WTM East Lachlan - Macquarie Arc Margin of major multiphase intrusive complex Equivalent stratigraphic position in Ordovician-Silurian rocks Quartz–carbonate/ankerite–pyrite ± chalcopyrite veins ± tellurides. early-stage chlorite + albite + calcite ± epidote (propylitic) alteration Gold in epithermal veins/pyrite stringers Modified from Milojkovic et al 2022, Total metal endowment Evolution 2023 E46 E42 E41 GRE46- Dalwhinnie For personal use only
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ASX:WTM c m c m c m c m c m 8 Extensive Shallow Epithermal Gold at Surface SPD003 361.8m, subvertical pyrite stringers, 22g/t Au, 0.12% Cu (Epithermal) SPD001 221.3m, discrete narrow quartz + magnetite + pyrite vein, 3.6g/t Au (Epithermal) SPD003 419.8m, pyrite stringer stockwork/multiple vein sets associated with silica alteration, 1.42g/t Au (Epithermal) SD010 115.3m, quartz + ankerite + pyrite vein, 3.6g/t Au, 0.2% Cu (Epithermal) SD010 137.5m, Quartz–carbonate/ ankerite–pyrite ± chalcopyrite veins ± tellurides, sub vertical stringers, 124g/t Au, 1% Cu (Epithermal) o ASX WTM 10 April 2024 Spur Gold Corridor For personal use only
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ASX:WTM 9 Spur Gold Corridor Rapidly Demonstrating Scale & Grade o ASX WTM 14 October 2025 For personal use only
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ASX:WTM Spur Gold Corridor Major discovery signalled by stepout results at the Consols Zone SPRCD062 208.7m @ 1.17 g/t Au from 514m inc. 89m @ 1.96 g/t Au from 614m Inc. 38m @ 3.61 g/t Au from 665m 10 o ASX WTM 4 August 2025 For personal use only
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ASX:WTM 11 SPRCD062 592.6m – Patchy and veinlet associated quartz + pyrite ± chalcopyrite with pervasive k-feldspar + chlorite alteration, 4.45g/t Au o ASX WTM 1 August 2025 Spur Gold – Copper Project Major gold discovery signalled by stepout results at the Spur Gold Corridor – Consols Zone cm cm cm SPRCD062 596.3m - Patchy and veinlet associated pyrite ± chalcopyrite with pervasive chlorite alteration, 2.56g/t Au SPRCD062 616.9m – Stringer chalcopyrite + quartz ± pyrite with pervasive chlorite alteration, 8.39g/t Au SPRCD062 669.7m – Veinlet chalcopyrite + quartz ± pyrite with strong k- feldspar vein halo, 43.3g/t Au cm SPRCD062 464.9m – Patchy and veinlet associated pyrite ± chalcopyrite with pervasive k- feldspar alteration, 1.14g/t Au For personal use only
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ASX:WTM 12 Similarities between Spur Gold Corridor and GRE46 Orebody (ASX:EVN) Spur Gold – Copper Project Same intercepts / Same scale / Same mineralisation style GRE46 OREBODY- 3Mozs (ASX:EVL) 7.5m @ 10g/t Au (1535DD330, EVN1) 43m @ 4.1g/t Au (RDU0016, EVN1) 11m @ 10.82g/t Au from 154m (SPRC002, WTM) 89m @ 1.96g/t Au from 614m (SPRCD062, WTM) 38m @ 3.61g/t Au from 665m (SPRCD062, WTM) Epithermal sulphide stringers + albite + hematite association Margin of multiphase intrusive complex 1 ASX EVN 4 Sept 2018 For personal use only
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ASX:WTM OTC:BTRYF ACTIVITIES SEPT QTR DEC QTR MAR QTR Drilling Relogging/sampling historic Metallurgical Testwork Target Definition, inc. geochemistry, geophysics Research - CODES Estimates of times are indicative and are subject to change Ramping up Activity and Newsflow 13 Discovery Spur Gold-Copper ProjectFor personal use only
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ASX:WTM 14 People: proven team of explorationists Project: strategic position in a world-class gold-copper province Proven discovery strategy: ‘Proof of Concept’ achieved - explore margins of fertile intrusive complexes Expanding drilling activity: to trigger discovery events and resource definition Well funded - Strong register: Solid cash position with strong register supporting immediate growth Expanding Drilling Programs High value Epithermal Gold Multiple Exploration Fronts 2025 Upcoming Catalysts High value Porphyry Gold-Copper Target Definition – geophysics, geochemistry Defining a World Class Deposit For personal use only
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Contact Us Peter Duerden Managing Director E: info@waratahminerals.com T: +61 8 6148 1000 W: waratahminerals.com waratahminerals.com ASX:WTM For personal use only
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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 2024, Cowal Site Visit Presentation, 20 June 2024, ASX 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 Golden Cross Resources 7 February 2012, 10 February 2012, 16 March 2012, 3 April 2012, 16 March 2012, 21 May 2012, 29 January 2013 Halley, Dilles, Tosdal., 2015, Footprints: Hydrothermal Alteration and Geochemical Dispersion Around Porphyry Copper Deposits 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 Holliday and Cooke 2007., Advances in Geological Models and Exploration Methods for Copper + Gold Porphyry Deposits "Proceedings of Exploration 07: Fifth Decennial International Conference on Mineral Exploration" Holliday, Wilson, Blevin, Tedder, Dunham, Pfitzner, 2002., Porphyry gold-copper mineralisation in the Cadia District, eastern Lachlan Fold let, New South Wales, and its relationship to shoshonitic magmatism, Mineralium Deposita (2002) 37: 100–116 Milojkovic, Reid, Green, Clifford, Browne, Biggam, Fredericksen, Andrew, Barker, 2022. Geology of the Cowal Gold Mine and Discovery of the Dalwhinnie Ore Zone, Evolution Mining, https://geohug.rocks/ Newcrest 2021, Newcrest agrees to acquire Pretium Resources Mining, ASX, 9 November 2021 Newmont 2023, Mining Annual Mineral Resources and Ore Reserves Statement, https://operations.newmont.com/reserves-and-resources Phillips, G N (Ed), 2017. Australian Ore Deposits (The Australasian Institute of Mining and Metallurgy: Melbourne) Regis Resources 2023., Annual Mineral Resource and Ore Reserve Statement 20 June 2023 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 References 16 For personal use only
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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 17 For personal use only