WARATAH MINERALS LIMITED (WTM)
Share Price Analysis and Chart

05/11/2026

1

Speculative Buy

$1.45

84.71%

Waratah Minerals announced a maiden MRE of 3.1Moz at 1.2g/t gold for its 100%-owned Spur Project in NSW, with 27% in the higher-confidence Indicated category.

Bell Potter views the result as excellent, highlighting the attractive grade, low discovery cost of $14.62/oz and significant resource growth potential.

With $44.5m cash, 12 rigs operating and another 50,000m of drilling planned over six months, the analyst sees a clear pathway to a resource exceeding 5Moz. Speculative Buy retained. Target rises to $1.45 from $1.25.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -6.40 cents.
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -6.30 cents.

11/11/2026

1

Buy

$2.10

167.52%

Shaw and Partners maintains a Buy rating for Waratah Minerals with a $2.10 target price following new drilling results bridging gold mineralisation from the Spur Zone to the historic Essex Mine.

The analyst notes the drilled connection sits outside the current 3.1Moz maiden Resource but within the Exploration Target, strengthening the interpretation of a larger contiguous system.

These latest holes directly support Shaw's 5.0Moz valuation basis, which assumes approximately 1.9Moz of the existing Exploration Target will successfully convert into a formal Resource.

Commentary posits that an extensive drill campaign underway utilising 12 rigs and ongoing exploration could facilitate a formal Resource upgrade within six months.

The report concludes that the project's globally material scale potential and established regional New South Wales location reinforce the positive long-term outlook.

FORECAST
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -9.40 cents.
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -7.70 cents.