WTM Limited Unveils Expanding District-Scale Gold Discovery at Spur Project in NSW

WTM Confirms Predictable High-Grade Gold Mineralisation at Spur and Consols Discoveries

WTM Limited reported drilling results confirming a consistent high-grade gold system at its Spur project in New South Wales. Step-out and infill drilling have demonstrated continuous high-grade shoots extending over 300 metres along strike and 350 metres down-dip. The company's exploration approach has successfully expanded mineralisation zones, extending the footprint northwards and infilling the area between Spur and Spur East. Notably, all significant gold intersections occur within 60 metres of surface, predominantly between 60 and 100 metres depth, suggesting a shallow and potentially economically viable deposit geometry.

The Consols discovery delivered the best intercept to date: 208.7 metres grading 1.17 grams per tonne gold from 514 metres depth, including 89 metres at 1.96 grams per tonne from 614 metres. Additional recent results include 42 metres at 2.95 grams per tonne gold from 262 metres depth reported in February 2026. WTM has identified 25 intercepts exceeding 100 gram-metres of gold, a key indicator of significant ore zones. Collectively, these results indicate a substantial mineralised system with multiple high-grade zones across strike and depth.

Rapidly Expanding Exploration Across 100 Square Kilometres at Spur Project

WTM is executing an aggressive exploration program across its approximately 100 square kilometre Spur project located in a proven gold-copper mining district. To date, the company has drilled about 77,000 metres and operates 10 drill rigs during the 2026 campaign. This rapid pace aligns with WTM’s strategy of aggressive discovery to drive swift resource growth while maintaining low discovery costs. The under-explored district offers multiple discovery opportunities, with historic exploration primarily targeting copper rather than gold.

The project benefits from established infrastructure within the mining district, including high-voltage power and gas connections to the state grid, proximity to major mining operations, and a skilled local workforce. The brownfields setting allows cost-effective exploration without the seasonality challenges common in remote regions. WTM holds unique tenure over the Spur project, covering a Cargo Mining Common designated for mining since the late 1800s, providing expedited pathways for mine development compared to other land tenures.

Significant High-Grade Gold Intercepts Highlight Scale and Grade Potential

WTM’s drilling program has yielded multiple high-grade gold intercepts defining several mineralised zones across the Spur project. Key intercepts include the Consols discovery with 208.7 metres at 1.17 grams per tonne gold from 514 metres depth, 117 metres at 2.01 grams per tonne from 661 metres, and 80 metres at 1.78 grams per tonne from 271 metres. At the Spur prospect, notable results include 104 metres at 1.53 grams per tonne from 112 metres, 6 metres at 24.56 grams per tonne from 329 metres, and 80 metres at 1.75 grams per tonne from surface. These diverse intercepts across multiple zones indicate a district-scale system with potential for several million ounces of gold.

Extensional drilling at Consols continues to deliver strong results, such as 144 metres grading 1.49 grams per tonne gold from 482 metres depth. The consistent high-grade intersections across 77,000 metres drilled validate WTM’s targeted exploration strategy focusing on epithermal gold at the margin of a major porphyry-breccia complex. Numerous untested targets remain within this large porphyry system. The shallow depth of most mineralisation, primarily between 60 and 100 metres, enhances the deposit’s economic appeal.

Experienced Leadership Team Drives Global Gold-Copper Discovery Expertise

WTM Limited is led by a seasoned management team and board with extensive experience in mineral discovery, resource development, and project divestment across Australia and internationally. Executive Chairman Dr Andrew Stewart, a geologist with over 25 years’ experience, has held senior roles at Ivanhoe Mines, Oxiana, Vale, and Xanadu Mines, contributing to several major greenfields discoveries. Managing Director Peter Duerden brings over 25 years’ experience in geology and mining leadership, with a proven record in discovery strategies at Newcrest Mining and Alkane Resources.

The board includes Dr Darryl Clark, a mining executive with over 30 years’ experience in mine discovery and operation, previously with Cameco, Vale, BHP, Ivanhoe Mines, and SRK, currently Senior Vice President of Exploration and Resource Development at Maaden. Non-Executive Director Naomi Scott offers extensive mining industry expertise including senior business development roles at Anglo American, specialising in legal compliance, risk, and M&A support. Non-Executive Director Johan Van Vuuren is a global executive expert in corporate strategy, transformation, M&A, international finance, and ESG investment, formerly Senior Vice President of Corporate Development at Maaden. Collectively, management and board hold approximately 9% of shares on a fully diluted basis.

Strategic Location in Macquarie Arc Reinforces Regional Gold-Copper Potential

WTM’s Spur project is strategically situated within the Macquarie Arc, Australia’s premier gold-copper belt hosting world-class deposits. The Macquarie Arc boasts a metal endowment exceeding 80 million ounces of gold and 13 million tonnes of copper, with multiple major mining operations active. Recent discoveries and ongoing investment by global mining majors validate the region’s significant exploration potential. The district offers a stable legal and fiscal framework, a skilled mining workforce, and developed infrastructure.

The Spur project benefits from its location in a developed mining district with high-voltage power and gas connections to the state grid and a capable local workforce. The brownfields environment provides cost-effective exploration without seasonal constraints common in greenfields areas. Covering numerous multiphase intrusive porphyry complexes across its 100 square kilometre land package, the project presents multiple discovery opportunities within a geologically fertile region. The Macquarie Arc’s history of major finds, including the 1996 Ridgeway porphyry discovery and 1998 Cadia Hill mine commencement, underscores the region’s prospectivity for large-scale gold-copper systems.

Strong Cash Position and Capital Raises Support Ongoing Exploration

WTM Limited has bolstered its financial position to support continued aggressive exploration at Spur. The company completed a $48 million placement in May 2026 at $0.62 per share, increasing cash on hand to $57.7 million as of 30 June 2026. This followed earlier placements raising $8.4 million at $0.275 per share in May 2025 and $30 million at $0.575 per share in August 2025, reflecting sustained investor confidence. WTM currently has 388 million shares outstanding and a market capitalisation of $169 million, with the share price at $0.435 as of 20 July 2026.

This strong cash balance enables WTM to maintain its 10-rig exploration program and pursue its strategy of rapid discovery and resource growth at low cost. Successful capital raises demonstrate investor recognition of the Spur project’s scale and management’s proven track record. The company is well-positioned to fund exploration, resource definition drilling, and development studies as the discovery advances.

District-Scale Gold System Model Indicates Multi-Million Ounce Potential

WTM’s exploration approach views the Spur project as an emerging district-scale gold system rather than a single deposit. Presentation materials highlight the discovery’s evolution into a district-scale system with potential for several million ounces. The extensive porphyry-breccia complex hosts numerous untested targets beyond the Spur and Consols prospects. Historic exploration focused mainly on copper, leaving many gold-rich veins unexplored, suggesting significant upside within WTM’s land package.

The district-scale concept is supported by the spatial separation of high-grade zones and mineralisation continuity across the 100 square kilometre property. WTM’s high strike rate with Spur and Consols, plus new discoveries beyond known mineralisation, indicate further zones may be identified through systematic exploration. This model underpins WTM’s value creation strategy via discovery and resource growth. If confirmed by future drilling and resource estimates, a multi-million-ounce system would greatly enhance project economics and investor value.

Recent Acquisitions of Ironclad and Goldenclad Consolidate Spur Project Ownership

WTM Limited recently completed acquisitions of Ironclad in February 2026 and Goldenclad in June 2026, strengthening ownership and control of the Spur project area. These transactions secure 100% ownership of the large gold district, eliminating third-party interests and enabling full control over exploration and development decisions. The consolidation reflects management’s confidence in the project’s potential and simplifies future development pathways.

The timing of these acquisitions aligns with WTM’s transition from early exploration to district-scale resource development, supported by expanded drilling and high-grade discoveries. Acquiring entities with interests in the Spur district removes potential complications from third-party stakeholders during resource estimation or development phases. This strategic consolidation underscores WTM’s focus on controlling a major exploration district with demonstrated upside.

Share Price and Investor Interest Reflect Confidence in Discovery Progress

WTM Limited’s share price performance reflects market recognition of its exploration achievements and discovery potential. The share price reached $0.62 during the May 2026 placement and was $0.435 as of 20 July 2026. The immediate impact of the Noosa Mining Conference update on the share price is not publicly clear. Multiple capital raises at increasing prices through 2025 and 2026—$0.275 in May 2025, $0.575 in August 2025, and $0.62 in May 2026—indicate sustained or growing investor confidence.

Institutional investor interest is evident through analyst coverage and substantial holdings by top shareholders. The top 20 shareholders own 69.3% of issued capital, including Gladstone Mining at 8.5%, Farjoy at 7.7%, and 1832 Asset Management at 6.3%. This strong institutional base supports confidence in management’s strategy and the Spur project’s potential. WTM’s rapid progression from discovery to expanded exploration with 10 rigs and 77,000 metres drilled exemplifies effective execution of its aggressive exploration and resource growth strategy.