Warriedar

Amanda Buckingham

Managing Director

The Warriedar Warbler

: Level 11, 216 St Georges Terrace, Perth WA 6000

: Suite 3, 41-47 Colin Street, West Perth WA 6005

: PO Box 920, Scarborough WA Australia 6019

DM Sans

Unlocking gold potential in WA

Dear loyal shareholders and interested investors,

I hope everyone had a happy and restive festive season.

After a short break, the Warriedar team was back hard at it in the new year. This was against a backdrop of gold and antimony prices continuing to surge higher in early 2025.

We identified pulps from a further 85 holes, representing 3,811 separate samples. This was a huge success and paved the way for the successful antimony results we announced in March from this re-assay program.

These results further demonstrated that the antimony mineralisation at Ricciardo has significant scale potential. They also show that the high-grade antimony shoots extend from the bottom of the historical Ardmore pit to approximately 370m depth, with the mineralisation remaining open down dip.

The drill rig will then head to the M1 deposit, before returning to Ricciardo to drill both gold holes and the first ever dedicated antimony targeted holes.

While these antimony holes will of course also target the underlaying gold potential, the point is that there has never been a drill hole at Ricciardo designed specifically to optimise the return of antimony intercepts. It is exciting to be venturing down this path.

All up, we are planning on drilling approximately 8,700m of both RC and diamond in this first Golden Range program for 2025.

Windinne Well is a significant (currently ~100 koz), high-grade (2.9 g/t Au) gold deposit with a completely different mineralogical character to Ricciardo (ie free milling). It is also located only 5km from our existing processing plant at Golden Range (along the existing haul road).

In terms of exploration upside and growth potential, Windinne Well is hosted in a Banded Iron Formation (BIF) which extends for a total extent of around 3.8km (both north and south of the known existing deposit). There has been limited-to-no historical drilling into the unit across much of this extent.

We are drilling both within the known deposit (see the long section) and within the broader host BIF extent (see the filtered magnetic plan image below that, with the red unit within the dashed outline showing the established BIF footprint).

In January, we also received strong results from the Ricciardo antimony metallurgical testwork we commenced late last year. The key conclusion from this initial work was: 

“…detailed bench flotation test work on that composite sample returned a significantly higher

What does this mean? Why did we do it? Why is it important?

These results mean that when we process the antimony-rich ore, we can target a concentrate grading at 49% antimony. The higher this number, typically the better quality the concentrate. We also believe that we can get this number higher with further work. Nonetheless, it’s a great start. For comparison, the grade of the antimony concentrate at Costerfield (Australia’s only antimony mine) is 51.5%.

The second point to note is that we recovered 81% of the antimony (we want to keep as much of the material as possible in the transition from ore to concentrate). This number is robust, and importantly we wanted it to be above 80%.

All this matters because, like with gold, if you can’t process the ore (ie separate the valuable minerals from the rock in which it came and the non-valuable minerals associated with it), you simply don’t have even the potential for a commercial mining opportunity.

Some key external personnel assisting us currently (not all the time, just when needed) include:

Structural geology and deposit scale targeting: Brett Davis and Jun Cowan

Early-stage engineering and mining studies – MineBuild: James Howard and team

Independent MRE updates (Antimony): Measured Group

Independent MRE updates (BIF-hosted gold): Elizabeth Haren

We are drilling – for gold and antimony. We are undertaking our maiden antimony MRE.  We will be updating our gold MRE. We are progressing early-stage mining and engineering workstreams.

In short, we are busy and excited – both at the same time!

We also undertook a broader broker and investor roadshow in Sydney and Melbourne (around the Bell Potter Conference).

As always, it was wonderful to interact with so many shareholders and potential investors through these activities. It always leaves me energised to know that our stakeholders follow our progress so closely, and can appreciate the underlying wins that have been delivered at Golden Range over the past 12 months.

For readers who are interested, you can view our presentations at some of these events - 

We also had a detailed research note published on Warriedar recently by MineLife, which can be accessed below.

Exploration can be a tough game sometimes… many times. It is why the exercise of creativity and endeavour is so important in the pursuit of low-cost knowledge gains.

To that end, I want to make special mention of our site team on this historic pulp survey and identification exercise. Some of our people spent most of January on site sitting in 40-degree shipping containers rummaging through masses of pulp sample boxes in pursuit of relevant hole samples.

We have a reward system that involves a small gift voucher being given to the site member who did something ‘above and beyond’ during the month. Chelsea (pictured below) got it in January for her extensive efforts with the pulps (and Brad in February for his dealing with a rotting wild goat carcass… a story for another time!).

We are also fortunate to have a set of top-shelf geoscience and technical externals working closely with our business. As a small team, we don’t have all the expertise in house, and we are comfortable with that. The key is to know who to use, when, and surround yourself with clever people who know their expertise and aren’t afraid to ask questions and play as a team.

The opportunity afforded by the current antimony market was nicely captured in a recent RFC Ambrian report – in which we also get a mention.

The price chart shows why the second half of last year had everyone starting to pay more attention to antimony.

Our strategy is to continue derisking both the geology and metallurgy for antimony – but in parallel with all our gold-focussed exploration and development work at Golden Range. To be clear, the latter remains our main game – antimony is simply a potential very high-value cherry on top.

The external resource team is working hard to get our maiden antimony Mineral Resource Estimate (MRE) for Ricciardo completed next month.

It is important to remember that we potentially also have antimony across multiple deposits along the main shear at Golden Range – as evidenced by the new antimony discovery we made in December at Azure Coast (located approximately 4km south of Ricciardo).

We have been busy updating the market on all these recent milestones.

This included participation from various Warriedar personnel at the RIU Explorers Conference in Fremantle (February), Bell Potter Unearthed Natural Resources Conference in Sydney (February), and Euroz Hartleys Conference on Rottnest Island (March).

To conclude, I thought I would share just a couple of the many beautiful images captured by our site-based drone in recent months.

And last, but not least… a special and somewhat different mention for our Exploration Manager, Thomas Dwight (who has far more energy for everything than any human should have). Thomas recently competed in and completed the famed Ironman race in Taupō, New Zealand (held on 1 March 2025).

As the website says, it is “a legendary race at the top of bucket lists worldwide”. We don’t know how he did it. Months of training, dogged determination and stamina were naturally a starting point. Take a bow, Thomas – you’ve well and truly earned it.

As always, thank you for your loyal support of Warriedar, its assets and its people. 

Our emerging antimony (Sb) discovery at Ricciardo, and along the broader ‘Golden Corridor’, is gaining some serious momentum. While we have been very clear that it is not our main game (which is gold exploration and development), the opportunity being presented by this discovery, and the trends being observed in the global antimony market, are increasingly exciting. Perhaps most importantly, they are also highly complementary to our broader gold plans at Golden Range.

January was busy behind the scenes. Our historic pulps assay program might have been a very low-cost pathway to progress this antimony opportunity, but it also required us to identify all relevant historic pulps from Ricciardo (a massive exercise).

The pulps are the leftover laboratory analysis prep samples stored in little brown bags. They represent drilling sample material that has been to the lab and returned (ie effectively a backup lab sample to be used again if needed). Given only 7% of historic holes at Ricciardo were assayed for antimony (264 of 3,680 holes drilled), this process represented a potential treasure trove of new information specific to antimony for us, without the cost of drilling all these holes anew.

Now, please don’t mistake my choice to start this Warbler with a discussion of antimony as any reflection on the wins we are having in our primary endeavour at Golden Range.

In early March, we returned excellent metallurgical test results from our Windinne Well deposit. They demonstrated that Windinne Well is amenable to free milling delivering high gold recoveries across all of the oxide, transition and fresh zones.

This is exciting as it shows the potential to utilise Warriedar’s existing free-milling / CIL process facility at Golden Range to treat Windinne Well ore – as well as potentially also material from other satellite ‘Golden Corridor’ deposits including M1, Monaco and Bugeye.

In March, we also announced that we were back drilling at Golden Range, and at Windinne Well in particular.

The key conclusion reached in this report says it all:

antimony market is currently under severe stress

, primarily due to a lack of global supply of ore and concentrate, along with recent export controls by China that limit the global availability of refined products. 

“The bleak outlook is further exacerbated by the limited prospect of new mine capacity coming onstream due to the lack of projects capable of recovering antimony. This weak supply outlook, combined with the growing consumption in the PV market, 

antimony market could remain in deficit for an extended period

“The price has surged dramatically over the past six months, but it appears that these 

high antimony prices will be necessary in the short- to medium-term 

to attract new supply to come onstream and/or cause some demand destruction through substitution and thrifting.”

Golden Range – she’s a beauty