Warriedar Resources Limited [WA8] Update June 2025
Metals & Mining
Advancing Gold and Antimony Resources in WA with Established Infrastructure and Exploration Upside
We resume coverage with Warriedar Resources (WA8) with a revised Target Share Price of $0.215, representing a substantial total upside potential of 65.8% from the current share price of $0.130 and a significant 19.7% increase from our previous Target Share Price. This re-rating reflects Warriedar’s key milestones, including a maiden Antimony MRE and upgrades at the Golden Range and Fields Finds projects, confirming a strategic gold and antimony deposit. Ongoing positive exploration results further strengthen its value proposition and de-risk growth, positioning WA8 as a leading explorer in the gold-antimony sector.
Rapid dual-commodity resource growth across gold and antimony
Warriedar Resources has rapidly and aggressively expanded its multi-millionounce gold and antimony resource base across both portfolios. This is notably exemplified by Ricciardo's remarkable 107% gold-equivalent ounce increase. Such exploration success has significantly augmented gold and antimony resources, rigorously validating asset scale and quality. This reflects Warriedar's proven ability to unlock significant value efficiently, underpinning longer mine life and enhanced project economics. Its disciplined, well-funded exploration pipeline ensures robust growth continues, strengthening its strategic position in precious and critical minerals.
Strategic Commodity Exposure across Gold and Antimony
Warriedar Resources is well-positioned with strategic exposure to both gold and antimony, offering investors a balanced and resilient commodity profile. Gold provides stability as a proven store of value, while antimony offers growth potential as a critical mineral essential to renewable energy, semiconductors, and flame retardants. This dual-commodity focus reduces reliance on a single market, helping to mitigate price volatility and commodity-specific risk. Warriedar’s diversified asset base supports long-term growth and positions the company to create value in a shifting global economy, appealing to investors seeking both defensive strength and exposure to future-facing minerals.
Strategically Positioned for Low-Cost, Near-Term Development
Warriedar Resources is well-positioned for low-cost, near-term development, supported by existing infrastructure in Tier-1 jurisdictions. At Golden Range, a CIL plant requiring minimal refurbishment offers a fast, capital-efficient path to production. Granted mining leases and haul roads further reduce risk. In Nevada, Big Springs benefits from proximity to First Majestic’s Jerritt Canyon, enabling access to skilled labour and services, enhancing execution potential and accelerating Warriedar’s transition to cash flow.
Stock Re-Rating Driven by Resource Growth and Antimony Discovery
Warriedar Resources (WA8) has revised its target price to $0.215, reflecting a Price/NAV multiple of 0.60x, following recent milestones and a resource portfolio reassessment. This re-rating reflects the maiden Antimony MRE at the Ricciardo deposit, confirming substantial antimony resources. It also factors in strong discovery potential across the Golden Range and Fields Finds Projects. Supported by a strengthened balance sheet and a focused exploration strategy led by Managing Director Dr. Amanda Buckingham, WA8 is well-positioned to advance exploration and deliver significant shareholder value.