What kind of mast?
if it is aluminum then forget wax. Aluminum quickly oxidizes to a dull gray and then stops. Once it is oxidized, there is nothing else that can happen to the mast. The exception is dissimilar metal corrosion (SS to Al) which is an issue and can be mitigated by the use of coatings.For a wood mast then wax is right out as you really need a varnish to protect it properly.