WA1 Resources (WA1) Corporate Presentation summary

Project overview and discovery

• Luni niobium deposit discovered in late 2022, with first ferroniobium sample produced in 2024; 100% project ownership and $86M cash to advance workstreams.

• Board and management have significant shareholdings and experience in mine development in Western Australia.

• The West Arunta Project is positioned as a once-in-a-generation niobium discovery.

Resource and geology

• Inferred Mineral Resource Estimate (MRE): 200 Mt at 1.0% Nb2O5, including a high-grade subset of 53 Mt at 2.1% Nb2O5.

• Drilling has defined a shallow, oxide-enriched blanket of high-grade niobium mineralisation, open at depth and amenable to open pit mining.

• Exceptionally high-grade zones include intersections such as 28.5m at 6.6% Nb2O5 and 42.0m at 3.9% Nb2O5.

Metallurgy and processing

• Proof-of-concept testwork produced ferroniobium using a conventional flowsheet, confirming amenability of Luni mineralisation.

• Initial beneficiation and refining testwork achieved high-grade niobium concentrate at industry-comparable recovery rates.

• First ferroniobium aluminothermic trial successfully produced a sample with 65.69% Nb and 24.29% Fe.

• Variability testwork demonstrated flotation regime can treat a wide portion of mineralisation, with concentrate grades up to 58% Nb2O5 at 53% recovery.