WA1 Resources (WA1) Diggers & Dealers Mining Conference summary

Project overview and discovery

• Luni niobium deposit in Western Australia, discovered in 2022, is 100% owned by WA1 Resources and is the most significant niobium discovery in over 70 years.

• The deposit is a carbonatite plug, similar to world-class systems like Araxá and Palabora.

• Initial inferred resource: 200 million tonnes at 1% niobium oxide, including 53 million tonnes at 2.1%, with mineralisation starting 30–70m below surface and defined to 190m depth.

• Project is supported by A$100M in cash, a strong institutional share register, and experienced management.

• Ongoing drilling, metallurgical testwork, environmental studies, and stakeholder engagement are advancing the project toward development.

Industry context and market analysis

• Only three niobium mines supply the global market, with 80% of output from CBMM's Araxá mine in Brazil; niobium is listed as a critical mineral in multiple jurisdictions.

• Niobium is critical for steelmaking, enabling stronger, lighter, and more weldable steel, with 88% of demand from ferroniobium used in pipelines, automotive, and structural applications.

• Demand for niobium has grown over 400% in 30 years, outpacing other critical minerals.

• Niobium oxide demand is rising, driven by batteries, superconductors, and aerospace, with rapid advancements in battery technology expected to boost demand.

• Strategic ownership transactions and supply concentration highlight the importance of new sources like Luni for market diversification.

Technical and operational highlights

• Over 250 drill holes have been completed, focusing on defining high-grade zones and increasing resource confidence.

• Initial flotation testwork has produced high-grade niobium concentrates (up to 61% Nb2O5 at 52% recovery), with ongoing optimisation.

• Deposit characteristics suggest potential for low-cost open pit mining, similar to Araxá.

• Process flowsheet development and variability testing are ongoing to demonstrate conventional processing viability.

• Multiple transport corridors, water sources, and renewable power options are under assessment to support future operations.