WA1 Resources (WA1) Diggers & Dealers Mining Forum 2025 summary

Market overview and strategic context

• Global niobium supply is highly concentrated, with 74% from a single Brazilian mine and no domestic supply in China, which accounts for 37% of demand.

• Niobium is a high-value critical mineral, selling for $30,000/ton as ferroniobium, mainly used in steelmaking to enhance strength and reduce material use.

• Demand for ferroniobium has grown over 300% in 20 years, with continued growth expected due to shifts in steel production methods.

• Niobium oxide, used in superalloys and high-tech applications, saw 15% growth last year and commands a price of $52,000/t, with demand rising in aerospace, defence, and medical sectors.

• Niobium is listed as a critical mineral in major jurisdictions, with supply risk amplified by geopolitical factors.

Project development and resource update

• Luni deposit contains an Indicated MRE of 73 Mt at 1.38% Nb2O5, within a total MRE of 220 Mt at 1.0% Nb2O5, including a high-grade subset of 31 Mt at 2.31% Nb2O5.

• 46% of contained niobium is classified as Indicated, supporting mine design and development studies.

• Drilling and pre-development activities are progressing efficiently, with three rigs on site and ongoing conversion of Indicated to Measured resources.

• Processing test work has successfully produced ferroniobium and high-purity niobium oxide, confirming the project's strategic value.

• Ongoing hydrogeological drilling, site upgrades, and engineering studies support finalizing mine design and environmental documentation.

Sustainability, community, and corporate progress

• Environmental surveys and data capture are prioritized, with partnerships supporting conservation and heritage protection.

• Community initiatives include training, internships, skills development for traditional owners, and negotiation protocols with native title holders.

• Board and executive team have been strengthened, with significant shareholdings aligning interests with shareholders.

• The project is well funded with $73M cash as of June 2025 and an expanding institutional investor base in North America and Australia.

• All project components are advancing efficiently, with permitting and stakeholder engagement influencing the development timeline.