WA1 Resources (WA1) H2 2024 earnings summary

Executive summary

• Achieved significant progress at the West Arunta Project, confirming the Luni niobium deposit as the most significant global niobium discovery in 70 years, with a maiden Inferred Mineral Resource Estimate (MRE) of 200 Mt at 1.0% Nb2O5, including a high-grade subset of 53 Mt at 2.1% Nb2O5.

• Advanced metallurgical testwork demonstrated Luni mineralisation is amenable to conventional niobium processing, with initial flotation results yielding high-grade concentrates and industry-comparable recoveries.

• Strengthened technical and marketing capabilities through key appointments and expanded internal and consultant teams.

• Raised $55 million in equity placements during the year, with a further $60 million post year-end, supporting ongoing exploration and pre-development activities.

Financial highlights

• Loss after income tax for FY24 was $3,542,318, compared to $2,219,836 in FY23, reflecting increased operating costs and non-cash share-based payments.

• $21,011,142 of exploration expenditure was capitalised, up from $5,990,144 in FY23.

• Cash and cash equivalents at 30 June 2024 were $46,937,788, up from $14,997,724 at 30 June 2023.

• Net assets increased to $72,008,450 from $22,564,331 year-over-year.

• No dividends declared or paid for the year.

Outlook and guidance

• Focus remains on advancing the Luni deposit through further drilling, resource updates, and metallurgical optimisation.

• Ongoing engagement with Traditional Owners and progression of pre-development activities, including negotiations for a Mining Agreement.

• Continued exploration at P2 carbonatite and Madura Project, with plans for further drilling and heritage surveys.