WA1 Resources (WA1) Q1 2026 TU earnings summary

Executive summary

• Proof-of-concept niobium oxide refining testwork achieved 96.8% Nb2O5 at 91% recovery, confirming Luni's mineralisation can produce high-value niobium products.

• Ongoing metallurgical studies demonstrated production of both niobium oxide and standard-grade ferroniobium, supporting product-mix optionality.

• Updated Mineral Resource Estimate (MRE) for Luni: 220Mt at 1.0% Nb2O5, with a high-grade subset of 53Mt at 2.2% Nb2O5, confirming Tier-1 scale and grade.

• Key pre-development site works commenced, including airstrip construction and water bore drilling to support project advancement.

• $100 million capital raised via placement, boosting cash balance to $154.6 million at quarter-end.

Financial highlights

• Cash balance at 30 September 2025: $154.6 million, up from $72.8 million in the previous quarter.

• $100 million raised from equity placement at $17 per share, with 5.9 million new shares issued.

• Quarterly expenditure: $10.15 million on exploration and evaluation, $0.74 million on development activities.

• Estimated 12.6 quarters of funding available at current expenditure rates.

Outlook and guidance

• Further update to the Luni MRE planned for 2026, supported by ongoing drilling and resource definition.

• Continued optimisation of niobium oxide and ferroniobium production processes to improve recoveries and product quality.

• Pre-development activities and environmental assessments progressing to de-risk the project and expedite permitting.