WA1 Resources (WA1) Q2 2026 TU earnings summary

Executive summary

• Received further high-grade assay results from infill and extensional drilling at the Luni Niobium Project, with intersections up to 30.0m at 9.8% Nb2O5 and 67.3m at 5.4% Nb2O5, extending mineralisation beyond the current resource envelope.

• Completed 35,000m of drilling in 2025 to inform an updated Mineral Resource Estimate (MRE) in 2026, focusing on high-grade zones.

• Major Project Status awarded by the Australian Federal Government, affirming national significance.

• Pre-development site works, including airstrip construction and hydrogeological studies, are ongoing.

Financial highlights

• Cash balance of approximately $138.5 million as at 31 December 2025.

• Quarterly expenses: $13.4 million for exploration and evaluation, $2.0 million for development activities.

• Net cash outflow from operating activities for the quarter was $0.54 million; net cash outflow from investing activities was $15.34 million.

• Raised $100 million from equity securities during the six-month period.

Outlook and guidance

• Updated MRE targeted for 2026, aiming for improved definition of high-grade zones.

• Continued focus on exploration, pre-development activities, and stakeholder engagement.

• Estimated 9.95 quarters of funding available at current expenditure rates.