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WA1 Resources (WA1) investor relations material
WA1 Resources Q1 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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.
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