WA1 Resources (WA1) Corporate Presentation summary

Project overview and resource highlights

• Luni niobium deposit discovered in 2022 in Western Australia, 100% owned, with $100M cash for project advancement.

• Inferred Mineral Resource: 200 Mt at 1.0% Nb2O5, including 53 Mt at 2.1% Nb2O5, indicating world-class scale and grade.

• Resource is shallow, starting 30–70m below surface, with an average thickness of 30m and defined to 190m depth.

• Deposit characteristics suggest potential for low-cost open pit mining, similar to Brazil's Araxá mine.

• Board and management have significant shareholdings and deep experience in the region.

Metallurgy, processing, and testwork

• Initial beneficiation testwork produced high-grade niobium concentrate (66.9% Nb2O5 at 53% recovery).

• Key niobium minerals, pyrochlore and columbite, are effectively recovered through flotation.

• Refining steps yield clean, high-grade concentrate using conventional methods.

• Ongoing testwork aims to optimise flowsheet and support conversion to commercial ferroniobium.

• Overall niobium recoveries at existing operations globally range from 30–70%.

Market dynamics and demand

• Over 80% of global niobium supply comes from Brazil's Araxá deposit; Luni is the most significant new discovery in 70+ years.

• Niobium is listed as a critical mineral in multiple jurisdictions due to supply concentration.

• Global ferroniobium production is ~115ktpa, selling for ~$30,000/t, with high-margin open pit cost profile.

• Demand is driven by steel, oil & gas, automotive, and high-tech sectors, with only 0.02% niobium needed for significant steel improvements.

• Niobium oxide demand is rising, especially for batteries, superconductors, and aerospace applications.