WA1 Resources (WA1) H2 2026 earnings summary

Executive summary

• Advanced and de-risked the Luni Niobium Project, with a focus on technical, social, and pre-development activities, including updated Mineral Resource estimates and significant progress in metallurgical testwork and infrastructure development.

• Luni awarded Major Project Status by the Australian Government, highlighting its national significance and potential to diversify global niobium supply.

• Strengthened balance sheet through a $100 million institutional placement, supporting ongoing studies, permitting, and infrastructure.

Financial highlights

• Net loss after tax for FY26 was $3,888,329, an improvement from FY25's $4,801,980 loss, reflecting operating costs, non-cash share-based payments, and impairment of non-core assets.

• $34.7 million in exploration expenditure capitalised (FY25: $29.5 million).

• Cash and cash equivalents at year-end: $123.8 million (FY25: $72.8 million).

• No dividends declared or paid.

Outlook and guidance

• Pre-Feasibility Study for Luni targeted for completion in Q4 CY2026.

• Priorities include progressing approvals, stakeholder engagement, and defining the optimal development pathway for Luni.