WA1 Resources (WA1) Investor Presentation summary

Project overview and resource highlights

• Luni niobium deposit in Western Australia is the most significant discovery since 1953, with 200 Mt at 1.0% Nb2O5 and a high-grade subset of 53 Mt at 2.1% Nb2O5, indicating potential for open pit mining.

• The deposit is 100% owned and located in a tier-1 mining jurisdiction, with rapid progression from discovery to high-grade concentrate in under two years.

• The global niobium market is highly concentrated, with over 80% of supply from Brazil's Araxá mine.

Metallurgy, processing, and testwork

• Initial beneficiation testwork produced a high-grade niobium concentrate at 67% Nb2O5 with 53% recovery from a 4.15% feed, using conventional flowsheet steps.

• Key minerals pyrochlore and columbite are effectively recovered through flotation, and further testwork is planned for ferroniobium conversion.

• Ongoing optimisation and variability testwork support flowsheet development, with bulk concentrate production and pilot-scale testing planned.

Market dynamics and strategic importance

• Niobium is classified as a critical mineral by major economies due to supply concentration, with demand driven by steel, batteries, and advanced technologies.

• Ferroniobium is the dominant product, selling for ~$30,000/t, with global production around 115ktpa; niobium oxide demand is rising, especially for batteries.

• Adding niobium to steel enables lighter, stronger components and significant cost and carbon savings in major infrastructure projects.