WA1 Resources (WA1) Q4 2025 TU earnings summary

Executive summary

• Updated Mineral Resource Estimate (MRE) for Luni niobium deposit completed, increasing total resource by 10% to 220 Mt at 1.0% Nb2O5, with significant upgrades in grade and confidence in high-grade zones.

• 46% of Luni's contained niobium now classified as Indicated, supporting development studies and future operational flexibility.

• Three drill rigs active at West Arunta Project, focusing on resource definition, metallurgy, hydrogeology, geotechnical, environmental, and heritage studies to de-risk and expedite permitting.

• Cash balance of approximately $73M at 30 June 2025, with ongoing focus on exploration and evaluation activities.

• Board and management changes include appointment of Kathleen Bozanic as Non-Executive Director & Chair and Elizabeth Maynard as General Counsel and Company Secretary.

Financial highlights

• Cash and cash equivalents at quarter-end were $72.8M, down from $82.0M in the previous quarter.

• Quarterly expenses totaled $10.0M, allocated to exploration and evaluation activities.

• No expenditure allocated to development activities during the quarter.

• Aggregate payments to related parties and associates for the quarter were $365,096.

• Estimated quarters of funding available is 6.5, based on current cash and outgoings.

Outlook and guidance

• Ongoing drilling and field activities are expected to further increase resource confidence and support mining studies.

• Focus remains on advancing exploration and pre-development at West Arunta, with additional drilling planned to test deeper mineralisation.

• Continued efforts to identify and assess modifications to the exploration portfolio.