WA1 Resources (WA1) Q4 2026 TU earnings summary

Executive summary

• Advanced the Luni Niobium Project with structured de-risking and updated Mineral Resource Estimate (MRE), confirming its global significance.

• Expanded Indicated MRE by 20 Mt to 93 Mt at 1.32% Nb2O5, with a high-grade subset of 35 Mt at 2.57% Nb2O5.

• 57% of contained niobium now classified as Indicated, with ongoing drilling expected to further increase confidence and resource size.

• Beneficiation testwork demonstrated scalable two-stage flotation, producing high-quality concentrates with up to 67% recovery in key zones.

• Pre-Feasibility Study (PFS) for Luni on track for completion in Q4 CY2026.

Financial highlights

• Cash balance of approximately $124 million as at 30 June 2026.

• Net cash used in operating activities for the quarter was $194,000; net cash used in investing activities was $7.78 million.

• Total expenditure on exploration and evaluation activities during the quarter was $5.32 million; development activities incurred $2.08 million.

• Estimated quarters of funding available is 24.2, indicating strong liquidity.

Outlook and guidance

• PFS for Luni expected to be completed in Q4 CY2026, with ongoing metallurgical and mining studies.

• Continued focus on exploration and pre-development at existing projects, with efforts to expand the exploration portfolio.