Wa1 Resources Ltd · ASX:WA1
Wa1 Resources — Canaccord Genuity Global Metals & Mining Conference 2026
30 slides from Wa1 Resources's conference presentation, May 20, 2026
Slide 1: Luni Niobium Project: A World-Class Niobium Deposit
LUNI NIOBIUM PROJECT A WORLD-CLASS NIOBIUM DEPOSIT For personal use only 500m Canaccord Genuity - Global Metals & Mining Conference Nb May 2026 Image: Luni MRE (oblique looking NNW) with Indicated (colour) and Inferred MRE (greyscale)
Slide 2: Important Notices and Disclaimer
IMPORTANT NOTICES AND DISCLAIMER Nature of Document: This presentation has been prepared and issued by WA1 Resources Not an offer: This presentation and its contents are not an invitation, offer, solicitation or Ltd (WA1, the Company) to provide general information about the Company. The recommendat
Slide 3: Luni Niobium Project
LUNI NIOBIUM PROJECT The Luni Niobium Project was discovered in 2022 For personal use only and was awarded Major Project Status by the Australian government in 2025 100% owned by WA1 A$131M in cash to advance key Project workstreams High-quality share register of long-term institutional investors Bo
Slide 4: Corporate Snapshot
CORPORATE SNAPSHOT CAPITAL STRUCTURE REGISTER COMPOSITION Share price (19 May 2026) A$14.04 For personal use only Shares on issue 74.3M Board and Management 18% Niobium Holdings Pty Ltd Performance rights 0.5M 25% Institutions Market capitalisation (undiluted) A$1.04B HNW & Other Investors 11% Cash
Slide 5: Evolution of the Luni Resource
EVOLUTION OF THE LUNI RESOURCE¹ • Updated 2026 Mineral Resource estimate (MRE) represents another 2025 methodical increase in resource confidence 150Mt at 0.8% For personal use only • Western Indicated zone was the primary focus of the MRE update • The Indicated MRE has grown to: 45% of the containe
Slide 6: Luni MRE – Grade-Tonnage Curve
LUNI MRE – GRADE-TONNAGE CURVE¹ At 0.25% cut-off grade At 1.0% cut-off grade Deposit scale provides 220 Mt 56 Mt strategic optionality For personal use only 1.0% Nb₂O₅ avg grade 2.3% Nb₂O₅ avg grade 250 5.00 200 4.00 Grade (Nb2O5 %) Tonnage (Mt) 150 3.00 100 2.00 50 1.00 - - - 0.25 0.50 0.75 1.00 1.
Slide 7: Indicated Luni MRE
INDICATED LUNI MRE¹ Advancing key workstreams to support conversion of the Indicated zone to an Ore Reserve For personal use only 93 Mt 100 at 1.32% 75 Mineral Resource estimate (Mt) LUNI MRE OBLIQUE SLICE WE (LOOKING NNW, EXCL. OVERLYING TRANSPORTED COVER) 1,230 kt contained 50 Nb2O5 35 Mt at 2.57%
Slide 8: A Once in a Generation Niobium Resource
A ONCE IN A GENERATION NIOBIUM RESOURCE MINERAL RESOURCE ESTIMATES OF UNDEVELOPED NIOBIUM DEPOSITS1 2.5% For personal use only Luni - High-Grade 2.0% Average grade (Nb2O5 %) 1.5% Mount Weld 1.0% Luni Aileron James Bay Araxa (SGQ) Panda Hill 0.5% Brockman Dubbo Martinson Elk Creek Aley Kanyika Tardif
Slide 9: CBMM's Araxá Deposit
CBMM’S ARAXÁ DEPOSIT The Araxá niobium deposit was discovered in 1953 and is in the state of Minas Gerais, Brazil1 Araxá supplies approximately 80% of the world's niobium For personal use only The carbonatite complex is circular in shape with an average grade of 2.5% Nb2O5 within its shallow h
Slide 10: Niobium Industry Process Flowsheets
NIOBIUM INDUSTRY PROCESS FLOWSHEETS • The three existing niobium mines follow a similar flowsheet to produce a FeNb end-product for direct use in the steelmaking process For personal use only • WA1 is optimising a conventional flowsheet utilising similar steps to the three existing mines 2. REFINING
Slide 11: Proof of Concept Ferroniobium Testwork
PROOF OF CONCEPT FERRONIOBIUM TESTWORK¹ 3. CONVERSION TO 2. REFINING 1. BENEFICIATION FERRONIOBIUM (Hydrometallurgy) (Pyrometallurgy) For personal use only Crushing, Grinding and Conversion Vessel Calcining Desliming (Aluminothermic Reaction) LUNI MINERALISATION Phosphate Flotation HCl Wash (Stage 1
Slide 12: Product Mix Enables Opportunity
PRODUCT MIX ENABLES OPPORTUNITY¹ CONVERSION TO REFINING TO REFINING BENEFICIATION FERRONIOBIUM NIOBIUM OXIDE (Hydrometallurgy) (Pyrometallurgy) (Hydrometallurgy) For personal use only Crushing, Grinding and Conversion Vessel Calcining HF Leach Desliming (Aluminothermic Reaction) LUNI MINERALISATION
Slide 13: Initial Beneficiation Variability Testwork
INITIAL BENEFICIATION VARIABILITY TESTWORK¹ THREE DRILLHOLE COMPOSITE 100 • Excellent beneficiation testwork results on an initial three drillhole variability composite sample covering 400m extent For personal use only 90 • Results demonstrate the flotation regime can treat a wider Composite locked
Slide 14: From Emerging to Essential in Years
FROM EMERGING TO ESSENTIAL IN 60 YEARS RESOURCE GRADE OF KEY NIOBIUM PRODUCERS1 (Nb2O5) KEY NIOBIUM PRODUCTION2 2.5% 125 For personal use only Niobium production (FeNb eq. ktpa) Products: FeNb Nb2O5 100 Two producers 75 dominate global Products: FeNb niobium output 50 Products: FeNb 25 - 1.0% 1964 1
Slide 15: Installed Market Capacity
INSTALLED MARKET CAPACITY • Supported by the scale and quality of the Araxá deposit, CBMM maintains excess installed capacity to respond to shifts in global niobium demand For personal use only • Disciplined utilisation of installed capacity enhances market stability • Future demand growth continues
Slide 16: The Only Replacement for Steel Is Better Steel
THE ONLY REPLACEMENT FOR STEEL IS BETTER STEEL For personal use only Steel will not become obsolete, it will continue to be optimised. With niobium, it is future ready. One World Trade Centre used advanced high strength, low alloy structural steels which are typically enabled by niobium microalloyin
Slide 17: Modern Steelmaking Demands More Ferroniobium
MODERN STEELMAKING Key ferroniobium markets DEMANDS MORE (by demand2) FERRONIOBIUM Structural 47% For personal use only • Global FeNb production is currently ~115ktpa with a price of ~US$37,000/t1 NIOBIUM Automotive • FeNb is an alloy typically OXIDE containing ~65% Nb 12% 28% • FeNb is primarily ut
Slide 18: Niobium in Modern Steelmaking
NIOBIUM IN MODERN Eiffel Tower3 – France (1889) STEELMAKING Used 7kt of wrought iron Could be built using 2kt of • FeNb is a micro-alloy which is added to steel niobium-alloyed steel in quantities as low as 0.02% Nb1 For personal use only • Niobium is the most efficient micro-alloy for grain refinem
Slide 19: A Critical Mineral Supplied by Few, Demanded by Many
A CRITICAL MINERAL SUPPLIED BY FEW DEMANDED BY MANY For personal use only CANADA 8% Niobium supply1 EUROPE Niobium demand1 20% Niobium listed as critical2 NORTH AMERICA 17% JAPAN Favourable market CHINA 9% dynamics amplified by 37% current geopolitical climate 11% SOUTH KOREA 6% EU Critical Mineral
Slide 20: Niobium Oxide: Growing Demand, Strategic Value
NIOBIUM OXIDE: GROWING DEMAND, STRATEGIC VALUE¹ • Niobium oxide production is currently ~18ktpa with a price of NIOBIUM ~US$47,000/t of Nb2O5 OXIDE For personal use only 12% • Niobium oxide is a critical material and essential across a variety of industries including the defence, aerospace and medic
Slide 21: Developing One of Australia's Most Strategic Critical Mineral Projects
DEVELOPING ONE OF AUSTRALIA’S MOST STRATEGIC CRITICAL MINERAL PROJECTS Mine Design Process Testwork Environmental For personal use only Updated MRE to inform mine Ongoing testwork to refine process Targeted surveys and design and ongoing pre- flowsheet development across the studies to support forma
Slide 22: Drilling to Support Development
DRILLING TO SUPPORT DEVELOPMENT¹ • Drilling completed in 2025 was across a broad area • Resource definition drilling has been primarily to inform site design and development envelopes focused on increasing confidence in niobium mineralisation captured within the current MRE For personal use only • H
Slide 23: Key Site Works
KEY SITE WORKS For personal use only Ongoing construction of the airstrip at Luni Water sump for long-term pump testing to inform hyrogeological activities 23
Slide 24: WA1 in the Community
WA1 IN THE COMMUNITY PARTNERING WITH LOCAL GROUPS TO CREATE ON-COUNTRY OPPORTUNITIES IN AUSTRALIA’S MOST REMOTE COMMUNITIES For personal use only 2025 DMPE Community Partnership Award 24
Slide 25: An Essential Critical Mineral Project for the High-Value Niobium Market
For personal use only AN ESSENTIAL CRITICAL MINERAL PROJECT FOR THE HIGH-VALUE NIOBIUM MARKET Investors Media WA1 Resources Ltd Paul Savich Michael Vaughan Lvl 2, 437 Roberts Road Managing Director Fivemark Partners Subiaco, WA 6008 E: psavich@wa1.com.au E: michael.vaughan@fivemark.com.au T: +61 8 6
Slide 26: Appendix A - References and Notes
APPENDIX A - REFERENCES AND NOTES SLIDE 3 SLIDE 13 1. Cash balance as at 31 March 2026 1. For full details refer to ASX announcement dated 9 December 2024 2. For full details refer to WA1 website and previous ASX announcements SLIDE 14 SLIDE 5 Note: All information derived from Project Blue unless o
Slide 27: Appendix B – Mineral Resource & Competent Person Statements
APPENDIX B – MINERAL RESOURCE & COMPETENT PERSON STATEMENTS Tonnes (Mt) Nb₂O₅ (%) Nb₂O₅ (kt) For personal use only Indicated 93 1.32 1,230 Inferred 130 0.7 940 Total 220 1.0 2,200 1. Mineral Resources are classified and reported in accordance with the JORC Code (2012). Competent Person Statements: 2
Slide 28: Appendix C – Resources and Reserves of Other Niobium Deposits
APPENDIX C – RESOURCES AND RESERVES OF OTHER NIOBIUM DEPOSITS RESOURCES OF UNDEVELOPED NIOBIUM DEPOSITS Total Measured Indicated Inferred For personal use only Deposit Owner Country Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained (mt) (% Nb2O5) (kt Nb2O5)
Slide 29: Appendix C – Resources and Reserves of Other Niobium Deposits
APPENDIX C – RESOURCES AND RESERVES OF OTHER NIOBIUM DEPOSITS RESERVES OF UNDEVELOPED NIOBIUM DEPOSITS Total Proven Probable For personal use only Deposit Owner Country Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained (mt) (% Nb2O5) (kt Nb2O5) (mt) (% Nb2O5) (kt Nb2O5) (mt) (% Nb
Slide 30: Appendix C – Resources and Reserves of Other Niobium Deposits
APPENDIX C – RESOURCES AND RESERVES OF OTHER NIOBIUM DEPOSITS For personal use only Reporting Deposit Owner Country Reference Standard Mount Weld Lynas Rare Earths Australia JORC https://wcsecure.weblink.com.au/pdf/LYC/02985262.pdf Kanyika Globe Metals & Mining Malawi JORC https://company-announceme
WA1 Resources — Canaccord Genuity Global Metals & Mining Conference 2026 on 6ix