Wa1 Resources Ltd · ASX:WA1
Wa1 Resources — Investor Presentation (January 2026)
27 slides from Wa1 Resources's investor presentation, Jan 19, 2026
Slide 1: Luni Niobium Project Corporate Presentation
LUNI NIOBIUM PROJECT CORPORATE PRESENTATION JANUARY 2026 Nb
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: The Luni Niobium Project was discovered late 2022 and awarded Major Project Status
Nb The Luni Niobium Project was discovered late 2022 and was awarded Major Project Status by the Australian government in 2025 100% owned by WA1 A$155M in cash to advance key Project workstreams Strong share register of long-term institutional investors Board of directors have significant shareholdi
Slide 4: Corporate Snapshot
CORPORATE SNAPSHOT CAPITAL STRUCTURE BOARD OF DIRECTORS Share price (15 January 2026) A$18.78 Kathleen Bozanic Non-Executive Chair Shares on issue 74.3M Paul Savich Managing Director Performance rights 0.5M Tom Lyons Executive Director Market capitalisation (undiluted) A$1.39B Lee Bowers Non-Executi
Slide 5: Luni Niobium Project
LUNI NIOBIUM PROJECT 1 Since 2023, over 85,000m of drilling at the project has largely focused on defining the shallow, oxide- enriched blanket of high-grade niobium mineralisation overlying the carbonatite plug Resource definition drilling has resulted in a substantial Indicated Mineral Resourc
Slide 6: Luni Mineral Resource Estimate
LUNI MINERAL RESOURCE ESTIMATE1 The Luni Niobium Project now contains a substantial Indicated MRE: 73 Mt at 1.38% Nb2O5 within a total MRE of 220 Mt at 1.0% Nb2O5 200 46% of contained The Indicated MRE contains a high-grade subset of: 73 Mt niobium classified at 1.38% as Indicated 31 Mt at 2
Slide 7: 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 The carbonatite complex is circular in shape with an average grade of 2.5% Nb2O5 within its shallow high-grade enriched bla
Slide 8: Niobium Industry Process Flowsheets
NIOBIUM INDUSTRY PROCESS FLOWSHEETS The three existing niobium mines follow a similar flowsheet to produce a ferroniobium end-product for direct use in the steelmaking process WA1 is testing a conventional flowsheet utilising similar steps to the three existing mines 1 2 3 REFINING CONVERSION TO
Slide 9: Proof of Concept Ferroniobium Testwork
PROOF OF CONCEPT FERRONIOBIUM TESTWORK1 1 2 3 CONVERSION TO REFINING BENEFICIATION FERRONIOBIUM (Hydrometallurgy) (Pyrometallurgy) Crushing, Grinding and Conversion Vessel Calcining LUNI Desliming (Aluminothermic Reaction) MINERALISATION Phosphate Flotation HCl Wash (Stage 1) Niobium Flotation (Stag
Slide 10: Product Mix Enables Opportunity
PRODUCT MIX ENABLES OPPORTUNITY1 CONVERSION TO REFINING TO REFINING BENEFICIATION FERRONIOBIUM NIOBIUM OXIDE (Hydrometallurgy) (Pyrometallurgy) (Hydrometallurgy) Crushing, Grinding and Conversion Vessel Calcining HF Leach LUNI Desliming (Aluminothermic Reaction) MINERALISATION Phosphate Flotation HC
Slide 11: 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 Niobium production (FeNb eq. ktpa) Products: FeNb Nb2O5 100 75 Two producers dominate global Products: FeNb 50 niobium output Products: FeNb 25 - 1964 1969 1974 1979 1984 1989 199
Slide 12: The Only Replacement for Steel is Better Steel
THE ONLY REPLACEMENT FOR STEEL IS BETTER STEEL Steel will not become obsolete, it will continue to be optimised. With niobium, it is future ready. 12 | Refer to appendices for full list of references
Slide 13: Modern Steelmaking Demands More Ferroniobium
MODERN STEELMAKING DEMANDS MORE FERRONIOBIUM NIOBIUM DEMAND BY TYPE1 Global ferroniobium production is currently ~115ktpa with a price of ~US$30,000/t1 Ferroniobium (FeNb) is an alloy typically containing ~65% Nb Ferroniobium is primarily utilised as a micro-alloy in high- strength low-alloy s
Slide 14: Niobium in Modern Steelmaking
NIOBIUM IN MODERN STEELMAKING Ferroniobium is a micro-alloy which is added to steel in quantities as low as 0.02% Nb1 Eiffel Tower3 – France (1889) Used 7kt of wrought iron Niobium is the most efficient micro-alloy for grain refinement Could be built using 2kt of niobium-alloyed steel It refin
Slide 15: A Critical Mineral Supplied by Few, Demanded by Many
A CRITICAL MINERAL SUPPLIED BY FEW DEMANDED BY MANY Niobium supply1 Niobium demand1 Niobium listed as critical2 CANADA 8% EUROPE 20% NORTH AMERICA 17% JAPAN Favourable market CHINA 9% dynamics amplified by 37% current geopolitical climate 11% SOUTH KOREA 6% EU Critical Mineral Rankings - 20233 BRAZI
Slide 16: Niobium Oxide: Growing Demand, Strategic Value
NIOBIUM OXIDE: GROWING DEMAND, STRATEGIC VALUE1 NIOBIUM DEMAND BY TYPE Niobium oxide production is currently ~18ktpa with a price of ~US$52,000/t of Nb2O5 NIOBIUM OXIDE Niobium oxide is a critical material and essential across a 12% variety of industries including the defence, aerospace and medi
Slide 17: 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 Indicated MRE informing mine Ongoing testwork to refine process Targeted surveys and design and ongoing pre- flowsheet development across the studies to support formal development activi
Slide 18: Indicated MRE Supporting Mine Design
INDICATED MRE SUPPORTING MINE DESIGN1 46% of the niobium contained within the Luni MRE is in the Indicated category 73 Mt The Indicated MRE is being utilised to inform mine design and at 1.38% development studies, and is split between two key zones providing 70 optionality for scheduling and min
Slide 19: Initial Beneficiation Variability Testwork
INITIAL BENEFICIATION VARIABILITY TESTWORK1 Three drillhole composite Excellent beneficiation testwork results on an initial three 100 drillhole variability composite sample covering 400m extent 90 Results demonstrate the flotation regime can treat a wider portion of mineralisation Composite loc
Slide 20: Drilling to Support Development
DRILLING TO SUPPORT DEVELOPMENT1 Drilling was completed in 2025 across a broad area to inform site design and development envelopes Hydrogeological bore installation and pump testing was completed in 2025 to inform water studies and modelling Resource definition drilling has been primarily foc
Slide 21: Key Pre-Development Site Works
KEY PRE-DEVELOPMENT SITE WORKS 21 |
Slide 22: Airstrip Construction in Progress
AIRSTRIP CONSTRUCTION IN PROGRESS 22 |
Slide 23: Caring for Country
CARING FOR COUNTRY On-country studies in partnership with local ranger groups 23 |
Slide 24: WA1 in the Community
WA1 IN THE COMMUNITY Creating opportunities in Australia's most remote communities 2025 DMPE Community Partnership Award 24 |
Slide 25: An Essential Critical Mineral Project for the Constrained High-Value Niobium Market
AN ESSENTIAL CRITICAL MINERAL PROJECT FOR THE CONSTRAINED HIGH-VALUE NIOBIUM MARKET Investors Media Paul Savich Michael Vaughan Managing Director Fivemark Partners WA1 Resources Ltd E: psavich@wa1.com.au E: michael.vaughan@fivemark.com.au Lvl 2, 437 Roberts Road T: +61 8 6478 7866 T: +61 422 602 720
Slide 26: Appendix A - References and Notes
APPENDIX A - REFERENCES AND NOTES SLIDE 3 1. For full details refer to ASX announcement dated 28 August 2023 1. Cash balance as at 30 September 2025 2. Internal company estimated production figures adapted from: Project Blue, USGS Annual Production Reports, IAMGOLD 2. For full details refer to WA1 w
Slide 27: Appendix B – Mineral Resource & Competent Person Statements
APPENDIX B – MINERAL RESOURCE & COMPETENT PERSON STATEMENTS Tonnes Nb₂O₅ Nb₂O₅ (%) P₂O₅ (%) P₂O₅ (kt) (Mt) (kt) Indicated 73 1.38 1,000 11.3 8,200 Inferred 150 0.8 1,200 9.9 15,000 Total 220 1.0 2,200 10.3 23,000 1. Mineral Resources are classified and reported in accordance with JORC Code (2012). C