Wa1 Resources Ltd · ASX:WA1
Wa1 Resources — Diggers & Dealers Mining Forum 2026
36 slides from Wa1 Resources's conference presentation, Aug 5, 2026
Slide 1: Luni Niobium Project
For personal use only LUNI NIOBIUM PROJECT DIGGERS & DEALERS MINING FORUM AUGUST 2026 Image: Ferroniobium from Luni
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: Corporate Snapshot
CORPORATE SNAPSHOT CAPITAL STRUCTURE RESEARCH COVERAGE Share price (4 August 2026) A$11.56 For personal use only Shares on issue 74.3M Performance rights 0.5M Market capitalisation (undiluted) A$859M Cash1 A$124M Enterprise value A$735M BOARD REGISTER COMPOSITION Kathleen Bozanic Paul Savich Tom Lyo
Slide 4: Luni Niobium Project
LUNI NIOBIUM PROJECT The Luni Niobium Project is the highest quality undeveloped For personal use only niobium deposit globally and was awarded Major Project Status by the Australian government in 2025 100% owned by WA1 A$124M in cash to advance key Project workstreams High-quality share register of
Slide 5: Delivering on Our Strategy
DELIVERING ON OUR STRATEGY SYSTEMATICALLY UNLOCKING PROJECT VALUE For personal use only TIER-1 NIOBIUM CONVENTIONAL PERMITTING IMPORTANT SYSTEMATICALLY DE-RISKING DEPOSIT PROCESSING ADVANTAGE CRITICAL MINERAL DEVELOPMENT SOLUTION The world’s highest Significantly de- A proven Western A critical mine
Slide 6: 1. Resource
For personal use only 1. Resource
Slide 7: 2026 Luni Mineral Resource Estimate
2026 LUNI MINERAL RESOURCE ESTIMATE¹ • 2026 Mineral Resource estimate (MRE) significantly increased the Indicated resource, providing a higher-confidence foundation for Project development 200 For personal use only • Luni now contains a substantial Indicated MRE: • 93 Mt at 1.32% Nb2O5 within a tota
Slide 8: 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 9: Infill Drilling to Increase Definition of the Focus Area
For personal use only INFILL DRILLING TO INCREASE DEFINITION OF THE FOCUS AREA FOR POTENTIAL EARLY YEARS OF MINING Image Location 9
Slide 10: 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 11: 2. Metallurgy
For personal use only 2. Metallurgy
Slide 12: Niobium Industry Process Flowsheets
NIOBIUM INDUSTRY PROCESS FLOWSHEETS • The three existing niobium mines follow a similar process flowsheet to produce a FeNb end-product for direct use in the steelmaking process For personal use only • Enabled by a rare combination of favourable mineralogical characteristics and metallurgical perfor
Slide 13: Proof of Concept Ferroniobium Testwork
PROOF OF CONCEPT FERRONIOBIUM TESTWORK 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 Ferroniob
Slide 14: Extensive Beneficiation Testwork Completed
EXTENSIVE BENEFICIATION TESTWORK COMPLETED¹ DEPOSIT WIDE TWO-STAGE FLOTATION SCALED TO 20KG BULK CYCLES USING RAW LUNI SITE WATER TO REPLICATE REAL-WORLD PROCESSING CONDITIONS Composite A Composite B Composite C Composite D All Composites For personal use only PRIMARY FOCUS Ongoing optimisation Ongo
Slide 15: Product Mix Enables Opportunity
PRODUCT MIX ENABLES OPPORTUNITY 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 P
Slide 16: 3. Pre-Development
For personal use only 3. Pre-Development
Slide 17: WA1 in the Community
WA1 IN THE COMMUNITY For personal use only CREATING ON-COUNTRY OPPORTUNITIES IN AUSTRALIA’S MOST REMOTE COMMUNITIES 2025 DMPE Community Partnership Award 17
Slide 18: WA1 on Country
WA1 ON COUNTRY For personal use only WATER SUMP FOR LONG-TERM PUMP TESTING ON-COUNTRY SURVEYING WITH LOCAL TO INFORM HYDROGEOLOGICAL ACTIVITIES RANGER GROUPS 18
Slide 19: Key Site Works
KEY SITE WORKS For personal use only LUNI AIRSTRIP TRIPLE ROAD TRAIN UNLOADING AT LUNI 19
Slide 20: 4. Niobium Market
For personal use only 4. Niobium Market
Slide 21: A Critical Mineral Supplied by Few, Demanded by Many
A CRITICAL MINERAL SUPPLIED BY FEW DEMANDED BY MANY For personal use only CANADA 7% 2025 Niobium supply1 EUROPE 18% 2025 Niobium demand1 Niobium listed as critical2 NORTH Favourable market AMERICA 14% JAPAN 6% CHINA dynamics amplified by 45% current geopolitical climate SOUTH 12% KOREA 9% EU Critica
Slide 22: Niobium: Critical Mineral Blindspot
NIOBIUM: CRITICAL MINERAL One of the few critical BLINDSPOT1 minerals dominated by non-Chinese producers For personal use only A long-standing supply risk Listed as critical since lists first published: 15 yrs 7 yrs since 2011 since 2019 EUROPEAN AUSTRALIA3 UNION 2 8 yrs since 2018 UNITED STATES4 Lu
Slide 23: Modern Steelmaking Demands More Ferroniobium
MODERN STEELMAKING DEMANDS MORE FERRONIOBIUM • Global FeNb production is currently ~118ktpa with a price of Key ferroniobium markets ~US$33,000/t1 by demand2 For personal use only • FeNb is primarily utilised as a micro-alloy in high-strength low-alloy steels Structural Automotive • Steel alloyed wi
Slide 24: Demand Driven by Higher Intensity
DEMAND DRIVEN BY HIGHER INTENSITY “Although global steel production remained 160 2,000 stable, we increased by 6.8% ferroniobium sales to the steel industry, our core business.” For personal use only Ferroniobium Production (LHS) 1,800 – CBMM 2025 Sustainability Report3 140 Steel Production (RHS) +1
Slide 25: Niobium Oxide: Growing Demand, Strategic Value
NIOBIUM OXIDE: GROWING DEMAND, STRATEGIC VALUE¹ • Niobium oxide production is currently ~18ktpa with a price of NIOBIUM OXIDE ~US$55,000/t of Nb2O5 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 26: Niobium Powering the Modern World
NIOBIUM POWERING THE MODERN WORLD FROM NICHE METAL TO ESSENTIAL MATERIAL IN 70 YEARS MRI machines Buildings and Aerospace Transformers Jets smart glass and energy For personal use only Pipelines Wind Elevators Bridges turbines Charging stations Cameras Stainless steel Solar panels Containers Nuclear
Slide 27: From Emerging to Essential in Years
FROM EMERGING TO ESSENTIAL IN 60 YEARS RESOURCE GRADE OF KEY NIOBIUM PRODUCERS1 (Nb2O5) KEY NIOBIUM PRODUCTION2 125 2.5% Niobium production (FeNb eq. ktpa) For personal use only Products: FeNb Nb2O5 100 75 Two producers dominate global Products: FeNb 50 niobium output Products: FeNb 25 - 1.0% 1965 1
Slide 28: Installed Market Capacity
INSTALLED MARKET CAPACITY • “Through our strategy of anticipating demand, we maintain a production capacity that exceeds global consumption, ensuring a stable and reliable supply” – CBMM 2025 Sustainability Report2 For personal use only • Future demand growth continues to put increased global relian
Slide 29: 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 73% 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 30: Luni Niobium Project
LUNI NIOBIUM PROJECT A globally significant critical minerals opportunity, bringing For personal use only together scale, grade, metallurgy, jurisdiction and timing 100% WA1-owned, with over $120 million already invested to define, test and de-risk Luni ahead of the PFS in Q4 CY2026 A project with t
Slide 31: An Essential Critical Mineral Project for the High-Value Niobium Market
For personal use only Image: WA1 first plane landed at the Luni airstrip 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.c
Slide 32: Appendix A – References and Notes
APPENDIX A – REFERENCES AND NOTES SLIDE 4 3. Australian Critical Mineral List 2019, retrieved from: <https://www.industry.gov.au/sites/default/files/2019-10/outlook-for- 1. Cash balance as at 30 June 2026 select-critical-minerals-in-australia-2019-report.pdf> on 3/4/2026 2. For full details refer to
Slide 33: 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 34: 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 35: Appendix C – Reserves of Undeveloped 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 36: Appendix C – Reporting Standards and References
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