WA1 Resources (WA1) 2025 Earnings Call Presentation

Project Overview - WA1 Resources Ltd owns 100% of the Luni niobium project, discovered in late 2022, with first ferroniobium sample produced in 2024 and an Indicated MRE reported mid-2025[6] - The company has A$73 million in cash to advance key project workstreams[6] - The project is advancing with mine design informed by the Indicated MRE, ongoing process testwork, environmental studies, and local engagement[62, 63] Resource Estimate - The Luni niobium deposit contains a total MRE of 220 Mt at 1.0% Nb2O5[18] - Within the total MRE, there is a substantial Indicated MRE of 73 Mt at 1.38% Nb2O5[18] - A high-grade subset within the Indicated MRE is 31 Mt at 2.31% Nb2O5, part of a total subset of 53 Mt at 2.2% Nb2O5[18] - 46% of the niobium contained within the Luni MRE is classified as Indicated[18, 66] Corporate Information - WA1 Resources Ltd's share price was A$16.40 as of August 4, 2025[11] - The company has 68.4 million shares on issue, resulting in a market capitalization of A$1,121 million[11] - The enterprise value of the company is A$1,048 million[11] Niobium Market - Global ferroniobium production is approximately 115ktpa with a price of approximately US$30,000/t[40] - Niobium oxide production is approximately 18ktpa with a price of approximately US$52,000/t of Nb2O5[51] - Ferroniobium is an alloy typically containing ~65% Nb and is primarily used in high-strength low-alloy steels[40]