WA1 Resources has reported a significant milestone in its Luni Niobium Project with successful proof-of-concept niobium oxide refining testwork yielding a premium 96.8% Nb2O5 sample. The company also secured $100 million in a recent placement, bolstering its cash reserves to approximately $155 million.
- Proof-of-concept niobium oxide refining testwork achieved 96.8% Nb2O5 grade
- Ongoing metallurgical and drilling programs support updated Mineral Resource estimate for 2026
- Pre-development site works commenced, including airstrip construction
- Completion of $100 million placement at $17 per share
- Kathleen Bozanic appointed as Non-Executive Chair
Luni Niobium Project Advances with High-Grade Testwork
WA1 Resources Ltd (ASX, WA1) has made notable progress in its flagship Luni Niobium Project, located in Western Australia’s West Arunta region. The company announced successful proof-of-concept metallurgical testwork that produced a niobium oxide sample grading an impressive 96.8% Nb2O5 with a 91% recovery rate from unrefined concentrate. This breakthrough underscores the amenability of Luni’s mineralisation to generate high-value niobium products, which are critical for specialty applications such as vacuum-grade alloys, superalloys, and battery materials.
Alongside this, WA1 continues to refine its ferroniobium production process, with recent testwork confirming product quality within standard grade specifications. Although current recovery rates in conversion testwork stand at 78%, the company anticipates improvements through scale-up and optimisation efforts.
Resource Expansion and Pre-Development Momentum
Supporting these metallurgical advances, WA1 has maintained an active drilling campaign with three rigs operating to expand and infill the mineral resource. The updated Mineral Resource estimate, expected in 2026, currently stands at 220 million tonnes at 1.0% Nb2O5, including a high-grade subset of 53 million tonnes at 2.2% Nb2O5. This positions Luni as one of the world’s most significant niobium discoveries in recent decades.
Pre-development activities have also accelerated, with site clearing underway to facilitate construction of an airstrip. This infrastructure is expected to enhance operational efficiency and safety by improving access to the remote project site. Concurrently, WA1 is advancing environmental, cultural heritage, and hydrogeological studies in close collaboration with Traditional Owner groups and local communities, reflecting a commitment to responsible development.
Strong Financial Position and Leadership Update
On the corporate front, WA1 completed a $100 million placement at $17 per share, significantly strengthening its balance sheet to approximately $155 million in cash as of 30 September 2025. This capital injection provides a robust funding platform to support ongoing exploration, metallurgical testwork, and pre-development activities.
Leadership changes include the appointment of Ms Kathleen Bozanic as Non-Executive Chair, succeeding Mr Gary Lethridge who retired in July 2025. This transition signals continuity and renewed governance focus as WA1 advances its strategic objectives.
Looking Ahead
WA1’s comprehensive approach, combining metallurgical innovation, resource expansion, infrastructure development, and strong financial backing, positions the Luni Niobium Project for a pivotal phase of growth. The company’s next major milestone will be the updated Mineral Resource estimate in 2026, which will provide further clarity on the project’s scale and economic potential.
Bottom Line?
With high-grade niobium oxide testwork and a fortified balance sheet, WA1 is poised to unlock Luni’s full potential amid growing global demand for strategic metals.
Questions in the middle?
- How will WA1 optimise niobium recovery rates in scale-up metallurgical testwork?
- What timeline is anticipated for the completion of key pre-development infrastructure like the airstrip?
- How might evolving market demand for niobium products influence WA1’s product mix strategy?