Luni Niobium Project’s Indicated Resource Grows to 93 Mt at 1.32% Nb2O5

Significant Resource Upgrade Positions Luni as Global Niobium Contender

WA1 Resources Ltd (ASX:WA1) has lifted the stakes at its Luni Niobium Project in Western Australia, with an updated Mineral Resource Estimate (MRE) that sees the Indicated resource swell to 93 million tonnes at 1.32% Nb2O5. This marks a methodical increase in confidence, with the total MRE now sitting at 220 million tonnes at 1.0% Nb2O5, including a high-grade subset of 35 million tonnes at 2.57% Nb2O5. The scale and grade position Luni as a world-class niobium deposit, rivaling some of the largest undeveloped deposits globally.

This resource upgrade builds on extensive drilling campaigns, with over 52,000 metres across 456 holes underpinning the estimate, and reflects WA1’s focused efforts to convert the Indicated zone towards an Ore Reserve. The company’s strong cash position of A$131 million as of March 2026 fuels these advancing workstreams, including mine design, permitting, and metallurgical testwork. The project’s Major Project Status, awarded by the Australian government in 2025, further underscores its strategic importance.

Metallurgical Progress Demonstrates Product Versatility

WA1’s metallurgical testwork has delivered encouraging results, successfully producing samples of both ferroniobium and niobium oxide from Luni’s concentrate. These products are critical in modern steelmaking and advanced industries such as aerospace and medical sectors. The testwork confirms the project’s amenability to conventional beneficiation and refining flowsheets similar to established operations, with locked cycle flotation tests achieving concentrate grades above 50% Nb2O5 and recoveries around 55-58%.

Ferroniobium, an alloy containing approximately 65% niobium, is the primary additive in high-strength low-alloy steels, which are increasingly demanded for their strength and efficiency. Niobium oxide, commanding a higher price point, is essential in various high-tech applications. WA1’s ability to produce both products offers strategic optionality to optimise development, offtake, and funding pathways.

Experienced Leadership and Institutional Backing

The company’s leadership team, including Managing Director Paul Savich and Project Director David English, brings extensive experience in mine permitting and development in Western Australia’s remote regions. The board and senior executives hold significant shareholdings, aligning their interests with those of shareholders.

Institutional investors Regal Partners, Helikon Investments, and Datt Capital collectively hold around 20% of WA1’s register, providing a stable foundation for the project’s advancement. This institutional confidence is reflected in the company’s market capitalisation of approximately A$1.04 billion and enterprise value of A$911 million.

Strategic Importance Amid Growing Niobium Demand

Niobium is a critical mineral with limited global supply, dominated by Brazil’s Araxá deposit operated by CBMM, which supplies about 80% of the world’s niobium. WA1’s Luni Project emerges as a rare Australian source with the potential to diversify supply chains amid geopolitical uncertainties and rising demand.

The steel industry’s ongoing optimisation increasingly relies on niobium microalloying to produce stronger, lighter, and more sustainable steels. WA1’s project taps into this trend, with ferroniobium demand growing by approximately 5,000 tonnes in 2024 and niobium oxide demand rising by 2,400 tonnes, driven by sectors including aerospace, defence, and medical technologies.

WA1 is advancing environmental studies, engineering, logistics, and community partnerships to underpin a low-carbon, socially responsible development. Early customer engagement and agreements with native title holders demonstrate progress on the social licence front.

Drilling and Development Activities to Continue

Following extensive drilling in 2025 to inform site design and resource confidence, WA1 is targeting a Measured resource classification in the project’s Eastern zone by late 2026. Hydrogeological studies, including bore installation and pump testing, support water management and environmental permitting.

Infrastructure works such as airstrip construction and transport corridor assessments are underway, alongside power and water studies exploring wind and solar options for a low-carbon footprint.

This update aligns with prior announcements detailing high-grade drilling success and a strong cash position, including the recent Indicated resource increase and high-grade drilling results that have shaped the current resource and development trajectory.