WA1 Resources has bolstered its Luni Niobium Project’s Indicated Mineral Resource by 20 million tonnes and reported promising beneficiation testwork, setting the stage for its Pre-Feasibility Study due in Q4 2026.
- Indicated resource at Luni grows to 93Mt at 1.32% Nb2O5
- High-grade subset reaches 35Mt at 2.57% Nb2O5
- Beneficiation testwork achieves 46% concentrate grade at 67% recovery for key zone
- Luni airstrip completed, enhancing site access
- Cash balance stands at approximately $124 million
Significant Resource Upgrade Reaffirms Luni’s Global Standing
WA1 Resources Ltd (ASX:WA1) has reinforced the Luni Niobium Project’s status as a world-class critical mineral deposit with an updated Mineral Resource Estimate (MRE) revealing 220 million tonnes at 1.0% Nb2O5. Notably, the Indicated resource component has expanded by 20 million tonnes to 93 million tonnes grading 1.32% Nb2O5, including a high-grade subset of 35 million tonnes at 2.57% Nb2O5. This upgrade confirms Luni as the most significant niobium discovery globally in over seven decades.
The resource remains constrained to weathered domains, excluding fresh material at depth and lateral extensions identified by aircore drilling last year due to sample quality issues. These areas represent potential upside for future resource expansion pending further drilling and evaluation. The mineralisation spans 3.7 kilometres east-west and 1.4 kilometres north-south, with average thicknesses around 30 metres and depths reaching 190 metres below surface.
Beneficiation Testwork Highlights Processing Potential
Complementing the resource upgrade, WA1 reported encouraging results from scaled-up beneficiation testwork focused on a two-stage flotation process. Composite samples representing key zones within the Indicated resource yielded a weighted average concentrate grade of 44% Nb2O5 at 54% recovery. The standout was Composite A, sourced from the eastern zone earmarked for early mining, which delivered 46% Nb2O5 concentrate grade at a notably higher 67% recovery.
This improved recovery marks a significant advance over previous testwork and underpins confidence in the deposit’s amenability to conventional niobium processing flowsheets. The company continues to optimise beneficiation and downstream refining steps, aiming to enhance concentrate quality and recovery further.
Infrastructure Progress and Pre-Feasibility Study Timeline
Infrastructure development at Luni also made strides with the completion and commissioning of a new airstrip during the quarter, facilitating safer and more efficient site access. The inaugural flight in July underscores the project’s advancing readiness for pre-development activities.
WA1 is progressing multiple integrated workstreams, with the Pre-Feasibility Study (PFS) on track for delivery in the fourth quarter of calendar year 2026. The PFS will incorporate the updated resource and metallurgical data, providing a comprehensive assessment of the project’s economic and technical viability.
Corporate Position and Exploration Outlook
At quarter-end, WA1 held approximately $124 million in cash, supporting ongoing exploration, evaluation, and development activities. The company incurred $5.3 million in exploration and evaluation expenses and $2.1 million in development costs during the period.
Beyond Luni, WA1 maintains a broad portfolio of exploration licences across Western Australia and the Northern Territory but did not conduct on-ground exploration this quarter. Efforts focused on data compilation and stakeholder engagement to facilitate future work programs.
Bottom Line?
With a strengthened resource base and promising metallurgical progress, WA1 is poised to deliver its Pre-Feasibility Study later this year, though the exclusion of fresh and lateral mineralisation leaves room for future resource growth.
Questions in the middle?
- How will further drilling impact the inclusion of fresh and lateral mineralisation in the resource estimate?
- What metallurgical optimisations can improve recovery rates beyond the current 67% for early mining zones?
- How will the PFS address infrastructure and processing challenges specific to the Luni deposit’s scale and grade?