WA1 Resources has ended FY26 with a larger, higher-confidence Luni niobium resource, encouraging processing results and A$123.8 million in cash. The project now moves towards a targeted Q4 CY2026 Pre-Feasibility Study, with permitting, funding and commercial viability still ahead.
- 220Mt resource at 1.0% Nb₂O₅
- 93Mt Indicated resource at 1.32% Nb₂O₅
- 56Mt high-grade subset at 2.3% Nb₂O₅
- A$123.8m cash after A$100m placement
- Pre-Feasibility Study targeted for Q4 CY2026
WA1 Resources Ltd (ASX:WA1) is taking its Luni niobium project into the more demanding part of the development journey: turning a large resource and promising laboratory results into a credible project case. The company finished FY26 with A$123.8 million in cash, a 220 million tonne Mineral Resource Estimate grading 1.0% Nb₂O₅ and a targeted Q4 CY2026 deadline for its Pre-Feasibility Study.
Luni resource gains confidence
The May 2026 resource update retained Luni’s global scale while increasing the Indicated component by 20Mt to 93Mt at 1.32% Nb₂O₅. WA1 says 57% of the deposit’s contained niobium is now classified as Indicated, giving the company a more developed base for mine planning and study work. A 56Mt high-grade subset grades 2.3% Nb₂O₅, including 35Mt at 2.57% in the Indicated category.
Those figures remain resource estimates, not an Ore Reserve or a production forecast. The estimate covers weathered material and excludes fresh material at depth, as well as lateral extensions identified beyond the current resource footprint. That leaves potential upside in the geology, but also means the economic case still depends on further technical definition, mine planning and approvals.
Metallurgy points to product flexibility
WA1’s processing work has produced niobium concentrates, niobium oxide and ferroniobium using conventional flowsheets. Across four composites representing Indicated resource zones, the weighted average result was a 44% Nb₂O₅ concentrate at 54% overall recovery. The key Composite A area, which is being considered for the early years of mining, delivered a 46% concentrate at 67% recovery.
The company also reported proof-of-concept niobium oxide grading 96.8% Nb₂O₅, with 91% recovery from concentrate, and ferroniobium containing 64.58% niobium at 78% recovery. The oxide and ferroniobium work was conducted at bench or proof-of-concept scale, so the results support further flowsheet development rather than establishing commercial performance. WA1 says ferroniobium remains the primary focus for the initial development case.
Funding supports the next study cycle
The balance sheet gives WA1 room to keep moving. The company raised A$100 million before costs through an institutional placement at A$17 per share, ending the year with A$123.8 million in cash. It spent A$34.5 million on exploration and evaluation assets during the year, while operating cash outflow was comparatively modest at A$1.7 million, helped by A$4.6 million in interest income.
WA1 remains loss-making, reporting an A$3.9 million net loss for FY26, although that was narrower than the A$4.8 million loss in FY25. The annual report says existing funding is sufficient for current objectives but also acknowledges that additional funding will be required for future activities. That distinction matters: the cash pile can fund the next phase, but not necessarily the full construction of a mine.
Infrastructure and approvals remain decisive
Work during the year included hydrogeological, geotechnical, environmental, heritage and engineering programs, alongside completion and commissioning of an airstrip at Luni. The project also holds Australian Government Major Project Status, while WA1 continues engagement with the Ngururrpa and Kiwirrkurra People and has negotiation protocols with relevant Traditional Owner corporations.
The next hard test is the Pre-Feasibility Study, targeted for the December quarter of 2026. Its conclusions should give the market a clearer view of mining scale, processing design, infrastructure needs, capital intensity and timing. Until then, Luni has a substantial resource and encouraging testwork, but its investment case still rests on the conversion of those ingredients into an economic, permitted and financeable development.
Bottom Line?
WA1 has funded the next leg of Luni’s development, but the Q4 CY2026 Pre-Feasibility Study must show whether resource scale and metallurgical promise can translate into a viable project.
Questions in the middle?
- Will the Pre-Feasibility Study convert Luni’s resource and testwork results into a credible mine and processing plan?
- How will further beneficiation and downstream testing change expected recoveries, product specifications and capital requirements?
- When will approvals, Traditional Owner agreements and future funding needs become clearer?