WA1 Resources (ASX:WA1), Encounter Resources (ASX:ENR) and Fortuna Metals (ASX:FUN): Niobium and Rutile Drilling Results Reported on Wednesday

Sonal Goyal

28 October 2026 01:11 PM AEDT

WA1 Resources (ASX:WA1), Encounter Resources (ASX:ENR) and Fortuna Metals (ASX:FUN): Niobium and Rutile Drilling Results Reported on Wednesday

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Key Highlights

WA1 reported 21.4m at 7.4% Nb2O5 from 91.3m at Luni and held about $113 million in cash at 30 September 2026.
Encounter reported 9m at 5.6% Nb2O5 from 81m at Green and gold anomalism within niobium zones at Aileron.
Fortuna declared a 298Mt maiden rutile-graphite resource at Mkanda and later drilled 24m at 1.5% rutile at Mlongo.
The three companies reported on 28 October 2026 from the West Arunta in Western Australia and from Malawi.

WA1 Resources Ltd (ASX:WA1), Encounter Resources Limited (ASX:ENR) and Fortuna Metals Limited (ASX:FUN) each released drilling updates on 28 October 2026. WA1 and Encounter reported niobium results from adjacent projects in the West Arunta region of Western Australia, while Fortuna reported on a rutile and graphite project in Malawi. WA1 and Fortuna filed quarterly activities reports for the period ended 30 September 2026, and Encounter issued a drilling announcement for its Aileron Project.

WA1 Resources: Luni Niobium Drilling

WA1 ran two rigs at its 100%-owned Luni Niobium Project during the September 2026 quarter and has now completed about 93,000 metres of drilling there. Assays from 18 diamond holes included 21.4m at 7.4% Nb2O5 from 91.3m in LUDD-0162, 10.2m at 6.1% Nb2O5 from 40.3m in LUDD-0166 and 38.0m at 3.8% Nb2O5 from 72.0m in LUDD-0171. The resource stands at 220Mt at 1.0% Nb2O5, with an Indicated portion of 93Mt at 1.32%. The company held approximately $113 million in cash, spent $10,653,769 on exploration and evaluation, and reiterated that its Pre-Feasibility Study is scheduled for the fourth quarter of calendar 2026. The Luni airstrip was commissioned in July, and direct flights to site now operate. Key 2026 field activities are complete, and the diamond program has mainly tested the weathered zone of the Luni carbonatite on a 25m by 50m staggered grid, with deeper unweathered mineralisation left for later programs.

Encounter Resources: Green, Emily and Gold

Encounter drilled the Green and Emily deposits at its Aileron Project. Aircore hole EAL1491 returned 9m at 5.6% Nb2O5 from 81m within 25m at 3.3% Nb2O5, and EAL1483 returned 19m at 4.3% Nb2O5 from 55m within 49m at 2.3% Nb2O5. At Emily, the first diamond hole, EAL2220, extended weathered carbonatite by about 40m vertically and ended in primary mineralisation, with 45.8m at 0.7% Nb2O5 from 51.2m. Gold assays from a limited number of holes showed anomalism alongside niobium, including 2m at 1.1g/t Au and 2.8% Nb2O5 in EAL259. Re-assaying and mineralogical analysis of the gold have begun. The Aileron Inferred resource is 120Mt at 0.77% Nb2O5, including 26Mt at 1.7% Nb2O5. Green alone holds an Inferred 19Mt at 1.6% Nb2O5 at a 1.0% cut-off, and the earlier EAL1513 hole there returned 51m at 5.0% Nb2O5 from 63m. A significant number of diamond holes are with the laboratory.

Fortuna Metals: Mkanda Rutile and Graphite

Fortuna's maiden Inferred resource at Mkanda is 298Mt at 0.87% rutile and 1.19% total graphitic carbon at a 0.7% cut-off, containing 2.59Mt of rutile. It rests on hand auger drilling to an average depth of 8.4m. On 8 October 2026 the company reported its first aircore results from the Mlongo prospect, including 24m at 1.5% rutile and 7m at 2.27% rutile from 26m, with a peak of 3.43% rutile. A 7,618m aircore program is complete. Cash rose to $11.432 million from $5.234 million over the quarter. The project covers 658km2 across the Mkanda and Kampini tenements, about 20km south of Sovereign Metals' Kasiya project, and exploration spending for the period was $2,034,000. Rutile and graphite flotation test work and marketing discussions with downstream buyers are running alongside the drilling.

What the Three Updates Have in Common

All three companies reported drilling that reached below or beyond existing resource limits. WA1 added definition within the eastern zone of a 220Mt resource, Encounter extended Emily below its resource wireframe, and Fortuna drilled to an average of about 22m against the roughly 8m limit of its resource. Each also has assays still to come: diamond and gold re-assay results at Aileron, further aircore results at Mkanda, and the next resource update at Luni.

FAQs

Q: Which company reported the highest niobium grade over the longest interval?

A: WA1 reported 21.4m at 7.4% Nb2O5 in LUDD-0162 at Luni. Encounter reported 9m at 5.6% Nb2O5 within 25m at 3.3% Nb2O5 in EAL1491 at Green.

Q: What is the size of the Mkanda resource?

A: Fortuna's maiden Inferred resource is 298Mt at 0.87% rutile and 1.19% TGC at a 0.7% cut-off. It contains 2.59Mt of rutile.

Q: What gold did Encounter find at Aileron?

A: Gold anomalism was recorded within niobium zones at Green and Emily. One result was 2m at 1.1g/t Au and 2.8% Nb2O5 from 56m in EAL259.

Q: How much cash did WA1 and Fortuna hold?

A: WA1 held approximately $113 million at 30 September 2026. Fortuna held $11.432 million.

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