Highlights

  • WA1 Resources shares rose 6.20% to AUD 16.09 on 27 April 2026 following its quarterly update.
  • High-grade niobium drill results continued within and beyond the existing resource envelope at Luni.
  • Mineralisation extended over 400 metres east of the current Mineral Resource Estimate (MRE).
  • Updated MRE is expected in the June 2026 quarter with all data inputs now received.
  • Favourable cash position of approximately $131 million supports ongoing development and exploration.

WA1 Resources Ltd (ASX:WA1) shares advanced 6.20% to AUD 16.09 during the afternoon session on 27 April 2026, following the release of its quarterly activities report for the period ended 31 March 2026. The stock has also gained 33.75% over the past year, with the latest update outlining continued drilling progress, extensions to mineralisation and ongoing development activities at its flagship Luni Niobium Project.

WA1 Resources Ltd is an exploration and development company focused on identifying and advancing mineral assets in underexplored regions of Australia. The company is part of the S&P/ASX 300 and is headquartered in Perth, Western Australia. Its primary focus remains the Luni Niobium Project, located within the broader West Arunta region, approximately 590 kilometres west of Alice Springs. The company aims to progress high-quality assets through exploration and development while maintaining engagement with local communities and stakeholders.

Luni Project Drilling Continues to Deliver High-Grade Intersections

During the quarter, WA1 reported multiple high-grade niobium intersections from infill drilling within the existing Indicated Mineral Resource Estimate (MRE) envelope at Luni. These results included intercepts such as 25.3 metres at 3.0% Nb2O5 from 42.0 metres (LUDD-0156), 12.4 metres at 6.1% Nb2O5 from 46.7 metres (LUDD-0159), 16.0 metres at 5.6% Nb2O5 from 62.0 metres (LUDD-0181), and 9.4 metres at 9.3% Nb2O5 from 44.6 metres (LUDD-0182).

Additional drilling adjacent to the western portion of the existing MRE envelope provided further results that support the potential to convert mineralisation into higher confidence categories. These included intersections such as 6.5 metres at 6.6% Nb2O5 from 56.5 metres (LUDD-0219), 93.1 metres at 2.1% Nb2O5 from 67.8 metres (LUDD-0225), and 12.7 metres at 5.0% Nb2O5 from 41.4 metres (LUDD-0231).

The company noted that these results contribute to strengthening confidence in the geometry, continuity and grade of niobium mineralisation within the deposit, forming a key input for the upcoming resource update.

Mineralisation Extends Beyond Current Resource Envelope

Exploration drilling to the east of the Luni deposit also identified extensions to mineralisation beyond the current MRE boundary. Assay results indicated that mineralisation extends over 400 metres east of the existing envelope.

Key results from this area included 28 metres at 2.5% Nb2O5 from 32 metres (LUAC-0188), including 17 metres at 3.8% Nb2O5, and 29 metres at 1.4% Nb2O5 from 103 metres (LUAC-0190), including 14 metres at 2.5% Nb2O5.

These findings suggest the presence of additional mineralised zones associated with parallel carbonatite structures, which are interpreted to extend from the main deposit. The mineralisation encountered is largely sub-horizontal and associated with weathered carbonatite zones, with further potential identified in deeper, unweathered zones that are yet to be fully tested.

Resource Update and Development Studies Progressing

WA1 confirmed that all necessary data inputs have now been received for an updated Mineral Resource Estimate, which is expected to be delivered in the June 2026 quarter. The updated MRE is anticipated to incorporate the latest drilling results and target increased confidence levels, particularly within high-grade inferred zones.

During the quarter, activities were focused on integrated desktop studies utilising the extensive data collected to date. These studies are supporting key project workstreams, including development planning, permitting and approvals processes.

Drilling activities, which paused in late December 2025, resumed in January 2026. However, rainfall during the quarter delayed certain site works and the commencement of new drilling campaigns. The company indicated that drilling is expected to recommence in the coming weeks, with a focus on metallurgical testing, resource definition and geotechnical studies.

Broader Project Portfolio and Exploration Activities

Beyond the Luni Project, WA1 continues to hold a significant portfolio of exploration licences across the West Arunta region and the broader Arunta Orogen, spanning Western Australia and the Northern Territory.

During the quarter, the company undertook desktop reviews and compilation work across its tenement package to support future targeting and exploration planning. This process also involved stakeholder engagement to facilitate land access, as well as rationalisation of certain tenements and submission of new applications.

At the Madura Project, located approximately 430 kilometres east of Kalgoorlie, WA1 continued engagement with stakeholders regarding land access. No on-ground exploration activities were conducted at either the West Arunta or Madura projects during the quarter.

The company also indicated that while its primary focus remains on advancing existing projects, it continues to evaluate opportunities to enhance its exploration portfolio through new project generation initiatives.

Financial Position and Expenditure Overview

WA1 reported a cash balance of approximately $131 million as at 31 March 2026, providing funding support for its ongoing exploration and development activities.

During the quarter, the company incurred exploration and evaluation expenditure of $5,665,150, which related to field activities, technical studies and consulting services. In addition, $2,050,264 was allocated to development-related activities, reflecting ongoing pre-development work at site.

Payments to related parties during the quarter totalled $355,750, comprising director fees, salaries and superannuation of $331,750, along with $24,000 paid to Fivemark Capital Pty Ltd for investor relations and advisory services.

Community Engagement and Site Development Activities

WA1 continued to advance site-related initiatives at Luni, including construction activities associated with an airstrip. The company also maintained work experience programs for Traditional Owners, aimed at strengthening engagement with local communities and supporting future collaborative initiatives.

Insights gained from these programs are intended to contribute to long-term project development and community participation.

What This Means for Investors?

The latest quarterly update from WA1 Resources outlines continued progress at the Luni Niobium Project, including high-grade drilling results, extensions to mineralisation and advancement toward an updated Mineral Resource Estimate.

The extension of mineralisation beyond the existing resource boundary and the ongoing infill drilling results provide additional data to support the upcoming MRE update. At the same time, the company’s favourable cash position enables continued investment in exploration and development activities.

While some operational delays were noted due to rainfall, the overall update reflects ongoing project advancement, which appears to have supported the share price movement during the session.