WA1 Resources Ltd (ASX:WA1) Reports 38m at 3.8% Nb2O5 at Luni as Cash Holds Near $113M

Sonal Goyal

28 October 2026 01:11 PM AEDT

WA1 Resources Ltd (ASX:WA1) Reports 38m at 3.8% Nb2O5 at Luni as Cash Holds Near $113M

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Key Highlights

Assays from resource definition drilling at Luni included 21.4m at 7.4% Nb2O5 from 91.3m in LUDD-0162 and 38.0m at 3.8% Nb2O5 from 72.0m in LUDD-0171.
About 93,000m of drilling has been completed at Luni, with two rigs operating during the September 2026 quarter.
The Luni Mineral Resource stands at 220Mt at 1.0% Nb2O5, including an Indicated component of 93Mt at 1.32% Nb2O5.
Cash at 30 September 2026 was approximately $113 million, and the Pre-Feasibility Study remains scheduled for Q4 CY2026.

WA1 Resources Ltd (ASX:WA1) used the September 2026 quarter to continue resource definition drilling at its 100%-owned Luni Niobium Project in Western Australia, about 590km west of Alice Springs. The company reported assays from 18 diamond drillholes, commissioned an airstrip at site and ended the period with approximately $113 million in cash. Its Pre-Feasibility Study (PFS) for Luni is on track for completion in the fourth quarter of calendar 2026.

Drilling Results From the Eastern Zone at Luni

Two drill rigs operated at Luni through the quarter, taking cumulative drilling at the project to roughly 93,000 metres. The program has collected geological, metallurgical, geotechnical and hydrogeological information needed for resource definition and development studies. Most holes were drilled on a staggered 25m by 50m grid within the eastern Indicated zone of the resource.

Reported intercepts included 7.3m at 2.9% Nb2O5 from 44.7m and 13.0m at 3.2% Nb2O5 from 56.0m in LUDD-0155, 26.8m at 2.5% Nb2O5 from 33.3m in LUDD-0160, and 19.8m at 2.7% Nb2O5 from 50.5m in LUDD-0161. The highest grade came from LUDD-0162, which returned 21.4m at 7.4% Nb2O5 from 91.3m, while LUDD-0166 recorded 10.2m at 6.1% Nb2O5 from 40.3m. LUDD-0171 returned 38.0m at 3.8% Nb2O5 from 72.0m, and LUDD-0208 intersected 20.1m at 3.8% Nb2O5 from 34.6m.

The company said the intercepts add definition to the focus area for potential early years of mining, the same area where beneficiation testwork has recently returned favourable results. The data are expected to feed the next resource update and could support conversion of a large part of the high-grade zone to the Measured category. Drilling so far has concentrated on the weathered zone of the Luni carbonatite, while the deeper unweathered primary mineralisation is planned to be tested in later programs.

Resource Base and PFS Workstreams

The Luni Mineral Resource estimate, with an effective date of 13 May 2026 and reported under the JORC Code (2012), totals 220Mt at 1.0% Nb2O5 for 2,200kt of contained Nb2O5. The Indicated portion comprises 93Mt at 1.32% Nb2O5 for 1,230kt, and within it sits a high-grade subset of 35Mt at 2.57% Nb2O5. The Inferred portion is 130Mt at 0.7% Nb2O5 for 940kt.

Integrated study workstreams for the PFS continued during the quarter. Metallurgical testwork results from the eastern focus area are being used in mine planning, process design, downstream refining and conversion, and product development. Environmental and permitting work also progressed toward the approvals needed for development. Key 2026 field activities are now complete, and WA1 said it collected data in volumes beyond what the PFS requires. Planning for 2027 field programs is under way, with details to be set after the PFS is finished.

Airstrip, Exploration Tenure and Spending

The Luni airstrip was commissioned in July, and direct flights to site are now operating. The company described it as infrastructure that improves the safety and efficiency of mobilising personnel for exploration and pre-development activities.

Elsewhere, no on-ground exploration took place at the West Arunta tenure or the Madura Project, where desktop data review and land-access engagement continued.

WA1 incurred $10,653,769 on exploration and evaluation activities in the quarter, covering field work, studies and consultants, and a further $464,322 on development activities tied to pre-development site works. Payments to related parties totalled $818,030, up from $355,750 in the June quarter, with the increase reflecting FY26 short-term incentive payments to the Managing Director and an Executive Director. The 2026 Annual Report was released on 18 September 2026.

Where the Quarter Leaves WA1

WA1 closed the September quarter with about 93,000m of drilling at Luni, a 220Mt niobium resource, completed field programs for 2026 and cash of approximately $113 million. The PFS remains scheduled for the fourth quarter of calendar 2026, with the latest drill assays focused on the eastern zone where early mining is envisaged.

FAQs

Q: What was the best drill result WA1 reported at Luni this quarter?

A: LUDD-0162 returned 21.4m at 7.4% Nb2O5 from 91.3m, the highest-grade interval among the reported holes. LUDD-0166 followed with 10.2m at 6.1% Nb2O5 from 40.3m.

Q: What is the current Luni Mineral Resource?

A: The estimate is 220Mt at 1.0% Nb2O5, containing 2,200kt of Nb2O5. The Indicated component is 93Mt at 1.32% Nb2O5, including a high-grade subset of 35Mt at 2.57% Nb2O5.

Q: How much cash did WA1 hold at 30 September 2026?

A: The company held approximately $113 million in cash at quarter-end. It spent $10,653,769 on exploration and evaluation and $464,322 on development activities during the period.

Q: When is the Luni Pre-Feasibility Study due?

A: The PFS is scheduled for completion in the fourth quarter of calendar 2026. Planning for 2027 field programs will be refined once the study is complete.

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