WA1 RESOURCES LTD — AGM Information 2024

Nov 18, 2024

WEST ARUNTA PROJECT A ONCE IN A GENERATION NIOBIUM DISCOVERY

ANNUAL GENERAL MEETING

NOVEMBER 2024

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IMPORTANT NOTICES AND DISCLAIMER

Nature of Document: This presentation has been prepared and issued by WA1 Resources Ltd (WA1, the Company) to provide general information about the Company. The information in this document is in summary form and should not be relied upon as a complete and accurate representation of any matters that a reader should consider in evaluating the Company. While management has taken every effort to ensure the accuracy of the material in this presentation, the Company and its advisers have not verified the accuracy or completeness of the material contained in this presentation.

Forward-Looking Statements: This presentation contains forward-looking information about the Company and its operations. In certain cases, forward-looking information may be identified by such terms as "anticipates", "believes", “should”, "could", "estimates", “target”, “likely”, “plan”, "expects", "may", “intend”, "shall", "will", or "would". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements are subject to risk factors associated with the Company’s business, many of which are beyond the control of the Company. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements.

Disclaimer: No representation or warranty, express or implied, is made by the Company that the material contained in this presentation will be achieved or proved correct. Except for statutory liability which cannot be excluded, each of the Company, its directors, officers, employees, advisors and agents expressly disclaims any responsibility for the accuracy, fairness, sufficiency or completeness of the material contained in this presentation and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any effort or omission therefrom. The Company will not update or keep current the information contained in this presentation or to correct any inaccuracy or omission which may become apparent, or to furnish any person with any further information. Any opinions expressed in the presentation are subject to change without notice.

Not an offer: This presentation and its contents are not an invitation, offer, solicitation or recommendation with respect to the purchase or sale of any securities in the Company in any jurisdiction and must not be distributed, transmitted, or viewed by any person in any jurisdiction where the distribution, transmission or viewing of this document would be unlawful under the securities or other laws of that or any other jurisdiction. This presentation is not a prospectus or any other offering document under Australian law (and will not be lodged with the Australian Securities and Investments Commission) or any other law.

All currency amounts are in Australian dollars unless specified otherwise.

Not financial product advice: Neither the Company nor any of its related bodies corporate is licensed to provide financial product advice in respect of the Company's securities or any other financial products. You should not act and refrain from acting in reliance on this presentation. Nothing contained in this presentation constitutes investment, legal, tax or other advice. This presentation does not take into account the individual investment objectives, financial situation and particular needs of Company shareholders. Before making a decision to invest in the Company at any time, you should conduct, with the assistance of your broker or other financial or professional adviser, your own investigation in light of your particular investment needs, objectives and financial circumstances and perform your own analysis of the Company before making any investment decision.

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WEST ARUNTA PROJECT

Luni niobium deposit was discovered in 2022 and is located in Western Australia

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100% owned by WA1

A$94M in cash to advance key project workstreams

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Strong share register of long-term institutional investors

Experience permitting and developing mines in remote Western Australia

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Board of directors have significant shareholdings and are aligned to shareholder interests

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Luni niobium deposit
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WA1 TENURE MAP IN THE ARUNTA AND LUNI CARBONATITE PLAN VIEW WITH GREYSCALE GRAVITY (RESUC200M)

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Refer to appendices for full list of references

CORPORATE SNAPSHOT

CAPITAL STRUCTURE

CAPITAL STRUCTURE
SHARE PRICE (18 NOVEMBER 2024)	A$14.53
SHARES ON ISSUE	67.7M
OPTIONS1AND PERFORMANCE RIGHTS	1.0M
MARKET CAP (UNDILUTED)	A$984M
CASH2	A$94.5M
ENTERPRISE VALUE	A$889M

EXISTING REGISTER COMPOSITION

20% 21% BOARD AND MANAGEMENT TALI RESOURCES 13% INSTITUTIONS AND HNW INDIVIDUALS OTHER INVESTORS 46%

BOARD OF DIRECTORS

Gary Lethridge Non-Executive Chairperson

• Significant corporate experience from discovery to production

• Ex-Jubilee Mines and LionOre Mining executive

Tom Lyons

Executive Director

• International experience advancing projects from exploration to advanced studies and permitting

• Over 10 years of experience in the region

KEY PERSONNEL

David English, Project Director

Emma Gaunt, Head of Regulatory & Stakeholder Relations

Stephanie Wray, GM Exploration & Geology

Andrew Dunn, Geology Manager Richard Nash, Exploration Manager Paull Parker, Consultant Geologist

Paul Savich

Managing Director

• Diverse experience from project generation to FEED

• Previously at Metaliko/Echo ($4m Bronzewing acquisition, $300m takeover by Northern Star Resources)

Rhys Bradley

Non-Executive Director and Co. Sec

• Extensive capital markets experience and global investor relationships

• ESG and compliance professional currently CFO and Co. Sec. at Agrimin Ltd

Roy Gordon, Metallurgical Manager

Lahiru Basnayaka, Senior Metallurgist Clovis Sousa, Niobium Processing Advisor

Tom Hunter, GM Corporate & Finance Gustavo Macedo, Niobium Marketing Advisor

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1. Cash balance as at 30 September 2024

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1. Exercise price of $0.30 per share

LUNI MINERAL RESOURCE[1]

• Inferred Mineral Resource estimate (MRE) contains world-class grade and scale: ▪ 200 Mt @ 1.0% Nb2O5

• The MRE contains a significant high-grade subset of:

• 53 Mt at 2.1% Nb O 2 5

• Deposit characteristics indicate Luni may be amenable to open pit mining

• An enriched profile is currently being mined at the Araxá niobium mine in Brazil

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LUNI MRE 3D VIEW (LOOKING NNW, ALL ESTIMATED DOMAINS) AND RPEEE SHELL

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2.1%
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1.0%
53 Mt 200 Mt
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LUNI
LUNI
HIGH-GRADE
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LUNI INFERRED MRE AND HIGH-GRADE SUBSET (Nb2O5)

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Refer to appendices for full list of references

LUNI MINERAL RESOURCE[1]

• Drilling has focused on defining a shallow enriched blanket of high-grade niobium mineralisation

• Resource drilling has continued to better define high-grade zones to increase resource confidence

• The Mineral Resource commences between 30m and 70m below surface and has been defined to a maximum depth of 190m, with an average thickness of 30m

• Most significant niobium discovery in more than 70 years

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LUNI MRE LONG SECTION (LOOKING NNW, ALL ESTIMATED DOMAINS) AND RPEEE SHELL

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LUNI CARBONATITE SCHEMATIC[2]

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Refer to appendices for full list of references

East Infill

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Southern Infill

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NIOBIUM INDUSTRY PROCESS FLOWSHEETS[1]

• The three existing niobium mines follow a similar flowsheet to produce a ferroniobium end-product for direct use in the steelmaking process

• WA1 is testing a conventional flowsheet utilising similar steps to the three existing mines

• Differences in the mineralogy of the existing operations requires slight alterations to the flowsheet for optimisation

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1 2 3
REFINING CONVERSION TO
BENEFICIATION (Pyrometallurgy or FERRONIOBIUM
Hydrometallurgy) (Pyrometallurgy)
Crushing & Grinding
Desliming Calcining Electric Arc Furnace [5,8]
ARAXÁ GRADE Magnetic separation Two Stage Arc Furnace 55-60% (Aluminothermic reaction) [3]
~2.48% Nb2O53 Single Stage Flotation [2] Nb2O5
Overall niobium
Crushing & Grinding recoveries at
HCl Leaching
Desliming Conversion Vessel
NaOH Leaching existing operations
CATAL~1.01% Nb à O GRADE 2O56 Two Stage Flotation Magnetic separation [2] Calcining Nb55% 2O56 (Aluminothermic reaction) [3] vary between 30-70% [4]
Crushing & Grinding
HCl Leaching Conversion Vessel [4]
Desliming
ST HONORE GRADE Three Stage Flotation [7] Calcining 58% (Aluminothermic reaction) [3]
~0.41% Nb2O54 Nb2O5
Majority of recovery loss for the Typical FeNb end product
overall process incurred through contains ~65% Nb
desliming and flotation Typical combined recoveries over 95% in ‘Refining’ and ‘Conversion’
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SIMPLIFIED, ADAPTED PROCESS FLOWSHEETS FOR THE THREE EXISTING NIOBIUM OPERATIONS

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Refer to appendices for full list of references

INITIAL PROCESS TESTWORK RESULTS FOR LUNI[1]

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1 2 3
REFINING CONVERSION TO
BENEFICIATION (Pyrometallurgy or FERRONIOBIUM
Hydrometallurgy) (Pyrometallurgy)
Crushing and Grinding Calcining Future Testwork Programs
FEED GRADE
~4.15% NB2O5
HCl Leach
Desliming
(99.9% recovery)
Phosphate Flotation
Refined Concentrate
(Stage 1)
Niobium Flotation 53% Recovery & 67% Nb2O5
(Stage 2)
SIMPLIFIED LUNI LOCK CYCLE BENEFICIATION AND REFINING TESTWORK FLOWSHEET
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• Initial beneficiation testwork on sample material from a single drillhole, demonstrated a high-grade niobium concentrate can be produced at excellent recovery rates

	Nb2O5 %	Fe2O3 %	Ta %	SiO2 %	CaO %	Al2O3 %	P2O5 %	SrO %	U ppm	Th ppm	Pb %
Sample Feed2	4.15	6.29	0.1	22.6	30.8	3.56	24.9	1.55	87	84	<0.01
Lock Cycle Concentrate2	57.90	11.70	<0.1	1.90	6.83	1.02	4.51	6.45	161	326	0.06
Refined Concentrate3	**66.90 **	13.81	0.04	2.76	2.20	0.62	0.18	6.43	181	383	0.09

INITIAL PROCESS TESTWORK ANALYSES

• Key niobium minerals, pyrochlore and columbite, are both being collected through flotation

• Refining results demonstrate the ability to produce a clean, high-grade niobium concentrate using conventional refining steps with excellent recovery

• Results allow for progression to testing conversion to ferroniobium, along with expanding testwork within the key northeastern zone of the deposit

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Refer to appendices for full list of references

PRE-DEVELOPMENT ACTIVITIES

• Key infrastructure established to support ongoing exploration and pre-development activities

• Long lead time de-risking studies and activities are underway, including environment, community, hydrogeology, geotechnical, infrastructure and transport workstreams

• Drilling is ongoing at Luni to increase confidence in the initial MRE, provide sample for ongoing process testwork programs and for long lead de-risking activities

• Metallurgical testwork to date completed at Luni has been highly successful with planning underway to test conversion of the refined concentrate to meet the specifications of a commercial ferroniobium product

• Variability and optimisation testwork on the beneficiation stage is ongoing in the northeast zone of the deposit to support initial studies

• Other metallurgical testwork programs are ongoing, including:

• Mineralogy assessments

• Comminution, classification and desliming testwork

• Physical separation testwork to compliment beneficiation

• Geometallurgical modelling

• Bulk concentrate production for downstream testing

• Planning for the collection of bulk samples to support pilot-scale flowsheet testing

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Refer to forward looking statements and disclaimers

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Luni Camp Expansion 2024

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COMMUNITY & SUSTAINABILITY

• The West Arunta Project is located on the lands of two native title groups:

• Parna Ngururrpa (Luni niobium deposit, non-process infrastructure)

• Tjamu Tjamu (project access, NPI and transport corridor)

• Negotiation Protocols are in place with both native title groups providing a pathway for consultation for a mining operation

• WA1 has ongoing community benefit programs supporting local initiatives

• Fauna field studies were completed in May and further studies completed in September

• Flora field studies were completed in April with further studies completed in October

• By year end, detailed flora and fauna studies are anticipated to be completed with further targeted flora and fauna studies being planned for 2025

• A number of other ecological studies are being progressed in accordance with Government guidance and undertaken in partnership with the Ngururrpa and Kiwirrkurra Rangers

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Refer to forward looking statements and disclaimers

GLOBAL NIOBIUM SUPPLY

GLOBAL FERRONIOBIUM PRODUCTION[[2]]

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GRADE OF KEY NIOBIUM PRODUCERS [1] (Nb2O5) GLOBAL FERRONIOBIUM PRODUCTION [[2]]
2.5%
125,000
80%
GLOBAL SUPPLY 100,000
BY PRODUCER [3]
75,000
8%
11%
50,000
1.0% 25,000
-
1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020
0.4%
HISTORIC PRICING BY PRODUCT (US$/KG)
50
FERRONIOBIUM (65%)
45
CBMM CMOC NIOBEC NIOBIUM OXIDE
40
35
HIGH MARGIN PRODUCTION PROFILE:
30
US$10-12/KG FERRONIOBIUM OPEN PIT AND
25
<US$19/KG FERRONIOBIUM UNDERGROUND
20
OPERATING COSTS [3] Jan 18 Jan 19 Jan 20 Jan 21 Jan 22
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Ferroniobium production (tpa)
US$ per kilogram
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Refer to appendices for full list of references

NIOBIUM MARKET DISTRIBUTION

NIOBIUM MARK	NIOBIUM MARK	NIOBIUM MARK	T DISTRIBUTIO	T DISTRIBUTIO	T DISTRIBUTIO	T DISTRIBUTIO
FeNb supply1 FeNb demand2 Listed as critical3 WEST ARUNTA PROJECT EUROPE 20% 80% 11% BRAZIL 91% CANADA 8% NORTH AMERICA 18% CHINA 35% EU Critical Mineral Rankings - 20234 Supply Risk 1 HREE 2 Niobium 3 Magnesium 4 HREE Terbium 5 Phosphate Rock 6 Titanium Metal 7 PGM Ruthenium 8 HREE Lutetium 9 LREE Cerium 10 Silicon Metal US Critical Mineral List – 2022 review5 Quantitative Ranking 1 Gallium 2 Niobium 3 Cobalt 4 Neodymium 5 Ruthenium 6 Rhodium 7 Dysprosium 8 Aluminium 9 Fluorspar 10 Platinum Identified by many countries as a critical mineral due to supply concentration JAPAN S. KOREA 13% Diverse global customer base in developed jurisdictions					EUROPE 20% NADA 8%
	CANAD 8% NORTH AMERICA 18% many countries ineral due to i		CA		NAD 8%
EU Critical Mineral Rankings - 20234		US Critical Mineral List – 2022 review5
Supply Risk		Quantitative Ranking
1 HREE		1 Gallium
2 Niobium		2 Niobium
3 Magnesium		3 Cobalt
4 HREE Terbium		4 Neodymium
5 Phosphate Rock		5 Ruthenium
6 Titanium Metal		6 Rhodium
7 PGM Ruthenium		7 Dysprosium
8 HREE Lutetium		8 Aluminium
9 LREE Cerium		9 Fluorspar
10 Silicon Metal		10 Platinum
		15

Refer to appendices for full list of references

FERRONIOBIUM DEMAND

NIOBIUM DEMAND BY TYPE[[1]]

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NIOBIUM DEMAND BY TYPE [[1]]
OIL & GAS
STRUCTURAL
PIPELINES
FERRONIOBIUM
AUTOMOTIVE STAINLESS STEEL
KEY FERRONIOBIUM MARKETS
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- NIOBIUM + NIOBIUM
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IMPARTING STRENGTH, TOUGHNESS AND WELDABILITY THROUGH GRAIN REFINEMENT

GRAIN REFINEMENT: IMPACT ON MICROSTRUCTURE OF STEEL WITH NIOBIUM ADDITION[3]

• Global ferroniobium production is approximately 115ktpa and sells for ~US$30,000/t[1]

• Micro-alloyed steels using niobium increase the efficiency of the steel industry

• Strength improvements allow lighter, more efficient steel components

• Grain refinement decreases cracking, with only 0.02% niobium needed[2]

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- NIOBIUM
+ NIOBIUM
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IMPROVED FLAT SHEET FORMABILITY WITH NIOBIUM[3]

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Refer to appendices for full list of references

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130,000t total steel used in construction

Adding 0.02% Nb to steel componentry resulted in a total steel saving of 12,000t while improving build quality Utilised 40t of FeNb 65% costing US$1.2m[2] Saving 12,000t of steel valued at US$6m[2]

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9% less carbon consumed

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US$4.8m net cost reduction

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NIOBIUM OXIDE DEMAND

• Niobium oxide is predominately produced through additional treatment applied to refined ferroniobium[1]

NIOBIUM DEMAND BY TYPE[3]

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NIOBIUM OXIDE
12%
AEROSPACE SUPERCONDUCTORS
BATTERIES OPTICAL LENSES
ADVANCEMENTS IN TECHNOLOGY IS
ENABLED THROUGH THE USE OF
NIOBIUM OXIDE
MRI JETS
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• Key established and high-growth markets include[2] :

• Superconductive magnets and capacitors

• MRI equipment

• Optical lenses

• High temperature alloys used in aerospace and defence applications

• Rapid developments in battery technology are expected to significantly increase niobium oxide demand

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SPECIALTY NIOBIUM MARKETS
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Refer to appendices for full list of references

NIOBIUM OXIDE DEMAND – BATTERIES

NIOBIUM BATTERY TECHNOLOGY

NIOBIUM BATTERY LEADERS

• Up to 10x longer life than traditional batteries – significantly reducing e-waste[1,2]

• Ultra-fast charging – full charge in 6 minutes or less[2]

• Increased stability – up to 20,000 fast charge and discharge cycles without performance loss[2]

• Smaller batteries – lighter, more efficient vehicles

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• CBMM expects to increase their niobium oxide sales to 45ktpa by 2030[4]

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INCREASED
ELECTRONIC
CONDUCTIVITY
FAST
HIGHER VOLTAGE
CHARGING
OPERATION
GREATER
INCREASED
CHEMICAL
IONIC ACTIVITY
STABILITY
LOWER LOWER
MATERIALS OPERATING
COST NIOBIUM BENEFITS TEMPERATURE
FOR LITHIUM-ION
SAFER BATTERIES [2] HIGH ENERGY
DENSITY
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VW, CBMM, TOSHIBA, SOJITZ ELECTRIC BUS WITH NIOBIUM BASED ANODE , JUNE

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2024[3]

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Refer to appendices for full list of references

Nb Niobium 92.906

KEY PROJECT WORKSTREAMS

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41
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Drilling

Metallurgical, hydrogeological, infill and extensional drilling underway

Logistics

Multiple transport corridors and supply chain options are being assessed

Niobium Marketing

Niobium marketing advisor appointed with 20+ years experience at CBMM

Process Testwork

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Optimisation and variability testwork is ongoing to support flowsheet development

Power & Water

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Wind and solar data present a potential low carbon power solution[1] Detailed hydrogeological investigations and studies underway[1]

Local Engagement

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Negotiation protocol signed with two key native title holders[2]

Environmental

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Baseline surveys and studies underway

Engineering Studies

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Project design and engineering studies underway

Critical Mineral

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Favourable political sentiment both domestically and internationally

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Refer to appendices for full list of references Refer to forward looking statements and disclaimers

ADVANCING THE WEST ARUNTA PROJECT TO EFFICIENTLY UNLOCK STAKEHOLDER VALUE Near-term Deliverables

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P2 carbonatite
Ongoing flotation variability Pachpadra targets
testing across Luni
Arunta belt
Process flowsheet
development Madura project
INITIAL UPGRADE KEY FOCUSED
METALLURGICAL ZONES OF THE DEVELOPMENT ONGOING
LUNI MINERAL ADVANCEMENT
TESTWORK RESOURCE STUDIES AND EXLORATION &
RESOURCE OF PROCESS
RESULTS ESTIMATE APPROVALS TARGET
ESTIMATE FLOWSHEET
GENERATION
WEST ARUNTA PROJECT
Extensional and infill drilling Heritage and environmental
studies, and consultation with key
Increase confidence within key stakeholders
high-grade zones
Development activities to advance
permitting
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Refer to forward looking statements and disclaimers

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ADVANCING AN ESSENTIAL CRITICAL MINERAL PROJECT FOR THE CONSTRAINED, HIGH-VALUE NIOBIUM MARKET

Investors

Paul Savich

Managing Director

E: psavich@wa1.com.au T: +61 8 6478 7866

Product Marketing Gustavo Macedo

Niobium Marketing Advisor

E: gmacedo@wa1.com.au T: +61 8 6478 7866

Media Michael Vaughan Fivemark Partners

E: michael.vaughan@fivemark.com.au T: +61 422 602 720

WA1 Resources Ltd

Lvl 2, 55 Carrington Street, Nedlands, WA 6009

APPENDIX A - REFERENCES AND NOTES

SLIDE 3

1. For full details refer to WA1 website and previous ASX announcements

SLIDE 5

1. For full details refer to ASX announcement dated 1 July 2024

SLIDE 6

1. For full details refer to ASX announcement dated 1 July 2024

2. Adapted from Lynas Corporation Ltd- Investor Presentation January 2010

SLIDE 9

Internally generated schematic, simplified and adapted from the following sources:

1. Henrique. P: ‘Production of niobium: Overview of processes from the mine to products’ Journal of Mining and Metallurgy. (2022)

2. Gibson, C.E: ‘Niobium Oxide Mineral Flotation: A Review of Relevant Literature and the Current State of Industrial Operations’ International Journal of Mineral Processing. (2015)

3. Shikik. A: ‘A review on extractive metallurgy of tantalum and niobium’ Journal of Metallurgy. (2020)

4. IAMGOLD Corporation, NI 43-101 Technical Report, Update on Niobec Expansion. (2013)

5. CBMM Infographic, viewed at https://cbmm.com/assets/infographic/en/index.html on 13/2/2024

6. China Molybdenum Co., Ltd. ‘Major Transaction Acquisition of Angle America PLC’s Niobium and Phosphates Businesses’. (2016)

7. One of Niobec flotation steps is completed after HCl leaching

8. Does not include niobium pentoxide production steps, outputs or recoveries

9. For full details refer to ASX announcements dated 19 June and 7 October 2024

SLIDE 10

1. For full details refer to ASX announcements dated 19 June 2024 and 7 October 2024

2. For full details refer to ASX announcement dated 19 June 2024

3. For full details refer to ASX announcements dated 7 October 2024

SLIDE 14

Note: All information derived from Mordor Intelligence: Global Niobium Market Report 2023 unless otherwise referenced

1. For full details refer to ASX announcement dated 28 August 2023

2. Internal company estimated production figures adapted from: USGS Annual Production Reports, IAMGOLD Corporation Technical Reports, Angloamerican Annual Reports, CMOC Annual Reports, CBMM Annual Sustainability Reports, IBRAM December 2012 Report, National Department of Mineral Production of Brazil,

3. https://www.researchgate.net/publication/276106866_The_Evolution_of_the_Niobium_Production_in_Brazil viewed on 10/11/2023

4. NioBay Metals, Investors – Presentations, retrieved from http://niobaymetals.com/wp/wp-content/uploads/2021/05/202105_Niobay_Corporate_Presentation_.pdf on 25 October 2022

SLIDE 15

1. NioBay Metals, Investors – Presentations, retrieved from http://niobaymetals.com/wp/wp-content/uploads/2021/05/202105_Niobay_Corporate_Presentation_.pdf on 25/10/2022

2. Source: CBMM

3. Australian Critical Mineral List 2023

4. EU Critical Mineral List, retrieved from https://op.europa.eu/en/publication-detail/-/publication/57318397-fdd4-11ed-a05c01aa75ed71a1 on 24/10/2023

5. US Critical Mineral List, retrieved from https://apps.usgs.gov/minerals-information-archives/articles/usgs-critical-mineralsreview-2021.pdf on 24/10/2023

SLIDE 16

1. Mordor Intelligence, Global Niobium Market, 2022

2. Source: Niobium Tech presentation “Niobium solutions for a sustainable future” viewed at https://niobium.tech//media/NiobiumTech/Images/Images---Pages--HUB/Embaixada-Toquio/PDFs/Niobium-solutions-for-a-sustainablefuture---Niobium-technology-for-clean-energy.pdf on 19/7/2023

3. Images sourced from http://Niobium.Tech

SLIDE 17

1. Source: Niobium Tech presentation “Niobium solutions for a sustainable future” viewed at https://niobium.tech//media/NiobiumTech/Images/Images---Pages--HUB/Embaixada-Toquio/PDFs/Niobium-solutions-for-a-sustainablefuture---Niobium-technology-for-clean-energy.pdf on 19/7/2023

2. Assumes a US$500/t price of crude steel and $30/kg FeNb 65% price

SLIDE 18

1. Journal of Mining and Metallurgy viewed at http://scindeks-clanci.ceon.rs/data/pdf/1450-5959/2022/145059592201001D.pdf on 14/11/2023

2. Source: CBMM

3. Mordor Intelligence, Global Niobium Market, 2022

SLIDE 19

1. 1,500 charge cycle life of Tesla Model 3 from https://www.motortrend.com/features/how-long-does-a-tesla-batterylast/#:~:text=Tesla%20CEO%20Elon%20Musk%20also,miles%20for%20Long%20Range%20versions.

2. https://www.batterydesign.net/niobium-in-batteries/

3. Retrieved from https://valorinternational.globo.com/business/news/2024/06/20/cbmm-advances-in-niobium-batteriesequips-new-volkswagen-bus.ghtml on 20/6/2024

4. Retrieved from https://www.reuters.com/article/business/autos-transportation/brazil-miner-cbmm-seeks-to-sell-45000tons-of-niobium-oxide-by-2030-idUSL1N2KF2VE/ on 24 June 2024

SLIDE 20

1. ASX: AMN released on 21 July 2020 and 17 November 2021

2. For full details refer to ASX announcement dated 19 October 2023 and 17 September 2024

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APPENDIX B – MINERAL RESOURCE & COMPETENT PERSON STATEMENT

	Tonnes (Mt)	Nb₂O₅ (%)	Nb₂O₅ (kt)	P₂O₅ (%)	P₂O₅ (kt)
Inferred	200	1.0	1,900	8.8	17,000

1. Mineral Resources are classified and reported in accordance with JORC Code (2012).

Competent Person Statements:

1. The effective date of the Mineral Resource estimate is 30 June 2024.

2. Part of the Mineral Resource that would potentially be extractable by open pit techniques is the portion of the block model that is constrained within an FeNb price of approximately US $30/kg (contained Nb in FeNb payable at a price of US $45/kg) optimised pit shell and above a 0.25% Nb₂O₅ cut-off grade.

The information in this presentation that relates to Exploration Results is based on information compiled by Ms. Stephanie Wray who is a Member of the Australian Institute of Geoscientists. Ms. Wray is a full-time employee of WA1 Resources Ltd and has sufficient experience which is relevant to the style of mineralisation under consideration to qualify as a Competent Person as defined in the 2012 Edition of the “Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Ms. Wray consents to the inclusion in the presentation of the matters based on his information in the form and context in which it appears.

1. Estimates are rounded to reflect the level of confidence in the Mineral Resources at the time of reporting. Rounding may cause computational discrepancies.

2. The Mineral Resources (and RPEEE shell that constrained the MRE) are reported within the WA1 licence boundaries.

3. The information in this presentation that relates to Mineral Resources has been extracted from the ASX announcement titled “West Arunta Project – Luni MRE” dated 1 July 2024. This announcement is available to view on the Company’s website at www.wa1.com.au.

4. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the estimates in the original release continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the relevant original market announcement.

The information in this presentation that relates to metallurgical testwork results is based on information compiled by Mr. Roy Gordon who is a Member of the Australian Institute of Mining and Metallurgy (AusIMM). Mr. Gordon is a full-time employee of WA1 Resources Ltd and has sufficient experience which is relevant to the information and activities under consideration to qualify as competent to compile and report such information. Mr. Gordon consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

The information in this presentation that relates to Mineral Resources is based on information and supporting documentation compiled under the supervision of Mr René Sterk, a Competent Person, who is a Fellow and Chartered Professional of The Australasian Institute of Mining and Metallurgy (AusIMM) and member of the Australian Institute of Geoscientists (AIG). Mr Sterk is Managing Director of RSC, a global resource development consultancy. WA1 Resources Ltd has also contracted RSC to provide limited contracting and other advisory services. The full nature of the relationship between Mr Sterk, RSC, and WA1 Resources Ltd, including any issue that could be perceived by investors as a conflict of interest, has been disclosed. Mr Sterk has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.

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