WA1 RESOURCES LTD - Annual Report 2024

2024

ANNUAL REPORT

==> picture [228 x 842] intentionally omitted <==

----- Start of picture text -----

WA1 RESOURCES LTD
----- End of picture text -----

==> picture [107 x 63] intentionally omitted <==

CORPORATE INFORMATION

DIRECTORS

Gary Lethridge Non-Executive Chairperson Paul Savich Managing Director Tom Lyons Executive Director Rhys Bradley Non-Executive Director and Company Secretary

REGISTERED OFFICE AND PRINCIPAL PLACE OF BUSINESS

Level 2, 55 Carrington Street

Nedlands, Western Australia, 6009

ABN 51 646 878 631

AUDITORS

BDO Audit Pty Ltd

Level 9, Mia Yellagonga Tower 2

5 Spring Street Perth, Western Australia, 6000 Telephone: +61 8 6382 4600

SOLICITORS

EMK Lawyers

Unit 1, 519 Stirling Highway

Cottesloe, Western Australia, 6011

Telephone: +61 8 9794 6192

SHARE REGISTRY

Automic Registry Services

Level 5, 191 St Georges Terrace Perth, Western Australia, 6000 Investor enquiries: 1300 288 664

WEBSITE

www.wa1.com.au

STOCK EXCHANGE LISTING

WA1 Resources Ltd shares are listed on the Australian Securities Exchange (ASX: WA1)

2024 ANNUAL REPORT

==> picture [107 x 63] intentionally omitted <==

CORPORATE INFORMATION............................................................................................................................................................. 1 CONTENTS ........................................................................................................................................................................................... 2 CHAIRPERSON’S LETTER TO SHAREHOLDERS ........................................................................................................................... 3 REVIEW OF OPERATIONS ................................................................................................................................................................. 4 DIRECTORS’ REPORT ....................................................................................................................................................................... 14 REMUNERATION REPORT (AUDITED) ........................................................................................................................................... 19 AUDITOR’S INDEPENDENCE DECLARATION ............................................................................................................................... 23 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME ........................................ 24 CONSOLIDATED STATEMENT OF FINANCIAL POSITION ......................................................................................................... 25 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY .......................................................................................................... 26 CONSOLIDATED STATEMENT OF CASH FLOWS ........................................................................................................................ 27 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS .................................................................................................... 28 CONSOLIDATED ENTITY DISCLOSURE STATEMENT ................................................................................................................ 42 DIRECTOR’S DECLARATION ........................................................................................................................................................... 43 INDEPENDENT AUDITOR’S REPORT ............................................................................................................................................ 44 ASX ADDITIONAL INFORMATION .................................................................................................................................................. 48

WA1 RESOURCES LTD

2024 ANNUAL REPORT 2

CHAIRPERSON’S LETTER TO SHAREHOLDERS

==> picture [107 x 63] intentionally omitted <==

Dear Fellow Shareholders,

On behalf of the Board of Directors, it is my pleasure to present to you the 2024 Annual Report, following what has been a very busy year for WA1 Resources Ltd ( WA1 , or the Company ).

Following on from the discovery of two mineralised carbonatite systems ( Luni and P2 ) last financial year, the 2024 financial year has seen the Company execute on its corporate and operational objectives in a safe and structured manner resulting in the creation of further significant shareholder value. The primary focus of the Company’s activities has been the West Arunta Project where work during the year confirmed that the Luni niobium deposit is the best niobium discovery in the world in the past 70 years.

Niobium is a critical metal with unique properties that make it essential as the world transitions to a low carbon economy. Global niobium supply is concentrated in Brazil (approximately 90% of global production), however global demand for niobium products is geographically diverse and growing. Whilst there are many end users and an increasing number of applications for niobium, there is a clear lack of quality niobium deposits ready to address this growing demand.

With continued drilling success at Luni during 2023 it became apparent that resource discovery risk was quickly dissipating. This realisation led to the need to expedite addressing metallurgical amenability of the mineralisation. So, in parallel with our exploration program during the year, the WA1 team have been focused on the key technical challenge within a conventional niobium flowsheet; concentration of the ore via flotation. I am pleased to say that in June 2024, we released our first flotation testwork results which indicated that Luni has characteristics which are potentially amenable to a conventional flowsheet.

The end of the financial year led to the announcement of Luni’s initial Inferred Mineral Resource estimate which defined a JORC compliant 200 Mt at 1.0% Nb2O5 which contains a high-grade subset of 53 Mt at 2.1% Nb2O5. This outcome demonstrates the global significance of the Luni niobium deposit and is a remarkable achievement in the short period of time since discovery.

Soon after the discovery of Luni we committed to preparing for and undertaking key long-lead pre-development items for a potential development at Luni. Our priority in this regard has been to de-risk and add value by tackling critical path items as early as possible. This work has leant heavily into our team’s experience of operating in the West Arunta over the past decade.

Our successes throughout the year are attributable to the considerable efforts of the entire WA1 team. During the financial year we expanded our internal team and consultant partners as we continued to add key skillsets and capabilities to support our exploration and pre-development efforts. It is very pleasing that the dynamic response and strong commitment of our team to realising the full potential of our West Arunta Project has set the stage for further short and long-term value adding opportunities for the Company and its shareholders. On behalf of the Board, I would like to thank all of our team for their ongoing hard work, dedication and achievements.

Additionally, on behalf of the entire WA1 team, I want to reiterate our responsibilities not only to the exploration and potential development of our highly prospective asset base, but also to our Traditional Owner partners. As we continue our efforts over the new financial year, WA1 will look to continue to create a positive impact on the remote communities and lands on which we operate, and we thank them for their continued support.

Finally, I also wish to thank all of our shareholders for their support during the year. WA1’s key objective upon listing was to create shareholder value in a sustainable and ethical manner by operating in Australia’s underexplored regions to make tier 1 discoveries. We remain as motivated now, as we were at IPO only two and a half years ago.

Throughout the 2025 financial year, your WA1 team will continue to execute very structured and considered corporate and operational objectives aimed at accelerating true value creation for all stakeholders.

We look forward to updating you on our progress.

Yours sincerely,

Gary Lethridge Non-Executive Chairperson WA1 Resources Ltd

WA1 RESOURCES LTD

2024 ANNUAL REPORT

==> picture [107 x 63] intentionally omitted <==

REVIEW OF OPERATIONS

SUMMARY OF OPERATIONS

The Company currently holds two exploration projects which are located in Western Australia and the Northern Territory, being the West Arunta and Madura Projects (Figure 1). WA1’s tenure package currently covers over 22,800km[2] .

==> picture [311 x 338] intentionally omitted <==

Figure 1: Location of WA1’s Exploration Projects

WEST ARUNTA PROJECT

The Company’s West Arunta Project is located approximately 490km south of Halls Creek in Western Australia. It contains the Pachpadra (P2 carbonatite), Sambhar (Luni niobium deposit) and Urmia prospect areas.

In 2022, during the maiden exploration drilling program at West Arunta, WA1 discovered two mineralised carbonatites within the Sambhar and Pachpadra prospect areas (Figure 2). The exceptionally high-grades encountered at shallow depths at the Luni carbonatite prompted an immediate shift in the Company’s exploration focus to the Luni carbonatite in the 2023 field season, which has continued into 2024.

WA1 RESOURCES LTD

2024 ANNUAL REPORT 4

==> picture [107 x 63] intentionally omitted <==

REVIEW OF OPERATIONS

==> picture [460 x 309] intentionally omitted <==

Figure 2: West Arunta Project overview

Luni Carbonatite

During the financial year, WA1 continued to progress drilling in the West Arunta with a reverse circulation (RC) and diamond drilling rigs operating until December 2023. The 2024 drill season commenced in February with a single diamond drilling rig which was complimented by the addition of a sonic drilling rig from late April at the Luni carbonatite.

The Company continued to release significant assay results at Luni during the financial year which culminated in the Company’s initial Mineral Resource estimate (MRE) for the Luni niobium deposit ( see ASX announcement dated 1 July 2024 ). The MRE highlighted Luni as the world’s most significant niobium discovery in more than 70 years and one of Australia’s major critical minerals deposits. The initial Inferred MRE, reported in accordance with the JORC Code (2012) defined 200 Mt at 1.0% Nb2O5 and contained a high-grade subset of 53 Mt at 2.1% Nb2O5 (at a 0.25% Nb2O5 lower cut-off) confirming the tier-1 scale and grade of Luni (Figure 3 and Table 2).

The MRE included drilling completed up to the end of the 2023 drill program and is constrained to the highly, moderately and weakly weathered domains. The MRE does not include any fresh material at depth, where significant potential for mineralisation exists. This estimate forms the basis for continuing drilling which will increase the confidence level of key high-grade zones contained within the MRE, as well as improving the quality of geological domaining which will underpin ongoing metallurgical testwork programs.

The Luni Mineral Resource spans 3.6km east-west and 1.4km north-south (Figure 4). The mineralised units range between 10m to 70m in thickness, with an average of 30m. Isolated areas reach thicknesses up to 130m. Mineralisation included within the Mineral Resource generally commences between 30m and 70m depth below the surface, with mineralisation reaching maximum depths up to 190m below the surface.

Figure 3: Luni Inferred MRE and highgrade subset (Nb2O5%) Refer to ASX announcement dated 1 July 2024

WA1 RESOURCES LTD

2024 ANNUAL REPORT

==> picture [107 x 63] intentionally omitted <==

REVIEW OF OPERATIONS

==> picture [483 x 162] intentionally omitted <==

Figure 4: Luni MRE 3D view (looking NNW, all estimated domains) and RPEEE shell Refer to ASX announcement dated 1 July 2024

The MRE does not include any results from drilling completed in 2024. This information is planned to be utilised in subsequent resource updates.

The 2024 drilling campaign has been ongoing since site operations recommenced in February 2024, with the purpose of infill and extensional grid drilling and the collection of metallurgical testwork samples.

Appointment of Niobium Processing Advisor

On 21 February 2024, the Company announced that it had formally appointed Clovis Sousa as Niobium Processing Advisor to work alongside recent key internal appointments and further enhance the Company’s overall technical capabilities.

Mr Sousa, who resides in Brazil, is a metallurgist with over 33 years’ experience working at CBMM, the world’s largest niobium producer. He was most recently head of the industrial production activities of CBMM which included oversight of mining operations, ore processing, conversion, metallurgical and chemical processing for ferroniobium and specialty products (such as niobium oxides).

Metallurgical Testwork

In Q3-FY24, the Company announced it commenced flotation testwork on diamond core samples at an international laboratory with experience in niobium beneficiation. The program was expected to run for approximately five months. In parallel, the Company commenced physical beneficiation and flotation testwork utilising internal expertise and local laboratories.

The primary objective of the initial testwork program was to demonstrate the ability to concentrate niobium bearing minerals via flotation from a single sample point in the east of Luni.

In June 2024, the Company announced it had received its initial metallurgical testwork results (see ASX announcement dated 19 June 2024 for full details) . Open cycle flotation testwork achieved a high-grade concentrate with industrycomparable recovery:

Open cycle concentrate (2[nd] cleaner) 51% Nb2O5 at 62% recovery
Open cycle concentrate (4[th] cleaner) 61% Nb2O5 at 52% recovery

Subsequent locked cycle testing confirmed the flotation regime performance:

Locked cycle concentrate (5[th] cleaner) 58% Nb2O5 at 53% recovery

The sample location was selected as it is in an area where early resource drilling identified shallow, high-grade niobium mineralisation over broad intercepts which may potentially represent an ideal area for a start-up mining scenario. These tests utilised conventional process steps adopted at existing niobium operations under conditions considered practical for beneficiation (Figure 5).

WA1 RESOURCES LTD

2024 ANNUAL REPORT

==> picture [107 x 63] intentionally omitted <==

REVIEW OF OPERATIONS

Table 1: Niobium concentrate assays from key open cycle and locked cycle tests

Refer to ASX announcement dated 19 June 2024

	Nb2O5	Ta	SiO2	CaO	Al2O3	P2O5	Fe2O3	TiO2	U	Th	Pb
	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(ppm)	(ppm)	(%)
Sample Feed	4.15	0.1*	22.6	30.8	3.56	24.9	6.29	0.25	87^	84^	<0.01
Open Cycle Concentrate (2ndCleaner)	51.15	-	3.4	5.90	1.92	4.58	16.77	1.73	-	-	-
Open Cycle Concentrate (4thCleaner)	61.0	<0.1	1.23	3.63	1.04	2.05	13.3	1.78	174	335	0.03
Lock Cycle Concentrate (5thCleaner)	57.90	<0.1	1.90	6.83	1.02	4.51	11.7	1.76	161	326	0.06

*Assay reported at ALS by different methodology

^Back-calculated head from testwork mass balance

During the year, the Company had ongoing parallel testwork programs at laboratories in Perth and overseas. The outcomes from these programs will assist with considering and developing alternative beneficiation options along with which process steps should be taken forward into future testwork programs for subsequent optimisation, variability testing, and detailed flowsheet development.

==> picture [483 x 250] intentionally omitted <==

Figure 5: Simplified adapted process flowsheets for the three existing niobium operations with initial unoptimised results from Luni integrated

Refer to ASX announcement dated 19 June 2024

WA1 RESOURCES LTD

2024 ANNUAL REPORT 7

==> picture [107 x 63] intentionally omitted <==

REVIEW OF OPERATIONS

==> picture [483 x 258] intentionally omitted <==

----- Start of picture text -----

100
90
80
70
60
50
40
30
20
0 10 20 30 40 50 60 70 80
Concentrate Grade (%)
Feed Grade Open Cycle Locked Cycle
Recovery (%)
----- End of picture text -----

Figure 6: Grade recovery chart of the key open cycle (whole curve for niobium flotation stage) and locked cycle (concentrate only) tests

Refer to ASX announcement dated 19 June 2024

Negotiation Protocol with Parna Ngururrpa

On 19 October 2023, the Company announced that it had signed a Negotiation Protocol with Parna Ngururrpa (Aboriginal Corporation) RNTBC, the native title representative body for the Ngururrpa native title holders. The Negotiation Protocol was signed with a view to entering into a Mining Agreement for the development and operation of the West Arunta Project, whist preserving the traditional way of the life of the Ngururrpa people. The protocol contemplates the process for negotiations that are consistent with WA1’s goals and will enable the alignment of the Company’s operational objectives to the benefit of the Ngururrpa native title holders.

P2 Carbonatite Drilling

A follow-up reconnaissance RC drilling program was completed at P2 during the year, with a six-hole program further testing and defining the potential extent of the P2 carbonatite.

The P2 carbonatite was discovered in 2022 with a single drillhole (PARC003) and represents an opportunity to define a second mineralised system at the West Arunta Project.

The P2 target area is characterised by a large gravity anomaly and semi-coincident magnetic anomaly which covers an area of approximately 2.5km by 1.0km. The objective of the reconnaissance drilling program was to broadly test the geophysical anomaly present at P2 and improve the Company’s understanding of the geological setting and mineralisation.

On 20 December 2023, the Company announced it had received assays from the program at the P2 carbonatite. The new intersections at P2 suggest an unconstrained zone of shallow mineralisation may exist between two drillholes located 800m apart (PARC23-006 and PARC23-007). P2 is located 30km west of Luni and these assay results indicate P2 may represent a future satellite opportunity for any development at Luni.

Future exploration is planned to include broad-spaced drilling within the area of the interpreted P2 carbonatite to assess the extent of mineralisation and lateral zonation.

WA1 RESOURCES LTD

2024 ANNUAL REPORT 8

==> picture [107 x 63] intentionally omitted <==

REVIEW OF OPERATIONS

==> picture [483 x 259] intentionally omitted <==

Figure 7: Plan view of the P2 drill collar locations Combined gravity (resUC200m, colour) and magnetic (residual contours) anomaly images

MADURA PROJECT

The Madura Project tenements are located approximately 540km east of Kalgoorlie, with non-contiguous tenements extending to near the south coast of Western Australia. The exploration project comprises eight granted Exploration Licences in the Madura Province of south-eastern Western Australia.

During the year, the Company completed the process of negotiating a heritage protection agreement, with heritage monitoring and surveying activities in support of ground-based gravity and passive seismic surveys commencing late in June 2024.

Historical exploration on the tenements, prior to WA1’s applications in 2021, included limited airborne geophysical surveys and a regional stratigraphic drilling by the Geological Survey of Western Australia. Much of this work was concentrated around the northern most tenements, where indicators for copper-gold source and host rocks is historically documented. Accordingly, the Company believes there is potential for the discovery of copper-gold mineralisation of an IOCG affinity, along with other styles of mineralisation.

WA1 RESOURCES LTD

2024 ANNUAL REPORT 9

==> picture [107 x 63] intentionally omitted <==

REVIEW OF OPERATIONS

==> picture [483 x 387] intentionally omitted <==

Figure 8: Madura Project tenements plan

HIDDEN VALLEY PROJECT

The Hidden Valley Project comprised one Exploration Licence located 150km south of Kununurra, Western Australia. No work was completed on the project during the year and the Company subsequently surrendered the tenement associated with the Hidden Valley Project after year-end. All capitalised costs in relation to past exploration expenditure at the Hidden Valley Project were fully impaired at year-end.

NEW PROJECT GENERATION

While the Company is primarily focused on exploration and development activities at its existing projects, continued efforts are also allocated to identify and assess modifications to the Company’s project portfolio.

Increased geological understanding, largely derived from the Luni and P2 carbonatites, developed concepts that were considered worthwhile investigating and contributed to the decision to materially increase the project footprint in the broader Arunta region.

As a result, during the year, the Company made a number of Exploration Licence applications primarily in the Northern Territory.

WA1 RESOURCES LTD

2024 ANNUAL REPORT

REVIEW OF OPERATIONS

==> picture [107 x 63] intentionally omitted <==

COMMUNITY & SAFETY

WA1’s activities are located within several native title determinations. During the year, the Company continued its active engagement in local communities, supporting a number of community initiatives and ensuring the Company’s activities are conducted in a way that continues to preserve the cultural values of the Traditional Owners of the lands on which we operate. The Company values its relationships with the Traditional Owners and is committed to maintaining these positive partnerships. WA1 believes it can have a positive impact on the remote communities within the lands on which it operates.

During the year, the Company executed a heritage protection agreement with the Traditional Owners that speak for the land on which the Madura Project is located. The Company also facilitated on-country heritage activities at both the West Arunta and Madura Project areas. The Company would like to thank Traditional Owners for their active collaboration and support of the Company’s activities during the year.

The Company is committed to ensuring all work activities are carried out safely with all practical measures taken to remove risks to the health, safety and welfare of workers, contractors, authorised visitors and anyone else who may be affected by the Company’s activities. We are very pleased to report that there were no fatalities or major safety incidents during the financial year. There were two minor lost time injuries reported during the year. Neither lost time injury had long-term impacts to the individuals involved. Importantly, appropriate investigations and additional safety procedures were implemented as a result of these incidents where necessary. The Company’s past safety performance, strongly reinforced by a culture of continuous improvement, bodes well as activity levels continue to increase.

CORPORATE

On 1 September 2023, the Company announced it had received a firm commitment for the placement of ordinary shares to raise $15 million (before costs). The placement was conducted at an issue price of $5.00 per share. A total of three million new shares were issued under the placement within two tranches.

On 7 September 2023 Tranche 1 was settled with the allotment of shares and normal trading occurring the following day. On 16 October 2023, the Company held a General Meeting with all resolutions put to shareholders carried on a poll. On 19 October 2023 the Tranche 2 shares were settled with the allotment of shares and normal trading occurring the following day.

On 27 November 2023, the Company held its Annual General Meeting with all resolutions put to shareholders carried on a poll.

On 18 January 2024, the Company announced it had received firm commitments for a placement to raise proceeds of $40 million (before costs) at an issue price of $10.00 per share. A total of four million new shares were issued under the placement and following the placement the Company has a total of approximately 61.3 million shares on issue.

Appointment of Niobium Marketing Advisor

On 4 August 2023, the Company announced that it had appointed Gustavo Macedo as Niobium Marketing Advisor to assist with industry knowledge, product marketing, offtake negotiations and opportunity generation.

Mr Macedo has over 20 years of experience in the niobium industry, having joined CBMM in 2003 and progressing to Managing Director of CBMM Europe where he oversaw CBMM’s operations in Europe, the Middle East and Africa. Mr Macedo’s appointment has assisted WA1 to build an excellent foundation of niobium industry knowledge and networks.

WA1 RESOURCES LTD

2024 ANNUAL REPORT 11

REVIEW OF OPERATIONS

==> picture [107 x 63] intentionally omitted <==

FORWARD-LOOKING STATEMENTS

This report may contain certain “forward-looking statements” which may be based on forward-looking information that are subject to a number of known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those presented here. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. For a more detailed discussion of such risks and other factors, see the Company’s Prospectus and reports, as well as the Company’s ASX releases. Readers should not place undue reliance on forward-looking information. The Company does not undertake any obligation to release publicly any revisions to any forward-looking statement to reflect events or circumstances after the date of this report, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

MINERAL RESOURCE STATEMENT

The Company finalised its initial Mineral Resource estimate for the Luni deposit in Western Australia on 30 June 2024. The Mineral Resource estimate reported in accordance with JORC Code (2012) is as follows:

Table 2: Mineral Resource statement

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

Mineral Resources are classified and reported in accordance with JORC Code (2012).
The effective date of the Mineral Resource estimate is 30 June 2024.
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% Nb ₂ O ₅ cut-off grade.
Estimates are rounded to reflect the level of confidence in the Mineral Resources at the time of reporting. Rounding may cause computational discrepancies.
The Mineral Resources (and Reasonable Prospect for eventual economic extraction ( RPEEE ) shell that constrained the MRE) are reported within the WA1 tenement boundaries.
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.
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.

COMPETENT PERSONS STATEMENTS

The information in this report 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 report of the matters based on her information in the form and context in which it appears.

The information in this announcement 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.

WA1 RESOURCES LTD

2024 ANNUAL REPORT 12

==> picture [107 x 63] intentionally omitted <==

REVIEW OF OPERATIONS

The information in this announcement 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’. Mr Sterk consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

On behalf of the Directors,

==> picture [63 x 46] intentionally omitted <==

Paul Savich

Managing Director Perth 12 September 2024

WA1 RESOURCES LTD

2024 ANNUAL REPORT

DIRECTORS’ REPORT

==> picture [107 x 63] intentionally omitted <==

The Directors present their report, together with the financial statements, of WA1 Resources Ltd ( WA1 , or the Company ) and the entities in controlled ( the Group ) for the year ended 30 June 2024.

DIRECTORS

The following persons were Directors of the Company during the whole of the financial year and up to the date of this report, unless otherwise stated:

Gary Lethridge Non-Executive Chairperson Paul Savich Managing Director Tom Lyons Executive Director Rhys Bradley Non-Executive Director and Company Secretary

Gary Lethridge

Non-Executive Chairperson, appointed 23 September 2021

BCOMM

Mr Lethridge has over 30 years’ experience via various successful mid-tier, growth and multinational companies. He has held senior executive roles including Executive Director – Finance at Echo Resources Limited, Managing Director at Talisman Mining Limited, Executive General Manager – Corporate, CFO & Company Secretary at the highly successful Jubilee Mines NL (until its $3.1 billion takeover by Xstrata Plc), and Australian CFO of diversified miner, LionOre Mining International Limited. In addition, he has also held Non-Executive Director roles with Helix Resources Limited (Chair), Northern Star Resources Limited and Falcon Minerals Limited. Mr Lethridge holds a Bachelor of Commerce degree from the University of Western Australia and trained as a Chartered Accountant ( CA ). The Board considers Mr Lethridge is an independent Director. Mr Lethridge has held no other public directorships in the last three years.

Paul Savich

Managing Director, appointed 10 February 2021

BCOMM, MAPPFIN

Mr Savich has 15 years’ experience, including 10+ years working for ASX-listed resources companies. Prior to WA1, Mr Savich worked as an executive in private enterprise focussed on the identification, incubation and development of grassroots resources projects and has a track record of successful transactions with ASX-listed companies. Prior to this Mr Savich worked at Echo Resources Limited where he was employed as General Manager – Corporate & Compliance and Company Secretary and oversaw the acquisition of the Bronzewing Gold Project and merger with Metaliko Resources Ltd. Mr Savich started his career in Audit, Assurance & Advisory before moving into Corporate Finance at Deloitte (Perth). Mr Savich holds a Bachelor of Commerce from Curtin University, has completed the CA program and has completed a Master of Applied Finance through the Financial Services Institute of Australasia. The Board considers that Mr Savich is not an independent Director. Mr Savich has held no other public directorships in the last three years.

Tom Lyons

Executive Director, appointed 1 July 2022 BSC(GEOLOGY), GAICD, MAIG

Mr Lyons has international experience in the mineral exploration and resources industry, covering all facets from project generation through to advanced project development, across a broad range of commodities. He has been operating in the West Arunta region for over 10 years, playing a foundational role in identifying, exploring and developing numerous projects in the area. He is currently the Managing Director of Tali Resources Pty Ltd ( Tali ), a 13% shareholder in WA1, which is actively undertaking large-scale exploration efforts in West Arunta. He was also the Chief Development Officer of ASX-listed Agrimin Limited where he led the acquisition, exploration, feasibility and permitting of the Mackay Potash Project. Mr Lyons holds a Bachelor of Science (Geology) degree from the University of Western Australia, is a Graduate Member of the Australian Institute of Company Directors and is a Member of the Australian Institute of Geoscientists. The Board considers that Mr Lyons is not an independent Director. Mr Lyons has held no other public directorships in the last three years.

WA1 RESOURCES LTD

2024 ANNUAL REPORT

DIRECTORS’ REPORT

==> picture [107 x 63] intentionally omitted <==

Rhys Bradley

Non-Executive Director and Company Secretary, appointed 9 February 2021 BCOMM, CA, GRADDIPMINEXPLGEOSC

Mr Bradley is a CA with 15 years’ experience in the resources industry while based in Perth and London. Mr Bradley is Chief Financial Officer of ASX-listed Agrimin Limited and has been responsible for leading the world-class Mackay Potash Project through its feasibility, off-take and project financing. Prior to this Mr Bradley worked as a Resources Analyst covering a broad range of companies. He is experienced in capital markets, financial modelling, marketing and compliance. Mr Bradley is a member of the Institute of Chartered Accountants Australia and New Zealand and holds a Bachelor of Commerce from the University of Western Australia and a Graduate Diploma in Mineral Exploration Geoscience from Curtin University. The Board considers that Mr Bradley is not an independent Director. Mr Bradley has held no other public directorships in the last three years.

INTERESTS IN SHARES AND OPTIONS OF THE COMPANY AND RELATED BODIES CORPORATE

As at the date of this report the relevant interests of each Director in the shares and options of the Company are:

Director	Ordinary	Options
Gary Lethridge 266,666 700,000
Paul Savich 4,116,666 1,500,000
Tom Lyons 2,233,333 650,000
Rhys Bradley 3,516,666 650,000

DIRECTORS’ MEETINGS

The number of directors’ meetings and number of meetings attended by each of the directors of the Company during the financial year were:

Director	Board Meetings	Board Meetings
	Held	Attended
Gary Lethridge	7 7
Paul Savich	7 7
Tom Lyons	7 7
Rhys Bradley	7 7

PRINCIPAL ACTIVITIES

The principal activity of the Company is mineral exploration and project development in Western Australia and the Northern Territory.

RESULTS OF OPERATIONS

The Company incurred a loss after income tax for the year of $3,542,318 (FY23: $2,219,836). This result was in line with expectations and reflected operating costs incurred during the year which were mainly associated with general administration and non-cash share-based payment expenses. During the year $21,011,142 (FY23: $5,990,144) of exploration expenditure was capitalised to exploration and evaluation assets.

WA1 RESOURCES LTD

2024 ANNUAL REPORT 15

DIRECTORS’ REPORT

==> picture [107 x 63] intentionally omitted <==

DIVIDENDS

No dividends were paid during the year and no dividend has been declared for the year ended 30 June 2024 (FY23: None).

SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS

Other than the matters disclosed in the Review of Operations on page 4 of this Annual Report and elsewhere in this Directors’ Report, there were no significant changes in the state of affairs of the Company during the year.

FUTURE DEVELOPMENTS AND KEY BUSINESS RISKS

Possible developments in the operations of the Company are set out in the Review of Operations on page 4.

The business, assets and operations of the Company are subject to certain risk factors that have the potential to influence the operating and financial performance of the Company in the future. These risks include a variety of company, industry and general risks including (without limitation):

Exploration and development

There can be no assurance that future exploration of the Company’s tenements will result in the discovery of an economic resource. Even if an apparently viable resource is identified, there is no guarantee that it can be economically exploited. The business of exploration, project development and, if the Company successfully commences production at any of its Projects, mining contains elements of significant risk, including in relation to technical, financial, legal and social matters.

Additional funding

The Company will generate losses for the foreseeable future. While the current funding is considered sufficient to meet the stated objectives of the Company, the Company will require additional funding for its activities. There can be no assurance that additional finance will be available when needed or, if available, the terms of the financing may not be favourable to the Company.

Key personnel

The Company is substantially reliant on the expertise and abilities of its key personnel in overseeing the day-to-day operations of its exploration Projects. There can be no assurance that there will be no detrimental impact on the Company if one or more of these employees cease their relationship with the Company.

Aboriginal Reserves

The Company’s West Arunta Project is located within Aboriginal Reserve 24923. The Company has the necessary Mining Entry Permit ( MEP ) from the Minister for Aboriginal Affairs and Consent to Mine from the Minister for Mining to explore E80/5173 containing the Luni and P2 carbonatites. The grant is at the discretion of the relevant Minister, and a MEP can be revoked at the discretion of the Minister for Aboriginal Affairs. While the Board considers it is remote that any required consent or permit will be refused, or the MEP being revoked once granted, there can be no assurance that such permits and consents will be obtained or, once obtained, they will not be revoked.

The Board aims to manage these risks by carefully planning its activities and implementing risk control measures. However, some of the risks are highly unpredictable and the extent to which the Board can effectively manage them is limited.

ENVIRONMENTAL REGULATION

The Company is subject to environmental regulation in respect to its exploration activities and aims to ensure that the highest standard of environmental care is achieved, and it complies with all relevant environmental legislation. There have been no material breaches during the year covered by this report.

INDEMNITY AND INSURANCE OF OFFICERS

The Company has entered into deeds of indemnity with each Director and the Company Secretary whereby, to the extent permitted by the Corporations Act 2001, the Company agreed to indemnify each Director against all loss and liability incurred as an officer of the Company, including all liability in defending any relevant proceedings.

WA1 RESOURCES LTD

2024 ANNUAL REPORT 16

DIRECTORS’ REPORT

==> picture [107 x 63] intentionally omitted <==

The Company has paid premiums to insure each of the Directors and the Company Secretary against liabilities for costs and expenses incurred by them in defending any legal proceedings arising out of their conduct while acting in the capacity of Director of the Company, other than conduct involving a wilful breach of duty in relation to the Company. Disclosure of the nature of the liability cover and the amount of the premium is subject to a confidentiality clause under the insurance policy.

INDEMNITY AND INSURANCE OF AUDITOR

To the extent permitted by law, the Company has agreed to indemnify its auditors, BDO Audit Pty Ltd, as part of the terms of its audit engagement agreement against claims by third parties arising from the audit (for an unspecified amount).

NON-AUDIT SERVICES

The Board has considered the non-audit services provided during the financial year by the auditor and is satisfied that the provision of those non-audit services is compatible with, and did not compromise, the auditor’s independence requirements of the Corporations Act 2001. The non-audit services were reviewed by the Board to ensure:

they do not impact the integrity and objectivity of the auditor; and
they do not undermine the general principles relating to auditor independence set out in APES 110 Code of Ethics for Professional Accountants, as they did not involve reviewing or auditing the auditor’s own work, acting in a management or decision-making capacity for the Company, acting as an advocate for the Company or jointly sharing risks and rewards.
BDO did not provide non-audit services during the year (non-audit services in FY23: $5,000).

CORPORATE GOVERNANCE

This statement outlines the main corporate governance practices adopted by the Board of WA1 which comply with the ASX Corporate Governance Council recommendations unless otherwise stated.

The Board and management of WA1 recognise their duties and obligations to shareholders and other stakeholders to implement and maintain a proper system of corporate governance. The Company believes that good corporate governance adds value to stakeholders and enhances investor confidence.

The ASX Listing Rules require listed companies to prepare a statement disclosing the extent to which they have complied with the recommendations of the ASX Corporate Governance Council ( Recommendations ) in the reporting period. The Recommendations are guidelines designed to improve the efficiency, quality and integrity of the Company. They are not prescriptive and if a company considers a recommendation to be inappropriate having regard to its own circumstances, it has the flexibility not to follow it. Where a company has not followed all the Recommendations, it must identify which Recommendations have not been followed and give reasons for not following them.

The Corporate Governance Statement ( Statement ) sets out a description of the Company’s main corporate practices and provides details of the Company’s compliance with the Recommendations, or where appropriate, indicates a departure from the Recommendations with an explanation.

The Statement is current as at 30 June 2024 and has been approved by the Board of Directors of WA1. It is available on the Company’s website (https://www.wa1.com.au/corporate-governance/).

PROCEEDINGS ON BEHALF OF THE COMPANY

The Company was not a party to any such proceedings during the year.

UNISSUED SHARES UNDER OPTION

Number of options	Exercise price	Expiry date
3,500,000 $0.30 1/11/2025

During the year, 600,000 shares were issued upon the exercise of options.

WA1 RESOURCES LTD

2024 ANNUAL REPORT

DIRECTORS’ REPORT

==> picture [107 x 63] intentionally omitted <==

SUBSEQUENT EVENTS

On 11 July 2024, the Company announced it had received firm commitments for a $60 million placement (before costs) at an issue price of $17.00 per share, issued pursuant to the Company’s existing placement capacity under ASX Listing Rule 7.1. The placement resulted in the issue of approximately 3.5 million new fully paid ordinary shares in the Company. Following the placement the Company has approximately 64.9 million shares on issue.

AUDITOR’S INDEPENDENCE DECLARATION

A copy of the Auditor’s Independence Declaration as required under section 307C of the Corporations Act 2001 is set out on page 23.

WA1 RESOURCES LTD

2024 ANNUAL REPORT

REMUNERATION REPORT (AUDITED)

==> picture [107 x 63] intentionally omitted <==

1. PRINCIPLES OF REMUNERATION

Key Management Personnel have the authority and responsibility for planning, directing and controlling the activities of the Company.

The Key Management Personnel of WA1 are:

Gary Lethridge Non-Executive Chairperson Paul Savich Managing Director Tom Lyons Executive Director Rhys Bradley Non-Executive Director and Company Secretary

All the above persons were Key Management Personnel during the financial year to 30 June 2024 unless otherwise stated. The information provided in this Remuneration Report has been audited as required by section 308 (3C) of the Corporations Act 2001.

Key elements of Key Management Personnel remuneration strategy

The following principles of remuneration have been agreed by the Board and formed the basis of the principles of remuneration during the relevant periods of employment and will remain relevant to future employment arrangements. No remuneration consultants were engaged during the year.

Remuneration levels for Key Management Personnel of the Company are competitively set to attract and retain appropriately qualified and experienced Directors and Executives and as relevant to the circumstances of the Company from time to time. The remuneration structures explained below are designed to attract suitably qualified candidates, reward the achievement of strategic objectives, and achieve the broader outcome of creation of value for shareholders. The remuneration structures consider the capability and experience of the Key Management Personnel and the Company’s performance including:

the successful planning and implementation of exploration and development programs;
the growth in share price and delivering enhancement of shareholder value;
the relevant prevailing employment market conditions; and
the amount of incentives within each Key Management Person's remuneration.

Executive remuneration comprises three elements:

Fixed remuneration;
Short-term incentives; and
Director Options.

1.1 Fixed Remuneration

Fixed remuneration consists of base remuneration (which is calculated on a total cost basis and includes any fringe benefits tax charges related to employee benefits) as well as employer contributions to superannuation funds, as required by law. Remuneration levels are reviewed annually by the Board through a process that considers individual performance, employment market conditions and overall performance of the Company.

1.2 Executive Remuneration

The terms of employment for the Company’s Executives are formalised in service agreements. There are no benefits payable to any Executive on termination. The significant terms of each Executive service agreement effective from 1 July 2024 are as follows:

Employee	Position	Salary	Term of agreement and notice period
Mr Paul Savich Managing Director $425,000 per annum plus superannuation Continuing agreement with three months' notice by either party
Mr Tom Lyons Executive Director $425,000 per annum plus superannuation Continuing agreement with three months' notice by either party

WA1 RESOURCES LTD

2024 ANNUAL REPORT 19

REMUNERATION REPORT (AUDITED)

==> picture [107 x 63] intentionally omitted <==

1.3 Short-Term Incentives

During the year, the Board of Directors approved short-term incentive payments to Mr Savich and Mr Lyons in recognition of their efforts leading to the exploration success of the Company.

1.4 Director Fees

The maximum aggregate amount of fees that can be paid in total to Non-Executive Directors is currently at $400,000 as set by the Board. The levels of fees set were based on a review involving reference to fees paid to other Non-Executive Directors of comparable companies at the time. Fees for Non-Executive Directors are not linked to the performance of the Company.

The Board policy is to remunerate Non-Executive Directors at market rates for comparable companies for time, commitment and responsibilities. The Board determines payments to the Non-Executive Directors and reviews their remuneration periodically, based on market practice, duties and accountability.

Non-Executive fees for FY24 were:

Fee	$ per annum
Chairperson $90,000
Non-Executive Director $60,000

1.5 Director Options

No Director Options were granted during the year to Directors. Director Options issued during prior periods were valued using the Black-Scholes method in accordance with AASB 2 Share Based Payments and brought to account on issue with a valuation using the following metrics:

	Director Options	Director Options
Assumptions: Valuation date Market price of shares Exercise price Expiry date Risk free interest rate Dividend yield Expected future volatility Life of options (years) Indicative value per Option Number of Options Total value of Options	15/10/2021 7/11/2022 $0.00 $1.76 $0.30 $0.30 1/11/2025 1/11/2025 1.03% 3.37% Nil Nil 85% 85% 4 3
	$0.05 $1.53
	2,850,000 650,000
	$145,350 $994,500

An amount of $60,233 (FY23: $1,054,733) has been expensed in FY24 in relation to Director Options issued in prior financial periods.

2024	Held at beginning of year	Granted as remuneration during the year	Exercised / lapsed	Total exercisable as at 30 June 2024
Gary Lethridge 700,000 - - 700,000
Paul Savich 1,500,000 - - 1,500,000
Tom Lyons 650,000 - - 650,000
Rhys Bradley 650,000 - - 650,000
Total 3,500,000 - - 3,500,000

WA1 RESOURCES LTD

2024 ANNUAL REPORT 20

REMUNERATION REPORT (AUDITED)

==> picture [107 x 63] intentionally omitted <==

2. REMUNERATION TABLE OF DIRECTORS

2024	Salary & f	Short-term incentives h	Post- employment ti	Short-term leave	Director Oti	Total	Proportion of remuneration performance related
	ees	(cas bonus)	superannuaon benefits	entitlements	pons
	$	$	$	$	$	$	%
G Lethridge	90,000 - 9,900 - 14,794 114,694 0%
P Savich	364,506 31,875 27,500 48,461 31,702 504,044 6%
T Lyons	288,690 50,300 23,980 25,577 - 388,547 13%
R Bradley(1)	105,092 - 11,458 - 13,737 130,287 0%
Total	848,288 82,175 72,838 74,038 60,233 1,137,572

2023	Salary & f	Short-term incentives h	Post- employment ti	Short-term leave	Director Oti	Total	Proportion of remuneration performance related
	ees	(cas bonus)	superannuaon benefits	entitlements	pons
	$	$	$	$	$	$	%
G Lethridge	60,000 - 6,300 - 14,794 81,094 0%
P Savich	230,979 50,000 27,500 19,232 31,702 359,413 14%
T Lyons	99,237 - 3,896 5,128 994,500 1,102,762 0%
R Bradley(1)	88,719 - 5,206 - 13,737 107,662 0%

(1) Mr Bradley acted as Company Secretary during the year. His salary and fee include his Non-Executive Director and Company Secretary fee.

2.1 Shareholdings of Directors

Shares held, directly, indirectly or beneficially, by Key Management Personnel, including their related parties during the financial year, were as follows:

2024	Held at beginning of year	Purchases / other acquisitions	Sales / other disposals	Held at the end of year
Gary Lethridge 266,666 - - 266,666
Paul Savich 4,116,666 - - 4,116,666
Tom Lyons 2,233,333 - - 2,233,333
Rhys Bradley 3,516,666 - - 3,516,666
Total 10,133,331 - - 10,133,331

2.2 Related Party Transactions

During the year, the Company paid $6,301 to Tali Resources Pty Ltd (Tali), a company controlled by Mr Lyons as Managing Director, reimbursing for the use of Tali staff and associated costs in relation to assisting with operational activities. No amount was payable at 30 June 2024.

There are no current loans to any related party of the Company.

WA1 RESOURCES LTD

2024 ANNUAL REPORT 21

REMUNERATION REPORT (AUDITED)

==> picture [107 x 63] intentionally omitted <==

2.3 Consequences of Performance on Shareholder Wealth

The Board considers that the most effective way to increase shareholder wealth is through the successful exploration and development of the Company’s exploration tenements. The Board considers that the Director Options incentivise Key Management Personnel to successfully explore the Company’s tenements by providing rewards that are directly correlated to delivering value to shareholders through share price appreciation.

The factors that are considered relevant to affect total shareholder returns as required to be disclosed by the Corporations Act 2001 are summarised in the following table. The table excludes return on capital employed as a relevant measure given the exploration basis of activity and operations of the Company.

	2024	2023	2022
	$	$	$
Net loss after tax (3,542,318) (2,219,836) (622,590) Dividends paid - - - Share price at year end 19.28 5.80 0.13

The Company also notes that as an exploration and development company, operating revenue and profits are not KPIs in reviewing Key Management Personnel STIs or LTIs. When establishing guidelines for any STIs, the Company looks to other measures such as enhancement of share price and capital raising opportunities (as relevant), achievement of exploration and pre-development milestones, conducting operations in line with Company values and maximising value of the Company’s exploration projects.

2.4 Voting Of Shareholders at Last Year’s Annual General Meeting

WA1 received more than 98% of “yes” votes on its Remuneration Report for the 2023 financial year. The Company did not receive any specific feedback at the AGM or throughout the year on its remuneration practices.

- End of the Remuneration Report -

This report is made with a resolution of the Directors:

==> picture [63 x 47] intentionally omitted <==

Paul Savich Managing Director

Perth 12 September 2024

WA1 RESOURCES LTD

2024 ANNUAL REPORT 22

Tel: +61 8 6382 4600 Level 9, Mia Yellagonga Tower 2 Fax: +61 8 6382 4601 5 Spring Street www.bdo.com.au Perth, WA 6000 PO Box 700 West Perth WA 6872 Australia

==> picture [74 x 28] intentionally omitted <==

DECLARATION OF INDEPENDENCE BY ASHLEIGH WOODLEY TO THE DIRECTORS OF WA1 RESOURCES LTD

As lead auditor of WA1 Resources Ltd for the year ended 30 June 2024, I declare that, to the best of my knowledge and belief, there have been:

No contraventions of the auditor independence requirements of the Corporations Act 2001 relation to the audit; and
No contraventions of any applicable code of professional conduct in relation to the audit.

This declaration is in respect of WA1 Resources Ltd and the entities it controlled during the period.

==> picture [93 x 64] intentionally omitted <==

Ashleigh Woodley

Director

BDO Audit Pty Ltd

Perth

12 September 2024

BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation.

==> picture [107 x 63] intentionally omitted <==

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 JUNE

	2024	2023
	$	$
Finance income Administrative expenses 3 Depreciation and amortisation Share based payments 9 Interest expense Foreign exchange gain / loss Exploration expenses Impairment loss Loss before income tax Income tax expense 4 Loss after income tax expense for the year Other comprehensive income Total comprehensive loss for the year attributable to the owners of the company Loss per share (basic and dilutive) for the year attributable to the owners of the company 10	1,249,938 261,117 (3,751,591) (1,302,646) (44,064) (30,549) (755,693) (1,116,186) (34) - (79) (276) (91,941) (31,296) (148,854) -
	(3,542,318) (2,219,836)
	- -
	(3,542,318) (2,219,836)
	- -
	(3,542,318) (2,219,836)

	(0.06) (0.05)

The above statement should be read in conjunction with the accompanying notes.

WA1 RESOURCES LTD

2024 ANNUAL REPORT 24

==> picture [107 x 63] intentionally omitted <==

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE	AS AT 30 JUNE
	Note	2024	2023
		$	$
ASSETS Current assets Cash and cash equivalents 5 Term deposits Exploration deposits Office lease - right of use asset Other receivables Total current assets Non-current assets Exploration and evaluation assets 6 Total non-current assets Total assets LIABILITIES Current liabilities Trade and other payables 7 Office lease liability Provisions Total current liabilities Total liabilities Net assets EQUITY Share capital 8 Reserves 9 Accumulated losses Total equity		46,937,788 14,997,724 - 2,000,000 93,483 200,988 - 43,075 721,624 706,889
		47,752,895 17,948,676
		27,712,357 6,850,069
		27,712,357 6,850,069

		75,465,252 24,798,745
		3,170,356 2,114,441 - 43,779 286,446 76,193
		3,456,802 2,234,414

		3,456,802 2,234,414

		72,008,450 22,564,331
		76,515,681 24,284,936 1,927,362 1,171,669 (6,434,593) (2,892,274)
		72,008,450 22,564,331

The above statement should be read in conjunction with the accompanying notes.

WA1 RESOURCES LTD

2024 ANNUAL REPORT 25

==> picture [107 x 63] intentionally omitted <==

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 JUNE

	Share capital	Reserves	Accumulated losses	Total equity
	$	$	$	$
Balance at 1 July 2023	24,284,936 1,171,669 (2,892,274) 22,564,331
Loss for the year	- - (3,542,318) (3,542,318)
Total comprehensive loss for the year	- - (3,542,318) (3,542,318)

Transactions with owners in their capacity as owners
Issue of ordinary shares 8	55,180,000 - - 55,180,000
Costs from issue of ordinary shares 8	(2,949,255) - - (2,949,255)
Share based payments 9	- 755,693 - 755,693
Balance at 30 June 2024	76,515,681 1,927,362 (6,434,592) 72,008,451

	Share capital	Reserves	Accumulated losses	Total equity
	$	$	$	$
Balance at 1 July 2022 Loss for the year Total comprehensive loss for the year Transactions with owners in their capacity as owners Issue of ordinary shares 8 Costs from issue of ordinary shares 8 Share based payments 9 Balance at 30 June 2023	5,176,724 55,483 (672,438) 4,559,769 - - (2,219,836) (2,219,836)
	- - (2,219,836) (2,219,836)
	20,090,001 - - 20,090,001 (981,789) - - (981,789) - 1,116,186 - 1,116,186
	24,284,936 1,171,669 (2,892,274) 22,564,331

The above statement should be read in conjunction with the accompanying notes.

WA1 RESOURCES LTD

2024 ANNUAL REPORT 26

==> picture [107 x 63] intentionally omitted <==

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 JUNE

	2024	2023
	$	$
Cash flows from operating activities Finance income Payments to suppliers and employees Net cash used in operating activities 11 Cash flows from investing activities Proceeds from / (payments for) exploration deposits Proceeds from / (payments for) investment deposits Payments for exploration and evaluation assets Net cash used in investing activities Cash flows from financing activities Payments for office lease Proceeds from issue of share capital Transaction costs related to issues of equity securities Net cash flows from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at 30 June 5	1,336,034 175,020 (3,553,385) (1,257,810)
	(2,217,351) (1,082,790)
	58,400 (142,588) 2,000,000 (2,000,000) (20,086,962) (4,532,997)
	(18,028,562) (6,675,585)
	(44,768) (29,846) 55,180,000 20,090,001 (2,949,255) (981,789)
	52,185,977 19,078,366
	31,940,064 11,319,991 14,997,724 3,677,733
	46,937,788 14,997,724

The above statement should be read in conjunction with the accompanying notes.

WA1 RESOURCES LTD

2024 ANNUAL REPORT 27

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

==> picture [107 x 63] intentionally omitted <==

1. REPORTING ENTITY

WA1 Resources Ltd ( WA1, or the Company ) is a for profit company limited by shares, incorporated on 2 January 2021 and domiciled in Australia. The financial report includes financial statements for the consolidated entity consisting of WA1 and its subsidiaries ( Group ). The Group is primarily involved in the exploration and evaluation of mineral resources in Western Australia and the Northern Territory. WA1 was listed on the Australian Securities Exchange (ASX) on 8 February 2022. The address of the registered office is Level 2, 55 Carrington Street, Nedlands, WA, 6009.

The financial statements were authorised for issue by the Board of Directors on 12 September 2024.

2. BASIS OF PREPARATION

(a) Basis of preparation

The financial statements are general purpose financial statements for the year ended 30 June 2024 prepared in accordance with Australian Accounting Standards, other authoritative pronouncements of the Australian Accounting Standards Board (AASB) and the Corporations Act 2001.

The financial statements of the Group also comply with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

The financial statements have been prepared on historical cost basis and are presented in Australian dollars which is the functional currency of the Group.

The accounting policies adopted in the preparation of this financial report have been consistently applied to all periods presented, unless otherwise stated.

(b) Adoption of new and revised accounting standards

In the year ended 30 June 2024, the Group adopted all new and revised Standards and Interpretations issued by the AASB that are relevant to its operations and effective for the current reporting period. At the date of authorisation of these financial statements, the Group has not applied the new and revised Australian Accounting Standards, Interpretations and amendments that have been issued but are not yet effective. Based on a preliminary review of the standards and amendments, the Directors do not anticipate a material change to the Group’s accounting policy, however, further analysis will be performed when the relevant standards are effective.

(c) Going concern

The financial statements have been prepared on a going concern basis, which contemplates continuity of normal business activities and the realisation of assets and settlement of liabilities in the normal course of business. On 30 June 2024, the Group had net assets of $72,008,450 (30 June 2023: $22,564,331), a working capital surplus of $44,296,093 (30 June 2023: $15,714,262) and cash at bank and term deposits of $46,937,788 (30 June 2023: $16,997,724). For the year ended 30 June 2024, the Group recorded a loss of $3,542,318 (30 June 2023: $2,219,836) and had cash outflows from operating and investing activities of $20,245,913 (30 June 2023: $7,758,376).

In September 2023, and January 2024, WA1 successfully raised $15 million (before costs) and $40 million (before costs) respectively through the issue of ordinary shares. These funds are primarily being used for ongoing activities at the Group’s West Arunta Project.

The financial report does not contain any adjustments relating to the recoverability and classification of recorded asset amounts, nor to the amounts or classification of liabilities that might be necessary should the Group not be able to continue as a going concern.

(d) Segment reporting

Operating segments are reported in a manner that is consistent with the internal reporting provided to the chief operating decision maker, which has been identified by the Group as the Managing Director and other members of the Board of Directors. The Group operates only in one reportable segment being predominantly in the area of mineral exploration and pre-development in Western Australia and the Northern Territory.

WA1 RESOURCES LTD

2024 ANNUAL REPORT 28

==> picture [107 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(e) Estimates and assumptions

The preparation of these financial statements requires the use of certain material accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving higher degree of judgement or complexity, or areas where assumptions and estimates are material to the financial statements are:

(i) Recoverability of capitalised exploration and evaluation expenditure

The future recoverability of capitalised exploration expenditure is dependent on a number of factors, including whether the Group decides to exploit the related lease itself or, if not, whether it successfully recovers the related exploration and evaluation asset and pre-license exploration expenditure through sale.

Factors that could impact the future recoverability include the level of reserves and resources, future technological changes which could impact the cost of mining, future legal changes (including changes to environmental restoration obligations) and changes to commodity prices.

To the extent that capitalised exploration and evaluation expenditure is determined not to be recoverable in the future, profits and net assets will be reduced in the period in which this determination is made.

In addition, exploration and evaluation is capitalised if activities in the area of interest have not yet reached a stage that permits a reasonable assessment of the existence or otherwise of economically recoverable reserves. To the extent it is determined in the future that this capitalised expenditure should be written off, profits and net assets will be reduced in the period in which this determination is made.

(ii) Share-based payment transactions

The Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined by an external valuer using a Black-Scholes model, using assumptions provided by the Group. The fair value is expensed over the vesting period. At each reporting date, the expected vesting period is re-assessed.

The fair value of options granted is recognised as an employee benefits expense with a corresponding increase in equity.

The total amount to be expensed is determined by reference to the fair value of the options granted:

including any market performance conditions (e.g. the Company’s share price);
excluding the impact of any service and non-market performance vesting conditions (e.g. profitability, sales growth targets and remaining an employee of the Group over a specified time period); and
including the impact of any non-vesting conditions (e.g. the requirement for employees to save or hold shares for a specific period of time).

The total expense is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each period, the Group revises its estimates of the number of options that are expected to vest based on the non-market vesting and service conditions. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity.

(f) Determination of fair values

A number of the Group’s accounting policies and disclosures require the determination of fair value for both financial and non-financial assets and liabilities. When measuring fair value of an asset or liability, the Group uses market observable data as far as possible.

The fair value of an asset or liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their best economic interest. A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in the highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

WA1 RESOURCES LTD

2024 ANNUAL REPORT 29

==> picture [107 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:

level 1 – quoted (unadjusted) market price in active markets for identical assets or liabilities;
level 2 – valuation techniques for which the lowest level input that is material to the fair value measurement is directly or indirectly observable; and
level 3 – valuation techniques for which the lowest level input that is material to the fair value measurement is unobservable.

If the inputs used to measure the fair value of an asset or liability might be categorised in different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is material to the entire measurement.

(g) Income tax

Income tax expense comprises current and deferred tax. Current and deferred taxes are recognised in profit or loss except to the extent that they relate to a business combination, or items recognised directly in equity, or in other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.

(h) Deferred tax

Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and differences relating to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future. In addition, deferred tax is not recognised for taxable temporary differences arising on the recognition of goodwill.

Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable Group, or on different tax entities but they intend to settle current tax liabilities and assets on a net basis, or their tax assets and liabilities will be realised simultaneously.

A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.

(i) Impairment of non-financial assets

Assets are reviewed for impairment at each reporting date to determine if events or changes in circumstances indicate that the carrying amount may not be recoverable.

An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are consolidated at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets (cash-generating units).

Non-financial assets that have been impaired are reviewed for possible reversal of the impairment at each reporting date.

(j) Current and non-current classification

Assets and liabilities are presented in the statement of financial position based on current and non-current classification.

An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the consolidated Group’s normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current.

WA1 RESOURCES LTD

2024 ANNUAL REPORT 30

==> picture [107 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

A liability is classified as current when: it is either expected to be settled in the consolidated entity's normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current.

Deferred tax assets and liabilities are always classified as non-current.

(k) Cash and cash equivalents

Cash and cash equivalents include cash on hand, deposits held at call with financial institutions and other short-term highly liquid investments with original maturities of three months or less.

(l) Exploration deposits

Exploration deposits represent annual tenement rents paid to the Western Australian Department of Energy, Mines, Industry Regulations and Safety (DEMIRS) and the Northern Territory Department of Industry, Tourism and Trade in advance when application for tenements were made during the year. These amounts are held in trust by the DEMIRS pending the grant of the tenements and are refundable if for any reason the tenements do not proceed to grant.

(m) Exploration and evaluation assets

Exploration and evaluation costs are capitalised as exploration and evaluation assets on an area of interest basis. Such costs comprise net direct costs, research and development expenditure and an appropriate portion of related overhead expenditure, but do not include general overheads or administrative expenditure not having a specific connection with a particular area of interest. Costs incurred before the Group has obtained the legal right to explore an area of interest are recognised in profit or loss.

An exploration and evaluation asset is only recognised if the right to the area of interest is current and either:

the expenditure is expected to be recouped through successful development and exploitation of an area of interest, or by its sale; or
activities in the area of interest have not, at the reporting date, reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves, and active and significant operations in or in relation to the area of interest are continuing.

Accumulated costs in respect of areas of interest are recognised in profit or loss when the above criteria do not apply or when the Directors assess that the carrying value may exceed the recoverable amount.

Once a development decision has been taken, all past and future exploration and evaluation expenditure in respect of the area of interest is aggregated within costs of development. The aggregated cost is first tested for impairment and then reclassified from exploration and evaluation assets to mining property and development assets within property, plant and equipment. The costs of a productive area are amortised over the life of the area of interest to which such costs relate on the production output basis.

Exploration and evaluation assets are assessed for impairment if sufficient data exists to determine technical feasibility and commercial viability, and facts and circumstances suggest that the carrying amount of the asset exceeds the recoverable amount. Such indicators of impairment include the following:

the right to explore has expired during the year or will expire in the near future and is not expected to be renewed;
substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned;
exploration and evaluation in the specific area has not led to the discovery of commercially viable quantities of mineral resources and the Group has decided to discontinue such activities in the specific area; or
sufficient data exists to indicate that the carrying amount of the asset is unlikely to be recovered in full from successful development or by sale even if development in the specific area is likely to proceed.

For the purpose of impairment testing, exploration and evaluation assets are allocated to cash-generating units consistent with exploration activity. The cash-generating units are not larger than the areas of interest.

WA1 RESOURCES LTD

2024 ANNUAL REPORT 31

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

==> picture [107 x 63] intentionally omitted <==

(n) Trade and other payables

Trade amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year and which are unpaid. Due to their short-term nature, they are measured at amortised cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition. Other payables represent liabilities of the Group with payment terms less than 12 months that are outside the general nature of business expenses.

3. ADMINISTRATIVE EXPENSES

	2024	2023
	$	$
Fees, salaries and benefits External consulting, advisory and professional fees Other general and administrative costs ASX fees Insurances	(1,686,300) (696,938) (1,029,796) (332,372) (809,784) (197,956) (101,044) (44,793) (124,667) (30,587) (3,751,591) (1,302,646)

4. INCOME TAX

	2024	2023
	$	$
Reconciliation between tax expense and pre-tax accounting loss Loss for the year Income tax using the Company's domestic tax rate 30% (2023: 25%) Changes in unrecognised temporary difference Income tax expense Unrecognised deferred tax asset Deferred tax asset calculated at 30% (2023: 25%) have not been recognised: Deductible temporary differences Deductible temporary differences Tax losses carried forward Tax losses and temporary differences brought to account to reduce the provision for deferred tax liabilities	(3,542,318) (2,219,836) (1,062,695) (554,959) (1,062,695) (554,959)
	- -
	- - - 248,025 2,607,283 2,072,195 - -
	2,607,283 2,320,220

The deductible temporary differences and tax losses do not expire under current tax legislation. Deferred tax assets have not been recognised in respect of these items because it is not probable that future taxable profits will be available against which the Company can utilise the benefits.

WA1 RESOURCES LTD

2024 ANNUAL REPORT 32

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

==> picture [107 x 63] intentionally omitted <==

	2024	2023
	$	$
Provision for deferred tax liability Deferred tax liability comprises the estimated expense at the applicable rate of 30% (2023: 25%) on the following items: Exploration and evaluation assets Deferred tax asset attributable to tax losses and temporary differences brought to account to reduce the provision for deferred income tax	8,313,707 1,712,517 (8,313,707) (1,712,517)
	- -

5. CASH AND CASH EQUIVALENTS

	2024	2023
	$	$
Cash and bank balances	46,937,788 14,997,724
	46,937,788 14,997,724

Cash at bank earns interest at floating rates based on daily bank deposit rates. There were no amounts at 30 June 2024 held in term deposits (2023: $2m).

6. EXPLORATION AND EVALUATION ASSETS

	2024	2023
	$	$
Opening balance / initial recognition at fair value Additions Impairment (Hidden Valley)	6,850,069 859,925 21,011,142 5,990,144 (148,854) -
	27,712,357 6,850,069

The carrying amount of the exploration and evaluation asset at 30 June 2024 relates to exploration capitalised on the West Arunta and Madura Projects.

At 30 June 2024 the Group assessed the carrying amount of the assets for impairment. No impairment triggers were present for the Madura and West Arunta Projects (30 June 2023: Nil). The Hidden Valley Project was fully impaired at 30 June 2024 following a decision to surrender the tenement, which was formally surrendered subsequent to year end.

7. TRADE AND OTHER PAYABLES

	2024	2023
	$	$
Trade payables Accrued expenses Payroll tax liability Other payables	2,135,144 1,305,952 257,544 593,016 226,484 18,626 551,184 196,847
	3,170,356 2,114,441

WA1 RESOURCES LTD

2024 ANNUAL REPORT 33

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

==> picture [107 x 63] intentionally omitted <==

8. SHARE CAPITAL

	2024	2024
	Number	$
Share capital Fully paid ordinary shares Balance at 1 July 2023 Issue of fully paid ordinary shares at $5.00 Options exercised at $0.30 Issue of fully paid ordinary shares at $10.00 Share issue costs Balance at 30 June 2024	61,336,364 76,515,681 53,736,364 24,284,936 3,000,000 15,000,000 600,000 180,000 4,000,000 40,000,000 (2,949,255)
	61,336,364 76,515,681

All issued shares are fully paid.

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. All shares rank equally with regards to the Group’s residual assets.

	2023	2023
	Number	$
Share capital Fully paid ordinary shares Balance at 1 July 2022 Issue of fully paid ordinary shares at $2.00 Issue of fully paid ordinary shares at $2.75 Options exercised at $0.30 Share issue costs Balance at 30 June 2023	53,736,364 24,284,936 44,800,000 5,176,724 5,000,000 10,000,000 3,636,364 10,000,001 300,000 90,000 (981,789)
	53,736,364 24,284,936

9. RESERVES

	2024	2023
	$	$
Opening balance Share-based payments expense	1,171,669 55,483 755,693 1,116,186
	1,927,362 1,171,669

WA1 RESOURCES LTD

2024 ANNUAL REPORT 34

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

==> picture [107 x 63] intentionally omitted <==

Director Options and Employee Performance Rights

During the year, the Company issued a total of 183,000 Performance Rights to employees as follows:

	Performance Rights	Performance Rights	Performance Rights	Performance Rights	Performance Rights	Performance Rights
Assumptions: Valuation date Vesting date Market price of shares Exercise price Expiry date Risk free interest date Dividend yield Expected future volatility Life (years) Indicative value per option Number of rights Total value of rights
	24/11/2023 24/11/2023 11/03/2024 11/03/2024 11/03/2024 11/03/2024
	29/05/2025 29/05/2026 13/10/2025 13/10/2026 11/03/2026 11/03/2027
	$8.51 $8.51 $12.05 $12.05 $12.05 $12.05
	$0.00 $0.00 $0.00 $0.00 $0.00 $0.00
	29/05/2028 29/05/2028 15/02/2029 15/02/2029 15/02/2029 15/02/2029
	3.850% 3.850% 4.350% 4.350% 4.350% 4.350%
	Nil Nil Nil Nil Nil Nil
	100% 100% 100% 100% 100% 100%
	4.5 4.5 4.9 4.9 4.9 4.9
	$8.51 $8.51 $12.05 $12.05 $12.05 $12.05

	20,000 20,000 30,000 30,000 41,500 41,500
	$170,200 $170,200 $361,500 $361,500 $500,075 $500,075

Performance Rights are subject to employment on the vesting date and have been valued in accordance with AASB 2 Share Based Payments and expensed accordingly.

On 28 December 2023, 600,000 options issued to a former Director as part of the IPO were exercised and 600,000 shares were issued for consideration of $0.30 per share. These options were fully expensed as at exercise date per AASB 2 Share Based Payments.

A total of $755,693 in share-based payments has been expensed in the year for all options and rights.

Options issued to Directors on 21 October 2021 at an exercise price of $0.30 per share have vesting conditions of continued service until the earlier of exercise or expiration. They have been valued using the Black-Scholes method, in accordance with AASB 2 Share Based Payments and are brought to account over the expected vesting period which is assessed at each reporting period. At 30 June 2024, all outstanding options issued to Directors have been fully expensed for accounting purposes.

WA1 RESOURCES LTD

2024 ANNUAL REPORT 35

==> picture [107 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

The following table illustrates the weighted average exercise price (WAEP) of and movements in share option numbers during the year:

Options

Grant date	Expiry date	Exercise price	Balance at the start of the year	Granted	Exercised	Expired / cancelled	Balance at the end of the year
21/10/2021 1/11/2025 $0.30 3,450,000 - 600,000 - 2,850,000
7/11/2022 1/11/2025 $0.30 650,000 - - - 650,000
4,100,000 - 600,000 - 3,500,000

The following table illustrates the movements in performance rights numbers during the year:

Performance Rights

Grant date	Expiry date	Exercise price	Balance at the start of the year	Granted	Exercised	Expired / cancelled	Balance at the end of the year
29/05/2023 29/05/2028 - 235,000 - - (40,000) 195,000
24/11/2023 29/05/2028 - - 40,000 - - 40,000
11/03/2024 15/02/2029 - - 143,000 - - 143,000
235,000 183,000 - (40,000) 378,000

10. LOSS PER SHARE

(a) Reconciliation of Loss

	2024	2023
	$	$
Loss attributable to the owners of the Group used to calculate basic and diluted loss per share 3,542,318 2,219,836

(b) Weighted average number of ordinary shares used as the denominator

	2024	2023
	#	#
Weighted average number of ordinary shares used as the denominator in calculating basic and diluted loss per share 58,142,574 48,058,331

Potential ordinary shares are not considered dilutive, thus diluted loss per share is the same as basic loss per share.

WA1 RESOURCES LTD

2024 ANNUAL REPORT 36

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

==> picture [107 x 63] intentionally omitted <==

11. STATEMENT OF CASH FLOWS

(a) Reconciliation of cash flows from operating activities

	2024	2023
	$	$
Loss for the year Adjustments for: Share based payments Impairment loss Accrued interest income Office lease amortisation Accrued administration expenses Change in operating assets and liabilities Decrease / (increase) in other receivables Increase / (decrease) in trade and other payables Increase / (decrease) in provisions Net cash used in operating activities	(3,542,318) (2,219,836)


	755,693 1,116,186
	148,854 -
	86,096 (86,096)
	44,064 30,549
	(958) 43,800


	(100,831) (586,122)
	312,580 585,717
	79,469 33,012
	(2,217,351) (1,082,790)

12. COMMITMENTS

(a) Exploration commitments

As a condition of retaining right to explore its mining tenements, the Group is required to pay an annual rental and incur a minimum level of expenditure for each tenement.

Outstanding exploration commitments are as follows:

Project	Within 1 year	Between 2 – 5 years	Total
	$	$	$
Exploration expenditure	839,000 4,064,000 4,903,000
Total	839,000 4,064,000 4,903,000

The Group has no expenditure commitments on mining tenements which have not yet been granted.

13. CONTINGENCIES

The Group had no contingent assets or liabilities at reporting date (2023: Nil).

WA1 RESOURCES LTD

2024 ANNUAL REPORT 37

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

==> picture [107 x 63] intentionally omitted <==

14. RELATED PARTY TRANSACTIONS

(a) Key Management Personnel compensation

	2024	2023
	$	$
Short-term benefits Post-employment superannuation benefit Other long-term benefits Share based payments	930,463 528,935
	72,838 42,902
	74,038 24,360
	60,233 1,054,733
	1,137,572 1,650,931

(b) Transactions with Directors, Director related entities and other related parties

During the year, the Group paid $6,301 (FY23: $24,296) to Tali Resources Pty Ltd, a Company controlled by Mr Lyons as Managing Director, reimbursing for the use of Tali staff and associated costs assisting with operational activities. No amount was payable at 30 June 2024.

15. FINANCIAL RISK MANAGEMENT

The Group’s activities expose it to market, liquidity and credit risks arising from its financial instruments. The Group’s management of financial risk is aimed at ensuring net cash flows are sufficient to meet all its financial commitments and maintain the capacity to fund its exploration and evaluation activities, which primarily relate to the West Arunta Project. The Board of Directors has overall responsibility for the establishment and oversight of the risk management framework. Management monitors and manages the financial risks relating to the operations of the Group through regular reviews of risk.

Market (including interest rate risk), liquidity and credit risks arise in the normal course of business. These risks are managed under Board approved treasury processes and transactions.

The principal financial instruments as at reporting date include cash, exploration deposits and payables.

This note presents information about exposures to the above risks, the objectives, policies, and processes for measuring and managing risk, and the management of capital.

(a) Credit risk

Exposure to credit risk.

The carrying amount of financial assets represent the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:

	2024	2023
	$	$
Cash and cash equivalents Term deposit Exploration deposits	46,937,788 14,997,724 - 2,000,000 93,483 200,988
	47,031,271 17,198,712

The Group’s material concentration of credit risk is cash, which is held with a major Australian Bank and accordingly the credit risk exposure is considered to be minimal. Exploration deposits are held by DEMIRS, a reputable government department.

WA1 RESOURCES LTD

2024 ANNUAL REPORT 38

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

==> picture [107 x 63] intentionally omitted <==

(b) Liquidity risk

The Group manages liquidity risk by continuously monitoring forecast and actual cash flows and ensuring sufficient cash is available to meet current and future commitments. Due to the nature of the Group’s activities, being mineral exploration and evaluation, the Group does not have ready access to credit facilities, with the primary source of funding being equity raisings.

The Board of Directors constantly monitors the state of equity markets in conjunction with the Group’s current and future funding requirements, with a view to initiating appropriate capital raisings as required.

The financial liabilities of the Group are confined to trade and other payables. Trade and other payables are non-interest bearing and are due within 12 months of the reporting date.

	2024	2024	2024	2024	2024
	Weighted average effective interest rate	Less than 6 months	6 months to 1 year	1 to 5 years	Total
	% $ $ $ $
Financial assets:
Non-interest bearing	337,249 - - 337,249
Variable interest rate instruments	4.28 46,600,538 - - 46,600,538
Fixed rate instrument	- - - -
	46,937,787 - - 46,937,787

Financial liabilities:
Non-interest bearing	2,135,144 - - 2,135,144
NET FINANCIAL ASSETS	44,802,643 - - 44,802,643

	2023	2023	2023	2023	2023
	Weighted average effective interest rate	Less than 6 months	6 months to 1 year	1 to 5 years	Total
Financial assets: Non-interest bearing Variable interest rate instruments Fixed rate instrument Fixed rate instrument Fixed rate instrument Financial liabilities: Non-interest bearing NET FINANCIAL ASSETS	% $ $ $ $ 132,041 - - 132,041 4.15 3,865,683 - - 3,865,683 4.18 9,000,000 - - 9,000,000 3.85 2,000,000 - - 2,000,000 4.04 2,000,000 - - 2,000,000
	16,997,724 - - 16,997,724
	1,305,952 - - 1,305,952
	15,691,772 - - 15,691,772

(c) Fair values

The current receivables and payables carrying values approximate their fair values due to the short-term-maturities of these instruments.

WA1 RESOURCES LTD

2024 ANNUAL REPORT 39

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

==> picture [107 x 63] intentionally omitted <==

(d) Capital management

The Board’s policy is to preserve a strong capital base and maintain investor and equity market confidence in order to sustain the Group’s exploration and evaluation activities and supporting functions. The capital structure of the Group consists of equity attributable to equity holders, comprising issued capital, and retained earnings.

16. PARENT ENTITY DISCLOURE

(a) Financial position

	2024	2023
	$	$
ASSETS Current assets Non-current assets Total assets LIABILITIES Current liabilities Net assets EQUITY Issued capital Reserves Accumulated losses Total equity	47,752,895 17,948,676 27,712,357 6,850,069
	75,465,252 24,798,745
	3,456,802 2,234,414
	72,008,450 22,564,331
	76,515,681 24,284,936 1,927,362 1,171,669 (6,434,593) (2,892,274)
	72,008,450 22,564,331

(b) Financial performance

	2024	2023
	$	$
Loss for the year Other comprehensive income Total comprehensive loss	(3,542,318) (2,219,836) - -
	(3,542,318) (2,219,836)

(c) Contingent liabilities

As at 30 June 2024, the Company had no contingent liabilities (2023: Nil).

(d) Contractual commitments

As at 30 June 2024, the Company had no contractual commitments except as disclosed in note 12 (2023: Nil).

(e) Guarantees entered into by parent entity

As at 30 June 2024, the Company had not entered into any guarantees (2023: Nil).

WA1 RESOURCES LTD

2024 ANNUAL REPORT

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

==> picture [107 x 63] intentionally omitted <==

17. INTEREST IN SUBSIDIARIES

Name of entity	Country of incorporation	Principal activity	Functional currency	% of share capital held
WA1 Madura Holdings Pty Ltd (ACN: 669 332 718) Australia Dormant AUD 100%

18. REMUNERATION OF AUDITORS

During the year, the following fees were paid or were payable to the auditor of the Group.

	2024	2023
	$	$
BDO Audit Audit and review of financial statements Non-audit services provided: Taxation advice Total remuneration for audit and non-audit services
	53,200 42,500
	53,200 42,500

	- 5,000
	- 5,000

	53,200 47,500

On 19 April 2024 the Group advised that BDO Audit Pty Ltd had been appointed auditor of the Group following the resignation of BDO Audit (WA) Pty Ltd and receipt of ASICs consent to the resignation. The change in auditor arose as a result of BDO Audit (WA) Pty Ltd restructuring its audit practice whereby audits will now be conducted by BDO Audit Pty Ltd.

19. EVENTS SUBSEQUENT TO BALANCE DATE

On 11 July 2024, the Company announced it had received firm commitments for a $60 million placement at an issue price of $17.00 per share, issued pursuant to the Company’s existing placement capacity under ASX Listing Rule 7.1. The placement resulted in the issue of approximately 3.5 million new fully paid ordinary shares in the Company. Following the placement the Company has approximately 64.9 million shares on issue.

There were no other subsequent events after the reporting date.

WA1 RESOURCES LTD

2024 ANNUAL REPORT 41

CONSOLIDATED ENTITY DISCLOSURE STATEMENT

==> picture [107 x 63] intentionally omitted <==

Consolidated Entity Disclosure Statement as at 30 June 2024

This Consolidated Entity Disclosure Statement has been prepared in accordance with the Section 295 (3A) of the Corporations Act 2001 and includes the required information for WA1 Resources Ltd and the entity it controls in accordance with AASB 10 Consolidated Financial Statements.

Tax residency

S295 (3A) (vi) of the Corporations Act 2001 defines tax residency as having the meaning in the Income Tax Assessment Act 1997. The determination of tax residency may involve judgement as there are different interpretations that could be adopted, and which could give rise to different conclusions regarding residency.

In determining tax residency, the consolidated entity has applied the following interpretations:

Australian tax residency

The consolidated entity has applied current legislation and judicial precedent, including having regard to the Tax Commissioner’s public guidance in Tax Ruling TR2018/5.

Name of entity	Country of incorporation	Principal activity	Functional currency	% of share capital held
WA1 Resources Ltd (ACN: 646 878 631) Australia Mining Exploration AUD N/A
WA1 Madura Holdings Pty Ltd (ACN: 669 332 718) Australia Dormant AUD 100%

WA1 RESOURCES LTD

2024 ANNUAL REPORT 42

DIRECTOR’S DECLARATION

==> picture [107 x 63] intentionally omitted <==

In the opinion of the Directors of WA1 Resources Ltd (‘the Company’):

the financial statements and notes set out on pages 24 to 41 are in accordance with the Corporations Act 2001, including:
(a) complying with Accounting Standards and the Corporations Regulations 2001; and
(b) giving a true and fair view of the Group’s financial position as at 30 June 2024 and of its performance for the year ended on that date;
the financial statements and notes also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board disclosed in note 2;
there are reasonable grounds to believe that the Group will be able to pay debts as and when they become due and payable; and
the information disclosed in the Consolidated Entity Disclosure Statement on page 42, is true and correct.

The Directors have been given the declarations by the Managing Director and person acting in the role of Chief Financial Officer required by section 295A of the Corporations Act 2001 .

Signed in accordance with a resolution of the Directors.

==> picture [63 x 46] intentionally omitted <==

Paul Savich

Managing Director

Perth 12 September 2024

WA1 RESOURCES LTD

2024 ANNUAL REPORT

Tel: +61 8 6382 4600 Level 9, Mia Yellagonga Tower 2 Fax: +61 8 6382 4601 5 Spring Street www.bdo.com.au Perth, WA 6000 PO Box 700 West Perth WA 6872 Australia

==> picture [74 x 28] intentionally omitted <==

INDEPENDENT AUDITOR'S REPORT

To the members of WA1 Resources Ltd

Report on the Audit of the Financial Report

Opinion

We have audited the financial report of WA1 Resources Ltd (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 2024, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the financial report, including material accounting policy information, the consolidated entity

In our opinion the accompanying financial report of the Group, is in accordance with the Corporations Act 2001 , including:

(i) Giving a true and fair view of the Groups 30 June 2024 and of its financial performance for the year ended on that date; and
(ii) Complying with Australian Accounting Standards and the Corporations Regulations 2001 .

Basis for opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the responsibilities for the audit of the Financial Report section of our report. We are independent of the Group in accordance with the Corporations Act 2001 APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We confirm that the independence declaration required by the Corporations Act 2001 , which has been given to the directors of the Company, would be in the same terms if given to the directors as at the

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report of the current period. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

==> picture [74 x 28] intentionally omitted <==

Carrying Value of Exploration and Evaluation Assets

==> picture [442 x 438] intentionally omitted <==

----- Start of picture text -----

Key audit matter How the matter was addressed in our audit
During the year, WA1 Resources Ltd has Our procedures included, but were not limited
continued to capitalise Exploration and to:
Evaluation assets.
Obtaining a schedule of the areas of
interest held by the Group and assessing
As the carrying value of the Exploration and
whether the rights to tenure of those
Evaluation assets represents a significant asset of
areas of interest remained current at
the Group, we considered it necessary to assess
balance date;
whether any facts or circumstances exist to
suggest that the carrying amount of this asset Considering the status of the ongoing
may exceed its recoverable amount. exploration programmes in the
respective areas of interest by holding
Judgement is applied in determining the discussions with management, and
treatment of exploration expenditure in reviewing the Group
accordance with Australian Accounting Standard budgets, ASX announcements and
AASB 6 Exploration for and Evaluation of Mineral
Resources. In particular:
Considering whether any such areas of
Whether the conditions for capitalisation interest had reached a stage where a
are satisfied; reasonable assessment of economically
recoverable reserves existed;
Which elements of exploration and
evaluation expenditures qualify for Verifying, on a sample basis, evaluation
recognition; and expenditure capitalised during the year
for compliance with the recognition and
Whether facts and circumstances
measurement criteria of AASB 6;
indicate that the exploration and
expenditure assets should be tested for Considering whether any facts or
impairment. circumstances existed to suggest
impairment testing was required; and
Assessing the adequacy of the related
As a result, this is considered a key audit matter.
disclosures in Note 2 and Note 6 of the
financial report.
----- End of picture text -----

==> picture [74 x 28] intentionally omitted <==

Other information

The directors are responsible for the other information. The other information comprises the ended 30 June 2024, but does not include the Our opinion on the financial report does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the directors for the Financial Report

The directors of the Company are responsible for the preparation of:

a) the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and
b) the consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act 2001, and

for such internal control as the directors determine is necessary to enable the preparation of:

i) the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error; and
ii) the consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to fraud or error.

In preparing the financial report, the directors are responsible for assessing the ability of the group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.

==> picture [74 x 28] intentionally omitted <==

A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website (http://www.auasb.gov.au/Home.aspx) at:

https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf

Report on the Remuneration Report

Opinion on the Remuneration Report

We have audited the Remuneration Report included in pages 19 to 22 year ended 30 June 2024.

In our opinion, the Remuneration Report of WA1 Resources Ltd, for the year ended 30 June 2024, complies with section 300A of the Corporations Act 2001 .

Responsibilities

The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001 . Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.

BDO Audit Pty Ltd

==> picture [79 x 78] intentionally omitted <==

Ashleigh Woodley

Director

Perth, 12 September 2024

==> picture [107 x 63] intentionally omitted <==

ASX ADDITIONAL INFORMATION

SHAREHOLDER INFORMATION

(a) Distribution of member holdings

Number of shares	Holders	Securities	%
1 - 1,000	2353 788,438 1.22%
1,001 - 5,000	832 2,063,699 3.18%
5,001 - 10,000	231 1,779,443 2.74%
10,001 - 100,000	301 9,500,081 14.65%
100,001 and over	57 50,734,115 78.21%
	3,774 64,865,776 100.00%

There are 154 shareholders holding less than a marketable parcel of shares.

(b) Twenty largest shareholders

Party	Listed ordinary shares	Listed ordinary shares
	No. of ordinary shares	Percentage of issued capital
TALI RESOURCES PTY LTD CITICORP NOMINEES PTY LIMITED HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED J P MORGAN NOMINEES AUSTRALIA PTY LIMITED ABADI INVESTMENTS PTY LTD LUCID INVESTMENTS GROUP PTY LTD RYECROFT HOLDINGS PTY LTD NERANO HOLDINGS PTY LTD UBS NOMINEES PTY LTD MR PAUL ANTHONY SAVICH & MRS DEANNE MARIE SAVICH A/C> BNP PARIBAS NOMINEES PTY LTD RYECROFT HOLDINGS PTY LTD MERRILL LYNCH (AUSTRALIA) NOMINEES PTY LIMITED GENEVIEVE GIBBS & PAULL PARKER HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED - A/C 2 MR GODFREY WENNESS LINESTART PTY LTD BURRA PTY LTD ALLAMBI HOLDINGS PTY LTD HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED	8,490,000 13.09% 5,809,560 8.96% 4,735,008 7.30% 3,973,824 6.13% 2,960,805 4.56% 2,916,666 4.50% 2,341,666 3.61% 2,183,333 3.37% 1,608,650 2.48% 1,200,000 1.85% 1,131,036 1.74% 1,075,000 1.66% 718,589 1.11% 683,333 1.05% 677,372 1.04% 645,000 0.99% 600,000 0.92% 530,000 0.82% 500,000 0.77% 425,356 0.66%
	43,205,198 66.61%

Shares on issue as at 6 September 2024 is: 64,865,776.

WA1 RESOURCES LTD

2024 ANNUAL REPORT 48

==> picture [107 x 63] intentionally omitted <==

ASX ADDITIONAL INFORMATION

(c) Substantial shareholders

The names of substantial shareholders who have notified the Company in accordance with section 671B of the Corporations Act 2001 are:

Party	Number of ordinary shares held	Percentage of issued capital
TALI RESOURCES PTY LTD AND ASSOCIATED ENTITIES 8,875,000 13.68% REGAL FUNDS MANAGEMENT PTY LTD AND ASSOCIATED ENTITIES 6,905,540 10.65% LUCID INVESTMENTS GROUP PTY LTD AND ASSOCIATED ENTITIES 4,116,666 6.35%
RYECROFT HOLDINGS PTY LTD AND ASSOCIATED ENTITIES 3,516,666 5.42%
ABADI INVESTMENTS PTY LTD AND ASSOCIATED ENTITIES 3,253,314 5.02%

(d) Voting rights

All shares carry one vote per share without restriction.

USE OF FUNDS

Pursuant to the requirements of ASX Listing Rule 4.10.19 the Company has used all funds raised from its Initial Public Offer (IPO) in a manner that is consistent with its business objectives as set out in the Company’s Prospectus dated 29 November 2021.

WA1 RESOURCES LTD

2024 ANNUAL REPORT 49

==> picture [107 x 63] intentionally omitted <==

ASX ADDITIONAL INFORMATION

Table 3: Schedule of tenement interests as at 30 June 2024

Tenement	Project	Holder	Status	Location	Current interest
E80/5173 West Arunta WA1 Granted WA 100%
E80/5646 West Arunta WA1 Granted WA 100%
E80/5656 West Arunta WA1 Granted WA 100%
E80/5860 West Arunta WA1 Granted WA 100%
E80/5861 West Arunta WA1 Granted WA 100%
E80/5862 West Arunta WA1 Application WA 100%
E80/5865 West Arunta WA1 Application WA 100%
E80/5866 West Arunta WA1 Application WA 100%
E80/6028 West Arunta WA1 Application WA 100%
EL33378 West Arunta WA1 Application NT 100%
EL33545 West Arunta WA1 Application NT 100%
EL33546 West Arunta WA1 Application NT 100%
EL33550 West Arunta WA1 Application NT 100%
EL33586 West Arunta WA1 Application NT 100%
EL33794 West Arunta WA1 Application NT 100%
EL33795 West Arunta WA1 Application NT 100%
EL33796 West Arunta WA1 Application NT 100%
EL33797 West Arunta WA1 Application NT 100%
EL33808 West Arunta WA1 Application NT 100%
EL33809 West Arunta WA1 Application NT 100%
EL33810 West Arunta WA1 Application NT 100%
EL33811 West Arunta WA1 Application NT 100%
EL33812 West Arunta WA1 Application NT 100%
EL33813 West Arunta WA1 Application NT 100%
EL33814 West Arunta WA1 Application NT 100%
EL33816 West Arunta WA1 Application NT 100%
EL33820 West Arunta WA1 Application NT 100%
EL33821 West Arunta WA1 Application NT 100%
EL33822 West Arunta WA1 Application NT 100%
EL33823 West Arunta WA1 Application NT 100%
EL33824 West Arunta WA1 Application NT 100%
EL33825 West Arunta WA1 Application NT 100%
EL33826 West Arunta WA1 Application NT 100%

WA1 RESOURCES LTD

2024 ANNUAL REPORT 50

==> picture [107 x 63] intentionally omitted <==

ASX ADDITIONAL INFORMATION

Tenement	Project	Holder	Status	Location	Current interest
EL33827 West Arunta WA1 Application NT 100%
EL33828 West Arunta WA1 Application NT 100%
EL33829 West Arunta WA1 Application NT 100%
EL33830 West Arunta WA1 Application NT 100%
EL33831 West Arunta WA1 Application NT 100%
EL33832 West Arunta WA1 Application NT 100%
EL33833 West Arunta WA1 Application NT 100%
EL33834 West Arunta WA1 Application NT 100%
EL33836 West Arunta WA1 Application NT 100%
EL33837 West Arunta WA1 Application NT 100%
EL33838 West Arunta WA1 Application NT 100%
EL33839 West Arunta WA1 Application NT 100%
EL33840 West Arunta WA1 Application NT 100%
EL33841 West Arunta WA1 Application NT 100%
EL33842 West Arunta WA1 Application NT 100%
EL33844 West Arunta WA1 Application NT 100%
EL33845 West Arunta WA1 Application NT 100%
EL33846 West Arunta WA1 Application NT 100%
EL33847 West Arunta WA1 Application NT 100%
EL33848 West Arunta WA1 Application NT 100%
E69/3843 Madura WA1 Granted WA 100%
E69/3844 Madura WA1 Granted WA 100%
E69/3854 Madura WA1 Granted WA 100%
E69/3855 Madura WA1 Granted WA 100%
E69/3861 Madura WA1 Granted WA 100%
E69/4028 Madura WA1 Granted WA 100%
E69/4029 Madura WA1 Granted WA 100%
E69/4103 Madura WA1 Granted WA 100%
E80/5651 Hidden Valley WA1 Granted1 WA 100%1

Hidden Valley tenement E80/5651 was surrendered in July 2024 subsequent to the end of the financial year

WA1 RESOURCES LTD

2024 ANNUAL REPORT 51

AI assistant

WA1 RESOURCES LTD — Annual Report 2024

66031_rns_2024-09-11_164da300-e86d-4524-9d0a-b3a83ffbe977.pdf

2024

ANNUAL REPORT

CORPORATE INFORMATION

DIRECTORS

REGISTERED OFFICE AND PRINCIPAL PLACE OF BUSINESS

AUDITORS

SOLICITORS

SHARE REGISTRY

WEBSITE

STOCK EXCHANGE LISTING

CONTENTS

CHAIRPERSON’S LETTER TO SHAREHOLDERS

Gary Lethridge Non-Executive Chairperson WA1 Resources Ltd

REVIEW OF OPERATIONS

SUMMARY OF OPERATIONS

WEST ARUNTA PROJECT

REVIEW OF OPERATIONS

Luni Carbonatite

REVIEW OF OPERATIONS

Appointment of Niobium Processing Advisor

Metallurgical Testwork

REVIEW OF OPERATIONS

REVIEW OF OPERATIONS

Negotiation Protocol with Parna Ngururrpa

P2 Carbonatite Drilling

REVIEW OF OPERATIONS

MADURA PROJECT

REVIEW OF OPERATIONS

HIDDEN VALLEY PROJECT

NEW PROJECT GENERATION

COMMUNITY & SAFETY

CORPORATE

Appointment of Niobium Marketing Advisor

FORWARD-LOOKING STATEMENTS

MINERAL RESOURCE STATEMENT

COMPETENT PERSONS STATEMENTS

REVIEW OF OPERATIONS

Paul Savich

DIRECTORS’ REPORT

DIRECTORS

Gary Lethridge

Non-Executive Chairperson, appointed 23 September 2021

BCOMM

Paul Savich

Managing Director, appointed 10 February 2021

BCOMM, MAPPFIN

Tom Lyons

Executive Director, appointed 1 July 2022 BSC(GEOLOGY), GAICD, MAIG

Rhys Bradley

Non-Executive Director and Company Secretary, appointed 9 February 2021 BCOMM, CA, GRADDIPMINEXPLGEOSC

INTERESTS IN SHARES AND OPTIONS OF THE COMPANY AND RELATED BODIES CORPORATE

DIRECTORS’ MEETINGS

PRINCIPAL ACTIVITIES

RESULTS OF OPERATIONS

DIVIDENDS

SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS

FUTURE DEVELOPMENTS AND KEY BUSINESS RISKS

Exploration and development

Additional funding

Key personnel

Aboriginal Reserves

ENVIRONMENTAL REGULATION

INDEMNITY AND INSURANCE OF OFFICERS

DIRECTORS’ REPORT

INDEMNITY AND INSURANCE OF AUDITOR

NON-AUDIT SERVICES

CORPORATE GOVERNANCE

PROCEEDINGS ON BEHALF OF THE COMPANY

UNISSUED SHARES UNDER OPTION

DIRECTORS’ REPORT

SUBSEQUENT EVENTS

AUDITOR’S INDEPENDENCE DECLARATION

REMUNERATION REPORT (AUDITED)

1. PRINCIPLES OF REMUNERATION

Key elements of Key Management Personnel remuneration strategy

1.1 Fixed Remuneration

1.2 Executive Remuneration

WA1 RESOURCES LTD Annual Report 2024