WA1 RESOURCES LTD — Capital/Financing Update 2022

Oct 25, 2022

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ASX RELEASE
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26 OCTOBER 2022

WEST ARUNTA PROJECT

DISCOVERY OF NIOBIUM-REE MINERALISED CARBONATITE SYSTEM

Highlights

• First drillhole at the P2 geophysical target (at the Pachpadra Prospect area) has discovered a mineralised carbonatite system

• Significant mineralisation confirmed in drillhole PARC003 composite assays[₁] :

54m at 0.62% Nb2O5, 0.18% TREO[2] , 3.85% P2O5

from 162m within an overall interval of

142m at 0.31% Nb2O5, 0.17% TREO, 3.94% P2O5

from 74m to 216m (EOH) and ending in

2m at 1.22% Nb2O5, 0.22% TREO, 5.73% P2O5

• Entire assayed section of the hole (74m to 216m) has highly elevated niobium (Nb), anomalous rare earth elements (REE) and phosphorus (P)

• Samples from the top of the hole (0m to 74m) have not yet been assayed but also have potential for mineralisation

• All single-metre splits from PARC003 will now be assayed and results from other holes are due in the coming weeks

• Niobium is listed as a critical and strategic mineral key to global technology needs by Australia, USA, EU, Japan and India

• Carbonatite mineral systems are important sources of niobium and REE and host all three of the world’s operating niobium mines and also Lynas Rare Earths Limited’s Mt Weld deposit

• Only one RC hole was completed at the P2 geophysical anomaly which extends for 3 kilometres and has significant future exploration potential

WA1 Resources Ltd (ASX: WA1) ( WA1 or the Company ) is pleased to announce the first results from its maiden West Arunta Project drilling program undertaken in July.

WA1’s Managing Director, Paul Savich, commented:

“The discovery of a mineralised carbonatite system in the West Arunta is the first of its kind in the region and is a significant finding from our maiden drilling program.

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WA1 RESOURCES LTD | ABN: 51 646 878 631 | WWW.WA1.COM.AU | ASX: WA1 WA1 RESOURCES LTD | ABN: 51 646 878 631 | WWW.WA1.COM.AU | ASX: WA1 A: L2 55 CARRINGTON ST NEDLANDS WA 6009 P: +61 8 6478 7866 E: INFO@WA1.COM.AU A: 2C LOCH ST, NEDLANDS WA 6009 P: +61 8 6478 7866 E: INFO@WA1.COM.AU

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“For our first hole at P2 to have intersected high-grade niobium mineralisation that remains open and with the highest grade at the end-of-hole (2m at 1.22% Nb2O5) along with elevated rare earth elements and phosphorus, is an exciting result.

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Figure 1: P2 Schematic Cross-section Gravity anomaly image (resUC200m contours)

“To date, we have only assayed 4m composite samples commencing from 74m depth in this hole, where drilling entered fresh bedrock. With the knowledge that we are in a mineralised carbonatite system, we will assay single metre splits for the entire hole.

“The geophysical anomaly at P2 extends for approximately 3km, demonstrating the significant exploration potential of this carbonatite system. Furthermore, there are other untested anomalies within the project area, which could now represent further targets for this style of mineralisation.

“Niobium has been identified as a critical mineral by a number of countries and is a key input to future global technology needs, with ferroniobium metal (65% Nb) selling for US$45,000/t[3] . Over the coming months we will collate a comprehensive dataset from the drilling program and plan follow-up exploration activities.”

Technical Discussion

The drill program comprised seven holes for a total of 1,745 metres. Drilling provided an initial test of two target zones at the Pachpadra Prospect (P1 and P2) and the one target zone at the Sambhar Prospect (Luni).

The results provided in this announcement relate to the single reverse circulation ( RC ) hole drilled to 216 metres at P2 (PARC003). This hole was co-funded by the Western Australian Department of Mines, Industry Regulation & Safety ( DMIRS ) under the Exploration Incentive Scheme ( EIS ).

P2 is located along a major north-east trending shear and is characterised by a gravity anomaly high which is approximately 3km in length and coincides with varying levels of

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Notes 1: A ‘composite assay’ refers to the grouping of single metre samples into 4-Note 3: IS THIS REFERENCE CORRECT? Globe Metals & Mining (globem m etre combined intervals for laboratory assay, a com/niobium-markets) common industry practice utilised in RC dril ing for early-stage exploratioNote 4: Refer to Australian Strategic Meta l s Ltd’s (ASX: ASM) ASX Annou n projcem e cts nt dated 7 December 2021 and

titled “Dub b o Project Optimisation Delivers Strong Financials”, Table 9: Long Term Real Price assumptions used breviation of Total Rare Earth Oxides, representing a combined group of 17 elements (La, Ce, Pr, Nd, Pm, Sm, Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb, Lu, Y, Sc) in the 2021 Optimisation Study

3: Globe Metals & Mining Limited, Niobium Markets – Pricing, viewed 24 October 2022 https://www.globemm.com/niobiummarkets

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magnetic anomalism. Geophysical modelling suggested a northerly dip, resulting in the decision to drill the hole with a -60 degree dip to the south. Orientation of the mineralisation (true and apparent width) is not able to be determined at this stage.

Table 1: RC Collar Location (GDA94 Zone 52)

Hole ID	Target	Easting	Northing	RL (m)	Azimuth (Degrees)	Dip (Degrees)	Depth (m)
PARC003	Pachpadra – P2	404816	7545043	401	180	-60	216

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Figure 2: Plan View of Pachpadra Drill Collar Locations

Combined gravity (resUC200m, colour) and magnetic (residual contours) anomaly images

PARC003 collared into ferruginous and mottled clays with saprock occurring from 74m. Drilling intersected a distinct carbonate rich intrusive rock from 84m, coarse grained in texture with apatite visible in hand specimen. Hematite/goethite alteration occurred for 20m from 106m.

Significant mineralisation has now been confirmed in the first P2 drillhole (PARC003) via 4m composite assays (refer to Table 2). The hole intersected elevated niobium, rare earth elements and phosphorus throughout the entire assayed portion, including:

54m at 0.62% Nb2O5, 0.18% TREO (comprising 21% Nd2O3+Pr6O11), 3.85% P2O5

within an overall interval of

142m at 0.31% Nb2O5, 0.17% TREO, 3.94% P2O5

from 74m to 216m (EOH) and ending in

2m at 1.22% Nb2O5, 0.22% TREO, 5.73% P2O5

Assay values peaked at 1.22% Nb2O5 (216m EOH), 0.43% TREO (106-110m) and 8.75% P2O5 (9094m) at varying intervals throughout the assayed section of the hole. Anomalous zinc and lead values were also noted in select intervals. Geochemical analysis was completed by ALS Laboratories in Perth.

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Figures 3-5: Top - Plan View, Middle – Cross-section, Bottom - Long-section
Schematics of gravity anomaly images (residual gravity with 2.68-2.72g/cc density shells)
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The Company will now submit the individual samples for each metre of the hole to the laboratory for assay. This will include samples from the top 74m metres of the hole, which were not included in the 4m composite samples initially submitted. Results from these samples will be reported, along with the other results from the recent drilling program, once they are received and reviewed by the Company.

Carbonatite Overview

Carbonatites are a type of igneous rock defined by their composition being rich in carbonate minerals, typically calcite or dolomite. They often occur as plugs within alkali intrusive complexes, or as dykes, sills, breccias or veins. They are generally associated with major crustal scale features in rift-related tectonic settings. Carbonatites may be mineralised with rare earth elements, niobium, phosphorus, tantalum, uranium, thorium, copper, iron, titanium, vanadium, barium, fluorine and zirconium.

The identification of a mineralised carbonatite intrusion is a significant finding for the West Arunta region, and given other intrusive bodies within the region enhances the potential for further discovery with future exploration efforts.

Carbonatite deposits are an important source of REE and niobium production. This includes the world’s largest REE mine, Bayan Oho in Inner Mongolia, Lynas Rare Earths’ Mt Weld deposit and the world’s three major operating niobium mines.

Niobium Overview

Niobium (Nb) is a transitional metal used as a micro alloy with iron. Niobium is primarily used in the steel industry as the addition of small amounts of niobium (<1%) significantly increases the strength, decreases the weight, reduces corrosion and improves the heat resistance of steel products.

Niobium is a superconductor at very low temperatures, and as an alloy with titanium (NbTi) or tin (Nb3Sn) it produces superconducting magnets used in magnetic resonance imaging (MRI) scanners, nuclear magnetic resonance (NMR) equipment and particle accelerators such as the Large Hadron Collider at CERN. Niobium is essential for advanced technology with additional uses in gas and wind turbines, space travel, and in the manufacture of rechargeable batteries for electric vehicles.

The metal has been identified by the Australian Government and many other countries as a critical mineral, due to the concentration of supply from Brazil. There are currently three niobium producers globally: CBMM, Araxa, Brazil (66ktpa production[5] , +500Mt at 2.5% Nb2O5 resource, cost <$10/kg Nb)[4] , China Molybdenum Co., Catalao, Brazil (10ktpa production[5] , +50Mt at 1% Nb2O5 resource, cost <$10/kg Nb)[4] and Magris Resources Inc., Niobec, Canada (7ktpa production[5] , +75Mt at 0.56% Nb2O5 resource, cost <$19/kg Nb)[4] .

The main niobium product sold is in the form of ferroniobium (~65% Nb) which makes up approximately 90% of the market. Niobium prices range from US$45,000/t[3] per tonne for standard ferroniobium metal and over US$50,000/t[3] per tonne for niobium pentoxide (Nb2O5).

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

5: NioCorp, Investors – Presentations, viewed 25 October 2022

https://secureservercdn.net/198.71.233.156/gx0.d43.myftpupload.com/wp-content/uploads/NioCorp_Investor_Presentation.pdf

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West Arunta Project - Overview

The West Arunta Project is located approximately 490km south of Halls Creek in WA. It comprises the Pachpadra , Sambhar and Urmia prospect areas , which are contained within a granted Exploration Licence .

Prior to WA1 acquiring the West Arunta Project in 2021, the tenement had extremely limited historical exploration for gold and copper largely in the form of reconnaissance airborne geophysics, limited ground geophysical surveys, and surface sampling. Drilling on the West Arunta Project tenement was limited to a single historic diamond hole drilled in 2010.

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Figure 6: Location of the West Arunta Project

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ENDS

For further information, please contact:

Investors

Media

Paul Savich Michael Vaughan Managing Director Fivemark Partners T: +61 8 6478 7866 T: +61 422 602 720 / +61 410 276 744 E: psavich@wa1.com.au E: michael.vaughan@fivemark.com.au

Or visit our website at www.wa1.com.au

Authorised for market release by the Board of WA1.

Competent Person Statement: The information in this announcement 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 announcement of the matters based on her information in the form and context in which it appears.

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

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

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ASX RELEASE
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Table 2: Detailed Assay Results

P2 Target RC Drilling Results – PARC003

Sample ID	Depth	Zn	Pb	P2O5	Nb2O5	Sc2O3	Y2O3	Ce2O3	Dy2O3	Er2O3	Eu2O3	Gd2O3	Ho2O3	La2O3	Lu2O3	Nd2O3	Pr2O3	Sm2O3	Tb2O3	Tm2O3	Y2O3	Yb2O3	TREO
		ppm	ppm	ppm	%	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	%
	From To	ICP	ICP	XRF	XRF	ICP	ICP	ICP	ICP	ICP	ICP	ICP	ICP	ICP	ICP	ICP	ICP	ICP	ICP	ICP	ICP	ICP	Calc
WAX03258	74 78 554 46 59800 0.18* 5 122 857 25 10 17 41 4 423 1 357 96 60 5 1 112 7 0.21
WAX03259	78 82 290 51 33200 0.05 5 99 534 26 10 17 42 4 242 1 397 110 58 5 1 78 7 0.16
WAX03261	82 86 677 118 27500 0.12* 6 123 581 23 10 12 32 4 281 1 236 64 42 4 1 108 7 0.15
WAX03262	86 90 461 150 21300 0.04 3 94 725 18 7 11 28 3 388 1 273 78 43 4 1 85 5 0.18
WAX03263	90 94 148 31 87500 0.08* 3 104 766 21 8 15 37 3 366 1 327 87 54 4 1 89 5 0.19
WAX03264	94 98 649 155 46700 0.09* 2 94 664 20 7 13 33 3 317 1 275 74 48 4 1 87 5 0.16
WAX03265	98 102 504 126 30200 0.12* 3 106 710 21 8 13 33 3 323 1 276 79 44 4 1 95 6 0.17
WAX03266	102 106 467 242 43900 0.18* 3 102 729 22 8 15 37 4 349 1 311 84 53 4 1 99 6 0.18
WAX03267	106 110 366 87 33800 0.12* 4 129 1840 28 10 21 48 4 1220 1 567 176 77 6 1 119 7 0.43
WAX03268	110 114 413 130 33700 0.07* 3 102 625 19 7 12 30 3 318 1 255 70 42 4 1 92 5 0.16
WAX03269	114 118 332 108 41500 0.08* 4 98 606 19 8 12 30 3 301 1 262 71 43 4 1 91 5 0.16
WAX03270	118 122 827 344 52900 0.10* 5 95 677 20 7 14 35 3 331 1 290 78 49 4 1 90 5 0.17
WAX03271	122 126 1435 676 46300 0.07* 4 89 629 19 7 12 31 3 306 1 268 72 44 4 1 81 5 0.16
WAX03272	126 130 1155 347 41000 0.06* 3 96 673 20 8 13 32 3 337 1 281 76 46 4 1 89 5 0.17
WAX03273	130 134 995 484 42100 0.07* 3 87 640 17 7 12 29 3 318 1 262 71 42 4 1 76 4 0.16
WAX03274	134 138 1285 540 42200 0.06* 3 96 714 20 8 13 33 3 348 1 293 80 47 4 1 88 5 0.18
WAX03275	138 142 126 35 1080 0.14 1 73 70 13 6 4 12 2 27 - 36 9 10 2 1 68 4 0.03
WAX03276	142 146 44 23 530 0.24 2 68 121 14 5 5 16 2 57 - 58 14 14 3 - 64 3 0.04
WAX03277	146 150 207 53 30100 0.27* 3 93 613 19 7 12 31 3 277 1 239 69 40 4 1 86 5 0.15
WAX03278	150 154 92 36 59800 0.25* 4 100 737 21 8 14 36 3 319 1 299 84 50 4 1 94 5 0.18
WAX03279	154 158 101 47 55000 0.23* 6 91 692 20 8 14 34 3 299 1 290 79 48 4 1 87 5 0.17
WAX03281	158 162 99 28 47000 0.14* 5 87 678 19 7 12 32 3 305 1 283 78 44 4 1 84 5 0.16
WAX03282	162 166 1585 711 44000 0.56 5 80 693 18 7 13 31 3 276 1 283 77 44 4 1 80 4 0.16
WAX03283	166 170 2180 711 31100 0.62 2 81 712 18 7 12 29 3 293 1 268 74 42 4 1 82 5 0.16
WAX03284	170 174 460 162 31600 0.58 2 83 757 19 7 12 30 3 318 1 278 78 42 4 1 82 5 0.17
WAX03285	174 178 211 72 42700 0.62 3 85 760 17 7 12 30 3 313 1 290 81 46 4 1 82 5 0.17
WAX03286	178 182 1010 553 50600 0.57 3 77 767 17 6 12 31 3 313 1 302 83 46 4 1 79 4 0.17
WAX03287	182 186 2040 1245 66500 0.60 3 91 903 20 7 14 35 3 359 1 349 96 51 4 1 89 5 0.20
WAX03288	186 190 1350 707 34100 0.73 3 84 816 19 7 13 31 3 332 1 299 85 46 4 1 85 5 0.18
WAX03289	190 194 1230 629 38700 0.81 2 92 763 18 7 12 31 3 323 1 295 83 47 4 1 86 5 0.18
WAX03290	194 198 1490 628 38200 0.91 2 98 819 20 8 13 33 3 341 1 310 87 48 4 1 93 6 0.19
WAX03291	198 202 624 237 25900 0.58 2 84 766 19 8 12 30 3 360 1 286 81 44 4 1 91 6 0.18
WAX03292	202 206 1140 508 29100 0.36* 3 85 713 17 7 12 29 3 331 1 273 76 43 4 1 85 5 0.17
WAX03293	206 210 1025 400 37100 0.36* 2 92 732 19 8 14 32 3 345 1 289 80 45 4 1 89 5 0.18
WAX03294	210 214 593 251 22100* 0.41 2 93 729 21 9 12 33 4 334 1 292 81 46 4 1 105 7 0.18
WAX03295	214 216 1145 412 57300 1.22 2 100 943 23 9 15 39 4 409 1 371 105 56 5 1 107 7 0.22

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* WAX03258, WAX03261 – WAX03281 – Reported Nb values were analysed via lithium borate fusion (ALS LabCode - ME-MS85). These intervals did not trigger the requirement for XRF determination. *** WAX03292 & WAX03293 – Samples are currently undergoing XRF analysis, the values reported in Table 2 represent the upper detection limit value associated with method ME-MS85 (>3600ppm).

* WAX03259 – All reported elements were analysed via 4 acid digest (ALS Lab Code – ME-MS61r), except for P2O5 which triggered the upper detection limit. Overlimit P2O5 analysis was completed via ALS lab code P- OG62 *** WAX03262, WAX03275, WAX03276 & WAX03294, reported P2O5 analysis completed via ALS Lab Code – ME-MS61r, results did not trigger the requirement for overlimit analysis.

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ASX RELEASE
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About WA1

WA1 Resources Ltd is based in Perth, Western Australia and was admitted to the official list of the Australian Securities Exchange (ASX) in February 2022. WA1’s shares are traded under the code WA1.

WA1’s objective is to discover a Tier 1 deposit in Western Australia’s under explored regions and create value for all stakeholders. We believe we can have a positive impact on the remote communities within the lands on which we operate. We will execute our exploration using a proven leadership team which has a successful track record of exploring in WA’s most remote regions.

Forward-Looking Statements

This ASX Release 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 Annual Reports, as well as the Company’s other 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 ASX Release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

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WA1 RESOURCES LTD | ABN: 51 646 878 631 | WWW.WA1.COM.AU | ASX: WA1 WA1 RESOURCES LTD | ABN: 51 646 878 631 | WWW.WA1.COM.AU | ASX: WA1 A: L2 55 CARRINGTON ST NEDLANDS WA 6009 P: +61 8 6478 7866 E: INFO@WA1.COM.AU A: 2C LOCH ST, NEDLANDS WA 6009 P: +61 8 6478 7866 E: INFO@WA1.COM.AU

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JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

Criteria

Commentary

Sampling techniques

• All geological information referred to in this ASX Announcement was derived from Reverse Circulation drill chips. • From every metre drilled a 2-3kg sample (split) was sub-sampled into a calico bag via the rig mounted cone splitter. The 1m single splits were placed in storage pending submission to lab for submission if the 4m composite sample returned anomalism. • A 4m composite sample was then collected using an aluminium scoop to sub sample each spoil pile located on the ground adjacent to the rig. Average sample weights are about 2-2.5kg. Comments on the mineralisation have been limited to the observations of the major mineral(s) apparent in the RC chips. 5 samples from PARC003 have been sent for petrographic analysis, this analysis will aid mineral identification. • Geochemical analysis has determined the presence of a calcio carbonatite at P2. Geochemical analysis has highlighted the presence of Niobium and other Light Rare Earth Elements. • The drill chips are from a range of altered and non-altered rocks in transitional and primary zones from 74m downhole. The initial 74m of sediment and clay were not composite sampled. However, the original metre splits will be submitted to gain a representative view from drill hole intersections. • Samples have been sent to the laboratory for assay and will further inform geological understanding and interpretation. • Petrographic analysis is underway to understand the mineralogy. • Laboratory Analysis - Samples were initially submitted for 4 acid digest 61 element suite with REE’s - ALS method - ME-MS61r. Samples that triggered the upper detection limit for Ce (>500ppm) and Nb (>500ppm) underwent overlimit analysis via lithium borate fusion (ME-MS85), where Nb triggered the upper detection limit (>5000ppm) XRF was used for the final determination via ALS method ME-XRF30. The phosphorus overlimit method used was P -OG62. • 4m composites were submitted for analysis while the 1m splits directly from the rig sample cyclone were placed into storage. The 1m splits will be assayed. • 4m composite sampling was completed from spoil piles with samples submitted to the laboratory determined by the site geologist. • All 4m samples from 74m to EOH were submitted to ALS Laboratories in Perth for analysis by 4 acid digestion with MS/ICP finish (ALS Code ME-MS61r). • Where the over-limits were triggered, further analysis was completed via lithium borate fusion, a method of complete digestion (ALS Method ME-MS85), where over limits values were further triggered samples underwent XRF determination (ALS Method ME-XRF30) • All samples were initially analysed via ME-MS61r, however, upon internal review ALS advised that several samples reporting Nb values were under reported due to the partial 4- acid digest and the suspected variable mineralogy of the Niobium occurrence. All 1m splits will be analysed via lithium borate fusion and XRF, both are methods suitable for Niobium and REE analysis.

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Criteria	Commentary
Drilling techniques	• Reverse Circulation (RC) drilling was completed at all holes to a diameter of 114mm.
Drill sample recovery	• Sample recoveries are visually estimated for each metre with poor or wet samples recorded in sample log sheets. • The sample cyclone was routinely cleaned at the end of each 6m rod and when deemed necessary. • No relationship has been determined between sample recovery and the mineralisation returned.
Logging	• Geological logging of drill holes was done on a visual basis with logging including lithology, mineralogy, texture, deformation, alteration, mineralisation, veining, colour and weathering. • Logging of drill chips is qualitative and based on the presentation of representative chips retained for all 1m sample intervals in the chip trays. • All drill holes were logged in their entirety.
Sub-sampling techniques and sample preparation	RC Drilling • From every metre drilled, a 2-3kg sample was sub-sampled into a calico bag via the drill rig cyclone splitter. • QAQC in the form of CRMs (OREAS Standards) were inserted at a rate of 1:50 samples. • 4m composite sampling was completed from spoil piles with samples submitted to the laboratory determined by the site geologist. • Samples were submitted to ALS Laboratories (Perth) where they are dried, pulverised and analysed for multi-element determination via 4-acid digestion with MS/ICP finish (ALS Code ME-MS61r). • Over-limit assays were completed via Lithium Borate Fusion ALS Method ME-MS85), where the upper detection limit was exceeded XRF determinations were completed via ALS Method ME-XRF30 • Table 2 notes where method ME-XRF30 was used and reported. • All samples were initially analysed via ME-MS61r, however, the partial digest failed to liberate all contained Nb. Where the upper detection limit for Nb was triggered, samples underwent lithium borate fusion a total digest which highlighted discrepancies between the results of the partial and total digestion methods. The Nb did not dissolve fully in the partial digest due to the suspected variable mineralogy of the Niobium. This resulted in initial under-reporting, samples have since been analysed via lithium borate fusion. All 1m splits will be analysed via lithium borate fusion with XRF determination where required, both are methods suitable for Niobium and REE analysis. Nb assays >500ppm underwent lithium borate fusion analysis and samples >5000ppm had XRF determinations via ME-XRF30
Quality of assay data and laboratory tests	• A 4- acid digest was initially considered an appropriate method of sample analysis. However, the partial digest failed to liberate all contained Niobium (Nb), Consequently overlimit analysis was completed on samples with elevated Ce and Nb via Lithium Borate fusion, which is considered a total digest. Additional overlimit analysis was required on Nb via Method ME-XRF30. The phosphorus overlimit used was P-OG62. • Standard laboratory QAQC was undertaken and monitored by the laboratory and then by WA1 upon receipt of assay results. • Company standards were inserted and analysed as part of the ME- MS61r suite. No standards were inserted into the ME-MS85 and

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Criteria	Commentary
	ME-XRF30 sequences as samples were not analysed via these methods en masse. Instead, for the lithium borate fusion and the ME-XRF methods, the laboratory standards have been reviewed by the company and have passed internal ALS QAQC checks. • Lab QAQC protocol for XRF analysis includes, a quartz blank at the beginning of every run, whilst the XRF is calibrated using internal lab standards.
Verification of sampling and assaying	• Drill chips have been viewed and assessed by WA1’s Exploration Manager for mineralogy and alteration. • Independent petrographic analysis of selected drill chips is being undertaken by A&A Crawford Geological Research Consultants Pty Ltd. • Portable XRF readings were taken in the field to aid interpretation. • Logging and sampling was completed manually in the field and then recorded directly into a digital logging system. • No twinned holes have been drilled at this time. • No adjustments to any assay data have been undertaken.
Location of data points	• Drill hole collars were surveyed and recorded using a DGPS. • All co-ordinates are provided in the MGA94 UTM Zone 52 co- ordinate system with an estimated accuracy of +/-5m. • Azimuth and dip of the drill hole was recorded after completion of the hole using a gyro. A reading was taken every 50m with an accuracy of +/-1 degree azimuth and +/-0.3 degree dip.
Data spacing and distribution	• See drill hole table for hole position and details. • Data spacing at this stage is not suitable for Mineral Resource Estimation.
Orientation of data in relation to geological structure	• The orientation of mineralisation is unconstrained with only a single hole having been drilled into the target. • See drill hole table for hole details and the text of this announcement for discussion regarding the decision to angle the hole to the south. • Drill holes were designed based on observations from modelled geophysical data. • True and apparent widths have not been interpreted from the available data. • No sample bias is known at this time.
Sample security	• Sample security is not considered a significant risk with WA1 staff present during collection. • All geochemical samples were collected, bagged and sealed by WA1 staff, and delivered to Port Hedland for haulage directly to ALS Laboratories in Perth. • 1m splits are stored in a secure location.
Audits or reviews	• The program is reviewed on an ongoing basis by senior WA1 staff.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	Commentary
Mineral tenement and land tenure status	• The West Arunta Project comprises one granted Exploration Licence (E80/5173) and four Exploration Licence Applications. • All work completed and reported in this ASX Announcement was completed on E80/5173 which is 100% owned by WA1 Resources Ltd.

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Criteria	Commentary
Exploration done by other parties	• The West Arunta Project has had limited historic work completed within the Project area with the broader area having exploration focused on gold, base metals, diamonds and potash. • Significant previous explorers of the Project area include Beadell Resources and Meteoric Resources. Only one drill hole (RDD01) has been completed within the tenement area by Meteoric in 2009, and more recently a second hole proximate to the Project by Encounter Resources Ltd in 2020. • Most of the historic work was focused on the Urmia and Sambhar Prospects with historic exploration (other than RDD01) being limited to geophysical surveys and surface sampling. • Historical exploration reports are referenced within the WA1 Resources Ltd Prospectus dated 29 November 2021 which was released by ASX on 4 February 2022.
Geology	• The West Arunta Project is located within the West Arunta Orogen, representing the western-most part of the Arunta Orogen which straddles the Western Australia-Northern Territory border. • Outcrop in the area is generally poor, with bedrock largely covered by Tertiary sand dunes and spinifex country of the Gibson Desert. As a result, geological studies in the area have been limited, and a broader understanding of the geological setting is interpreted from early mapping as presented on the MacDonald (Wells, 1968) and Webb (Blake, 1977 (First Edition) and Spaggiari et al., 2016 (Second Edition)) 1:250k scale geological map sheets. • The West Arunta Orogen is considered to be the portion of the Arunta Orogen commencing at, and west of, the Western Australia-Northern Territory border. It is characterised by the dominant west-north-west trending Central Australian Suture, which defines the boundary between the Aileron Province to the north and the Warumpi Province to the south. • The broader Arunta Orogen itself includes both basement and overlying basin sequences, with a complex stratigraphic, structural and metamorphic history extending from the Paleoproterozoic to the Paleozoic (Joly et al., 2013).
Drill hole Information	• Refer to Table 1 for drill hole details.
Data aggregation methods	• Significant intercepts are weight averaged by length. • No metal equivalents have been reported.
Relationship between mineralisation widths and intercept lengths	• The true thickness of the mineralisation intersected in the drill hole is not currently able to be calculated due to limited data.
Diagrams	• Refer to Figures provided within this ASX Announcement.
Balanced reporting	• All meaningful information has been included in the body of the text.
Other substantive exploration data	• All material data and information has been included in the body of this ASX Announcement. • No metallurgical assessments have been completed.
Further work	• Further interpretation of drill data and assay results will be completed over the coming months, including detailed petrographic analysis. • Additional geophysical surveys are planned to be completed to aid interpretation and future work programs. • 1m split samples will be assayed for intervals of interest. • Additional exploration drilling will be planned.

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