WA1 RESOURCES LTD — Capital/Financing Update 2022

Jun 27, 2022

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ASX RELEASE
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28 JUNE 2022

HIDDEN VALLEY PROJECT HERITAGE PROTECTION & EXPLORATION AGREEMENT SIGNED

Highlights

• Native Title Heritage Protection & Mineral Exploration Agreement signed permitting grant of the tenement relating to the Hidden Valley Project

• Hidden Valley is located directly along strike from IGO’s Osmond Valley Project in the Kimberley region of WA and has untested potential for magmatic Ni-Cu

• Initial exploration programs will include geophysical surveys to refine targets for drill testing

WA1 Resources Ltd (ASX: WA1) ( WA1 or the Company ) is pleased to advise that it has signed a Native Title Heritage Protection & Mineral Exploration Agreement ( HPA ) with the Kimberley Land Council ( KLC ), on behalf of the Malarngowem and Purnululu people for the Hidden Valley nickel-copper ( Ni-Cu ) exploration project in the East Kimberley region of Western Australia.

WA1’s Managing Director, Paul Savich, commented:

“The potential for magmatic Ni-Cu and other types of mineralisation at Hidden Valley has been known for several decades but never adequately tested. In particular, the Osmond Pipes are discrete anomalies which historic work has ranked as high priority targets and have not been followed up.

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Possible Intrusive
WA1 Resources Ltd
IGO Ltd (100% or earn-in)
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Figure 1: Hidden Valley Tenure over Regional TMIRTP

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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“Following the completion of geophysics utilising the latest available technology over the coming months we will look to advance the project towards drilling.

“We are committed to working with our traditional owner partners across all our projects. Through these agreements with the Malarngowem and Purnululu people we have a framework to deliver economic benefits and future employment opportunities, as well as a basis to build a strong long-term relationship.”

The KLC HPA makes appropriate allowance for cultural heritage protections and economic opportunities for the Malarngowem and Purnululu communities. It ensures that all exploration on the tenement will be undertaken with the Traditional Owners’ knowledge and fully informed consent and enables WA1 to comply with its heritage protection obligations now and in the future.

Hidden Valley Project Overview

The Hidden Valley Project comprises one Exploration Licence Application for 220km[2] located 150km south of Kununurra, Western Australia ( Figure 2 ). Following receipt of the HPA the Hidden Valley Exploration Licence is expected to be granted in the coming weeks.

The tenement lies within the Osmond Ranges and on a major structural position straddling the Osmond Fault. The fault is a unique east-north-east trending structural domain immediately east of the Halls Creek Orogen and along strike from IGO Limited’s ( IGO ) Osmond Valley Project.

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Figure 2: Location of the Hidden Valley Project

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No work has been completed in the tenement area since 2007, at which time airborne GEOTEM data collected by BHP in 1996 was reanalysed. This work concluded that the key anomalies in the region, known as the Osmond Pipes ( Figure 1 ), are “wide conductive targets within an extensive zone (possibly middle Proterozoic rocks)” and were recommended for “further evaluation by way of additional electromagnetic ( EM ) surveys” (refer to WAMEX Report A78887 by Osmond Range Resources Pty Ltd for full details). In addition, these anomalies, which sit at the intersection of the Osmond Fault and Argyle Corridor, were concluded to be of potential ultramafic source.

While several anomalous indicators of nickel, copper and gold mineralisation have been identified through earlier broad geochemical surveys in the region, no modern gravity or EM surveys have been completed and no drilling has been undertaken.

Accordingly, the adoption of EM geophysical techniques will assist with rapidly evaluating the Ni-Cu intrusion model, as well the sediment hosted massive sulphide Pb-Zn-Ag or Kimberlite pipe model for which potential also exists.

Exploration activity in the Hidden Valley area is increasing with the field season now well underway. Along with IGO at their Osmond Valley Project, several ASX-listed companies are active in the region, including Panoramic Resources Limited which is about to commence regional drilling at its Savannah nickel-copper-cobalt operation located 45km to the southwest.

ENDS

For further information, please contact:

Investors Media Paul Savich Michael Vaughan / Andrew Edge 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 Managing Director of WA1.

Competent Person Statements

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.

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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 unexplored 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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