WA1 RESOURCES LTD — Capital/Financing Update 2023

Apr 13, 2023

==> picture [596 x 84] intentionally omitted <==

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

ASX RELEASE
----- End of picture text -----

14 APRIL 2023

WEST ARUNTA PROJECT LUNI DRILLING UPDATE

Highlights

• Drilling has progressed ahead of schedule with 17 holes completed at Luni

• First assay results are currently expected in April 2023

• The third batch of drill samples are currently in transit to Perth for analysis

WA1 Resources Ltd (ASX: WA1) ( WA1 or the Company ) is pleased to provide an update on exploration drilling activities at the West Arunta Project.

Reconnaissance drilling has continued to progress well with 17 RC holes now complete at the Luni carbonatite (details provided in Table 1).

Drilling has been temporarily paused due to inclement weather expected to pass through the region in the coming days and will recommence when permissible.

As previously advised, samples from key intervals within the first three drillholes at Luni were submitted to ALS Laboratories (refer to ASX announcement dated 5 April 2023). Assay results from these three holes are currently expected to be received this month. Two further batches of samples from later drillholes have now also left site.

==> picture [452 x 218] intentionally omitted <==

Figure 1: Aerial photograph of Luni drill collar locations Inset: Combined gravity and magnetic (residual colours) anomaly images

==> picture [596 x 11] intentionally omitted <==

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

==> picture [206 x 75] intentionally omitted <==

==> picture [596 x 9] intentionally omitted <==

Table 1: Luni RC Collar Locations

Hole ID	Target	Easting	Northing	RL	Azimuth	Dip	Depth
				(m)	(Degrees)	(Degrees)	(m)
LURC23015	Luni	436402	7539998	385	-60	180	120
LURC23016	Luni	436402	7540198	385	-60	180	120
LURC23017	Luni	436402	7540398	385	-60	180	126
LURC23018	Luni	436402	7540598	385	-60	180	120
LURC23019	Luni	436402	7540798	385	-60	180	126
LURC23020	Luni	436402	7540998	385	-60	180	150
LURC23021	Luni	436802	7540198	385	-60	180	132
LURC23022	Luni	436802	7540398	385	-60	180	114
LURC23023	Luni	436802	7540998	385	-60	180	126
LURC23024	Luni	436802	7541198	385	-60	180	132
LURC23026	Luni	437002	7540598	385	-60	180	132
LURC23027	Luni	437002	7540798	385	-60	180	138
LURC23029	Luni	437002	7540998	385	-60	180	150
LURC23030	Luni	437202	7539998	385	-60	180	98
LURC23031	Luni	437202	7540198	385	-60	180	120
LURC23033	Luni	437202	7540598	385	-60	180	126
LURC23034	Luni	437202	7540798	385	-60	180	144

West Arunta Project – Overview (100% owned)

The West Arunta Project is located approximately 490km south of Halls Creek in WA and 550km to the west of Alice Springs (Figure 2). It comprises the Pachpadra , Sambhar and Urmia prospect areas , which are contained within a granted Exploration Licence .

During WA1’s maiden exploration RC drilling program completed in August 2022, the Luni and P2 targets were successfully identified as being niobium-REE mineralised carbonatites with high-grade niobium, elevated REEs and tantalum drill intercepts.

==> picture [596 x 10] intentionally omitted <==

==> picture [206 x 75] intentionally omitted <==

==> picture [596 x 9] intentionally omitted <==

==> picture [393 x 313] intentionally omitted <==

Figure 2: Location WA1’s West Arunta Project Tenements in WA and the NT

ENDS

For further information, please contact:

Media

Investors Media Paul Savich Michael Vaughan Managing Director Fivemark Partners T: +61 8 6478 7866 T: +61 422 602 720 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.

==> picture [596 x 10] intentionally omitted <==

==> picture [206 x 75] intentionally omitted <==

==> picture [596 x 9] intentionally omitted <==

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.

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

==> picture [289 x 398] intentionally omitted <==

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.

==> picture [596 x 10] intentionally omitted <==