WA1 RESOURCES LTD — Investor Presentation 2022

Feb 16, 2022

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EXPLORING NEW COPPER-GOLD FRONTIERS for a clean energy future

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Important Notices and Disclaimers

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

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

Forward-Looking Statements: This presentation contains forward-looking information about the Company and its operations. In certain cases, forwardlooking 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.

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

Competent Person Statement: The information in this presentation that relates to Exploration Results is based on information compiled by Mr. Paull Parker who is a Member of the Australian Institute of Geoscientists and is a member of the AusIMM. Mr. Parker is a director 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”. Mr. Parker consents to the inclusion in the presentation of the matters based on his information in the form and context in which it appears.

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

Authorisation Statement

This presentation is authorised for market release by WA1’s Board of Directors.

All currency amounts are in Australian dollars unless specified otherwise.

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Investment Snapshot

• ASX: WA1 – commenced trading on ASX on 8 February

• Focus – essential metals for a clean energy future

Hidden Valley Untested anomalies on potential fault feeders

West Arunta Project Drill-ready anomalies targeting IOCG mineralisation

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• West Arunta Project – targeting a Tier 1 IOCG discovery

• Madura Project – generating greenfield IOCG targets

• Hidden Valley Project – testing anomalies with potential to host Ni-Cu-PGE mineralisation

• Project Generation – technical team focused on future opportunities

Madura Large-scale geophysical anomalies

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• Experienced Team – strong track record of remote Western Australian exploration

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Corporate Overview Board of Directors

	Capital Structure
	(8 February 2022)
	ASX Ticker	WA1
	Ordinary Shares on Issue	44.8M
	Unlisted Director Options (ex. $0.30)	3.5M
	IPO Listing Price	$0.20
	Market Capitalisation($0.20cps)	$9.0M
	Cash at Bank	~$4.6M
	Debt	Nil
	Enterprise Value	$4.4M

• Gary Lethridge Non-Executive Chairperson ▪ Significant corporate experience ▪ Ex-Jubilee ($3.1b takeover by Xstrata)

• ▪ Previously at Echo ($300m takeover by NST), Talisman Mining

• Paul Savich Managing Director ▪ Experienced project generator, ex-Tali Resources

• ▪ Metaliko/Echo (Bronzewing acquisition & merger)

Paull Parker Non-Executive Director

• Highly experienced geologist in project generation

• IGO in roles incl. Chief Geologist

l er Tali Resources (19%) Directors & Management (18%) Other (63%)	Shareholders
	Substantial Shareholders Tali Resources Pty Ltd 19% Board & Management 18%
	Other Top 20 26%
	Other 37%

• Sandfire - Principal Technical Geologist

Rhys Bradley NED & Co. Sec

• Extensive capital markets experience and global investor relationships

• ▪ ESG and compliance professional ▪ Agrimin - Chief Commercial Officer

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Why Copper?

▪ Copper has one of the best longterm fundamentals among commodity markets

▪ Renewable energy infrastructure will be the single largest driver of demand growth for copper

▪ Changes in long-run commodity prices are rare events and only take place when there is a significant shift in market fundamentals

▪ Importantly, these are global trends which are expected to add >6Mt of copper demand throughout the 2020’s

▪ Projected pipeline of new copper mines is currently the lowest this century

▪ A high copper price will continue to incentivise new discoveries and developments

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Sources: Goldman Sachs Global Investment Research 13 April 2021, World Bank, ICA, Copper Alliance

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West Arunta Project

Western Australia | 100%-owned, no private royalties

• The West Arunta region has potential to be the next exploration frontier in Australia to deliver a major IOCG province such as the Gawler Craton and Cloncurry mineral districts

• WA1 is at the forefront of the major exploration push into the West Arunta in 2022

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The West Arunta Province

West Arunta Regional Tenure Map with Magnetics

▪ IOCG deposits are associated with accumulations of hematite (dense) and magnetite (dense and magnetic), therefore large coincident gravitymagnetic anomalies can indicate the presence of IOCG deposits

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Pachpadra
Sambhar
Urmia
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• Three large, structurally controlled, coincident gravity-magnetic anomalies now defined by high resolution aeromagnetics and ground gravity:

• Pachpadra Prospect : Complex of discrete geophysical targets with outcrop, along strike from alteration at Aileron

• Urmia Prospect : Drill-ready large scale IOCG target

• Sambhar Prospect : 10+km folded stratigraphic formation prospective for a number of styles of mineralisation

• Historically, only two holes drilled in the area , including one hole on WA1’s tenure

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1 Please refer to the WA1 Prospectus dated 29 November 2021 for further details and to the Forward-Looking Disclaimer.

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The Next IOCG Belt

▪ The West Arunta Orogen contains known IOCG-style mineralisation and anomalism , has intrusives typically associated with IOCG deposits and contains major structural features and a complex deformation history – elements similar to other known IOCG provinces

Copper Deposits of Australia[1]

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▪ Important genetic relationship between existing provinces and the West Arunta: ▪ Similarly evolved/fractionated metaluminous, A-Type granites ▪ Similar oxidation state (i.e. oxidised to strongly oxidised) → important for ore element compatibility ▪ District is at a continental-scale triple point junction → favourable geodynamic setting ▪ District is a transcrustal intersection of the NS Lake Mackay Fault (LMF) and the EW Central Australian Suture (CAS) ▪ Identified as prospective for large mineral systems in 1995[1] but remains extremely under-explored

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1 Australian Geological Survey Organisation, Lesley Wyborn et.al 1996/5

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Highly Prospective Geology

Simplified Geology & Tenure Map of the West Arunta

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Historic drilling
with known IOCG-
style alteration
and geochemistry
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▪ Majority of Australia’s copper mineral wealth comes from deposits of the Proterozoic Eon[1] : 2,500 Ma to 542 Ma.

• ~70% of copper reserves

• ~85% of zinc reserves

• ~30-40% of gold reserves

• ~90% of uranium and lead reserves

• Reynolds Range Group of the Aileron Province:

• Age: Reynolds Range Group c. 1,750Ma vs Staveley c. 1,740 Ma (Cloncurry)

• Stratigraphy: metamorphosed sediments with local massive, magnetite-dominant, ironstone lenses

• Setting: rift basin on granitic basement

West Arunta tenure with interpreted structural geology lines underlain by interpreted basement geology.

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1 Geoscience Austtralia: AusGeo News Issue No. 88

Refer to the WA1 Prospectus dated 29 November 2021 for further details and to the Forward-Looking Disclaimer.

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Historic Exploration – Aileron

• Only two historic holes drilled in the area – one into Aileron and one into Urmia

• Encounter drilled a 158m diamond hole in 2020 into Aileron, intersecting hydrothermally-altered mafic intrusions with distinctive IOCG signature (Cu, Au, Mo, elevated REE) and altered potassic granite[1]

Projects Map & Historic Drilling

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Prospects with Tenure, Key Structural Lines over TMI RTP Magnetics

Historic Drill Hole – Aileron

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Source & Note 1: Encounter Resources Limited ASX Announcement on 28/1/21, Hematite altered and fractured, coarse grained granitic rock with narrow mafic intrusive (88.5 – 91.7m)

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Pachpadra Prospect

Magnetics with Key Targets

▪ Pachpadra is a 12km long, NE elongated, complex magnetic anomaly located within the Lake Mackay Quartzite (250K mapping) in an interpreted fold nose position

• Geophysical response suggests large concentrations of Fe-oxides near to surface and sub-to-outcropping

▪ Detailed

Gravity with Key Targets & Outcrop

mapping and geochem is planned for PT5 early-2022 to PT1 improve geophysical PT6 interpretations and assist with PT4 ranking targets for drilling PT2 EIS co-funding PT3 grant for $150k received 0 1 2 Kilometres

▪ EIS co-funding grant for $150k received

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inset
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Above: Pachpadra Prospect with WA1 Tenure, TMIRTP Magnetics and Prospects Left: Residual Gravity image with current target areas and Interpreted Outcrop areas dashed

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1 Please refer to the WA1 Prospectus dated 29 November 2021 for further details and to the Forward-Looking Disclaimer.

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Sambhar Prospect

Sambhar – Magnetic and Gravity Responses

Magnetic TMIRTP Image

Residual Gravity Image over regional Bouguer Gravity Image

• Located south of the Carrington Suite Granite between two major shear zones

• 10km long, NNW trending magnetic anomaly with a strong amplitude

• Broad lag sampling across the northern end of the prospect returned a best assay of 423ppm Cu[1] associated with anomalous Au, Ce, La, Bi elements that may be anomalous in IOCG-style mineralisation[2]

▪ Mapping outcrop and follow-up geochemistry in early 2022 to better understand how the trend connects to the NW and progress to drill-readiness

Sambhar – Unconstrained 3D Magnetic and Gravity Inversion Results

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1 Beadell Resources Ltd WAMEX Report A86251, completed 24 lag samples, average Cu across all samples was 37ppm Cu Refer to the WA1 Prospectus, Appendix B dated 29 November 2021 for further details and to the Forward-Looking Disclaimer.

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Urmia Prospect

• Urmia has been mapped by GSWA as within the Lake Mackay Quartzite, adjacent to a major shear zone and contact with the Dwarf Well Granite

• Defined by semi-coincident, sub-circular, complex, magnetic and gravity highs with amplitudes of up to 1,400nT and +12mGal respectively → suggests large concentrations of Fe-oxides[1]

• Depths to the tops of the shallowest highdensity sources are approximately 200300m below surface

• Soil geochemical anomalism up to 313ppm Cu[2] from a small ferruginous outcrop NW of the sand covered anomaly

• Additional gravity completed in December 2021 along with existing drill-ready targets

1 Beadell Resources Ltd WAMEX Report A86251

• 2 Refer to the WA1 Prospectus, Appendix B dated 29 November 2021 for further details Meteoric completed 39 samples returning an average Cu of 20ppm

Urmia – Magnetic and Gravity Responses

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5 ppm Cu1
Rock Chip 313 ppm Cu1
RDD01
RDD01
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Urmia Prospect with WA1 Tenure, TMI RTP Magnetics, and Historic Drillhole and Historic Rock Chip Samples[1]

Urmia Prospect with WA1 Tenure, Residual Gravity image over regional Bouguer Gravity image and Historic Drillhole

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Capabilities and Infrastructure

• Track record of successfully operating in the West Arunta region

• Regional exploration activity offers an important support base with regular supply runs and charter flights

• New mobile coverage base station installed at Kiwirrkurra in 2021 to provide mobile coverage and reliable communications

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Social License to Operate

• Local communities are highly supportive of exploration activities in the region

• WA1 team has long-standing relationships with Traditional Owners since 2014

• Intimate understanding of the processes involved to enable exploration activities to be completed in the region

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Madura and Hidden Valley Projects

Western Australia | 100%-owned, no private royalties

• The Madura Project has potential for gold-copper mineralisation of an IOCG affinity with almost no historic exploration activity

• The Hidden Valley Project is considered prospective for PGECopper-Nickel mineralisation with interpreted intrusive bodies never adequately tested

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Madura Project

Regional Geological Setting

▪ The Mundrabilla Crustal Element (MCE) is bound to the east and west by the Mundrabilla Lineament and the AlbanyFraser Orogen, respectively

▪ Tenements sit proximate to a major NE trending structure and interpreted felsic intrusions which contain coincident high gravity and magnetic anomalies

▪ A government funded seismic and magnetotelluric traverse from the MCE to the Gawler Craton in South Australia has provided important insight into the crustal architecture of the region

• GSWA stratigraphic holes intersected basement between 250m and 440m[1]

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0 15 30
Kilometres
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Regional magnetics with structural interpretation (source: GSWA and Spaggiari et al., 2020, compiled by WA1)

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1 Source: WAMEX Report 92104, GSWA stratigraphy drill holes

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Hidden Valley Project

Hidden Valley Regional Tenure

▪ The Hidden Valley Project covers an eastern splay of the Halls Creek Orogen, along strike from IGO’s Osmond Project

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0 7.5 15
Kilometres
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▪ The Project contains 36km of the Osmond Valley Fault and is prospective for Ni-Cu occurrences

▪ The area, although identified in the 1970’s as highly prospective, has been tightly held but remains underexplored for Ni sulphides and has not been subject to modern-day electromagnetic surveys

▪ Database compilation along with reprocessing of all available data currently being undertaken by industry-leading Resource Potentials

Hidden Valley Project with current tenure over TMIRTP image, structures and mapped mafic intrusions

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First 12 Months of Exploration Indicative Timeline of Proposed Activities[1]

Activity 2022 Q1 Q2 Q3 Q4	Activity 2022 Q1 Q2 Q3 Q4	Activity 2022 Q1 Q2 Q3 Q4	Activity 2022 Q1 Q2 Q3 Q4	Activity 2022 Q1 Q2 Q3 Q4	Activity 2022 Q1 Q2 Q3 Q4	Activity 2022 Q1 Q2 Q3 Q4	Activity 2022 Q1 Q2 Q3 Q4	Activity 2022 Q1 Q2 Q3 Q4	Activity 2022 Q1 Q2 Q3 Q4
West Arunta	Pachpadra: Mapping, Surface Sampling
	Sambhar: Mapping , Surface Sampling
	Heritage Surveys & Rig Access Works
	First-pass Drilling
Madura	Heritage Access Agreement
	Geophysics Data Analysis & Interp
	Geophysical Surveys
	Reconnaissance Drilling
Hidden Valley	Heritage Access Agreement
	Reconnaissance & Sampling
	Geophys (EM, Gravity)

1 Activities are indicative only and may change without notice as business priorities are adjusted based on exploration results. The size of the activity block is to represent the uncertainty with regard to timing of activities. Refer to the WA1 Prospectus dated 29 November 2021 for further details and to the Forward-Looking Disclaimer

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Project Tenement Locations

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To discover a Tier 1 deposit in WA’s unexplored regions and create value for all stakeholders

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01 Tier 1targets

02 Premier jurisdiction

First-mover into WA’s WA is a highly attractive unexplored regions mining jurisdiction

03 Proven leadership

Successful track record of raising capital and exploring in WA’s most remote regions

04 Social licenceto operate 05 Future facingcommodities

Long-standing Strategic focus on relationships with metals essential for a Traditional Owners and clean energy future local communities

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WA1 Resources Ltd

2C Loch Street, Nedlands Western Australia 6009

Investors

Paul Savich Managing Director

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

Media

Michael Vaughan / Andrew Edge Fivemark Partners

E: michael.vaughan@fivemark.com.au T: +61 422 602 720 / +61 410 276 744