WA1 Resources

Scaled-up flotation tests on four composites (about 800kg) gave concentrate averaging 44% Nb2O5 at 54% recovery. Composite A, the focus for early mining years, gave 46% at 67%, improving on earlier recoveries. Pre-feasibility study now expected in Q4 calendar 2026.

well test result

Updated resource lifts the Indicated portion by 20 Mt to 93 Mt at 1.32% Nb2O5, with a 35 Mt high-grade subset at 2.57%. Total resource is unchanged at 220 Mt at 1.0%. Indicated share is now 57% of contained niobium; Ore Reserve is the next target.

resource reserve update

Australian Government granted Luni Major Project Status for three years, giving case management and coordinated access to federal agencies. It is a recognition and facilitation step, not an approval; state and other permits remain the critical path.

regulatory community update

Best Luni hole yet: LUDD-0167 returned 67.3m at 5.4% Nb2O5, including 30.0m at 9.8%. Step-out holes east of the current resource boundary found extensions, such as 73m at 1.8%. Drilling now exceeds 83,000m; resource update still planned for 2026.

drilling result

Firm commitments for a A$100M placement at A$17 per share, a 9.4% discount to the 5-day VWAP, issuing about 5.9M shares (about 74.2M after). Funds go to pre-development, permitting and infrastructure; pro forma cash about A$168M versus A$72.8M at 30 June.

capital raising announcement

First niobium oxide made from Luni concentrate in a 0.5kg bench test, grading 96.8% Nb2O5 at 91% recovery from unrefined concentrate. Extra ferroniobium samples were also made. Adds a higher-value product option to the earlier concentrate and ferroniobium proof-of-concept; small-scale only.

well test result

Updated Luni resource is 220 Mt at 1.0% Nb2O5, up 10% from 200 Mt, with a first Indicated portion of 73 Mt at 1.38%. High-grade subset is 53 Mt at 2.2%. This delivers the maiden Indicated target; 46% of contained niobium is upgraded.

resource reserve update

Kathleen Bozanic, CFO of IGO, appointed independent Non-Executive Director. Chair Gary Lethridge, in the role since 2021, will retire on 1 July 2025, when she becomes Chair. She will stand for election at the next general meeting.

director officer appointment

East Luni assays define an exceptionally high-grade zone, including 28.5m at 6.6% Nb2O5 and 27.9m at 5.5%. This is the area targeted for early development. Drilling has restarted with two more rigs planned; updated resource still due first half 2025.

drilling result

First ferroniobium made from Luni refined concentrate in a 0.5kg test, giving 65.7% Nb and 24.3% Fe. This completes proof-of-concept across all three conventional flowsheet stages, resolving the open ferroniobium conversion thread. It is small-scale only.

well test result

New Luni assays add high-grade niobium, including 20m at 6.4% Nb2O5 (LUSD-0006) and 66m at 2.2%. Southeast rare earths hit 27m at 3% TREO. Three rigs are running; the updated resource is now targeted for the first half of 2025.

drilling result

Refining testwork on the Luni flotation concentrate produced 66.9% Nb2O5 at 99.9% recovery, the second of three stages toward ferroniobium. It meets the target to proceed to the final conversion stage, which is untested. Based on one northeast drillhole sample, bench-scale.

well test result

WA1 raised $60m through a placement of about 3.5m shares at $17, a 9.8% discount to the last price. Shares on issue rise to about 64.9m. Funds go to drilling, metallurgy, permitting and development. The price is up from $10 in January.

capital raising announcement

Maiden Luni Inferred resource of 200 Mt at 1.0% Nb2O5, including a high-grade 53 Mt at 2.1%. It covers weathered material from 30m to 190m depth, excludes fresh rock, and is open at depth. Delivered on the June-quarter timetable; more drilling targets Indicated status.

resource reserve update

First Luni flotation testwork produced a 58% Nb2O5 concentrate at 53% recovery in locked-cycle tests, from one north-east drillhole sample. The company calls this comparable to industry and an important step; further optimisation and variability testing follow. Downstream processing is untested.

well test result

WA1 raised $40m via a placement of four million shares at $10.00, a 10.2% discount to the last traded price. Pro-forma cash is about $56.7m, with about 61.3m shares on issue. Funds go to drilling, metallurgy, studies and permitting. Price is double September's $5.00 placement.

capital raising announcement

Luni's best broad step-out result yet: LURC23-002 returned 31m at 4.6% Nb2O5, with LURC23-066 41m at 2.8% about 400m west of LURC23-015. This widens the high-grade footprint in the southwest. Drilling continues toward the maiden resource.

drilling result

WA1 signed a Negotiation Protocol with the Ngururrpa native title holders, whose determination covers Luni, to negotiate in good faith towards a Mining Agreement for West Arunta. It is a process agreement, not a mining agreement, and sets an indicative timeline.

material agreement

WA1 raised $15m at $5.00 a share, a 5% discount to 10-day VWAP, issuing 3m shares to reach about 56.7m. $12.8m is placed now; $2.2m needs shareholder approval at an early-October meeting. Funds go to drilling and development studies.

capital raising announcement

New Luni assays show continuity of a shallow high-grade niobium blanket now about 1.5km long, e.g. LURC23-078 10m at 4.0% Nb2O5 within 37m at 2.3%. The maiden resource slips from Q4 2023 to the first half of 2024, and assay delays are noted.

drilling result

Luni's best niobium hole yet: LURC23-015 10m at 8.3% Nb2O5 within 42m at 2.7%, over 500m southwest of earlier holes. High-grade mineralisation now spans 1km. Early mineralogy shows well-liberated niobium minerals. Diamond drilling started; maiden resource is now targeted for Q4 2023.

drilling result

WA1 raised $10m from Regal Funds Management at $2.75 a share, a 2% discount to the 5-day VWAP, issuing about 3.6m shares to reach about 53.4m. Pro forma cash is about $20m. Funds back expanded drilling and a diamond rig, with a maiden Luni resource targeted for the second half of 2023.

capital raising announcement

First 2023 step-out assays extend Luni's high-grade niobium: LURC23-026 13m at 5.0% Nb2O5 within 31m at 3.5%, and LURC23-033 10m at 4.0%. Mineralisation extends at least 400m east and 200m south of LURC003 and remains open. Diamond drilling is to start in June.

drilling result

Non-executive director Tom Lyons becomes Executive Director from 1 March 2023 on a 0.8 FTE basis at $250,000 a year pro rata, to lead exploration. He is also MD of Tali Resources, which holds 17% of WA1.

director officer appointment

Single-metre assays confirm high-grade shallow niobium at Luni: LURC003 7m at 3.5% Nb2O5 within 19m at 2.0% from 40m. This improves on the earlier 4m composites. Luni becomes the focus of early 2023 work, with drilling expected from late March.

drilling result

Single-metre assays at P2 hole PARC003 reveal a previously unreported weathered zone of 12m at 0.66% Nb2O5 from 61m, including 5m at 0.90%. The primary 54m at 0.62% is confirmed. Luni single-metre assays are now expected late January 2023.

drilling result

WA1 raised $10 million through a placement of 5.0 million shares at $2.00, a 13% premium to the $1.77 last trade. Shares on issue rise to 49.8 million. Funds go to drilling to test depth and extent of the Luni and P2 carbonatites.

capital raising announcement

A second niobium-rare earth carbonatite is confirmed at Luni, 30km from P2. All three holes returned niobium; the best composite is 4m at 2.88% Nb2O5 within 136m at 0.40%. P1 showed only subtle anomalism. Single-metre assays are due in December.

drilling result

First assays from the maiden drilling show a niobium-rare earth carbonatite discovered at P2: 54m at 0.62% Nb2O5 from 162m, within 142m at 0.31%. It resolves the question of what the P2 anomaly was. Only 4m composites assayed so far; single-metre assays are to follow.

drilling result

The maiden program finished: seven holes, 1,745m. Visual logging shows hematite alteration and trace sulphides, including a 136m zone at Luni hole LURC001, consistent with the copper-gold model. Whether Luni's gravity source is explained is inconclusive. Assays are awaited, so this is not a confirmed discovery.

drilling result

Maiden West Arunta drilling has started: six RC holes of 240-400m planned at Pachpadra (four) and Luni (two), taking about three weeks. Cash is about $3.6 million. Assays will be released once all are in. A $150,000 government drilling grant offsets some cost.

drilling spud

WA1 signed a native title heritage and exploration agreement with the Kimberley Land Council for the 220km2 Hidden Valley nickel-copper project. It resolves the open access thread; the licence is expected to be granted in coming weeks, with geophysical surveys to follow.

regulatory community update

WA1 applied for two new West Arunta licences (E80/5752 and E80/5753), lifting its holding there from 267km² to over 1,500km². They are applications only, not yet granted, and abut Rio Tinto Exploration's tenements.

regulatory community update

WA1 was admitted to the ASX on 4 February 2022, with trading to start 8 February. Its IPO raised $4.5 million by issuing 22.5 million shares at $0.20, leaving 26.85 million shares quoted and more held in escrow.

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