18 Jan 2024investor presentation● Neutral
January 2024 equity raising presentation for the $40m placement. Visible text is disclaimers only, and says it incorporates exploration results only up to 28 August 2023. No new information visible.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
18 Jan 2024capital raising announcement▲ GoodMajor
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.
20 Dec 2023drilling result▲ Good
Assays from six-hole P2 reconnaissance program, 30km west of Luni, include PARC23-007 114m at 0.5% Nb2O5 and PARC23-006 18m at 0.6%. Mineralisation extends 1km east of the 2022 discovery hole; company says P2 may be a future satellite to Luni. Grid drilling is planned.
11 Dec 2023drilling result▲ Good
Luni central-zone assays close the gap between the western and eastern high-grade zones, e.g. LURC23-069 50m at 2.0% Nb2O5 (incl. 13m at 4.9%). First diamond hole LUDD23-001 hit 31.1m at 2.4%; LURC23-174 12m at 3.0% supports the deeper southeast zone. Drilling paused until 2024.
20 Nov 2023investor presentation● Neutral
Fastmarkets ferroalloys conference presentation on niobium in Western Australia, with Paul Savich and marketing advisor Gustavo Macedo as contacts. The visible text is disclaimers only and shows no new information.
16 Nov 2023investor presentation● Neutral
Noosa Mining Conference presentation covering West Arunta, incorporating announcements up to 15 November 2023. The visible text is disclaimers only and shows no new information.
8 Nov 2023drilling result▲ Good
100m-spaced infill holes in eastern Luni confirm continuity of the high-grade blanket, e.g. LURC23-157 30m at 4.7% Nb2O5 and LURC23-141 15m at 3.3%. Nearly 26,000m drilled this year; maiden resource still targeted for H1 2024, and drilling pauses in early December.
26 Oct 2023drilling result▲ GoodMajor
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.
19 Oct 2023material agreement▲ GoodMajor
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.
27 Sept 2023investor presentation● Neutral
Canaccord Latam conference presentation on West Arunta, incorporating announcements only up to 28 August 2023. The visible text is disclaimers and shows no new information.
26 Sept 2023drilling result▲ Good
New Luni assays 400m west of earlier holes, including LURC23-013 16m at 2.0% Nb2O5, extend the shallow high-grade zone to over 2km east-west. First 100m infill hole LURC23-110 hit 7m at 3.1%. Over 20,000m drilled, with 10,000m more planned this year.
15 Sept 2023annual report● Neutral
2023 annual report. The chair's letter reviews the Luni and P2 discoveries and says the maiden Luni resource is expected in the first half of 2024, with metallurgical testing on a conventional flowsheet planned. No new information visible.
15 Sept 2023annual report● Neutral
Appendix 4G governance checklist lodged with the 2023 annual report, pointing to the corporate governance statement on the company website. Administrative filing with no operational or financial information.
6 Sept 2023investor presentation● Neutral
September 2023 investor update on the West Arunta project, incorporating announcements up to 28 August 2023. The visible text is disclaimers only and shows no new information.
1 Sept 2023capital raising announcement▲ GoodMajor
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.
What it means for a shareholder
3.0m new shares at about $5.00 to raise about $15.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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28 Aug 2023drilling result▲ Good
LURC23-102 returned 17m at 2.0% Nb2O5 within 114m at 0.7%, 400m east of LURC23-045, extending the high-grade zone to about 2km. More drilling nearby is planned and further assays are expected in coming weeks.
21 Aug 2023drilling result● NeutralMajor
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.
4 Aug 2023director officer appointment▲ Good
Gustavo Macedo, with over 20 years at niobium producer CBMM, is appointed exclusive Marketing Advisor for niobium marketing and offtake strategy. He has reportedly been working with WA1 since late 2022.
2 Aug 2023drilling progress report▲ Good
The four-hole P2 program is finished. Field observations show carbonatite in three holes (PARC23005-07) with a weathering profile like PARC003, and the intrusion is interpreted at about 2.5km x 1.0km. Assays are pending; more P2 drilling is being planned.
27 July 2023other● Neutral
Administrative notice that the board skills matrix, disclosure policy and securities trading policy were updated, with the trading policy attached. No operational or financial substance.
18 July 2023drilling spud▲ Good
A four-hole RC program has started at P2, 32km west of Luni, where 2022 discovery hole PARC003 hit 54m at 0.62% Nb2O5. Passive seismic and gravity surveys are done to guide targeting; Luni drilling remains the key focus.
29 June 2023drilling result▲ Good
More 200m step-out holes extend Luni's high-grade niobium up to 400m in several directions, including LURC23-045 with 41m at 2.4% Nb2O5. It remains open in all directions. Drilling is near 10,000m this year with 68 RC and 4 diamond holes done.
5 June 2023drilling result▲ GoodMajor
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.
11 May 2023capital raising announcement▲ GoodMajor
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.
What it means for a shareholder
3.6m new shares at about $2.78 to raise about $10.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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3 May 2023investor presentation● Neutral
May 2023 corporate presentation on the West Arunta project. It cites a $114m market cap at $2.28 and $10m cash at 31 March. It appears to repeat known drilling results; the visible text shows no new information.
1 May 2023drilling result▲ GoodMajor
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.
14 Apr 2023drilling progress report● Neutral
Seventeen RC holes are now complete at Luni, ahead of schedule. Drilling is briefly paused for weather. Assays from the first three holes are expected in April, with two more sample batches already sent. No results yet.
5 Apr 2023drilling progress report● Neutral
Ten RC holes are complete at Luni on 200m or 400m spacing. Field observations suggest the carbonatite is continuous with a similar weathering profile to the discovery holes. Rushed assays from the first three holes are with the lab; no results yet.
22 Mar 2023drilling spud▲ Good
RC drilling has started at Luni, stepping out from discovery holes LURC002 and LURC003 and aiming for a roughly 200m x 200m grid. The rig then moves to P2 and regional targets. First assays are expected in May 2023.
9 Mar 2023investor presentation● Neutral
Euroz Hartleys conference presentation restating the Luni and P2 discoveries and the start of 2023 fieldwork. It lists 49.8m shares, a $1.42 share price, a $71m market cap, about $12m cash and no debt. No new results.