8 Mar 2023half year report● Neutral
Half-year to 31 December 2022: loss of $1.48m, cash of $7.6m plus $4.0m in term deposits, and 49.8m shares on issue after the $10m November placement. No new operational information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
7 Mar 2023drilling progress report▲ Good
Infill gravity at Luni is interpreted to show the edge of a roughly 3km x 1km intrusion and a dense possible deeper source, called 'Luni Deeps', to be drill tested. Rig mobilisation is expected within two weeks, with drilling still due late March.
1 Mar 2023drilling progress report▲ Good
Passive seismic mapped a consistent horizon at 40-120m depth at Luni that coincides with the high-grade niobium enrichment seen in drilling. It is used to target step-out holes from late March. WA1 says the interpretation needs drill validation.
27 Feb 2023drilling scheduled● Neutral
Earthworks and camp mobilisation have begun for the 2023 West Arunta campaign, with drilling on track for late March. Heritage clearances are in place, and drone magnetics, gravity and photogrammetry surveys are underway. No new results.
13 Feb 2023director officer appointment● NeutralMajor
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.
8 Feb 2023investor presentation● Neutral
February corporate presentation repeating the 6 February Luni single-metre results, such as 7m at 3.5% Nb2O5 in LURC003. No new results.
6 Feb 2023drilling result▲ GoodMajor
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.
15 Dec 2022annual report● Neutral
Addendum to the 2022 Annual Report adding required ASX disclosures: funds were used consistently with the prospectus, plus a tenement schedule as at 30 June 2022. No new information of substance.
13 Dec 2022drilling result▲ GoodMajor
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.
12 Dec 2022drilling progress report● Neutral
Ground gravity and passive seismic surveys have started at the P2 and Luni carbonatite discoveries. Gravity data will be tightened from a 400m x 400m grid to 50m x 100m to help plan 2023 drilling. No new drill results.
18 Nov 2022investor presentation● Neutral
Corporate presentation on the Luni results, restating the two carbonatite discoveries and the placement. It says the company will be fully funded for upcoming exploration once the placement completes. No new results.
18 Nov 2022listing compliance notice● Neutral
ASX notice that WA1's trading suspension will lift immediately after the exploration results and capital raising announcement. Procedural only; trading resumed on 18 November.
18 Nov 2022capital raising announcement▲ GoodMajor
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.
What it means for a shareholder
5.0m new shares at $2.00 to raise about $10.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
16 Nov 2022drilling result▲ GoodMajor
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.
16 Nov 2022listing compliance notice● Neutral
At WA1's request, ASX suspended trading from 16 November pending an announcement of exploration results and a related capital raising. WA1 expects the suspension to end by 21 November.
15 Nov 2022drilling progress report● Neutral
An airborne electromagnetic survey of over 200 line-km has started at Hidden Valley, the 220km2 Kimberley nickel-copper project along strike from IGO's Osmond Valley. It follows the heritage agreement and licence process. Results are expected over the coming months.
9 Nov 2022regulatory community update● Neutral
WA1 applied for four more exploration licences near West Arunta: three in Western Australia and one in the Northern Territory. Grant is not guaranteed and no exploration is planned until heritage agreements are in place. These add to the pending applications.
2 Nov 2022price query● Neutral
WA1 told ASX it knows of no unannounced information explaining the share price rise from $0.65 on 27 October to $1.97 on 1 November. It points to media coverage of the discovery. Single-metre P2 assays are expected mid-to-late November.
1 Nov 2022listing compliance notice● Neutral
ASX paused trading in WA1 shares pending a further announcement. In context, this follows the 26 October discovery and the ASX price query issued the same day. The pause itself is procedural.
1 Nov 2022other● Neutral
Notice that 1,553,329 shares will be released from ASX-imposed escrow on 10 November 2022. Issued share capital does not change. Administrative only.
27 Oct 2022investor presentation● Neutral
Corporate presentation repeating the 26 October P2 carbonatite discovery (54m at 0.62% Nb2O5) and saying P1 and Luni assays are due in coming weeks. No new results.
26 Oct 2022drilling result▲ GoodMajor
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.
17 Oct 2022drilling progress report● Neutral
An airborne electromagnetic survey has started at West Arunta, with over 200 line-km planned at Pachpadra to look for bedrock conductors and limited trial coverage at Luni. Survey results and drill assays are both expected in the coming weeks.
20 Sept 2022other● Neutral
Appendix 4G and corporate governance statement filed with the annual report. It is a compliance form pointing to the governance disclosures on the website and carries no substantive news.
20 Sept 2022annual report● Neutral
First annual report as a listed company, for the year to 30 June 2022. The chair says the seven-hole drill program was completed on time and on budget. Hidden Valley agreement is signed and Madura talks continue. The visible text gives no financial figures.
19 Sept 2022investor presentation● Neutral
Investor presentation giving a West Arunta exploration update. It restates the maiden drilling's alteration findings and says assays are expected shortly. The visible text contains no new results or figures.
18 Aug 2022drilling result● NeutralMajor
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.
13 July 2022drilling spud▲ GoodMajor
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.
1 July 2022director officer appointment● Neutral
Tom Lyons joins as non-executive director from 1 July 2022, replacing Paull Parker. He is Managing Director of Tali Resources, WA1's roughly 19% shareholder and West Arunta neighbour. He gets a $1,250/day consulting deal and 650,000 options at $0.30, subject to shareholder approval.
28 June 2022regulatory community update▲ GoodMajor
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.