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.
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.
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.
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.
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.
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.
June quarter report recapping Luni results, with high-grade niobium now over 1.4km and diamond drilling started. Cash was about $17m at 30 June, after the completed $10m placement at $2.75. No new results.
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.
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.
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.
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.
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.
March quarter report recapping the Luni single-metre results and the 22 March start of step-out drilling. Cash was about $10.4m at 31 March, down from about $11.6m at 31 December. Hidden Valley EM interpretation and Madura consultations are still ongoing.
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.
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.
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.
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.
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.
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.
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.
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.
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.
December quarter report restating the Luni and P2 carbonatite discoveries, the completed gravity and seismic surveys and the Hidden Valley EM survey. Cash was about $11.6m at 31 December after the $10m placement. No new results.
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.
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.
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.
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.
