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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
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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.
19 Oct 2022quarterly activities report● Neutral
September 2022 quarter: cash about $2.7 million, down from $3.7 million at June. The maiden West Arunta drilling is complete, with alteration and trace sulphides noted and assays still awaited. Hidden Valley airborne survey is being planned and Madura consultations continue. No new results.
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.
16 Sept 2022agm notice● Neutral
Notice that the annual general meeting will be held on or around 7 November 2022. Director nominations close on 23 September 2022. Administrative only.
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.
27 July 2022quarterly activities report● Neutral
June 2022 quarter: cash of $3.7 million. Covers the Pachpadra soil and rock chip work, the heritage survey and the Hidden Valley agreement. Maiden drilling began in July, Lyons replaced Parker, and Madura heritage talks continue. No new results.
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.
17 June 2022director officer appointment● Neutral
Non-executive director Paull Parker, a Sandfire Resources geologist who joined the board around the IPO, will resign from 1 July 2022 because of increasing work commitments. The chair thanked him for his contribution; no replacement is named in this notice.
16 June 2022drilling result▲ Good
Soil sampling at Pachpadra showed elevated copper, potassium and rare earths near the P1 drill target, supporting the copper-gold model. Drilling is now scheduled for early July, up from a Q3 target, subject to rig availability and approvals.
20 May 2022other● Neutral
Notice that 700,001 shares will be released from ASX-imposed escrow on 1 June 2022. Issued capital does not change.
9 May 2022drilling progress report▲ Good
Pachpadra mapping and sampling are finished, with 202 soil sample points sent for assay. The heritage survey for drill tracks and pads is also finished, awaiting the final report. Maiden drilling is still planned for Q3-2022.
27 Apr 2022quarterly activities report● Neutral
March 2022 quarter: cash of $4.1 million. Reports the Luni anomaly, the two new West Arunta licence applications and fieldwork planned for April. Heritage agreements for Madura and Hidden Valley are still being sought. No new results.
8 Apr 2022drilling progress report▲ Good
Fieldwork began at Pachpadra: mapping, rock chip and soil sampling. A drilling contractor tender is executed, with an RC rig expected for Q3-2022. A heritage survey is planned, and maiden drilling is said to be on track for Q3-2022.
25 Mar 2022other● Neutral
Notice that 1,485,000 shares will be released from ASX-imposed escrow on 8 April 2022. Issued capital does not change.
15 Mar 2022half year report● Neutral
Half-year to 31 December 2021: loss of $185,469 and cash of $342,064, before the IPO funds arrived. $145,226 of exploration spending was capitalised. A $576,000 raise was completed in November 2021; 22.3 million shares were on issue.