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2026-11-06
◂ Monitor WA1 ASX

WA1 Resources Ltd

Resource Stage · Others · AU Rating locked: sign in to view v8.1 · wa1-20261031t210658-full
Last 2026-11-06
A$7.96
1D
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1M
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YTD
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1Y
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Upside
Locked: sign in to view
Mkt cap
A$591.9M
EV
A$479.7M
Cash
A$113.2M
Debt
A$0

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$113.2M2025-06-30: 72,796,590 A$2025-09-30: 154,630,000 A$2025-12-31: 138,533,000 A$2026-03-31: 131,477,000 A$2026-06-30: 123,799,311 A$2026-09-30: 113,197,000 A$ Finite
Debt A$0 Net cash A$113.2M
Basic shares 74.4M 2026-09-22
Runway 9.13 quarters Appendix 5B item 8.7: A$113.2m cash divided by A$12.4m of operating and exploration outgoings in the September 2026 quarter.

Liquidity

Financial position

Cash of A$113.2m and no debt fund the PFS and roughly two more years of pre-development work at the current rate (A$37m to A$55m a year of net outflow over the last four quarters). Construction of a large remote niobium operation will need a full project financing package (debt, equity and likely strategic or offtake partners) after the feasibility stage; no facility, offtake or strategic funding exists yet.

Capital structure

Ownership and dilution

Ordinary shares
74.4M
Fully diluted
74.8M

67,715,776 shares at 30 June 2025 + 5,882,353 placement shares at A$17 + 650,000 director options exercised at A$0.30 + 36,250 vested performance rights = 74,284,379 at 30 June 2026; + 60,000 (17 July 2026) + 10,000 (22 September 2026) performance-right conversions = 74,354,379. Performance rights: 500,750 at 30 June 2026 + 107,000 issued 31 July - 60,000 converted - 80,000 lapsed 7 August - 10,000 converted = 457,750. No options outstanding.

Security classes2
ClassTypeQuantityStrikeExpiry
Fully paid ordinary sharesOrdinary Share74.4M——
Unquoted performance rights (WA1AH), nil exercise price, service vesting, expiries 2028-2031Performance Right457.8KA$02031-07-01

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY25AAFY26AA
Profit and loss
RevenueAUDm0.00.0
Administration and corporate costsAUDmFY25A: -5,569,219 AUDFY26A: -6,413,246 AUD(5.6)(6.4)
Exploration expensed and impairmentAUDmFY25A: -1,550,525 AUDFY26A: -532,747 AUD(1.6)(0.5)
Share-based paymentsAUDmFY25A: -1,054,849 AUDFY26A: -1,129,345 AUD(1.1)(1.1)
EBITDAAUDmFY25A: -8,174,593 AUDFY26A: -8,075,338 AUD(8.2)(8.1)
Depreciation and amortisationAUDmFY25A: -122,207 AUDFY26A: -364,316 AUD(0.1)(0.4)
Net interest incomeAUDmFY25A: 3,498,158 AUDFY26A: 4,550,780 AUD3.54.6
Foreign exchange and otherAUDmFY25A: -3,338 AUDFY26A: 545 AUD(0.0)0.0
Income taxAUDm0.00.0
Net profit after taxAUDmFY25A: -4,801,980 AUDFY26A: -3,888,329 AUD(4.8)(3.9)
Cash flow
Operating cash flowAUDmFY25A: -2,054,769 AUDFY26A: -1,679,782 AUD(2.1)(1.7)
Exploration and evaluation paymentsAUDmFY25A: 29,249,544 AUDFY26A: 34,518,768 AUD29.234.5
Pre-development property, plant and equipmentAUDmFY25A: 0.00 AUDFY26A: 6,827,810 AUD0.06.8
Total capexAUDmFY25A: 29,249,544 AUDFY26A: 41,346,578 AUD29.241.3
Free cash flowAUDmFY25A: -31,304,313 AUDFY26A: -43,026,360 AUD(31.3)(43.0)
Equity raised, net of costsAUDmFY25A: 57,682,079 AUDFY26A: 94,928,003 AUD57.794.9
Other investing and financing flowsAUDmFY25A: -518,964 AUDFY26A: -898,922 AUD(0.5)(0.9)
Net change in cashAUDmFY25A: 25,858,802 AUDFY26A: 51,002,721 AUD25.951.0
Balance sheet
CashAUDmFY25A: 72,796,590 AUDFY26A: 123,799,311 AUD72.8123.8
DebtAUDm0.00.0
Net debt (negative = net cash)AUDmFY25A: -72,796,590 AUDFY26A: -123,799,311 AUD(72.8)(123.8)
Total equityAUDmFY25A: 125,943,398 AUDFY26A: 218,112,417 AUD125.9218.1
Per share
Shares at year end (forecast fully diluted)m sharesFY25A: 67,715,776 sharesFY26A: 74,284,379 shares67.774.3
EPS on year-end sharesAUD/shareFY25A: -0.07 AUD/shareFY26A: -0.05 AUD/share(0.07)(0.05)
Dividend per shareAUD/share0.000.00
Multiples and ratios
EV / EBITDA (x, current EV)xFY25A: -62.32 xFY26A: -63.09 x(62.3)(63.1)
P / E (x, current market cap)xFY25A: -129 xFY26A: -160 x(129.4)(159.9)
FCF yield (current market cap)%FY25A: -0.05 fractionFY26A: -0.07 fraction-5.0%-6.9%
EBITDA margin%——
Net debt / EBITDA (x)xFY25A: 8.91 xFY26A: 15.33 x8.915.3

KPI history

Operating metrics · Luni Niobium Project

Exploration and evaluation payments shown
03,748,0807,496,16011,244,24014,992,320Sep 2025: 10,152,000 AUDSep 2025Dec 2025: 13,386,000 AUDDec 2025Mar 2026: 5,665,000 AUDMar 2026Jun 2026: 5,316,000 AUDJun 2026Sep 2026: 10,654,000 AUDSep 2026
MetricUnitTrendSep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Exploration and evaluation paymentsAUDSep 2025: 10,152,000 AUDDec 2025: 13,386,000 AUDMar 2026: 5,665,000 AUDJun 2026: 5,316,000 AUDSep 2026: 10,654,000 AUD10,152,00013,386,0005,665,0005,316,00010,654,000
Property, plant and equipment payments (pre-development)AUDSep 2025: 743,000 AUDDec 2025: 1,954,000 AUDMar 2026: 2,050,000 AUDJun 2026: 2,080,000 AUDSep 2026: 464,000 AUD743,0001,954,0002,050,0002,080,000464,000
Operating metric source table22
MetricProjectPeriodPeriod typeValueStatus
Cash and cash equivalentsCompany30 Jun 2025Point In Time72,796,590 AUDReported
Cash and cash equivalentsCompanySep 2025 quarter endPoint In Time154,630,000 AUDReported
Cash and cash equivalentsCompanyDec 2025 quarter endPoint In Time138,533,000 AUDReported
Cash and cash equivalentsCompanyMar 2026 quarter endPoint In Time131,477,000 AUDReported
Cash and cash equivalentsCompany30 Jun 2026Point In Time123,799,311 AUDReported
Cash and cash equivalentsCompanySep 2026 quarter endPoint In Time113,197,000 AUDReported
Exploration and evaluation paymentsLuniSep 2025 quarterQuarter10,152,000 AUDReported
Exploration and evaluation paymentsLuniDec 2025 quarterQuarter13,386,000 AUDReported
Exploration and evaluation paymentsLuniMar 2026 quarterQuarter5,665,000 AUDReported
Exploration and evaluation paymentsLuniJun 2026 quarterQuarter5,316,000 AUDReported
Exploration and evaluation paymentsLuniSep 2026 quarterQuarter10,654,000 AUDReported
Property, plant and equipment payments (pre-development)LuniSep 2025 quarterQuarter743,000 AUDReported
Property, plant and equipment payments (pre-development)LuniDec 2025 quarterQuarter1,954,000 AUDReported
Property, plant and equipment payments (pre-development)LuniMar 2026 quarterQuarter2,050,000 AUDReported
Property, plant and equipment payments (pre-development)LuniJun 2026 quarterQuarter2,080,000 AUDReported
Property, plant and equipment payments (pre-development)LuniSep 2026 quarterQuarter464,000 AUDReported
Loss after taxCompanyFY25Year-4,801,980 AUDReported
Loss after taxCompanyFY26Year-3,888,329 AUDReported
Beneficiation recovery, weighted average of four composites (open cycle, 44% Nb2O5 concentrate)LuniJune 2026 testwork (four composites, weighted)Point In Time54 %Reported
Composite A concentrate grade (67% overall recovery, 3.7% Nb2O5 feed)LuniJune 2026 testwork (Composite A)Point In Time46 % Nb2O5Reported
Indicated contained Nb2O5LuniJune 2025 MREPoint In Time1,000,000 t Nb2O5Reported
Indicated contained Nb2O5LuniMay 2026 MREPoint In Time1,230,000 t Nb2O5Reported
Company guidance1
MetricProjectPeriodLowHighStatus
Pre Feasibility Study CompletionluniQ4 CY2026—— calendar quarterCurrent

Capital history

Capital events

5 events · newest first
DateEventAmountSharesPriceStatusTerms
2025-08-22Ann. 2025-08-15RaisingFully Paid Ordinary SharesA$100M5.9MA$17CompletedA$100m placement at A$17.00 (9.4% discount to the 5-day VWAP); Canaccord Genuity and Argonaut joint lead managers, Bell Potter co-manager.Max 5.9M
2024-07-18Ann. 2024-07-11RaisingFully Paid Ordinary SharesA$60M3.5MA$17CompletedA$60m placement at A$17.00 (11.8% discount to the 10-day VWAP).Max 3.5M
2024-01-25Ann. 2024-01-18RaisingFully Paid Ordinary SharesA$40M4MA$10CompletedA$40m placement at A$10.00 (5.5% discount to the 30-day VWAP).Max 4M
2023-10-20Ann. 2023-09-01RaisingFully Paid Ordinary SharesA$15M3MA$5CompletedA$15m placement at A$5.00 in two tranches (tranche 2 approved at a general meeting).Max 3M
2023-05-19Ann. 2023-05-11RaisingFully Paid Ordinary SharesA$10M3.6MA$2.75CompletedA$10m placement to Regal at A$2.75 (2% discount to the 5-day VWAP).Max 3.6M

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

None Identified · as of 2026-10-31

No royalty, stream, offtake, tolling, joint venture, farm-in, partnership or hedge was found in the 2026 Annual Report, quarterlies or presentations. Negotiation Protocols with the native title holders are consultation frameworks without disclosed economic terms; the state royalty is statutory.

No material economic arrangements were identified in the covered evidence.