Ann: West Arunta Project - Luni Assay Results, page-64

Congrats again LT holders, one hell of a ride to ~$1.4B fully diluted MC at this stage of exploration. Huge MRE obvious and due before end June, continued infill drilling unlikely to materially increase 'huge', everyone still in considering making it through to next fin year to sell more and post-pone huge CGT for another 12 months... and bottom line is the long feasibility period and NT negotiations begin as the exploration phase no longer adds size or sizzle.

The hurdles facing WA1 to monetise Luni beyond ~$1.5B are numerous and daunting. For any M&A, adding >$1.5B Luni purchase cost onto capex, opex and a 'fair share' to the NT owners makes any discounted commercial NPV return on investment problematic... especially in a small, bespoke market like niobium. Niobium batteries are the structural lift in Nb demand the market needs to absorb a large new supplier, but maybe like a thousand other new battery tech niobium batteries fizzle out? Maybe WA1 can convince the government to pay for their new roads and infrastructure, always possible the way politicians spray taxpayer debt around green or critical mineral projects but kept in 'off-budget special purpose investment corporations'... maybe WA1 has to build it all themselves?

I'd be a seller before end Fin Year if I owned, I'd be shorting in July if I had access to borrow... but I'm notoriously bearish projects once the discovery excitement fades and hot money moves on.

GLTAH