Ann: West Arunta Project - Luni Metallurgical Results, page-139

Naydoe, I am keen to see this get into production soonest and I was at the AGM last year and asked Paul several questions. I asked Paul if there was any possibility of them skipping the PFS and go to a DFS. He said it was prudent for them to do both and WA1 wouldn't be taking shortcuts with this. This means scoping studies, PFS and then DFS will need to be done in that order. So long lead times for all three. Also spoke to a business analyst (not WA1 personnel) there and he said it takes ages for institutions to get on-board/ make decisions. So joining all dots, intuitions unlikely to show their hands above the 5% share registrar level unless the project is significantly derisked or there is a high level of confidence that this will go into production. I agree with MOM, this could take years before it could become a take-over target until the project significantly derisks itself, which will take some time. At my age, I probably don't have the patience to wait that long. But just want to see upwards movement in the SP.

Catalyst for SP upward movements will be updated MRE, more advacnement/ improvements in met recoveries, more discoveries around Luni (another Nb deposit around WA1 west arunta tenements), companies taking a strategic stake etc.

The only project which comes to mind where companies have declared their hand and happy to do a target was Azure Minerals without even announcing their MRE. But stories like Azure on the ASX are as rare as hen's teeth. Because Nb is not widely understood in Australia, it will be awhile before we see a major Australian company jump onboard the WA1 share registry without WA1 significant derisking of the Luni project.