Bell Potter begins research coverage of WA1 Resources which intends to mine niobium, which in the form of ferro-niobium is used as a micro-alloy to strengthen steel.

WA1 Resources is progressing with the West Arunta Niobium project which includes the Luni prospect, in North-Western Australia, which has the potential to be a globally significant Tier-1 asset, according to the broker.

A maiden indicated resource for Luni will support initial development studies, notes Bell Potter.

Target price is $17.65.Current Price is $12.95. Difference: $4.70 - (brackets indicate current price is over target). If WA1 meets the Bell Potter target it will return approximately 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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