WA1 Resources : West Arunta Project - Significant New Anomaly

ASX RELEASE

10 MARCH 2022

onlyuse personalA For

WEST ARUNTA PROJECT - SAMBHAR

GRAVITY SURVEY IDENTIFIES SIGNIFICANT

NEW ANOMALY

Highlights

• The new Luni gravity anomaly is located within the Sambhar prospect area and was identified by a detailed ground gravity survey
• Luni is a discrete east-trending strong amplitude gravity anomaly with a semi- coincident magnetic anomaly high that is comparable to Iron-Oxide Copper- Gold (IOCG) deposits such as Prominent Hill in South Australia
• Mapping and geochemical sampling activities planned to commence at West Arunta in April 2022 and will now include the Luni target

WA1 Resources Ltd (ASX: WA1) (WA1 or the Company) is pleased to provide the results of a helicopter-supported ground gravity survey completed at the West Arunta Project, which has defined a significant new gravity anomaly referred to as the Luni target (Figure 1).

A'

Luni

Previous Gravity Data

Left: Residual gravity: colour.

Magnetics: TMIRTP shadow and shading with structural interp.

Note 1: Beadell Resources Ltd WAMEX Report A86251, completed 24 lag samples, average Cu across all samples was 37ppm Cu. Refer to the WA1 Prospectus, Appendix B dated 29 November 2021.

Figure 1: Sambhar prospect combined gravity and magnetic anomaly images

WA1 RESOURCES LTD | ABN: 51 646 878 631 | WWW.WA1.COM.AU | ASX: WA1

A: 2C LOCH ST, NEDLANDS WA 6009 P: [phone] E: [e-mail]

For personal use only

WA1's Managing Director, Paul Savich, commented:

"Recent gravity surveying over the northern portion of our Sambhar prospect area has identified a significant new anomaly now called the Luni target.

The Luni target area is approximately 2km x 0.5km in size, which in conjunction with its structural position and partially reduced magnetism, makes for an exciting, potentially hematite dominated IOCG exploration target. It is these sorts of IOCG exploration targets which have the potential to produce a meaningful discovery.

"The results of this gravity survey once again demonstrate how detailed geophysical surveys may define important new deposit-scale anomaly targets which are not observable in regional survey datasets.

"This result is timely and will be an additional focus for our on-ground field programs planned to commence in early April."

Summary Results of the Gravity Program

Atlas Geophysics Pty Ltd was contracted to complete a 337 station heli-supported ground gravity survey over previously unsurveyed portions of the Sambhar and Urmia prospect areas. Resource Potentials Pty Ltd (ResPot), a specialist geophysical consulting business was engaged to process and interpret the data.

The newly identified Luni target, located to the NE of the Sambhar target, is characterised by a discrete and strong amplitude gravity anomaly response with a limited coincident magnetic anomaly response to the side. Luni is also located at the intersection of two key interpreted regional structural features.

The Luni gravity-only anomaly sets it apart from the primary Sambhar prospect which has coincidental gravity and magnetic anomalism and therefore could suggest a possible hematite dominated IOCG target at Luni.

Magnetics

Area of Reduced

Magnetism

Gravity

Luni Target

A

A'

Figure 2: Luni target geophysical anomaly profiles

IOCG deposits have differing gravity and magnetic characteristics due to variations in the extent and mineralogy of iron alteration. It is generally accepted that large bodies of high- density, magnetite-rich rock with low concentrations of copper can be hydrothermally altered into non-magnetic hematite which can carry higher copper and gold grades in

For personal use only

some settings. Strong structural controls, such as those interpreted at the Sambhar and Luni target areas, could also provide the means for the extensive hydrothermal activity necessary for the formation of an IOCG system and the accumulation of elevated copper and gold, and potentially a suite of other commodities such as cobalt, uranium and rare earth elements.

The Luni anomaly is particularly analogous to the Prominent Hill IOCG deposit in South Australia in terms of size, shape and amplitude.

Detailed gravity surveying was also completed around the primary Urmia prospect anomaly. The aim of this part of the program was to test for the presence of gravity anomalies of interest not outlined by the coarsely spaced regional gravity survey coverage and to better define Urmia through the acquisition of greater background data. Urmia remains an interesting target, however it is a lower priority than Pachpadra, Sambhar, and Luni.

These new ground gravity surveys have greatly improved the resolution and better defined the amplitudes of gravity anomaly patterns within the prospect areas, and are assisting with target generation and ranking, modelling and initial drill targeting.

Figure 3: Anomaly images of detailed gravity survey areas with regional gravity

underlay and WA1 tenement outline

For personal use only

Next Steps - Forward Work Program

WA1 is finalising plans for on-ground geological reconnaissance activities planned to commence at the West Arunta Project in early April. This will include a detailed field mapping program at the Pachpadra and Sambhar prospect areas, including the Luni target.

A surface geochemical sampling program is also currently planned to run in parallel with the mapping program. The aim of sampling is to generate further geochemical information and co-incidental anomalism to better inform geologic models, assist with target ranking and add confidence to our initial drill targeting.

It is our present expectation that following completion of this proposed field work and the assessment of related data, WA1's systematic evaluation process of geophysical targets within the Pachpadra and Sambhar prospect areas will be complete. It is anticipated that the Company will then be able to finalise preparations for a maiden drilling campaign.

Our core objective at the West Arunta Project for the 2022 field season is to systematically compile comprehensive geophysical and geochemical datasets, as well as obtain heritage clearances to maximise our chance of drilling success.

West Arunta Project - Overview

The West Arunta Project is located approximately 490km south of Halls Creek in WA. It comprises the Pachpadra, Sambhar and Urmia prospect areas, which are contained within a granted Exploration Licence.

Prior to WA1 acquiring the West Arunta Project in 2021, the Company's tenements had extremely limited historical exploration for gold and copper, largely in the form of reconnaissance airborne geophysics, limited ground geophysical surveys, and surface sampling. Drilling on the West Arunta Project tenement is limited to a single historic diamond hole drilled in 2010 which indicated potential for IOCG style mineralisation. The West Arunta region has experienced limited exploration since 2010 until recently when two key events provided significant validation for the area's IOCG exploration potential.

In late 2020, Encounter Resources Ltd drilled a single diamond hole proximal to WA1's West Arunta Project which successfully intersected hydrothermally altered mafic intrusions with a distinctive IOCG geochemical signature and altered potassic granite (refer to ENR's ASX announcement on 11 February 2021 for further details).

In early 2021, Rio Tinto Exploration applied for significant tenement landholdings in the West Arunta and entered into a staged A$58.5 million farm-in and joint venture agreement in five tenements to the south held by Tali Resources Pty Ltd. These tenements are contiguous with WA1's West Arunta Project (refer to AMN's ASX announcement on 12 March 2021 for further details).

ENDS

For personal use only

For further information, please contact:
Investors	Media
Paul Savich	Michael Vaughan / Andrew Edge
Managing Director	Fivemark Partners
T: [phone]	T: [phone] / [phone]
E: [e-mail]	E: [e-mail]

Or visit our website at www.wa1.com.au

Authorised for market release by WA1's Board.

Competent Person Statement: The information in this announcement that relates to Geophysical Results is based on information compiled by Dr. Jayson Meyers who is a Fellow of the Australian Institute of Geoscientists. Dr Meyers is a consultant to WA1 Resources Ltd and has sufficient experience which is relevant to the style of mineralisation under consideration to qualify as a Competent Person as defined in the 2012 Edition of the "Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Dr Meyers consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears. Dr. Meyers holds securities in WA1.