WA1 Resources Ltd has confirmed an updated Mineral Resource Estimate for the Luni niobium deposit located in its West Arunta Project in Western Australia. The revised study shows an overall resource of 220 million tonnes grading 1.0% Nb2O5, up 10% in tonnage from previous estimates. Of this total, 73 million tonnes have been classified as Indicated at 1.38% Nb2O5, with a high-grade subset of 31 million tonnes averaging 2.31% Nb2O5. The announcement highlights that 46% of the contained niobium has now been upgraded to Indicated status across two high-grade zones, significantly enhancing the deposit’s development potential. The technical review is underpinned by extensive drilling programs completed through 2022 to 2024, which focused on defining high-grade zones and improving resource confidence. Drilling data reveals mineralisation starting at shallow depths from 30 meters and extending to 180 meters, ensuring favorable conditions for an open-pit mining approach. Detailed geological, geostatistical, and metallurgical analyses have been incorporated, including a grade-tonnage curve based on a conservative cut-off of 0.25% Nb2O5 and realistic operating cost assumptions. The updated estimation sets the stage for future drilling campaigns aimed at further refining the high-grade areas and supports preliminary mine design studies. The optimism from these developments is bolstered by the strong grade and lateral continuity of the deposit. With niobium playing a critical role in both low-carbon steel and emerging battery applications, the improved resource metrics, increased tonnage, and demonstrated metallurgical performance suggest a low-risk pathway to establishing a long-life operation. These technical advancements, along with projected updates in resource confidence and further exploration results expected in 2026, point to a promising outlook for value creation. On the bullish side, investors can appreciate that nearly half of the deposit’s niobium has already been upgraded to a more reliable classification, indicating clear geological continuity and high-grade potential in a globally competitive deposit—the most significant niobium discovery in over 70 years. The clear technical focus, combined with positive metallurgical test work and potential economic recovery pathways, supports a strong case for future development. Conversely, some bearish considerations remain. The complexities inherent in managing weathered material, challenges in assay consistency from reverse circulation drilling, and uncertainties regarding fresh material at depth introduce potential risks. Moreover, the remote location and reliance on early-stage modifying studies for key development factors might pose operational and cost challenges as the company advances the project. Overall, WA1 Resources Ltd’s announcement presents a significant technical milestone that, while carrying typical exploration risks, underpins a robust outlook for the Luni deposit and its potential to become a standout asset in the expanding niobium market.