WAT Resources Ltd (ASX: $WAI) activities report

WAT Resources Ltd (ASX: $WAI) has released its quarterly activities report for the period ending 31 March 2024. The company reported the continuation of assays from broad spaced diamond and RC drilling at the West Arunta Project, particularly at Luni, where a shallow, high-grade blanket of niobium mineralisation has been extended to over 2km east-west and remains open. The company also announced the commencement of metallurgical testwork and the enhancement of internal metallurgical capabilities with key appointments, including Clovis Sousa as Niobium Processing Advisor. Additionally, WAI completed a A$40m placement at A$10 per share, resulting in a cash balance of approximately A$53m as at 31 March 2024.

Executive commentary on West Arunta Project and corporate activities

The Company is pleased to report the progress made during the quarter, particularly at the West Arunta Project. The extension of the high-grade niobium mineralisation at Luni is a significant development, and the commencement of metallurgical testwork marks a crucial step towards demonstrating the viability of flotation to separate the key niobium bearing minerals. The appointment of Clovis Sousa as Niobium Processing Advisor further strengthens our technical capabilities and positions us well for future advancements in our processing and conversion of niobium concentrate. The successful completion of the A$40m placement at A$10 per share also provides us with a strong cash balance, enabling us to continue our exploration and evaluation activities with confidence.

Summary of West Arunta Project activities and outlook

WAT Resources Ltd's activities at the West Arunta Project have shown promising results, with the extension of niobium mineralisation at Luni and the commencement of metallurgical testwork. The company's strong cash balance of approximately A$53m provides a solid foundation for future exploration and evaluation activities. With the appointment of Clovis Sousa and the completion of the placement, WAI is well-positioned to continue its focus on advancing exploration at its existing projects and identifying new opportunities to enhance its exploration portfolio. The Company remains committed to its objective of discovering and developing Tier 1 deposits in Western Australia's underexplored regions, and creating value for all stakeholders.