WA1 Resources : West Arunta Project - Commencement of Drilling

ASX RELEASE

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13 JULY 2022

WEST ARUNTA PROJECT

COMMENCEMENT OF DRILLING

Highlights

• Drilling has commenced at the West Arunta Project
• Plans include six RC holes to test three significant geophysical anomalies considered prospective for IOCG-stylecopper-gold-REE mineralisation

WA1 Resources Ltd (ASX: WA1) (WA1 or the Company) is pleased to announce that its maiden West Arunta Project drilling program has commenced.

Figure 1: RC Drilling at Pachpadra

WA1's Managing Director, Paul Savich, commented:

"WA1 listed on the ASX in February this year to undertake responsible exploration which has the potential to be transformative for our stakeholders. We have now commenced the first drill testing of significant geophysical anomalies in a region which has seen extremely limited exploration and where potential remains to make a major discovery.

"We have systematically advanced our understanding of the West Arunta Project over the past four years with a focus on acquiring complimentary datasets. This work has reinforced the relevance of our exploration model and provided the confidence to undertake our maiden drilling program.

"With a current cash position of approximately $3.6 million we have a strong balance sheet to support any follow-up exploration and activities."

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Maiden West Arunta Drill Program

The planned drill program will provide an initial test of the Pachpadra (P1 and P2 targets) and Luni exploration prospects, with the aim of assessing the potential for the areas to host mineralisation.

Over the past four years a comprehensive, multi-layered dataset of new and historic information from the West Arunta has been acquired and analysed. This includes geophysical magnetic and gravity surveying, surface sampling and mapping. The culmination of this work has supported the primary targeting of IOCG-stylecopper-gold- REE deposits. In addition, the area is also considered to be prospective for magmatic style nickel-copper mineralisation.

Geophysical techniques are often the primary initial exploration tool used to identify IOCG deposits as this style of mineralisation has differing gravity and magnetic characteristics due to variations in the extent and mineralogy of iron alteration.

Drilling at Pachpadra (four RC drill holes) and Luni (two RC drill holes) (Figure 2) is designed to test the peak of each gravity and magnetic high, and the associated margins of these large geophysical anomalies. Drill holes are planned to depths of between 240 to 400 meters with drilling expected to take approximately three weeks. WA1's current intention is to announce the assays results once they have been received for all holes.

Figure 2: Planned Drill Collar Locations

Combined gravity (resUC200m, colour) and magnetic (residual contours) anomaly images

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WA1 was awarded a $150,000 Exploration Incentive Scheme (EIS) grant to drill the P1 and P2 Pachpadra exploration targets by the Western Australian Department of Mines, Industry Regulation & Safety. Holes within this drilling program are expected to meet the requirements of the EIS grant which will assist in offsetting some of the cost incurred in this program.

Figure 3: West Arunta Regional Tenure Map with Magnetics

Rock Chip Sampling Results

As previously announced, a number of rock chip samples were taken during the recent mapping and surface sampling program. Similar to the results of the earlier surface sampling (refer to the ASX Announcement released on 16 June 2022 for further details), areas of elevated rare-earth-element anomalism were detected in the P1 target area within the Pachpadra prospect.

In addition, copper and nickel anomalism (between 276 to 1,074ppm Cu and up to 228ppm Ni) was detected in five samples associated with a mapped ironstone plug which appears to have intruded into the quartzite sequence. This unit is not associated with any significant gravity or magnetic response and further field reconnaissance is planned to be carried out.

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505ppm Cu

Cluster of Cu-Ni

anomalism*

Figure 4: Pachpadra Field Mapping and Rock Chip Sample Location Points

* Refer to samples WAP22-35J to 39J in Rock Chip Sampling Table 1

ENDS

For further information, please contact:
Investors	Media
Paul Savich	Michael Vaughan
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 the Board of WA1.

Competent Person Statements

The information in this announcement that relates to Exploration Results is based on information compiled by Ms. Stephanie Wray who is a Member of the Australian Institute of Geoscientists. Ms. Wray is a full time employee of 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". Ms. Wray consents to the inclusion in the announcement of the matters based on her information in the form and context in which it appears.

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About WA1

WA1 Resources Ltd is based in Perth, Western Australia and was admitted to the official list of the Australian Securities Exchange (ASX) in February 2022. WA1's shares are traded under the code WA1.

WA1's objective is to discover a Tier 1 deposit in Western Australia's unexplored regions and create value for all stakeholders. We believe we can have a positive impact on the remote communities within the lands on which we operate. We will execute our exploration using a proven leadership team which has a successful track record of exploring in WA's most remote regions.

Forward-Looking Statements

This ASX Release may contain

certain "forward-looking statements" which may be based on forward-looking information that are subject to a number of known and unknown risks, uncertainties, and other factors that may cause actual results to differ

materially from those presented here. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. For a more detailed discussion of such risks and other factors, see the Company's Prospectus and Annual Reports, as well as the

Company's other ASX Releases. Readers should not place undue reliance on forward-looking information.

The Company does not undertake any obligation to release publicly any revisions to any forward-looking statement to reflect events or circumstances after the date of this ASX Release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.