WA1 Resources Ltd (WA1) AI Stock Analysis

• Market Cap: AU$1.33B
• Dividend Yield: N/A
• Average Volume (3M): 192.57K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.84
• Revenue Growth: N/A
• EPS Growth: -17.57%
• Country: US
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Copper
• EPS (TTM): -0.03
• Shares Outstanding: 74,266,880
• 10 Day Avg. Volume: 227,729
• 30 Day Avg. Volume: 192,573
• PEG Ratio: -11.95
• Price to Book (P/B): 8.38
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -33.55
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: AU$26.37
• Price Target Upside: 43.71% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 53 Neutral
• Price Target: AU$17.50 ▼(-4.63% Downside)

The score is held back primarily by weak operating performance and elevated cash burn despite a strong balance sheet. Technicals are supportive but look overbought, while valuation is constrained by ongoing losses and no dividend yield data.

Positive Factors

Very strong balance sheet and negligible leverage

A materially strengthened equity base and negligible debt provide durable funding optionality for capital‑intensive exploration. Low leverage reduces refinancing risk and preserves strategic flexibility, supporting multi‑period project advancement without imminent solvency pressure.

Material asset base growth from capital investment

Rising total assets reflect sustained investment into tenements and project assets, which is a structural enabler for resource definition and eventual monetisation. A larger asset base underpins long‑term value creation if exploration converts into resources.

Proven ability to fund operations via equity

A track record of equity funding provides management time to progress exploration programs without immediate revenue pressures. This structural funding channel lowers short‑term liquidity strain versus companies reliant on debt markets.

Negative Factors

Pre‑revenue operations with widening net losses

Sustained lack of operating revenue and growing losses indicate the company remains early‑stage with negative returns on capital. Over months, this structural profitability gap heightens reliance on funding and delays the pathway to self‑sustaining cash generation.

Sharp deterioration in free cash flow

A large step‑up in negative free cash flow signals intensified investment or higher running costs that materially raise financing needs. Persistently negative FCF amplifies dilution or slowdown risk and stresses execution if capital markets tighten over the medium term.

Increased reliance on external funding if spend persists

Despite a strong balance sheet today, elevated cash burn and negative operating cash flow mean future progress depends on successful capital raises or partner funding. This structural financing dependency raises dilution and timing risks for project delivery.

WA1 Resources Ltd Business Overview & Revenue Model

Company Description

WA1 Resources Ltd engages in the mineral exploration business in Western Australia. It explores for iron oxide, copper, and gold deposits. The company's flagship project is the 100% owned West Arunta project comprising three granted exploration tenements covering an area of approximately 267 square kilometers located in the West Arunta Orogen. WA1 Resources Ltd was incorporated in 2021 and is based in Nedlands, Australia.

How the Company Makes Money

WA1 Resources Ltd makes money primarily through the discovery and development of mineral deposits, which it can either sell or develop into operational mines. Revenue streams include the sale of mineral rights or interests to larger mining companies, joint venture partnerships, and potentially operating its own mining projects to extract and sell minerals. The company may also enter into strategic partnerships with other firms to share exploration risks and costs, which can enhance its financial stability and growth potential. Additionally, WA1 may benefit from government grants or incentives aimed at promoting mining exploration and development within Australia.

WA1 Resources Ltd Financial Statement Overview

Summary

Financials are mixed: a very strong, low-debt balance sheet and large equity base support funding capacity, but the business remains pre-revenue/early-stage with widening net losses and materially worse free cash flow in FY2025, increasing reliance on external funding and execution discipline.

Income Statement

Results reflect an early-stage/mining-exploration profile with no meaningful revenue in FY2025 and FY2024 (revenue was only recorded in FY2023). Losses are widening in absolute terms (net loss increased from about -3.5M in FY2024 to about -4.8M in FY2025), and operating losses remain sizable. A positive is that the company is not showing signs of margin compression from operations—rather, the core issue is the lack of scale/revenue to absorb fixed costs, which keeps profitability structurally negative.

Balance Sheet

The balance sheet is a clear strength: leverage is extremely low (debt is negligible relative to equity in FY2025), and equity has grown substantially over the period (roughly 4.6M in FY2022 to ~125.9M in FY2025), supporting funding capacity. Total assets also increased materially, indicating capital raised and/or investment into the asset base. The key weakness is that returns on shareholders’ capital are negative (loss-making operations), so balance-sheet quality is strong but not yet translating into economic returns.

Cash Flow

Cash generation remains weak: operating cash flow is consistently negative (about -2.1M in FY2025 and -2.2M in FY2024), which is typical for pre-production resource companies but still increases funding reliance. Free cash flow deteriorated sharply in FY2025 (about -31.4M versus about -2.2M in FY2024), implying a step-up in investment/spend. A partial positive is that the company has historically been able to fund itself via the balance sheet (high equity, low debt), but the magnitude of FY2025 cash burn raises execution and financing-risk sensitivity if spending stays elevated.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	261.12K	0.00	0.00
Gross Profit	-122.21K	-122.21K	-44.06K	230.57K	0.00	0.00
EBITDA	-3.13K	-6.99M	-3.50M	-2.19M	-622.59K	49.85K
Net Income	-4.80M	-4.80M	-3.54M	-2.22M	-622.59K	-49.85K
Balance Sheet
Total Assets	130.26M	130.26M	75.47M	24.80M	4.69M	628.38K
Cash, Cash Equivalents and Short-Term Investments	72.80M	72.80M	46.94M	17.00M	3.68M	206.15K
Total Debt	17.28K	17.28K	0.00	43.78K	0.00	0.00
Total Liabilities	4.32M	4.32M	3.46M	2.23M	131.69K	234.23K
Stockholders Equity	125.94M	125.94M	72.01M	22.56M	4.56M	394.15K
Cash Flow
Free Cash Flow	-31.45M	-31.45M	-2.22M	-5.62M	-729.48K	-39.21K
Operating Cash Flow	-2.05M	-2.05M	-2.22M	-1.08M	-729.48K	-19.91K
Investing Cash Flow	-29.39M	-29.39M	-18.03M	-6.68M	-531.66K	-67.94K
Financing Cash Flow	57.31M	57.31M	52.19M	19.08M	4.73M	294.00K

WA1 Resources Ltd Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 18.35
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:WA1, the sentiment is Positive. The current price of 18.35 is below the 20-day moving average (MA) of 18.72, above the 50-day MA of 17.52, and above the 200-day MA of 16.55, indicating a neutral trend. The MACD of 0.04 indicates Positive momentum. The RSI at 50.55 is Neutral, neither overbought nor oversold. The STOCH value of 33.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:WA1.

WA1 Resources Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
HGO	55 Neutral	AU$198.02M	-6.51	-29.41%	―	281.37%	2.27%
WA1	53 Neutral	AU$1.33B	-256.28	-4.85%	―	―	-17.57%
GRX	52 Neutral	AU$297.77M	-47.20	-40.26%	―	-100.00%	-29.70%
HCH	52 Neutral	AU$335.59M	-26.78	-4.91%	―	―	-20.00%
CVV	49 Neutral	AU$276.59M	-35.51	-73.21%	―	―	-11.29%
AR1	49 Neutral	AU$220.85M	-1.38	―	―	-57.00%	-1789.13%

WA1 Resources Ltd Corporate Events

WA1 Resources Outlines Luni Niobium Project in New Corporate Presentation

WA1 Resources Ltd has released a corporate presentation dated January 2026 for its Luni Niobium Project, providing general information on the company and the project for investors and stakeholders. The document is heavily caveated, emphasising that the information is summary in nature, not independently verified, and not to be relied upon as complete or as financial product advice, nor does it constitute an offer or solicitation to buy or sell securities, underscoring the preliminary and informational character of the material and the associated risks and uncertainties.

The most recent analyst rating on (AU:WA1) stock is a Hold with a A$18.50 price target. To see the full list of analyst forecasts on WA1 Resources Ltd stock, see the AU:WA1 Stock Forecast page.

WA1 Extends High-Grade Niobium Mineralisation at Luni Ahead of 2026 Resource Upgrade

WA1 Resources has reported further high-grade infill drilling results from the southern area of its Luni Niobium Project, with multiple diamond holes intersecting thick, high-grade niobium zones that enhance confidence in the existing Mineral Resource and better define the geometry and continuity of key high-grade domains. Additional air core drilling to the east of Luni has extended niobium mineralisation more than 400 metres beyond the current resource envelope, while a 35,000-metre drilling campaign and completion of essential data collection in 2025 are expected to feed into an updated Mineral Resource estimate in 2026 and underpin ongoing project development studies, permitting and approvals, marking a significant step in advancing the project toward potential development.

The most recent analyst rating on (AU:WA1) stock is a Hold with a A$20.00 price target. To see the full list of analyst forecasts on WA1 Resources Ltd stock, see the AU:WA1 Stock Forecast page.

WA1 Resources Ltd Announces Quotation of New Securities on ASX

WA1 Resources Ltd has announced the quotation of 18,750 ordinary fully paid securities on the Australian Securities Exchange (ASX) as of December 12, 2025. This move is part of the company’s strategy to enhance its financial flexibility and potentially expand its operations, which could have significant implications for its market positioning and stakeholder interests.

The most recent analyst rating on (AU:WA1) stock is a Buy with a A$28.00 price target. To see the full list of analyst forecasts on WA1 Resources Ltd stock, see the AU:WA1 Stock Forecast page.

WA1 Resources’ Luni Niobium Project Gains Major Project Status

WA1 Resources Ltd announced that its Luni Niobium Project has been granted Major Project Status by the Australian Government, highlighting its national significance. This status provides WA1 with coordinated access to government resources, reinforcing the project’s potential to bolster Australia’s economy, enhance sovereign capability in critical minerals, and promote regional growth.

The most recent analyst rating on (AU:WA1) stock is a Buy with a A$28.00 price target. To see the full list of analyst forecasts on WA1 Resources Ltd stock, see the AU:WA1 Stock Forecast page.

WA1 Resources Ltd Releases AGM Presentation with Key Disclaimers

WA1 Resources Ltd has released a presentation for its Annual General Meeting in November 2025, detailing general information about the company. The document includes disclaimers about the accuracy of the information provided and emphasizes that it is not an offer or financial advice. The release highlights the presence of forward-looking statements, which are subject to various risk factors and uncertainties that could impact the company’s actual results and operations.

The most recent analyst rating on (AU:WA1) stock is a Buy with a A$28.00 price target. To see the full list of analyst forecasts on WA1 Resources Ltd stock, see the AU:WA1 Stock Forecast page.

WA1 Resources Advances Luni Niobium Project with Successful Refining Testwork

WA1 Resources Ltd has completed proof-of-concept niobium oxide refining testwork at its Luni Niobium Project, demonstrating the potential to produce higher-value niobium products. The company continues to advance various work programs, including drilling and pre-development activities, to support an updated Mineral Resource estimate and expedite permitting processes. Additionally, WA1 has strengthened its corporate structure with the appointment of a new Non-Executive Chair and secured significant funding through a $100 million placement.

The most recent analyst rating on (AU:WA1) stock is a Buy with a A$25.70 price target. To see the full list of analyst forecasts on WA1 Resources Ltd stock, see the AU:WA1 Stock Forecast page.