• Engaged in advanced discussions on a proposed recapitalisation
• Recapitalisation includes equity raising, debt reduction, and operational funding
• Suspension requested to allow time to finalise recapitalisation plans

WA Kaolin Ltd has requested a voluntary suspension of its securities on the Australian Securities Exchange (ASX) to allow time to finalise a proposed recapitalisation. The company is currently engaged in advanced and confidential discussions with major shareholders, financiers, strategic counterparties, and other key stakeholders regarding the recapitalisation. The proposed recapitalisation is expected to include a substantial equity capital raising, likely structured as an entitlement offer, together with associated funding arrangements, liability management measures, and other initiatives. The recapitalisation is critical to overcome a shortfall in working capital and substantially reduce the company's debt levels, which have largely resulted from ongoing challenges with the Wickepin kaolin processing plant. The recapitalisation is also necessary to secure sufficient funds to maintain operational continuity at the Wickepin facilities and provide working capital to fulfil the existing customer order backlog and near-term production requirements. Discussions to secure key stakeholder support for the recapitalisation, including conversion of debts, remain ongoing and subject to finalisation of commercial terms, receipt of relevant approvals, and Board approval. The company considers that continued trading in its securities prior to completion of the recapitalisation would risk the market trading on an uninformed basis and could be materially prejudicial to the company's ability to finalise and complete the recapitalisation, which is critical to its continued financial viability.