• Pro-rata non-renounceable rights offer to raise up to $34.9 million
• Offer of 5 new shares for every 1 share held at $0.01 per share
• Offer partially underwritten to $10.13 million by way of debt conversion

Wa Kaolin Ltd has announced a pro-rata non-renounceable rights offer to raise up to approximately $34.9 million. The offer consists of up to 3,490,892,095 new shares at an issue price of $0.01 per share, on the basis of 5 new shares for every 1 existing share held. Each new share will also come with 1 free new option ($0.02 exercise price, expiring 30 April 2030) for every 2 new shares issued. The offer is partially underwritten to $10.13 million by way of debt conversion. The offer is subject to a minimum subscription of 1.53 billion shares and is conditional on shareholder approval at a meeting on 29 April 2026. If shareholder approval is not obtained, the offer will not proceed and all application monies will be refunded. The offer is being made to all eligible shareholders as at the record date of 7 April 2026. Overseas shareholders may be excluded in certain jurisdictions. The company is also offering a shortfall offer to eligible shareholders and other investors, as well as an offer of 40 million lead manager options.