• Sales of 9,787 tonnes generating revenue of $1.97 million, below cost of production
• Announced plans for Debt and Recapitalisation program to reduce debt and bolster balance sheet
• Continued progress in qualifying higher-value 'Wickefine' products across domestic and export markets

WA Kaolin reported that its March 2026 quarter performance reflected a business operating below optimal production levels, with sales of 9,787 tonnes generating revenue of $1.97 million (approximately $194 per tonne), remaining below current cost of production (approximately $258 per tonne). While underlying demand for the company's products was strong, including an order book at the end of the quarter of approximately 32,000 tonnes, margins on sales remained negative (approximately $64 per tonne) due to constrained plant output and the pricing mechanism in the existing offtake agreement. The company announced plans to conduct a Debt and Recapitalisation program during the quarter, via a Prospectus issued on 30 March 2026, which on the minimum subscription under the proposed partially underwritten, non-renounceable Entitlements Issue (Offer) will see debt reduced by c.$10.1m and the balance sheet bolstered by a minimum additional c.$4.7m in cash. The company's shares remained suspended through the quarter, ahead of shareholders considering for approval among other matters, the above Offer and the aforementioned offtake agreement, and the closure of the Offer. Progress continued in the qualification of higher-value 'Wickefine' products across both domestic and export markets, with interest across China and India remaining strong.