WILUNA MINING CORPORATION LIMITED (ASX.WMC)

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delisted by ASX under Listing Rule 17.12

we understand ASX removed the company from listing because it failed to lodge documents with ASX for a continuous period of one year after they were due

Ramp up of the Wiltails circuit remains underway. A combined total of tailings and dump leach material of 617,522 tonnes was processed for 7,088oz of Au during the March 2024 quarter. Up from 585,623 tonnes and 5,954oz in the previous quarter. Overall grade processed in the March 2024 quarter increased from 0.61g/t Au to 0.75g/t Au. Overall recovery decreased from 51.5% to 47.7%. Dewatering systems and access to key areas underground continue to be maintained during care and maintenance to facilitate the restart of future mining operations. The ASX intends to remove WMC from the Official List at the commencement of trading on Friday, 5 April 2024. The removal arises ahead of the upcoming two-year anniversary of suspension for Wiluna, and is immediately prompted by non-lodgement of the half year report for the six-month period ended 31 December 2022. The Deed Administrators had applied for relief from this requirement, but relief was not granted by the ASX. Delisting not anticipated to significantly impede strategic review process, implementation of the DOCA or process for re-admission to ASX (if the preferred pathway). Cash on hand as at 31 March 2024 was A$2.67M (as at 31 December 2023: A$1.16M). Total gold bullion sales for the quarter were 7,281oz of Au at an average price of A$3,155/oz (December 2023 quarter 5,642oz at an average price of A$3,040/oz). The Deed Administrators continue to engage with external parties interested in the recapitalisation of the Company in accordance with the previously announced Strategic Review.

The Company is pleased to report on the outcomes of a Pre-feasibility Study on a potential restart of mining operations for Wiluna, undertaken by Mining One. Highlights of the PFS findings are as follows: Production Target of 750 ktpa of gold ore to be processed, producing an average of 67,500 ounces of gold per annum over the proposed 9.5-year life of mine. Projected all in sustaining cost of A$2,015 per ounce, C1 costs of A$1,939 per ounce. Low-cost growth capex (including refurbishing of BIOX processing facility; tailings thickener and camp upgrade) of $73 million. At base case gold price assumption of A$2,880: LOM free cash flow $364 million, 5.5-year payback, pre-tax NPV8 $198.6 million, IRR 53%. At spot case gold price assumption of A$3,084: LOM free cash flow $488 million, 3.75-year payback, pre-tax NPV8 $282 million, IRR 112%. New Ore Reserves established for Tailings, Open Pit and Underground that support Production Target. Underground Ore Reserve 1.4 Mt of ore at 4.2 g/t for 191,000 oz insitu gold (proved and probable). Open Pit Ore Reserve of 3.2 Mt of ore at 2.0 g/t for 201,000 oz insitu gold. Surface Stockpile (Tailings) Ore Reserve of 22.9 Mt at 0.56 g/t (all probable). Total Mineral Resources(excluding Tailings, stockpiles and satellite) of 44.6mt at 3.69 g/t for 5.24 million ounces of insitu gold at the Wiluna Central Mine Area. Includes income from operational Wiltails repulping circuit commissioned in October 2023.

The company lodges its Quarterly Activities Report - December 2023.

Grant Thornton Audit Pty Ltd has been appointed auditor of Wiluna Mining Corporation Limited following the resignation of RSM Australia Partners.

The company issues a response to ASX 3Y Query.

The company lodges its September 2023 Quarterly Activities Report.

The company releases its 2022 Appendix 4G.

The company lodges its 2022 Annual Report.

The company releases an Appendix 4E.

Updated Total Mineral Resources have increased to 44.6mt at 3.69 g/t for 5.24 million ounces of insitu Au at the Wiluna Central Mine Area. Open pit Mineral Resources of 16.33mt at 2.20 g/t Au for 1.16 million ounces of insitu Au and underground Mineral Resources of 28.27mt at 4.55 g/t Au for 4.08 million ounces of insitu Au. (5.24 million Au ounces total). Combined Measured, Indicated and Inferred Mineral Resources tonnage increased by 24%. Total Mineral Resource Au ounces increased by 16%. Open pit Mineral Resources constrained within an updated pit optimization run at $3,250 AUD/oz.

Wiluna relies on the relief granted under ections 6A and 8 of the ASIC Corporations (Externally-Administered Bodies) Instrument 2015/251. As a result of the relief granted under the Instrument, the new due date for Wiluna will be: to lodge and send its annual report for the financial year ending 30 June 2023, the earlier of: 24 months after the day when administrators were appointed for Wiluna; the day on which a director of Wiluna has the right to, or is able to, perform or exercise all or most of the management powers or functions of a director of Wiluna under the Deed of Company Arrangement or with the consent of the Deed Administrators; or the day the external administration of Wiluna ends; and to hold an AGM, within 2 months after the end of the Deferral Period.

The following conditions precedents to the DOCA have been satisfied by the execution of the agreements between the relevant members of the Wiluna Mining Group: Mercuria, pursuant to which the parties agree to restructure and amend the Mercuria facility agreement; Deutsche Balaton Aktiengesellschaft and Byrnecut Australia Pty Ltd, for the provision of convertible loan facilities totalling A$6,666,667 to be used to build and commission carbon-in-leach tanks and associated infrastructure at the Wiluna Mine and provide Wiluna with additional working capital; Trafigura Pte Ltd, pursuant to which the terms of the Trafigura offtake agreement has been amended and Trafigura agrees to forbear from enforcing certain rights under its offtake agreement; and Osisko Bermuda Limited, pursuant to which Osisko Bermuda Limited agrees to (amongst other things) forbear from enforcing (and waive) certain rights under its gold purchase deed. The remaining conditions precedent to the effectuation of the DOCA are: Wiluna issuing new shares to raise new capital in an amount determined by the Deed Administrators on or before 31 December 2024, and obtaining necessary regulatory relief, ASX Listing Rule waivers or member approvals (if any) to complete the Capital Raising; and the appointment of one or more suitably qualified and experienced directors to the boards of directors of the Wiluna Mining Group.

The company lodges its Quarterly Activities Report - June 2023.

The Voluntary Administrators and each member of the Wiluna Mining Group executed a Deed of Company Arrangement on 28 July 2023 in accordance with the indicative terms of the Deed of Company Arrangement proposal as approved by creditors of the Wiluna Mining Group. As a consequence of the execution of the DOCA, each member of the Wiluna Mining Group is no longer in Voluntary Administration and are now subject to the DOCA on and from 28 July 2023. Michael Ryan, Kathryn Warwick, Daniel Woodhouse and Ian Francis have been appointed as the Deed Administrators of the DOCA. The Deed Administrators will continue to manage Wiluna's business and operations while progressing the conditions precedent to the effectuation of the DOCA.

The concurrent second meeting of creditors was held on 7 July 2023, and the deed of company arrangement proposal as outlined in the report to creditors dated 30 June 2023 was approved by creditors.

The Administrators issued their report to creditors on Friday, 30 June 2023 ahead of the concurrent second meeting of creditors to decide the future of Wiluna. The concurrent second meeting of creditors has been scheduled for 7 July 2023. The Report includes the indicative terms of a Deed of Company Arrangement proposal that the Administrators recommend that creditors vote in favour of at the second creditors' meetings. If approved, it is intended that the DOCA Proposal will be implemented as part of a broader strategic turnaround plan involving the Wiluna Mining Group's key partners and stakeholders.

The company lodges its Quarterly Activities Report.

A second extension of the convening period of the second meeting of creditors for Wiluna was granted by the Supreme Court of Western Australia on 14 February 2023. The Administrators requested the extension to enable the completion of additional studies which were commissioned to advance the Administrators' efforts to recapitalize or sell the Companies.

The company lodges the following: Quarterly Activities Report - September 2022 and Quarterly Activities Report - December 2022.

The Administrators have been pursuing a dual track sale and recapitalisation process with a view to maximise value of Wiluna and ancillary assets for all stakeholders. Several non-binding indicative offers for the sale and/or recapitalisation of Wiluna have been received and assessed, however none were considered to be in the commercial interests of creditors. As a result, the administrators have suspended the sale process. The Court orders are as follows: the convening period within which the Administrators of the Companies must convene the Meeting be extended to 16 February 2023 and may be held at any time during, or within the five (5) business days after the end of the convening period; and 2. not less than three (3) business days' notice regarding the details of any application for a further extension of the convening period by the Administrators is to be given to all stakeholders, including employees, lessors and creditors of the Companies.

The company lodges its Quarterly Activities Report - June 2022.

Under Listing Rule 17.6, an entity (if not already suspended) that had not paid its annual listing fees by close of business on Friday, 19 August 2022 would have its securities suspended from Official Quotation before the commencement of trading on Monday, 22 August 2022. The following entity has failed to pay to ASX Limited the annual listing fees for the year ending 30 June 2023, and each entity's securities are already suspended from quotation. Under Listing Rule 17.15, any entity that has not paid its annual listing fees as required by Listing Rule 16.5 by 5.00 pm AEST on Friday, 26 August 2022 will be removed from the Official List with effect from the close of trading on Friday, 26 August 2022.

The voluntary administrators have obtained a court order to postpone the second creditors meeting by a period of approximately four months from 24 August 2022 to 16 December 2022. amicaa Advisors hsa been appointed as the lead financial advisor for Wiluna.

The first meeting of administrators was held on 1 August 2022. The creditors resolved to appoint committees of inspection of Wiluna Mining Corporation and Wiluna Operations. The current intention is to continue operating the mine, with a view to maximising gold recovery from operations in the near term, whilst exploring opportunities for a recapitalisation or sale of Wiluna. This will be dependent on cash flow. A dual track process is being followed seeking to implement either an asset divestment or recapitalisation. Wiluna investigated other options to address the working capital deficit (both before and after the recent capital raising). Whilst some of these strategies assisted, ultimately, Wiluna was unable to bridge the funding shortfall. Wiluna commenced a capital raising on 24 May 2022. $57.4m was raised. $7m remains outstanding and, therefore ¬$50.4m was raised as a combination of cash, and supplier debt to equity conversion.

The Directors of Wiluna Mining Corporation Limited and its subsidiaries resolved on 20 July 2022 to appoint Michael Ryan, Kathryn Warwick, Daniel Woodhouse and Ian Francis as Voluntary Administrators.

The securities of Wiluna Mining Corporation Limited will be suspended from quotation immediately under Listing Rule 17.3, following the appointment of voluntary administrators.

The suspension of trading in the securities of Wiluna Mining Corporation Limited will be lifted immediately following the release by WMC of an announcement regarding finalisation of a recapitalisation.

The company releases an Appendix 2A.

Entitlement Offer closed to shareholders on Friday, 10 June 2022, strong support from existing base, including major shareholders. Minimum Subscription of A$50 million pursuant to the Offers under the Prospectus exceeded. Subscriptions and Commitments to the Offers under the Prospectus are currently $63.35 million. The Company has strong interest in the shortfall which it will, subject to the market, look to place in the coming weeks.

The company releases its Operational and Corporate Update - June 2022. Production continues to build; 6,559oz gold production for May 2022. Concentrator ramping up to expectations and continues to outperform nameplate capacity; targeting full production run rate of 110-120kozpa by end of CY2022. Receipts for concentrate produced and sold now on track after significant delays. WilTails Plant Construction targeting commissioning in October. Grade control drilling continues to deliver wide and high-grade sulphide intersections in immediate development areas. Company-wide efficiency and cost review underway as the mine is being set up to achieve commercial production. Capital raising progressing with commitments currently above minimum raise amount.

The company advises the despatch of offer documents in relation to the entitlement issue.

The company releases its Capital Raising Presentation.

The company releases a notice of proposed issue of securities.

The prospectus for the non-renounceable pro-rata entitlement issue has been lodged with ASIC.

Non-Renounceable Entitlement Issue of one (1) new share for every one (1) share held at a price of $0.40 per share to raise up to $84.5 million, with a minimum of $50.0 million. Subscribers will receive one (1) New Option for every one (1) New Share subscribed for and issued, exercisable at $0.60 and expiring on 31 December 2024. An application will be made for quotation of New Options subject to ASX listing requirements. Approximately $36.3 million of the $50 million minimum raise amount already committed to support any shortfall. Operational turn around well advanced; Underground Mining improving with mining grades increasing; May is averaging 4.20 g/t mined compared with 3.03 g/t in April. Material operating costs savings have been implemented from the middle of May "˜22; that will be affective to the bottom line commencing from June 2022. Stage 1 concentrator ramping up to expectations and targeting full production run rate of 110-120kozpa by end of CY2022. Capital raising documentation is currently being progressed and further details, including use of funds and timetable, will be provided in due course following lodgement of a prospectus with ASIC and ASX.

The company requests that its securities remain in voluntary suspension until the finalisation of the proposed recapitalisation, which is anticipated to occur by the end of June 2022.

Stage 1 concentrator ramping up to expectations and continues to outperform nameplate capacity; targeting full production run rate of 110-120kozpa by end of CY2022. Receiptsfor concentrate produced and sold now on track for collection in standard timeframes after significant delays. WilTails Plant Construction 85% complete "“ now targeting commissioning in September due to delay in crucial equipment deliveries & logistics. Continued exploration success with strong sulphide mineralisation intersected in the first of eight holes testing down-plunge extensions of the East and West Lodes. Company-wide efficiency review and cost reductions underway with renewed focus on operations. Ramp up delays caused by COVID-19, and skilled labour shortages, inflationary cost pressures, shipping delays of key equipment and delays to concentrate sales has resulted in near-term funding requirement. Capital raising options being finalised and will be announced in the near term.

The securities of Wiluna Mining Corporation Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of WMC, pending the release of an announcement regarding a proposed capital raising.

company ticker changed from WMX