WA KAOLIN LIMITED(WAK)

The company informed that its 2026 offtake agreement with Dak Tai Trading Limited was executed in breach of ASX Listing Rule 10.1, requiring shareholder approval for substantial asset disposals to related parties. DTT is linked to former director Sean Hu. The Company suspended the agreement, seeking Shareholder approval by mid-May 2026, and will sell kaolin to DTT under ad hoc terms until then.

The company releases its prospectus. This outlines: (i) a pro rata non-renounceable entitlement offer of approximately 3,490,892,095 Shares at $0.01 each to Eligible Shareholders, aiming to raise about $34.9 million, providing five new Shares for each Share held as of the Record Date, plus one free new Option per two new Shares issued; (ii) a Shortfall Offer allowing Eligible Shareholders and other investors to apply for unissued Shortfall Securities at $0.01 each; and (iii) a Lead Manager Options Offer of 40,000,000 options to Leeuwin Wealth Pty Ltd under the same terms as Attaching Options.

The company scheduled its general meeting at BDO, Level 9, 5 Spring Street, Perth WA 6000 on 29 April 2026 at 10:00am (WST).

The company releases its prospectus. The Prospectus outlines a pro-rata non-renounceable rights offer for approximately 3.49 billion Shares at $0.01 each, aiming to raise $34.9 million. It includes Shortfall Offer opportunities and Lead Manager Options, conditional on Shareholder approval by April 29, 2026.

The company plans a recapitalisation through a partially underwritten A$34.9 million equity raise, employing a five-for-one entitlement offer at A$0.010 per share, a 65% discount to the 10-day VWAP. Key stakeholders, including Boneyard, Wamco, and SMAO, provide underwriting support via debt-to-equity conversions. The minimum subscription of A$15.3 million aims to reduce debt and enhance working capital, while operational updates indicate a focus on improving production efficiency and targeting higher-value markets.

The company announces that the indicative timetable for the A$34.9 million pro-rata non-renounceable entitlement offer, revealed on 20 March 2026, will not proceed as planned. The Company is reassessing its schedule and will issue a revised timetable shortly.

The company requests an extension of its voluntary suspension until May 8, 2026, to complete its Recapitalisation. Trading prior to completion risks uninformed market conditions, which could jeopardize the company's financial viability. No objections to the extension are known.

The company proposes a $34.9m recapitalisation through a non-renounceable 5:1 entitlement issue at $0.01, backed by key stakeholders. The initiative aims to reduce debt by ~$10.1m, enhance working capital, and prepare for an impending global supply-demand shift. Shareholder approval is pending.

The company lodges its half yearly report and accounts.

The company releases its response to an ASX query letter.

The company's securities will stay suspended from quotation under Listing Rule 17.2 at WAK's request, until either the end of the voluntary suspension period or the market announcement is released, unless ASX decides otherwise.

The company lodges its quarterly activities/appendix 5B cash flow report.

The company will be suspended from quotation under Listing Rule 17.5 on 2 February 2026 for failing to lodge periodic reports by the due date, with reinstatement possible if reports are submitted promptly.

listed entity carried for record purposes only