We're inviting eligible shareholders to take part in a renounceable entitlement offer to raise up to $4,134,270 (before costs). For every four shares held on the record date, you can apply for one new share at $0.032, with two free attaching options for every three new shares issued. Mahe Capital Pty Ltd has partially underwritten the raise to $1,500,000.

If you don't want to take part, you don't have to do anything, but your holding will be diluted. The Company estimates a maximum dilution of around 20% if no entitlements are taken up, rising to around 33.18% if all options on issue are eventually exercised. Because the offer is renounceable, you can also choose to sell your entitlements on the ASX rather than take them up.

The funds raised are earmarked for exploration at Broken Hill and Lake Irwin, development of the Lake Hope High Purity Alumina Project, further investment in Alluminous, offer costs, and general working capital. If less than the full amount is raised, we'll apply the funds proportionately across those uses.

The offer closes at 5:00pm (AWST) on Wednesday, 9 September 2026, and the full timetable is set out in the prospectus. As with any investment in an exploration company, this offer carries risk, including the risks around future funding needs, exploration outcomes and the conditional milestones tied to some of our project agreements, all of which are set out in full in the prospectus.

If you have questions about the offer, please use the question box on this page.