We're raising up to $4.1 million through a 1 for 4 renounceable rights issue, priced at $0.032 per share. That's a discount of 22% to our last closing price of $0.041, and 26% to the 90-day volume weighted average price of $0.043.

For every 3 new shares taken up, eligible shareholders will also receive 2 free attaching options, exercisable at $0.06 over 2.5 years, which we intend to have quoted on the ASX alongside the new shares.

If you're a shareholder with a registered address in Australia, New Zealand or Germany and hold shares on the record date of 20 August 2026, you'll be eligible. You can take up your full entitlement, apply for extra shares through the shortfall, or trade your rights on market from 19 August 2026. New investors can also get in by buying shares before the record date.

The raise is partially underwritten to $1.5 million by Mahe Capital.

Funds will go towards developing our Lake Hope High Purity Alumina Project, further investment in Alluminous Pty Ltd, exploration at Broken Hill and Lake Irwin, general working capital, and the costs of running this offer.

A prospectus was lodged with ASIC on 17 August 2026 and will be sent to eligible shareholders shortly after the record date, along with your personalised entitlement and acceptance form. Please read it carefully before deciding whether to participate, as it sets out the full terms and how to apply. The offer is scheduled to close on 9 September 2026, though this date may be extended.

If you have questions about this announcement, we'd encourage you to use the question box on this page.