WA KAOLIN LIMITED (WAK)

The suspension of trading in the securities of WA Kaolin Limited will be lifted from the commencement of trade on 28 May 2026 following the release by WAK of an announcement regarding changes to its Board.

The company's securities are suspended from quotation under Listing Rule 17.3.1 due to insufficient directors, non-compliance with section 201A(2) of the Corporations Act 2001, and an inappropriate operational structure for a listed entity as per Listing Rule 12.5. Suspension will remain until ASX confirms compliance with the Listing Rules and reinstatement suitability.

The suspension of trading in the securities of WA Kaolin Limited will be lifted following the commencement of trading today 19 May 2026 following the release by WAK of an announcement confirming the completion of a recapitalisation.

The company lodges its notice regarding unquoted securities.

The company releases application for quotation of securities.

The company successfully completed its Entitlement Offer, recapitalizing its balance sheet by approximately A$16.1 million. The Offer raised ~A$6.0 million in cash and reduced debt by A$10.13 million, supported by major shareholders contributing ~A$14.9 million. WA Kaolin aims to enhance plant efficiency and produce higher-margin products while targeting increased production rates and operational improvements at its Wickepin facility.

The company releases the results of its general meeting.

The company releases the General Meeting Presentation.

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

The company seeks to extend its ASX voluntary suspension from 8 to 20 May 2026, pending a partially underwritten entitlement offer to raise up to A$34.9 million. Shareholder approval is necessary at a General Meeting on 8 May 2026, as pre-offer trading may harm financial viability.

The company has lodged an addendum changing the general meeting date to 8 May 2026, 10:00am at BDO, Perth. Hard copies won't be sent unless requested. Vote and submit questions in advance.

The company has rescheduled its Shareholder Meeting to 8 May 2026 at 10:00am for an offtake agreement approval with Dak Tai Trading Limited. An addendum has been released with an updated proxy form. The Entitlement Offer's closing date is now 12 May 2026 at 5:00pm, pending shareholder approval, with corrections to the Voting Exclusion statement also made.

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