Wiluna Mining Eyes ASX Return as Gold Price Strengthens

Wiluna Mining Corporation Ltd is back on the path to trading after announcing an A$180 million initial public offering (IPO) priced at A$0.65 per share. The move marks a significant step in the company's rehabilitation following its collapse into voluntary administration in July 2022 and subsequent delisting from the Australian Securities Exchange (ASX) in April 2024.

The IPO will see Wiluna return to the ASX under the ticker WMC on October 26, after the offer closes on October 9. Major shareholder Byrnecut is backing the raising with A$50 million.

Funding from the IPO will go towards recapitalising Wiluna's balance sheet, extinguishing secured debt, and providing capital for drilling, technical studies, and operational work required to support a broader restart of the company's flagship Wiluna Gold Operation in Western Australia's Northern Goldfields.

The operation hosts a Mineral Resource of around 91.7 million tonnes containing 7.1 million ounces of gold, with substantial infrastructure already in place including a processing facility and accommodation camp.