Wiluna Mining (ASX: WMC) - A$180 Million IPO to Bring the Wiluna Gold Mine Back to the ASX
Wiluna Mining wants A$180 million to return to the ASX. The money repays its secured lender and funds two years of drilling and studies at the Wiluna gold mine in Western Australia, ahead of any restart decision. It holds a 7.1 million ounce gold resource and a processing plant, which stopped in July 2026.
Wiluna Mining Corporation Limited is one of the upcoming ASX IPOs, but not a new name. The company was on the ASX from 2006 until April 2024, first as Blackham Resources and later as Wiluna Mining under the code WMC. It now wants to relist with A$180 million of new money.
The company calls this an IPO for a relisting. It already has 3,855 registered shareholders. The raising, the conversion of debt into shares and a new board are new [R1]. It differs from explorer floats Samso has covered, such as the Parbo Resources and Gwardar Resources IPOs.
THE SOURCE DOCUMENT Wiluna Mining Corporation Limited, Replacement Prospectus, dated 18 September 2026 and lodged with the Australian Securities and Investments Commission (ASIC). It replaces the prospectus of 11 September 2026. During the offer period it is available at events.miraqle.com/wmc-offer [R1]. |
A note on the vocabulary. Terms are explained at first use and collected in one box at the back.
The Wiluna Mining IPO Offer
Wiluna is seeking A$180 million before costs. The offer is not underwritten, so no broker has agreed to take up shares the public does not. If the full amount is not raised by 13 October 2026, money is returned [R1].
The prospectus sets an indicative range of A$0.65 to A$0.85 a share. The final price is set by a bookbuild, where institutions bid for shares. It can land outside the range, and retail applicants learn it after applying. ASX’s upcoming floats page lists A$0.65, the bottom of the range [R4]. Share counts assume the A$0.75 midpoint (TABLE 01).
Wiluna Mining’s Earlier Years on the ASX
Blackham Resources joined the ASX on 25 September 2006, bought the Wiluna Gold Mine in 2014 and became Wiluna Mining Corporation in June 2020 [R1].
In June 2022 it sought A$50 million to A$85 million to fix a working capital shortfall and raised about A$50 million. On 20 July 2022 the company entered voluntary administration, where an outside administrator takes control of a company that cannot pay its debts. Trading was suspended the next day [R1].
Underground mining stopped in December 2022 and the mine was placed on care and maintenance. In July 2023 it entered a deed of company arrangement, or DOCA, a binding deal with creditors. On 5 April 2024 ASX removed the company from the official list under Listing Rule 17.12, because its half-year report to 31 December 2022 was more than a year overdue [R2] [R3]. The administrators had asked ASX for relief from that requirement and ASX did not grant it [R3].
In administration the company reprocessed old tailings, the finely ground waste left from earlier processing, and treated ore for BML Ventures under a profit share. The DOCA ended on 31 December 2025, and creditors in the trust were paid 100 cents in the dollar [R1].
ASIC is still suing over a 2022 announcement that left out that 17.5 million shares were issued without the A$7 million being paid. The company has agreed the facts with ASIC, which seeks no penalty from it. The Court will deal with the company after the case against two former executives [R1].
The Wiluna Gold Mine and Its 7.1 Million Ounce Resource
The company owns 100 per cent of the Wiluna Gold Mine, 940 kilometres from Perth and 3 kilometres south of the town of Wiluna. The company’s records put production at 4.7 million ounces since 1897, and it holds about 1,628.8 square kilometres of tenements and gold rights around the mine (FIG. 01).
The Mineral Resource is 91.7 million tonnes at 2.41 grams of gold per tonne, for 7.1 million ounces, as at 31 January 2026 and reported under the JORC Code. A Mineral Resource is an estimate of gold in the ground with a reasonable prospect of being mined. It is split by confidence into Measured, Indicated and Inferred, with Inferred the lowest (TABLE 02).
By Samso’s arithmetic from TABLE 02, 59.8 per cent of the ounces are Inferred, and 70.9 per cent of the underground ounces. The long section shows them in green, with planned drill holes aimed at them (FIG. 02). ERM, the independent technical expert, says the 2023 and 2024 infill drilling broadly converted Inferred ounces to higher categories in the areas it targeted, and that this suggests the Inferred estimate is robust [R1].
The prospectus does not include an Ore Reserve. An Ore Reserve is the part of a resource shown by studies to be mineable at a profit.
Why the Wiluna Processing Plant Stopped in July 2026
From March 2023 to July 2026 the plant produced 97,469 ounces of gold. In FY26, the year to 30 June 2026, revenue was A$173.4 million and profit after tax was A$59.5 million [R1].
On 25 July 2026 Tank 4, one of nine carbon-in-leach tanks, ruptured. Carbon-in-leach, or CIL, is the stage where gold is dissolved and captured on carbon. No injuries or environmental impact were identified, and the regulator’s investigation is continuing [R1].
The company decided not to reinstate the tanks and will fold the plant into a future restart plan. It does not expect near-term revenue from gold sales, and expects its workforce of about 70 to fall to about 35 from 1 October 2026.
Where the A$180 Million Goes
The plan runs for two years (FIG. 03). About 80,000 metres of underground drilling aim to lift Inferred ounces into higher categories. About 140,000 metres of surface drilling test the open pits and regional targets. ERM reviewed the underground cost model and considers the costs reasonable, while noting it carries no contingency [R1].
A$40 million repays the loan from Byrnecut Offshore, the only secured debt [R1]. The Takeovers Panel describes Byrnecut Offshore as a related entity of Byrnecut [R5], the largest shareholder [R1]. The convertible notes, loans that turn into shares, all convert, leaving zero debt, the company says [R1].
Some figures differ within the prospectus. The chairman’s letter puts about A$110 million towards growth, where Table 8 gives A$81.9 million to drilling, underground readiness, site infrastructure and studies. ERM’s technical report has cash of about A$26 million at the end of August 2026, where Section 3.9 says about A$31 million [R1].
Who Owns Wiluna Mining After the Offer
At the midpoint, the prospectus shows Byrnecut at 29.50 per cent after the offer, Deutsche Balaton and its associates at 18.02 per cent and AIM Mining at 5.11 per cent. Byrnecut has committed to apply for enough shares to hold its 29.50 per cent [R1].
Noteholders convert at 10 to 25 per cent below the final price, and Deutsche Balaton can buy up to A$8.45 million of shares at a 22.5 per cent discount. Offer applicants pay the full price.
The escrow tables cover about 107.4 million discounted shares, meaning they cannot be sold for 12 to 24 months. That is 15.9 per cent of the post-offer shares at the midpoint, by Samso’s arithmetic. The company expects a free float, the shares able to trade, of at least 20 per cent.
Risks in the Wiluna Mining IPO
The raising pays for the drilling and studies a restart decision needs. It states there is no certainty the mines will be restarted on a commercially viable basis. ERM says restarting a flooded underground mine needs extra contingency for delays [R1].
The prospectus warns the existing infrastructure may not suit the restart plan, and Franco-Nevada holds a 3.6 per cent royalty on all gold sales. Several mining leases need a second renewal before 31 December 2027. Wiluna has agreements with the Wiluna Martu people and is negotiating one to cover all its tenements in the Wiluna Determination Area.
The FY24 to FY26 audit opinions carry material uncertainty paragraphs on going concern, a flag on the ability to keep paying bills. A former executive chair seeks an inquiry into the administration, with a hearing listed for 23 November 2026. AIM Mining has proceedings against the company still on foot.
Samso Concluding Comments
The A$180 million buys two years of drilling and studies. They should show how many Inferred ounces convert and what the plant needs.
SAMSO TAKE A large, known gold system with a plant, a camp and 54 kilometres of tunnels already built, and no secured debt after the offer, is rare on the ASX. The question is whether enough of the 4.2 million Inferred ounces convert at a grade and cost that justify a restart. ERM reports that the 2023 and 2024 infill drilling broadly converted Inferred ounces in the areas it targeted. Will the new Golden Age drilling do the same? |
THE OTHER WAY TO READ THIS This is Samso’s counter-reading, drawn from the prospectus. The company has just suspended its only revenue, holds no Ore Reserve, and carries 59.8 per cent of its ounces in the lowest confidence category. The June 2022 raising fell short and administration followed. Debt holders convert below what new investors pay. Read that way, investors fund a two-year study at a A$505.5 million midpoint market capitalisation, with the outcome open. |
VOCABULARY, IN PLAIN ENGLISH RELISTING A company that was once on the ASX applying to be admitted again. Wiluna is doing it through a new prospectus and capital raising. BOOKBUILD The process where institutions bid for shares, and the company and its brokers set the final price from those bids. UNDERWRITTEN A broker agreeing to take up any shares the public does not. Wiluna’s offer is not underwritten. VOLUNTARY ADMINISTRATION An outside administrator takes control of a company that cannot pay its debts, to find the best outcome for creditors. DOCA Deed of company arrangement. A binding deal between a company in administration and its creditors, in place of a wind-up. MINERAL RESOURCE An estimate of gold in the ground with a reasonable prospect of eventually being mined, reported under the JORC Code. MEASURED, INDICATED, INFERRED The three confidence levels of a Mineral Resource, from highest to lowest. Inferred rests on the widest-spaced drilling. ORE RESERVE The part of a resource that studies show can be mined and processed at a profit. G/T Grams per tonne, the amount of gold in each tonne of rock. TAILINGS The finely ground waste left after ore has been processed. Old tailings can still hold some gold. CARBON-IN-LEACH (CIL) The processing stage where gold is dissolved and captured on activated carbon in large tanks. CARE AND MAINTENANCE A mine kept safe and serviceable while not producing. CONVERTIBLE NOTE A loan that can be turned into shares instead of being repaid in cash. ESCROW Shares that cannot be sold for a set period after listing. FREE FLOAT The share of a company’s stock actually available to trade. GOING CONCERN The assumption that a company can keep paying its debts. A material uncertainty paragraph flags doubt about it. |
References and sources
Company figures come from the replacement prospectus unless marked otherwise. The ASX history comes from the prospectus and from ASX’s notice. FIG. 01 and FIG. 02 are reproduced from the prospectus with the source quoted. FIG. 03 is an original Samso illustration built only from the prospectus Table 8. Documents were read on 23 September 2026.
[R1] Wiluna Mining Corporation Limited, Replacement Prospectus, dated 18 September 2026, lodged with ASIC under section 719 of the Corporations Act 2001 (Cth). Chairman’s Letter, Key Offer Information, Sections 2, 3.1 to 3.14, 4.1 to 4.16, 5.2 to 5.5, 6, 9.3 and 9.4, and Annexure 1, the Independent Technical Assessment Report by ERM Australia Consultants Pty Ltd dated 4 September 2026.
[R2] ASX Compliance, Wiluna Mining Corporation Limited (ASX: WMC) - Removal from Official List, market announcement, 5 April 2024.
[R3] Wiluna Mining Corporation Limited, Corporate Update and Upcoming ASX Delisting, ASX announcement, 4 April 2024.
[R4] ASX Limited, Upcoming floats and listings, entry for Wiluna Mining Corporation Limited, security code WMC. Accessed 23 September 2026.
[R5] Takeovers Panel, Reasons for Decision, Wiluna Mining Corporation Limited [2026] ATP 1, paragraph 9. Accessed 23 September 2026.
Cover photo: aerial view of the Wiluna Gold Mine processing site, Wiluna Mining Corporation Limited, Replacement Prospectus dated 18 September 2026, Section 3 divider page (PDF page 18). Cropped and enlarged by Samso.
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