Ann: Funding Update for Wiluna Stage1 Development, page-31

Previous announcement and comments dated 9 October 2020

Milan Jerkovic, Wiluna Mining’s Executive Chair commented:

“I’m pleased to report that significant progress has occurred surrounding the sulphide development plan. A significanthurdle was met when the Board of Directors approved the construction of the concentrator and the appointment of GREngineering to undertake the EPC contract for construction. The timetable is confirmed and the capital requirements forStage 1 will be fully funded with the expected draw down of the Mercuria second tranche debt facility and work willcommence immediately with commissioning planned for September 2021."


I underlined the key part of the quote where he states that Stage 1 will be fully funded yet less than 6 months later we've seen $24m raised in December 2020 (no mention of these funds supporting Stage 1 but to go to stage 2) and now we're seeing another capital raising of $31.5m back again to fund stage 1 development. At the same time we've seen the shareprice go from $2 to under $1 now or less than 1c per share pre-consolidation. I'm going to be extremely surprised if not amazed if management dont pass the hat round again before the end of calendar year 2021, probably with the comments of funding stage 2 development and stockpiling of ore.