White Energy Company Limited has bolstered its balance sheet with a $3.2 million entitlement offer while progressing multiple Australian mineral exploration projects and expanding commercial trials of its Binderless Coal Briquetting technology in South Africa.
- Raised $3.2 million net through entitlement offer
- Entered exclusive global agency agreement with K.R. Komarek Inc. for briquette machines
- Advanced core drilling at Specimen Hill copper-gold project with assays pending
- Ongoing geochemical and geophysical exploration at Tindal and other Australian projects
- Asset sale agreement signed for Mountainside Coal Company assets, aiding debt recovery
Strengthening the Balance Sheet
White Energy Company Limited (ASX, WEC) has successfully raised $3.2 million net through a December 2025 entitlement offer, reinforcing its financial position amid ongoing exploration and technology development activities. The funds will support further mineral exploration, general corporate purposes, and working capital, including repayment of a $250,000 related party loan.
Exploration Progress Across Australia
The company continues to advance its portfolio of mineral exploration projects targeting copper, gold, rare earth elements, and other critical minerals essential for a decarbonised future. At the Specimen Hill Project in Central Queensland, White Energy has completed a core drilling program testing multiple geophysical targets indicative of a large-scale metasomatic iron-alkali-calcic (MIAC) mineral system. Preliminary logging reveals alteration and mineralisation consistent with iron oxide-copper-gold (IOCG) and porphyry-style deposits, with assay results awaited to confirm the potential.
In the Northern Territory, the Tindal Project remains a key focus, with ongoing analysis of extensive ionic soil sampling and geophysical data to refine target areas. The integration of seismic tomography and machine learning techniques through a research partnership with Quebec’s INRS is enhancing the understanding of deep crustal structures that may host mineralisation.
Other projects, including Maranoa in Queensland and Robin Rise and Lora Creek in South Australia, are at various stages of exploration, with historical data reviews and limited fieldwork planned to prioritise future drilling targets.
Commercialising Binderless Coal Briquetting Technology
White Energy’s Binderless Coal Briquetting (BCB) technology, which upgrades low-quality, high-moisture coals into higher energy briquettes without binders, is gaining traction internationally. The company has entered an exclusive global agency agreement with Illinois-based K.R. Komarek Inc. to market briquette machines utilising this technology. In South Africa, White Energy’s 51%-owned subsidiary, River Energy JV Limited, is collaborating with joint venture partner Proterra to develop a small commercial demonstration plant. Trials with South African coal fines are successfully producing briquettes, highlighting the technology’s potential to recover value from coal tailings and reduce environmental liabilities.
Asset Sale and Debt Recovery Efforts
White Energy has signed an Asset Sale and Purchase Agreement for the Mountainside Coal Company assets in Kentucky, USA, with Blue Gem Poplar Creek LLC for USD 3.8 million. This transaction, subject to completion conditions, represents a significant step toward recovering the $2.5 million owed from the 2021 sale of Mountainside. The company’s joint venture partner Proterra is involved in the asset management and liquidation processes, with proceeds to be shared after costs.
Financial Position and Outlook
Despite negative operating cash flows and exploration expenditures totaling approximately $1.7 million for the quarter, White Energy maintains a cash balance of $2.9 million and access to shareholder loans through its joint venture. The company anticipates continuing negative cash flows in the near term but plans to raise additional equity and debt financing as required to fund ongoing activities. Directors remain confident in the company’s ability to meet its business objectives based on current funding arrangements and asset monetisation efforts.
Bottom Line?
White Energy’s next steps hinge on assay results and asset sale completion, setting the stage for potential value unlock in both exploration and coal technology.
Questions in the middle?
- When will assay results from the Specimen Hill drilling program be released, and what might they reveal about deposit potential?
- How will the commercial demonstration of BCB technology in South Africa influence broader adoption and revenue streams?
- What are the risks and timelines associated with completing the Mountainside Coal Company asset sale and recovering outstanding debts?