Western Yilgarn Targets $500,000 in Share Purchase Plan at $0.03 with Free Options

SPP Launch Offers Shareholders a Discounted Entry

Western Yilgarn NL (ASX:WYX) has kicked off a share purchase plan (SPP) targeting $500,000 before costs, inviting eligible shareholders in Australia and New Zealand to buy new shares at 3 cents each. This price matches the closing price on 14 July 2026 and represents a modest 3% discount to the five-day volume-weighted average price (VWAP) leading up to the offer announcement.

Participants can invest up to $30,000, capped by law, with applications accepted in multiples of $500. The offer opens on 20 July and closes on 10 August 2026, with results to be announced shortly after.

Free Attaching Options Sweeten the Deal

As a bonus, shareholders who take part in the SPP will receive one free attaching WYXOA option for every two shares they subscribe for. These options are quoted on ASX, exercisable at 10 cents, and expire on 7 May 2028. The options will be issued using the company’s placement capacity under ASX Listing Rule 7.1, though certain related parties must secure shareholder approval before participating in the option offer.

Funds to Fuel Exploration and Operations

Western Yilgarn plans to deploy the proceeds primarily on exploration activities at its projects, including its promising critical minerals and gold assets in Western Australia. The company also budgets for $27,713 in offer expenses and allocates the remainder to general working capital.

This capital raise comes as Western Yilgarn advances its exploration programs, including recent discoveries of high-grade gallium and cobalt mineralisation at its Ida Holmes Junction and Cardea 1 projects, which underpin the company’s growth ambitions.

Potential Dilution and Share Structure Impact

If fully subscribed, the SPP will increase the number of shares on issue by approximately 16.7 million, lifting the total to nearly 174 million shares. The number of options on issue will also rise by over 8 million, bringing the total to roughly 149 million options. No shares or options issued under this plan are subject to escrow.

While the SPP is not underwritten, the board reserves discretion to accept oversubscriptions or scale back applications to comply with ASX rules and the Corporations Act. This introduces some uncertainty around the final amount raised and the extent of dilution.

Risks and Considerations for Investors

Western Yilgarn emphasises the speculative nature of investing in exploration companies. The company faces typical sector risks including exploration uncertainties, commodity price volatility, regulatory approvals, and funding requirements. The SPP proceeds will extend the company’s runway but additional capital may be needed for medium to long-term operations.

Investors should weigh these factors carefully and consider the dilution impact of new shares and options. The company's recent exploration updates, such as the discovery of multiple gold targets at Ida Holmes Junction, highlight the potential but also the inherent risks of early-stage mining ventures five new gold targets and high-grade gallium mineralisation.