White Energy Reports Multiple Copper-Gold Vectors and Soil Anomalies with Planned Capital Raise

Specimen Hill Project Reveals Complex Copper-Gold-Silver System

White Energy (ASX:WEC) has unveiled encouraging exploration results from its Specimen Hill copper-gold project near Biloela, Queensland. An eight-hole diamond drilling program completed in March 2026 identified multiple hydrothermal vectors with copper, gold, and silver mineralisation. Notably, drillhole C26MR08 and nearby surface samples suggest a structurally controlled Cu–Ag–Au system hosted in epidote-rich volcanic rocks, with a surface gossan sample returning 1.2% copper, 5 g/t gold, and 329 g/t silver.

Other drillholes intersected mineralised intervals characterised by complex multi-element associations including bismuth, tellurium, selenium, arsenic, molybdenum, and tungsten, indicative of multiple mineralising fluid pulses. While peak copper grades remain modest so far, the presence of alteration minerals and anomalous metals supports the prospectivity of the system for further exploration.

The Specimen Hill tenure package was trimmed to 246.4 km² after a data-driven relinquishment, focusing efforts on the most prospective zones. The project is operated under a farm-in agreement with Tamar Minerals Plc, with White Energy currently holding 51% and working toward earning an additional 25% interest.

Tindal Project Shows Extensive Multi-Element Soil Anomalies

In the Northern Territory, White Energy's 100%-owned Tindal project continues to yield promising geochemical results. Analysis of over 700 ionic soil samples from the Manbulloo work area along the Mallapunyah fault zone reveals kilometre-scale anomalies in copper, zinc, nickel, gold, silver, and rare earth elements. These anomalies align closely with interpreted basement structures and gravity gradients, suggesting structurally controlled mineralisation pathways.

The company has divided the vast 11,629 km² Tindal project into five priority exploration zones, with ongoing integration of geochemical and geophysical data to refine drill targets. These findings build on previous work at the Victoria Highway area, which also identified multi-element anomalies associated with critical and strategic metals beneath a thin cover of gravel and sand.

Binderless Coal Briquetting Technology Advances in South Africa

White Energy's coal technology division is progressing commercialisation of its Binderless Coal Briquetting (BCB) process, which upgrades low-quality, high-moisture coal fines into higher-energy briquettes without binders. The technology offers environmental and operational benefits, including improved mine yield and reduced emissions.

Through its 51%-owned River Energy joint venture, White Energy is assisting Proterra Investment Partners in South Africa with pilot and demonstration plants. Briquetting trials using South African coal fines are successfully producing saleable briquettes, with plans underway for a small commercial-scale demonstration plant. This initiative targets the vast volumes of coal tailings in South Africa, estimated at over 1 billion tonnes, offering a potential solution for waste reclamation and value recovery.

Proposed US and Surat Basin Coal Acquisition Progresses

White Energy is advancing a proposed acquisition of Essential Global Resources LLC, which owns the Lolley No. 1 underground metallurgical coal project in Alabama, USA, alongside Oceltip Coal 2 Pty Ltd's Tin Hut Creek coal project in Queensland. The transaction remains subject to due diligence, shareholder approval, and a capital raising expected to raise approximately AUD 15 million.

ASX has confirmed that the acquisition does not trigger certain listing rules, streamlining the process. The company has dispatched a Notice of General Meeting for shareholder approval scheduled for 28 August 2026. The acquisition would expand White Energy's coal asset base and complement its existing coal technology operations.

Financial Position and Funding Outlook

For the June quarter, White Energy reported net cash outflows from operating and investing activities of AUD 729,000 and AUD 370,000 respectively, leaving cash reserves at AUD 414,000. The company has access to an additional AUD 500,000 in unused financing facilities.

Directors acknowledge ongoing negative cash flows as exploration and technology development continue. To support operations and growth, White Energy plans further equity raises, including the capital raising linked to the proposed acquisition, and anticipates third-party debt financing for future capital expenditure. The company is also pursuing recovery of approximately USD 2.5 million owed from the sale of its former subsidiary Mountainside Coal Company.

Payments to related parties during the quarter included directors’ fees, office lease costs, and geological consultancy fees, all disclosed as being on commercial terms.