C$33.7m raised as WhiteRock reports C$3.19m loss

Warrant charge cut by almost C$20 million

WhiteRock Lithium Corp. (ASX:WLC) has replaced a C$19.878 million warrant-related loss in its prospectus accounting with a C$211,000 charge after further analysis of the instruments. The company said the terms of 11.8 million warrants that were not exercised during a discounted exercise window were never modified and therefore should not have been remeasured.

The correction was identified during Kingston Ross Pasnak LLP’s review of WhiteRock’s interim financial statements, with the company saying it also obtained external accounting and legal advice. The revised treatment affects reserves and accumulated deficit, but not cash, issued share capital or total shareholders’ equity. That equity figure remains C$23.786 million in the revised pro forma statement at 31 December 2025.

New ASX listing follows substantial fundraising

The disclosure arrives shortly after WhiteRock began trading on the ASX on 24 August under the code WLC. Its IPO raised A$6 million, equivalent to C$5.9418 million, although those shares were issued after 30 June and were not included in share capital at the interim reporting date.

The company raised a further C$27.7 million during the six months through its pre-IPO CFT raise and the exercise of warrants and stock options. Including the IPO, total gross proceeds raised since 1 January 2026 reached approximately C$33.7 million. The filing does not provide a full cash flow breakdown, so it does not show how much of that capital remained available at 30 June or how it has since been allocated.

Interim loss sits alongside exploration programme

WhiteRock reported a C$3.190 million loss after tax for the six months ended 30 June 2026. The announcement offers limited income statement detail beyond that result, leaving exploration spending and other operating costs unavailable for assessment from this filing alone.

The Canadian explorer is focused on its wholly owned Banana Lithium Project in Québec, which covers about 67,000 hectares. WhiteRock says its 2024 drilling intersected LCT pegmatite in all 29 diamond drill holes, including reported Spodumene Mountain intersections of 79.3 metres at 2.00% Li₂O, 64.7 metres at 2.14% Li₂O and 60.7 metres at 1.89% Li₂O. It says no new information has materially changed the data in its prospectus.

The accounting correction removes a large non-cash distortion from the prospectus equity allocation, but it does not change the company’s reported loss or provide fresh exploration results. The next useful datapoints are likely to be the company’s spending rate, remaining post-IPO liquidity and evidence that drilling can convert the Banana project’s geological potential into a defined resource.