Wiluna Mining is preparing a prospectus for a potential return to the Australian Securities Exchange, with the restructured gold company reportedly targeting A$150 million–A$200 million of new equity at around A$0.65 a share. The proposed transaction could give Wiluna an initial market capitalisation of approximately A$300 million–A$400 million. Barrenjoey and Argonaut Securities are preparing the offering following informal discussions with investors.
A listing is being considered after the August reporting season, while potential cornerstone investors remain under discussion. The terms have not been finalised: Wiluna has not lodged a prospectus, launched a bookbuild or secured binding cornerstone commitments, meaning the proposed offer size, price and valuation remain subject to due diligence and investor feedback.
Capital earmarked for drilling and operational recovery
The proposed funds would primarily support a two-year drilling programme aimed at increasing geological confidence and addressing operational issues associated with Wiluna’s previous failure. The company entered administration in 2022, was removed from the ASX in April 2024 and completed its deed-of-company-arrangement process at the end of 2025.
Following the restructuring, Wiluna controls the Wiluna gold operation in Western Australia, which has a disclosed resource of 91.5 million tonnes grading 2.38 grams per tonne for 7 million ounces of gold.
Existing infrastructure supports restart plans
The operation retains substantial infrastructure, including a 2.1 million-tonne-a-year carbon-in-leach plant, a 750,000-tonne-a-year flotation concentrator, underground development, a power station and a camp capable of accommodating 300 people. Wiluna is currently reprocessing historical tailings, with indicated production of approximately 25,000–30,000 ounces of gold annually. Its restart concept combines underground and open-pit mining with tailings and toll-treatment feed, while rebuilding hard-rock production around a 750,000-tonne-a-year operating base.
A preliminary study estimated a pre-tax NPV of A$198.6 million and a 5.5-year payback period, based on a gold price of A$2,880 an ounce. The proposed IPO valuation therefore incorporates the company’s 7-million-ounce resource, existing processing and mine infrastructure and exploration potential alongside the economics of the current restart study. The prospectus will set out the financial position, use of proceeds and operating plan for the restructured company as Wiluna seeks to return to public markets after the previous ownership structure entered administration.
