New Risk • May 20
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 231% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Shareholders have been substantially diluted in the past year (231% increase in shares outstanding). Minor Risk Market cap is less than US$100m (€12.8m market cap, or US$14.9m). Aankondiging • Mar 21
WA Kaolin Limited has filed a Follow-on Equity Offering in the amount of AUD 34.908921 million. WA Kaolin Limited has filed a Follow-on Equity Offering in the amount of AUD 34.908921 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 3,490,892,100
Price\Range: AUD 0.01
Transaction Features: Rights Offering Aankondiging • Nov 24
WA Kaolin Limited Announces Board Changes WA Kaolin Limited announced the appointment of Mr. Matthew Shackleton as Chair of the Company. Matt joined WAK as a non-executive director in October 2025. Further, the Company advises the appointment of Mr. Abhi Anand as Company Secretary, replacing Mr. Andrew Sorensen. Aankondiging • Nov 21
Wa Kaolin Limited Announces Resignation of Sean Hu as Director WA Kaolin Limited in its AGM held on 21 November 2025. As announced at the commencement of the meeting, Resolution 2 Re-election of Director (Mr Sean
Hu) was withdrawn, following Mr. Hu's resignation as a director prior to the AGM. Accordingly, Resolution 2 was not put to shareholders. Aankondiging • Oct 20
WA Kaolin Limited Announces Board Resignations, Effective October 20, 2025 WA Kaolin Limited advised that Mr. Ken Hall has resigned as a Non-Executive Director of the Company, effective immediately. His alternate director, Mr. Brady Hall, has also resigned from the Board. Mr. Hall and Mr. Brady Hall have been long-standing and valued supporters of WA Kaolin, contributing significantly to the Company's progress through the establishment of its production base and the subsequent growth in sales. Aankondiging • Oct 02
WA Kaolin Limited, Annual General Meeting, Oct 21, 2025 WA Kaolin Limited, Annual General Meeting, Oct 21, 2025. Aankondiging • Feb 06
WA Kaolin Limited has filed a Follow-on Equity Offering in the amount of AUD 7 million. WA Kaolin Limited has filed a Follow-on Equity Offering in the amount of AUD 7 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 110,000,000
Price\Range: AUD 0.04
Discount Per Security: AUD 0.0018
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 65,000,000
Price\Range: AUD 0.04
Discount Per Security: AUD 0.0018
Security Features: Attached Options
Transaction Features: Rights Offering Reported Earnings • Oct 01
First half 2024 earnings released: AU$0.015 loss per share (vs AU$0.007 loss in 1H 2023) First half 2024 results: AU$0.015 loss per share (further deteriorated from AU$0.007 loss in 1H 2023). Net loss: AU$5.55m (loss widened 124% from 1H 2023). New Risk • Oct 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (15% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Shareholders have been diluted in the past year (32% increase in shares outstanding). Revenue is less than US$5m (AU$1.8m revenue, or US$1.2m). Market cap is less than US$100m (€16.6m market cap, or US$18.4m). Aankondiging • Aug 20
WA Kaolin Limited has completed a Follow-on Equity Offering in the amount of AUD 0.039 million. WA Kaolin Limited has completed a Follow-on Equity Offering in the amount of AUD 0.039 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 650,002
Price\Range: AUD 0.06
Discount Per Security: AUD 0.0036
Security Features: Attached Options New Risk • Mar 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$12m free cash flow). Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risks Shareholders have been diluted in the past year (14% increase in shares outstanding). Revenue is less than US$5m (AU$1.8m revenue, or US$1.1m). Market cap is less than US$100m (€15.6m market cap, or US$16.9m). Reported Earnings • Mar 19
First half 2024 earnings released: AU$0.015 loss per share (vs AU$0.007 loss in 1H 2023) First half 2024 results: AU$0.015 loss per share (further deteriorated from AU$0.007 loss in 1H 2023). Net loss: AU$5.55m (loss widened 124% from 1H 2023). Aankondiging • Dec 01
WA Kaolin Limited Announces Board Changes, Effective 1 December 2023 WA Kaolin Limited announced that Ms Cathy Moises has resigned effective 1 December 2023, in order to devote more time to her other non-executive Board roles. Cathy joined the Board in May 2020, prior to the Company's listing on the Australian Securities Exchange in November 2020 and has been an integral part of the Company's growth story to date. The Board thanks and recognises the contribution that she has made to the development of the Company. Cathy remains highly impressed by the commitment of the management team in bringing the tier one Wickepin kaolin project to commercial production. Cathy will remain a committed shareholder in the business and will watch the projectwith interest from the sidelines. The Board is advise that Mr. Ken Hall has been appointed as a director of the Company in place of Ms Moises. Mr. Hall, through his various holdings, is the Company's largest shareholder and brings a wealth of business experience to the Board. Mr. Brady Hall, Ken's son, has been appointed as an alternate director at thesame time. Ken is a former electrician who founded Kalgoorlie Power Systems (KPS) in 1981. KPS was subsequently sold to Pacific Energy Ltd, an ASX-listed company in 2009 and became its mainstay business in contract power generation. Ken retained almost 49% of Pacific Energy Ltd, which was subsequently sold in 2019 to Queensland Investment Corporation for $422 million. Ken has been involved in the mining industry for over 50 years and the contract power generation business for almost 40 years. Board Change • Dec 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Alternate Director Cameron Baker was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Aankondiging • Nov 25
WA Kaolin Ltd Announces Mr. Pat Walta Resigs as Non- Executive Director The Board of WA Kaolin Ltd. advised that Mr. Pat Walta has resigned as non- executive director, effective immediately. Aankondiging • Oct 05
WA Kaolin Limited, Annual General Meeting, Nov 24, 2023 WA Kaolin Limited, Annual General Meeting, Nov 24, 2023. Agenda: To consider the re-election of directors. Reported Earnings • Oct 01
Full year 2023 earnings released: AU$0.01 loss per share (vs AU$0.025 loss in FY 2022) Full year 2023 results: AU$0.01 loss per share (improved from AU$0.025 loss in FY 2022). Net loss: AU$3.75m (loss narrowed 50% from FY 2022). Board Change • Apr 13
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Independent Non-Executive Chairman John White is the most experienced director on the board, commencing their role in 2020. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. 