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Wiluna Mining Corporation Ltd (ASX:WMX) Funding Update for Wiluna Stage1 Development
Wiluna Mining Corporation Limited (ASX:WMX) (FRA:NZ3) (OTCMKTS:WMXCF) is pleased to announce that it has progressed its funding package which, if completed in full, will amount to approximately $80 million ("the funding"). Once completed this will fully fund the Stage 1 Development Plan concentrator and mine development to commissioning, as well as completing the feasibility study, associated drilling, and updated Reserves for Stage 2 of the Development Plan. It is envisaged that the Stage 2 feasibility study will see an increase in Reserves of approximately 500koz and support an increase in the concentrator output from 750ktpa to 1.5Mtpa, and in-turn reach gold production of circa 250kozpa.

Firm commitments for approximately $7.5 million have been received in relation to a placement at $1.00 per share ("Placement") to sophisticated investors under the Company's existing placement capacity (7,419,708 shares pursuant to ASX Listing Rule 7.1 and 50,144 shares pursuant to ASX Listing Rule 7.1A). A potential further amount of up to $31.5 million will be raised under a one (1) for four (4) Non-Renounceable Entitlement Issue ("Entitlement Issue" or "Offer") at $1.00 per share.

Furthermore, the Company has received intentions to participate for approximately $14 million relating to the Entitlement Issue by its major shareholders and Executive Chair, Milan Jerkovic.

Assuming the full amount of funds are raised (including the Tranche 2 debt funding), combined with the Company's operating cash flows, the use of funds will be as follows:

- Construction and commissioning of Stage 1 concentrator and associated mine development (to reach 120kozpa production);

- fund feasibility work associated with the staged Development Program to achieve circa 250kozpa gold production and associated drilling;

- support Tranche 2 Mercuria debt funding completion; and,

- general working capital.

To view the Key Terms and Timetable, please visit:

Milan Jerkovic 
Executive Chair
+61 8 9322 6418

Jim Malone 
General Manager 
Investor Relations
+61 419 537 714

Dannika Warburton
Media & Communications
+61 401 094 261

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