Kuniko Limited (ASX:KNI) has completed a placement of approximately 39,749,999 shares at $0.015 per share to raise ~$600,000 before costs, with proceeds directed toward Phase 3 district-scale exploration at its Commonwealth–Silica Hill Gold-Silver Project in New South Wales's Lachlan Fold Belt and an updated JORC Mineral Resource Estimate targeted for December 2026.

Key Points

  • Placement of ~$600,000 completed at $0.015 per share, comprising approximately 39,749,999 shares across two tranches.
  • Board participation of approximately $81,250 for ~5,416,666 shares under Tranche 2, subject to shareholder approval.
  • Updated JORC Mineral Resource Estimate targeting December 2026, incorporating results from all 11 diamond holes totalling 2,731 metres drilled in 2026.
  • Phase 3 drilling planned for Q1 2027, targeting Welcome Jack, Walls and Stringers, all within 1km of the existing resource.
  • One free listed KNIOA option for every two shares subscribed, with options exercisable at $0.07 and expiring 4 May 2029, subject to shareholder approval.

Placement Structure and Timetable

Tranche 1 of approximately 34,333,333 shares will be issued utilising the company's available Listing Rule 7.1 placement capacity, with settlement scheduled for Tuesday 17 November 2026 and allotment on Wednesday 18 November 2026. Tranche 2, comprising approximately 5,416,666 shares for board participation, is subject to shareholder approval at a General Meeting expected in mid to late December 2026. GBA Capital acted as Sole Lead Manager and will receive a cash fee of 6% and approximately 6,866,666 Broker Options exercisable at $0.07, expiring 4 May 2029, subject to shareholder approval. The company intends to convene a General Meeting as soon as practicable.

2026 Drilling Results at Commonwealth–Silica Hill

Kuniko completed 11 diamond holes for 2,731 metres across two campaigns in 2026, with every hole intersecting mineralisation. The Phase 1 March 2026 campaign of six diamond holes returned results including 84m at 2.6g/t AuEq at Silica Hill, including 0.5m at 347g/t AuEq (20,603g/t Ag and 27g/t Au), 7.1m at 9.7g/t AuEq at Commonwealth South, and 8m at 8.6g/t AuEq at Commonwealth Main Shaft. The Phase 2 September 2026 campaign of five diamond holes confirmed mineralised extensions beyond the historical resource footprint, with drilling confirming mineralisation approximately 60 metres down-dip and 40 metres up-dip of the original Silica Hill high-grade discovery.

Phase 3 Drilling Targets and December MRE

The upcoming December 2026 MRE will incorporate tonnage and results from both 2026 drilling campaigns, including mineralised extensions identified beyond the historical resource footprint. Phase 3 drilling in Q1 2027 will target Welcome Jack, Walls and Stringers, all situated within 1km of the existing resource. Historical drilling at Welcome Jack returned up to 8g/t Au from 29 metres in one drill hole, and at Walls returned 144g/t Ag from 55 metres in one drill hole. The company also identified a prospective geophysical trend extending more than 500 metres southeast of Silica Hill across the broader 5km² district.