Highlights

• White Cliff Minerals has lodged an updated quarterly activities and cash flow report for the quarter ended 30.

• At the Danvers prospects, which the company describes as an epithermal copper-silver system in fault breccia along the.

• At Bornite Hills, described as a new discovery, first drilling intersected more than 32 metres of bornite-dominant mineralisation.

• At the sediment-hosted Hulk target, all three 2026 diamond holes intersected visible chalcopyrite at the Rae Group and.

White Cliff Minerals (ASX:WCN) — has lodged an updated quarterly activities and cash flow report for the quarter ended 30 September 2026. The company describes copper drilling progress across its Rae Copper Project, a significant post-quarter capital raising, and a cash balance of A$1.32 million at quarter end.

Drilling at Danvers

At the Danvers prospects, which the company describes as an epithermal copper-silver system in fault breccia along the Teshierpi Fault Zone, the report lists a run of drill intercepts. Mineralisation is chalcocite-dominant, zoning outward to bornite and chalcopyrite.

Among the results, hole DAN26012 returned 19.81 metres at 6.64 per cent copper from 152.4 metres, including 1.52 metres at 21.1 per cent copper, which the company calls the highest-grade interval at the project to date. DAN26015 returned 79.24 metres at 1.59 per cent copper, and DAN26026 returned 50.9 metres at 2.81 per cent copper with 7.66 grams per tonne silver. DAN26036 returned 23 metres at 6.18 per cent copper. The company says copper mineralisation is now confirmed over 4.75 kilometres of the corridor, and remains open along strike, to surface and at depth.

After the quarter, DAN26047 reported 76.5 metres at 2.01 per cent copper. Hole DAN26053 intersected visible chalcocite and chalcopyrite veins on an untested parallel structure, but assays are pending. Visual observations are not a substitute for laboratory results.

Bornite Hills and Hulk

At Bornite Hills, described as a new discovery, first drilling intersected more than 32 metres of bornite-dominant mineralisation. Maiden assays included 15 metres at 1.62 per cent copper in hole BNH26001A and 11.5 metres at 2.00 per cent copper in BNH26003.

At the sediment-hosted Hulk target, all three 2026 diamond holes intersected visible chalcopyrite at the Rae Group and Husky Creek Formation boundary. Laboratory assays are awaited, and untested electromagnetic conductors remain as follow-up targets.

Funding and cash

Appendix 5B shows opening cash of A$8.34 million and net operating cash outflow of A$6.67 million, of which A$5.80 million was exploration and evaluation. Closing cash was A$1.32 million. The company also holds a A$1.05 million shareholding in another listed company that is not counted as cash. The report states that no debt facilities are drawn or available, and that payments to directors and their associates totalled about A$616,000.

After the quarter, WCN issued 515,791,601 shares at A$0.017 to Hancock Prospecting, raising about A$8.77 million. The company says this is a stake of roughly 13.5 per cent. The placement was approved at a general meeting on 19 October 2026 and issued on 22 October 2026. All resolutions at that meeting passed by poll, including a capital consolidation.

The report also records an underwritten option conversion during the quarter and the issue of 45,501,494 unlisted options to the underwriter, exercisable at A$0.04 and expiring 30 June 2028. Readers should note that the report's description of option proceeds and the cash flow statement are not easy to reconcile, so the cash flow figures should be read directly from the Appendix 5B.

Risks and next steps

The Appendix 5B funding estimate indicates very little runway from the quarter-end balance alone, and the company says it expects to continue operations on the basis of the Hancock placement. Exploration results remain early stage, and no resource estimate is presented in the report.

The company states that it will resume reverse circulation drilling at Danvers, using the new funds to expand and accelerate drilling. It also plans to follow up the Hulk conductors, drill toward the core of the Hulk system, and continue work along the Teshierpi Fault Zone and at Bornite Hills. Pending items include DAN26053 assays and the Hulk laboratory results.