Key Highlights

  • The Placement raised about $600,000 before costs at $0.015 per share, for roughly 39.75 million shares.
  • Directors intend to take up about $81,250 of the placement, subject to Shareholder approval.
  • The placement includes one Listed Option for every two shares, exercisable at $0.07 and expiring on 4 May 2029.
  • An updated mineral resource estimate is expected in December 2026, ahead of Phase 3 drilling in the first quarter of 2027.

Kuniko Limited (ASX:KNI) has completed a top-up placement to raise about $600,000 before costs at 1.5 cents per share. The announcement dated 11 November 2026 says the funds will advance the next phase of exploration at the Commonwealth–Silica Hill gold-silver project in New South Wales, where the company is preparing an updated mineral resource estimate for December and planning drilling for the first quarter of 2027.

How the placement is structured

The placement comprises about 39.75 million shares. Tranche 1, of roughly 34.33 million shares, is being issued under the company’s existing Listing Rule 7.1 capacity. Tranche 2 covers about 5.42 million shares to directors, at a cost of about $81,250, and is subject to shareholder approval at a general meeting expected in mid to late December. GBA Capital acted as sole lead manager and will receive a 6% cash fee.

Each placement subscriber receives one free listed option for every two shares subscribed, with an exercise price of $0.07 and an expiry date of 4 May 2029. The issue of the attaching Options and the broker options is also subject to shareholder approval, and the broker options total about 6.87 million. Tranche 1 is due to settle on 17 November and allot on 18 November.

The drilling results behind the next phase

Kuniko completed 11 diamond holes for 2,731 metres across two drilling campaigns in 2026, with every hole intersecting mineralisation. The first campaign returned 84m at 2.6 g/t AuEq at Silica Hill, including 0.5m at 347 g/t AuEq, and 7.1m at 9.7 g/t AuEq at Commonwealth South. The second campaign, which targeted the Silica Hill southern lode, returned 16.3m at 1.56 g/t AuEq and confirmed mineralisation about 60 metres down-dip and 40 metres up-dip of the original Silica Hill discovery.

The company said the two campaigns together will form the basis of the updated resource, which will incorporate tonnage from both programs and the extensions identified beyond the historical resource footprint.

The December resource and the Phase 3 targets

The Phase 3 program will focus on satellite deposits near the existing resource, with Welcome Jack, Walls and Stringers all within one kilometre of the resource. Historical drilling at Welcome Jack returned up to 8 g/t gold from 29 metres in a single hole, and Walls returned 144 g/t silver from 55 metres in one hole. Stringers has encouraging historical surface samples but has not yet been tested by drilling.

Kuniko also flagged a prospective geophysical trend extending more than 500 metres south-east of Silica Hill, along with untested IP chargeability anomalies. The company notes that historical resource estimates by Impact Minerals have not been adopted as its own, and that the outcome of the December resource update remains to be seen.

Final Word

The placement gives Kuniko funding to move from its 2026 drilling into the next round of exploration, but it does so with dilution through new shares and options and with part of the raise subject to shareholder approval. The December resource update and the Phase 3 drilling results will show whether the company can convert its high-grade historical intercepts and recent drilling into a larger, better-defined system.