Wiluna Mining removed from ASX

Wiluna Mining Corporation has been delisted from the Australian Securities Exchange, almost two years after the company entered voluntary administration.

FTI Consulting senior managing directors Michael Ryan, Kathryn Warwick, Daniel Woodhouse and Ian Francis were appointed as administrators of Wiluna Mining in July 2022.

The West Perth-based goldminer announced its delisting today was because it failed to lodge a half-year report for the period ending December 31 2022.

Wiluna Mining said a change in its auditor caused significant delay in preparing the half-year report by the end of February 2024, the deadline to avoid the company being removed from the ASX.

“Subsequent to conclusion of the audit and lodgement of Wiluna’s annual report for FY22, RSM Australian Partners resigned as Wiluna’s auditor and Wiluna appointed Grant Thornton Audit Pty Ltd as its auditor in January 2024,” the company said.

“The deed administrators had applied for an extension for lodgement however, the ASX has not granted this application.”

Mining at Wiluna’s operations ceased in December 2022 and its underground mine in the state’s Goldfields-Esperance region was transitioned to care and maintenance.

Administrators were appointed to the company and its subsidiaries that included Wiluna Mining Corporation Limited , Wiluna Operations, Wiluna Gold, Kimba Resources, Zanthus Energy, Lignite and Scaddan Energy.

In July 2023, creditors for Wiluna approved a deed of company arrangement which covers the creation of a credtors trust fund of $1.8 million to be used for claims of unsecured credtiros, a new loan of $6.67 million to build infrastructure, and a cash sweep capped at $39 million.

The deed administrators do not anticipate Wiluna’s removal from the ASX will significantly impact the strategic review process, the deed of company arrangement or the re-admission process, the company’s announcement reads.

Wiluna holds $2.67 million cash as of March 31, the deed administrators say.

Wiluna has been struggling in the lead up to its administration, having fallen $20 million short of an $84 million capital raising that was needed to support the delays at the company’s gold project.

Its chair Milan Jerkovic also resigned weeks before administrators were appointed to Wiluna.