Wiluna Mining exits DOCA, eyes ASX return

Wiluna Mining Corporation’s long-running restructuring has moved materially since late November, with the company formally exiting its deed of company arrangement, installing a new board, fully funding creditor distributions, and reaching agreed facts with ASIC that clear a major regulatory obstacle to its proposed ASX relisting.

Following the contested directions hearing foreshadowed in November, the Supreme Court of Western Australia ruled in favour of the Deed Administrators (Michael Ryan, Kathryn Warwick, Daniel Woodhouse and Ian Francis of FTI Consulting) in early December, granting rectification relief in respect of the DOCA and validating the steps proposed to bring the deed to an end. AIM Mining Corporation, which had opposed the application and advanced a rival restructuring proposal, subsequently withdrew its own court application, leaving only a residual costs dispute (which was scheduled for hearing on 30 January 2026).

With court approval in hand, the administrators waived the remaining conditions precedent under the DOCA on 31 December 2025, triggering full effectuation and returning control of the company to its board. Wiluna confirmed that normal corporate governance arrangements have now resumed, marking a formal end to the administration that has been in place since 2022.

The financial mechanics underpinning the exit have also crystallised. On 2 January 2026, Wiluna paid $39.0 million into the Wiluna Creditors’ Trust, satisfying in full the maximum contribution obligation under the DOCA’s cash sweep mechanism. That payment followed the earlier issuance of $37.2 million in unsecured, non-interest bearing convertible notes to major shareholders, with maturities pushed out to June 2028 and conversion linked to any future equity raising.

At the operational level, Wiluna’s December quarter results showed a sharp improvement in liquidity, with cash on hand rising to $68.9 million as at 31 December 2025, up from $22.2 million three months earlier. Tailings retreatment continued to underpin cash generation, producing 7,459 ounces of gold at a realised price of A$6,288 per ounce, while the removal of the secured lender’s cash sweep obligation freed additional working capital for operations and capital expenditure.

Governance changes flagged in November have now been implemented. The 2024 and 2025 AGMs were held on 28 November, and a new board comprising Martin Alciaturi as chair, Deborah Lord and Richard Holder was appointed immediately beforehand, with former directors removed.

Perhaps the most significant development since November has been the partial resolution of the ASIC proceedings that had loomed over the IPO proposal. On 2 February 2026, Wiluna announced it had entered into a joint statement of agreed facts and admissions with ASIC concerning alleged continuous disclosure breaches linked to its 2022 capital raising. Wiluna has agreed to seek declarations that it contravened sections 674A(2) and 1041H(1) of the Corporations Act by failing to disclose that $7 million of announced funds was never received, and to contribute $34,000 toward ASIC’s costs. No pecuniary penalty is being sought against the company, subject to court approval. That agreement directly addresses a key concern raised by ASX in October, when it indicated Wiluna would need both to exit the DOCA and to reduce uncertainty around the ASIC and Jerkovic proceedings before any relisting application could progress.

Proceedings commenced by former executive chair Milan Jerkovic seeking an inquiry into the external administration and the replacement of the Creditors’ Trust trustees remain on foot, and a DEMIRS prosecution relating to a pre-administration workplace incident is headed to sentencing in March 2026 following a guilty plea by a Wiluna subsidiary. Even so, the collapse of the rival DOCA challenge, the completion of creditor payments, and the narrowing of regulatory risk mark a decisive shift from defensive restructuring to forward-looking recapitalisation.