Hancock Takes 13.5% Stake in White Cliff

White Cliff (ASX:WCN) has entered a subscription agreement under which Hancock Prospecting will take a strategic stake via a private placement, subject to shareholder approval, to fund accelerated work at the Rae Copper Project.

Hancock Prospecting Pty Ltd has committed to invest A$8,768,457 for 515,791,601 fully paid ordinary shares at $0.017 per share, being the previous trading day's closing price. On completion HPPL will hold approximately 13.5% of the company. Completion is conditional on ASX not indicating it will refuse Official Quotation of the shares and on shareholder approval under ASX Listing Rule 10.11 at an upcoming extraordinary general meeting the company intends to convene on or about 19 October 2026. Completion is expected 3 business days after the EGM if approval is obtained. Proceeds with existing cash are proposed to expand and accelerate drilling and exploration at Rae, including growing the resource envelope at Danvers 1 toward an Exploration Target and Maiden Resource Estimate, step-outs at Danvers 2 and 3, sediment-hosted copper work supported by an upcoming ultra-high resolution airborne geophysical survey, regional follow-up at Thor, Rocket, Vision and Stark, and mobilisation of downhole electromagnetic equipment.

The placement does not proceed without Listing Rule 10.11 approval and satisfaction of the quotation condition. Either party may terminate for material breach or if conditions are not satisfied or waived by the required date.