Potential questions at 2026 WIA Gold (WIA) physical EGM

Q1. WIA Gold has one of the worst records on the ASX when it comes to unfairly diluting retail shareholders in capital raisings. In November 2024 it did a $30m selective placement to institutional and “sophisticated” investors at 15c, with no Share Purchase Plan (SPP) for its loyal but “unsophisticated” retail investors. In May 2026 it did a $92m placement at 46c with no SPP and then in August 2026 it did a $125m placement at 42c, once again with no SPP for retail investors. But wait, there's more! There was also a $7m placement at 3c in September 2020, a $4.6m placement at 5c in November 2021, a $6.6m placement at 6c on September 6 2022 and $16.9m placement at 8c in April 2024 – none of which were accompanied by SPPs. All up, the board raised $282.1m in 7 selective placements since 2020 and has never done an SPP! Why not?

Q2. Could you please disclose the proxy position to the meeting before the debate. Also, we can see how many shares were voted, but how many of our 1100 shareholders bothered to vote by proxy. Was it even 50?

Q3. Is this meeting being recorded and will a copy of the webcast be published on your website for the benefit of the more than 1000 shareholders who were unable to attend in person. Also, why wasn't the meeting at least webcast so interstate shareholders could watch proceedings? Will you undertake to run a hybrid AGM later in the year to maximise accountability and shareholder access?

Q4. Could someone explain how rigorous the checking process was for determining voting exclusions for those shareholders who participated in the placement? What percentage of the register were unable to vote because they participated?

Q5. we went into a trading halt at 10.08am on August 10 and then The AFR's Street Talk column reported the following an hour later at 11.03am: "Africa-focused developer WIA Gold was back hunting for fresh equity on Monday morning, after hitting up fund managers for $92 million just three months ago. The ASX-listed developer sent out Argonaut Securities to raise about $100 million via an institutional placement after publishing a definitive feasibility study on its flagship project Kokoseb and lining up $US360 million ($509.6 million) in senior debt." The official announcement to the ASX dropped at 9.43am on August 12, almost 48 hour after the leak to The AFR. Who authorised the selective briefing of The AFR and in future will we adopt an ASX first approach to disclosure as not all shareholders subscribe to The AFR.

Q6. 6% was a very chunky fee for the ticket clippers on a $125m placement. That's $7.5 in cash for a couple of days work. Did we run a limited tender when procuring broking services and what is the full history of our relationship with Argonaut and the other brokers to the issue?

Q7. Which of our directors and senior executives signed off on the placement allocations and did they make any changes to what was proposed by our well paid brokers.

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