Iltani Resources (ASX: ILT) is an Australian critical minerals and precious metals exploration company advancing the Orient Silver-Indium Project within its wholly owned Herberton Project, approximately 75km southwest of Cairns in North Queensland. Orient hosts Australia’s largest known silver-indium resource, with a 62.5Mt Mineral Resource containing silver, indium, zinc and lead. Iltani is progressing resource-extension drilling, metallurgical test work and a Scoping Study targeted for early 2027, aiming to establish a globally significant producer of indium-rich zinc concentrate and silver-lead concentrate.

• Offer type: Institutional and sophisticated-investor placement to raise approximately A$4.0–5.0 million
• Issue price: A$0.39 per new share

Options

• Investors receive one free option for every two new shares subscribed for

• Each option is exercisable at A$0.57, a 25% premium to the five-day VWAP, and expires three years after issue

Discount

The offer price of A$0.39 per share represents:

• 13.3% discount to the 29 September 2026 closing price of A$0.45
• 14.5% discount to the five-day VWAP of A$0.46
• 13.7% discount to the 10-day VWAP of A$0.45
• 46.6% discount to the 2026 high of A$0.73 reached on 23 January 2026.

• Orient resource-extension drilling: A$4.0–5.0 million to fund an aggressive drilling campaign designed to grow the Orient Silver-Indium Project Mineral Resource.

• Priority drill targets: Drilling will primarily target the Orient West north-west ridgeline and the Link Zone, where recent results have supported potential for mineral-resource growth.

• Program scale: Approximately 145 drill holes for 31,100 metres are planned, with the program expected to commence in October–November 2026 and continue through calendar 2027.

• Working capital and offer costs: Iltani’s existing A$7.5 million cash balance will support corporate working capital requirements and costs associated with the capital raising.

• Scoping Study pathway: The program is intended to support an updated Mineral Resource Estimate and the Orient Scoping Study, targeted for completion in early 2027.

• $8.0 million funding secured to date (pre-Offer) from the QIC Queensland Critical Minerals Fund (QCMF) to support and accelerate development of the Orient Silver-Indium Project

• Original funding structure comprised $6.0 million in upfront, non-dilutive cash tied to future royalties and a $2.0 million equity investment, aligning both capital support and strategic partnership interests

• The investment underlines Queensland Government support for critical minerals supply chain projects and facilitates accelerated exploration and development activities at Orient to move the project towards production

• QIC Queensland Critical Minerals Fund (QCMF) (“QIC”), the Company’s largest shareholder, has committed to participate for a minimum of $1.5 million in the Offer.