Kuniko Limited (ASX: KNI) is advancing the high-grade Commonwealth-Silica Hill Gold-Silver Project in the Tier-1 Lachlan Fold Belt of NSW. Kuniko holds 51% of the Project under its joint venture with Impact Minerals (ASX: IPT) and is on track to earn up to 70% in the near term. All 11 holes across two 2026 drilling campaigns hit mineralisation. An updated JORC resource is due in December 2026, with follow-on drilling planned for Q1 2027.
Kuniko Limited (ASX:KNI)
KNI2
Lead Manager
Contact - Kirwan Mactaggart
0448 237 054
kirwan@liquidity.com.au
Offer Price
A$0.0150
per share
Offer Size
A$575,000
Offer Details
Issue Price (Per Share)
A$0.0150
Discount
11.76%
Offer Size
A$575,000
Shares Available
38,333,333
- Raise: up to A$575,000 top-up placement. Oversubscriptions may be accepted at the Company's discretion, subject to shareholder approval.
- Offer price: A$0.015 per share.
- Attaching options: 1 free listed KNIOA option for every 2 shares, subject to shareholder approval.
- Tranche 1: ~39,817,073 shares under the Company's Listing Rule 7.1 capacity.
- Tranche 2: Board and Management intend to subscribe for about A$80,000, subject to shareholder approval at a General Meeting.
- Lead manager: GBA Capital is Sole Lead Manager and Bookrunner.
- Eligibility: s708 sophisticated and professional investors only.
Discount
- 12% to the last close of A$0.017.
- 21% to the 5-day VWAP of A$0.019.
- 28% to the 10-day VWAP of A$0.021.
- 32% to the 15-day VWAP of A$0.022.
Documents & Downloads
Company Overview
Kuniko is a gold-silver explorer focused on the Commonwealth-Silica Hill Project in the Lachlan Fold Belt, NSW. The Project sits between Alkane's Boda-Kaiser copper-gold deposit to the north and Newmont's Cadia mine to the south.
The Project hosts an existing JORC resource across two systems within 200m of each other:
- Commonwealth Main & South: a high-grade gold-silver VMS system with zinc, copper and lead credits.
- Silica Hill: an epithermal silver-gold stockwork vein system.
All high-grade gold and silver intercepts sit less than 250m below surface, supporting open pit potential. Mineralisation remains open along strike and at depth across a 575km2 tenement package. Kuniko signed an earn-in with Impact Minerals in October 2025 to acquire up to 90%, and secured 51% and control 12 months ahead of schedule.
Investment Highlights
- Bonanza grades at Silica Hill: Phase 1 returned 84m @ 2.6 g/t AuEq, including 0.5m @ 347 g/t AuEq (20,603 g/t silver and 27 g/t gold).
- High-grade Commonwealth hits: 7.1m @ 9.7 g/t AuEq at Commonwealth South, including 3.1m @ 21.6 g/t AuEq. 8m @ 8.6 g/t AuEq at Commonwealth Main Shaft, including 3.8m @ 17.4 g/t AuEq.
- Every hole mineralised: all 11 holes across Phase 1 and Phase 2 intersected mineralisation. Phase 2 returned 16.3m @ 1.56 g/t AuEq, including 11.95m @ 1.92 g/t AuEq (CMKNI011).
- System growing beyond the resource: Phase 2 extended Silica Hill about 60m down-dip and 40m up-dip of the original 20,603 g/t silver discovery.
- Resource update in December 2026: the updated JORC MRE will include tonnage from both 2026 drilling campaigns.
- Shallow high-grade targets for Q1 2027: Welcome Jack returned 8 g/t gold from 29m and Walls returned 144 g/t silver from 55m. Both targets are less than 1km from the existing resource, with access and permitting in hand.
- District-scale upside: geophysics shows a trend extending over 500m south-east of Silica Hill. Multiple targets sit across about 5km2.
- Discounted entry: the A$0.015 offer price is a 32% discount to the 15-day VWAP, with 1 free listed option for every 2 shares.
Use of Funds
Funds raised will be applied to:
- Q1 2027 drilling at Welcome Jack, Walls and Stringers. Historical results include 8 g/t gold from 29m at Welcome Jack and 144 g/t silver from 55m at Walls.
- Working capital.
- Assessment of value accretive acquisitions.
Capital Structure
- Current shares on issue: 273,113,823
- Current listed KNIOA options: 97,054,245
- Unlisted performance rights and options: 46,449,577
- Cash: A$1.43m at 30 September 2026
- Market capitalisation: about A$4.6m at the last close of A$0.017
Board & Management
Gavin Rezos
Chairman
Mr Rezos has extensive Australian and international investment banking experience and is a former investment banking Director of HSBC Group with regional roles during his career in London, Sydney and Dubai. Gavin has held Chairman, Board and CEO positions of companies in the materials, technology and resources sector in Australia, the United Kingdom, the United States and Singapore and was formerly a non-executive director of Iluka Resources and of Rowing Australia, the peak Olympics sports body for rowing in Australia.
Maja McGuire
Managing Director
Ms McGuire is an experienced corporate executive and company director, having worked with ASX public listed companies as a non-executive chair/director, general counsel and in top-tier legal private practice. She brings strong capability in governance, corporate strategy and regulatory oversight, including experience supporting companies developing new technologies and commercialising innovative products.
Maja has led strategy and corporate development across both small and large cap organisations, focussed on growing and delivering shareholder value. She commenced her career at Clayton Utz (Australia) and later worked in Toronto (Canada) with the Canadian Bankers Association, advocating on regulatory and capital adequacy matters affecting major financial institutions. She subsequently held executive roles with US based Anteris Technologies Ltd (ASX: AVR) and Alexium International Group Ltd (ASX: AJC), further strengthening her expertise in legal, governance and operational leadership within ASX-listed environments.
Brendan Borg
Non-Executive Director
Mr. Borg is a geologist who has specialised in the battery minerals sector and has identified numerous successful projects in an investment and/or management and operational capacity.
Mr. Borg has 28 years’ experience in mineral exploration, resource development, mining operations and executive management in a wide variety of mineral commodities and jurisdictions. Mr. Borg is currently a director of lithium developer Leo Lithium Limited (ASX:LLL) and graphite and copper developer Sarytogan Graphite Limited (ASX:SGA). He is also a Director and Principal of Borg Geoscience Pty Ltd, which provides geological consultancy services, conducts mineral exploration, and invests in the resources sector.
Richard Bootle
General Manager
Mr Richard Bootle was a capital markets and investor relations-focused investment banker with more than 16 years’ experience across equity capital markets, M&A, corporate development. He has held senior roles at global investment banks, advising companies across Australia, the UK, US and Europe, and has played a leading role in structuring and executing equity capital raisings and M&A transactions across multiple jurisdictions.
Prior to investment banking, Mr Bootle spent six years as a corporate lawyer with international law firms in Australia and the UK, bringing transactional, governance and structuring expertise to growth-focused resource companies.
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