May Newsletter

Dear Shareholders

May has been another busy month for the Company, as we opened a pro-rata non-renounceable entitlement offer, an opportunity for our valued shareholders to further invest in the future growth and development of Widgie Nickel.

The Company received applications under the Offer for 21,194,774 Shares at the issue price of $0.04 per Share (New Shares) raising gross proceeds of $847,791.

The Offer offered 1 fully paid ordinary share in the capital of the Company (Share) for every 2.9795 Shares held by eligible shareholders registered at the record date, together with 1 free attaching unlisted option (New Option) for every 2 Shares subscribed for and issued, exercisable at $0.07 each on or before 31 October 2025.  Accordingly, the Company will issue 10,597,504 New Options to Participants. 

Details of the entitlements not taken up under the Offer can be found in our announcement dated 15 May 2024.

We would like to thank all our loyal shareholders for their ongoing support and look forward to improved conditions ahead. In the meantime, we continue to prudently manage the Company’s funds advancing Widgie’s unique strategic asset base.

As the supply of Australian strategic critical minerals remains in focus, the Federal Government has announced a series of initiatives in the upcoming Budget based on consultation with industry and other stakeholders.

At Widgie, we welcome the integral role of the critical minerals sector to this Budget, with various initiatives having the potential to positively impact Widgie, including:

• A Critical Minerals Production Tax Incentive of $7.0 billion over 11 years from 2023-24, with $17.6 billion over the life of the program (to 2041).
• $3.4 billion (to 2059) for the Resourcing Australia’s Prosperity program, enabling Geoscience Australia to map the whole of onshore Australia by 2060.
• $5.8 million over three years from 2024-25 for a critical minerals trade enhancement initiative, to accelerate trade efforts to realise a premium for Australia’s critical minerals that are produced to high environmental, social and governance (ESG) standards.

To that end, I am pleased to be participating in a delegation of Australian companies to Europe next week, with the Austrade team. The trip is designed to highlight the investment case for select Australian critical minerals explorers and developers to European off-takers, investors and OEMs.

Widgie is continuing to progress the Mt Edwards Nickel Project to prepare for the Pre-Feasibility Study stage, and has an ongoing lithium exploration program underway, where our field team is on the ground re-evaluating Widgie’s tenure for lithium prospectivity. As foreshadowed in the entitlement issue prospectus, we also continue to look for diversified assets to unlock value for our shareholders.

If you have any questions, my contact details are below. I would also encourage you to follow the Widgie Nickel social channels LinkedIn; X (Twitter); and to join our mailing list via our website here.

Steve Norregaard

Managing Director, Widgie Nickel

steve@widgienickel.com.au

0472 621 529