Christopher Piggott's Voting Stake in Leeuwin Metals Drops to 7.74% Amid Multiple Capital Raises and Placements

Overview of Leeuwin Metals Ltd and Christopher Piggott’s Shareholding

Leeuwin Metals Ltd, listed on the ASX, is an Australian minerals exploration and development company. Christopher Piggott’s relevant interests in the company are held through various channels, including direct share ownership and private companies and trusts. He serves as a director and shareholder of Elderberry Resources Pty Ltd and Tito Holdings Pty Ltd and is a beneficiary of the Elderberry Trust, collectively representing a significant portion of his stake in Leeuwin Metals.

The ASX update lodged on 17 July 2026 outlines Piggott’s shareholding following the change in substantial holding as of 7 July 2026. His current relevant interests include 50,000 ordinary shares held directly, 8,500,000 shares via Elderberry Resources Pty Ltd, and 1,500,000 shares through Tito Holdings Pty Ltd. These total 10,050,000 ordinary shares, equating to 7.74% of Leeuwin Metals’ voting power. This reduction from his previous 13.42% stake reflects the impact of successive capital-raising activities from December 2023 through May 2026.

Capital Raising Activities Driving Voting Power Dilution

The drop in Piggott’s voting power is primarily due to share dilution from multiple capital-raising transactions undertaken by Leeuwin Metals over three years. These include shareholder-approved placements, performance rights conversions, and share issues linked to mineral project acquisitions and exploration commitments, as detailed in the company update.

On 31 January 2025, a placement share issue diluted Piggott’s voting power without altering his direct shareholding. Another dilution occurred on 21 March 2025 following a placement approved by shareholders at a general meeting on 17 March 2025. Tito Holdings Pty Ltd participated by acquiring 500,000 shares at $0.098 each for $49,000. Additionally, on the same date, Piggott’s voting power was further diluted due to shares issued as consideration for acquiring the Marda Gold Project.

Marda Gold Project Acquisition and Share Issuance

The update confirms Leeuwin Metals’ acquisition of the Marda Gold Project, with share consideration issued on 24 March 2025. This transaction increased the company’s total issued capital, diluting Piggott’s voting power as his shareholding did not increase correspondingly. The Marda Gold Project is a key asset addition, reflecting Leeuwin Metals’ growth strategy through capital raises and asset acquisitions.

Issuing shares as acquisition consideration is common in the mineral exploration sector, enabling companies to conserve cash and align vendor interests with future company performance. For shareholders like Piggott, such transactions dilute voting power unless they participate in related capital raises. This acquisition illustrates Leeuwin Metals’ expanding operations and capital structure deployment to support growth.

Performance Rights Conversions and Drill-for-Equity Share Issues

Additional dilution to Piggott’s voting power arose from performance rights conversions and drill-for-equity share issuances. On 20 November 2025, Tito Holdings Pty Ltd received 450,000 ordinary shares from vested performance rights conversions at no exercise price, increasing issued shares and diluting Piggott’s overall voting position.

On the same day, shares were issued under a drill-for-equity arrangement, a financing method where third parties fund exploration in exchange for equity. Further dilution occurred on 24 November 2025 and 8 May 2026 due to additional drill-for-equity share issuances. These transactions expanded Leeuwin Metals’ capital base without requiring capital input from Piggott, reducing his proportional voting interest.

On-Market Share Acquisitions by Piggott and Controlled Entities

While dilution events predominated, Piggott and his controlled entities also acquired shares on-market. On 18 December 2023, Piggott purchased 50,000 shares at $0.135 each for $6,750, indicating active portfolio management and confidence at that price level.

On 16 May 2025, Tito Holdings Pty Ltd acquired 100,000 shares on-market at $0.1377 each for $13,669.30. Although these purchases partially offset dilution, they were insufficient to maintain Piggott’s previous voting percentage given the scale of company-issued shares. These transactions provide insight into market conditions for Leeuwin Metals shares during these periods, though broader trading data is not disclosed.

Share Placements and Shareholder Approvals

Leeuwin Metals relied heavily on placement share issues to raise capital during the period. The 21 March 2025 placement was approved by shareholders at a general meeting on 17 March 2025, complying with ASX listing rules. Tito Holdings Pty Ltd’s participation in this placement by acquiring 500,000 shares at $0.098 per share contributed to dilution of Piggott’s voting power through additional shares issued to others.

Another placement on 30 October 2025 further diluted Piggott’s voting stake. These placements align with typical financing strategies for mineral exploration firms to fund exploration, maintain working capital, and pursue acquisitions. The documented capital raises reveal Leeuwin Metals’ active capital management and focus on funding growth initiatives such as the Marda Gold Project acquisition.

Stable Ownership Structures and Beneficial Interests

The company update confirms no changes in association affecting Piggott’s substantial holding. Elderberry Resources Pty Ltd and Tito Holdings Pty Ltd remain under Piggott’s control, and his beneficial interests via the Elderberry Trust have remained consistent. The update does not provide further details on the trust’s governance but indicates continuity in ownership structures.

This stability suggests Piggott’s strategy centers on managing his interests through established corporate and trust vehicles rather than restructuring holdings. Such consistency is key for substantial shareholders, ensuring clarity in control and facilitating transparent tracking of voting power changes driven by company actions rather than ownership shifts.

Regulatory Compliance and Substantial Holding Disclosure

The Form 604 lodged with the ASX fulfills Piggott’s obligation under section 671B of the Corporations Act 2001 to notify changes in substantial holdings. His prior notice was on 31 March 2023, when he held 8,500,000 shares representing 13.42% voting power. The latest notice, dated 17 July 2026 and signed by Piggott as director, reports his position as of 7 July 2026 with voting power reduced to 7.74%.

The detailed disclosure of transactions from 18 December 2023 through 8 May 2026 enhances market transparency on the dilution mechanics affecting Piggott’s voting power. This regulatory reporting supports ASX continuous disclosure requirements and provides a comprehensive audit trail of shareholding movements.

Impact on Leeuwin Metals’ Capital Structure and Financing Outlook

The documented capital raises indicate Leeuwin Metals’ proactive approach to financing exploration and development through placements, asset acquisition share issues, and drill-for-equity arrangements. The company’s ability to complete these transactions signals market backing for its strategy, although the total capital raised and fund allocation details are not disclosed.

Piggott’s voting power decline from 13.42% to 7.74%, while still above the 5% substantial holding threshold, reflects significant ownership structure changes over three years. For investors, this history provides context on Leeuwin Metals’ growth path, shareholder dilution extent, and financing strategy. Piggott’s continued participation in capital raises via on-market purchases and placements suggests sustained confidence in the company despite reduced voting influence.