Piche Resources Initiates $2.5 Million Entitlement Offer to Boost Argentine Exploration Efforts

Entitlement Offer Structure and Shareholder Participation Details

Piche Resources is providing existing shareholders the chance to participate in the entitlement offer on a one-for-one pro-rata basis. At an offer price of A$0.018 per share, up to 140,678,568 fully paid ordinary shares will be issued, generating gross proceeds of approximately $2.5 million before costs. The offer includes free attaching options, granting shareholders additional equity upside. For every three new shares subscribed under the entitlement offer, eligible shareholders will receive one attaching option exercisable at A$0.027, expiring three years from issue.

This entitlement offer is non-renounceable, meaning shareholders who do not fully subscribe will forfeit any value for unexercised rights. Rights are non-transferable and will not be traded on the ASX or other markets. Eligible shareholders are those with registered addresses in Australia or, subject to prospectus restrictions, New Zealand, as of 5.00pm (AWST) on Tuesday, 4 August 2026. Piche Resources intends to seek ASX quotation of the attaching options, subject to compliance with ASX and Listing Rules.

Strategic Allocation of Capital to Expand Argentine Exploration Portfolio

Proceeds from the entitlement offer will be directed towards advancing exploration activities on Piche Resources’ Argentine projects, underscoring the company’s commitment to its flagship asset pipeline. The funds will support on-ground exploration efforts aimed at unlocking the geological potential of its South American assets. Argentina is increasingly recognized as a key jurisdiction for copper and multi-commodity exploration, supported by world-class deposits and established mining infrastructure.

Additionally, the capital raise will back the company’s acquisition strategy, enabling it to pursue new project opportunities aligned with its exploration focus. This approach facilitates portfolio expansion and diversification as market opportunities emerge. The funds will also cover general working capital and entitlement offer costs, ensuring operational continuity while advancing exploration programs. This balanced capital deployment reflects management’s focus on both immediate exploration progress and long-term growth.

Board Enhancement with Appointment of Gerard O'Donovan

Following the entitlement offer’s completion, Gerard O'Donovan will join Piche Resources’ board as a Non-Executive Director, bringing extensive expertise in exploration and mining development. With over 18 years in resource sector leadership, Mr O'Donovan has managed projects across copper, silver, gold, lithium, and iron ore. His appointment coincides with the company’s capital expansion and exploration acceleration, strengthening governance with experienced leadership.

Mr O'Donovan holds senior roles in ASX-listed companies, currently serving as Managing Director and CEO of Kaoko Metals Limited (ASX:KAO), and has committed $200,000 in sub-underwriting applications to support Piche Resources’ capital raise. His previous positions include Executive Director at Sun Silver Limited (ASX:SS1), Non-Executive Chair at Black Bear Minerals (ASX:BKB), and project manager for Pilbara Minerals Limited’s (ASX:PLS) Pilgangoora Project. He has also been CEO of Battery Age Minerals Ltd (ASX:BM8) and worked with major firms such as Atlas Iron, Fortescue Metals Group, and Rio Tinto.

Academically, Mr O'Donovan holds an honours Bachelor of Engineering in Civil and Structural Engineering and has undertaken further studies in sustainability, circular economy, and social governance, aligning with modern resource sector leadership standards. His appointment highlights Piche Resources’ commitment to attracting senior talent to effectively manage and grow its Argentine project portfolio.

Board Transition Following Clark Beyer’s Resignation

Piche Resources announced the immediate resignation of Non-Executive Director Clark Beyer. Mr Beyer was a founding board member following the company’s ASX listing in 2024 and contributed to governance continuity during its early public phase. The company expressed gratitude for his service and wished him success in future endeavors.

This departure aligns with Gerard O'Donovan’s appointment, indicating a strategic board transition to align with the company’s evolving priorities and capital-raising activities. The change reflects typical board evolution as companies mature, though no specific reasons for Mr Beyer’s resignation were disclosed.

Cumulus Wealth Appointed as Lead Manager and Corporate Adviser

Cumulus Wealth Pty Ltd has been named lead manager for the entitlement offer, extending its role to ongoing corporate advisory services. In return, Cumulus will receive 3,333,333 fully paid ordinary shares upon successful completion of the offer, aligning adviser interests with shareholders. This share-based remuneration is common in junior resource financings, preserving cash while incentivizing advisers.

Subject to shareholder approval, Cumulus will also be granted 15,000,000 options on terms matching the attaching options offered to shareholders, exercisable at A$0.027 and expiring three years from issue. This provides potential additional upside participation. The appointment ensures professional guidance on capital markets, investor relations, and corporate transactions during Piche Resources’ expansion phase, anticipating multiple capital-raising or corporate activities in the medium term.

Underwriting Negotiations with Leeuwin Wealth and Conditional Guarantee

Piche Resources is negotiating with Leeuwin Wealth Pty Ltd for full underwriting of the entitlement offer, pending execution of a binding underwriting agreement. The company cautions investors that no guarantee exists that such an agreement will be finalized, and advises against reliance on underwriting when making investment decisions. Without an underwriting agreement, the offer will proceed non-underwritten, carrying execution risk but allowing the capital raise to continue.

Gerard O'Donovan has committed to sub-underwrite $200,000 contingent on the underwriting agreement’s execution. If finalized and approved by shareholders, sub-underwriters will receive options on the same terms as attaching options for every three shares sub-underwritten, aligning incentives while managing cash outlay. Piche Resources will update the market once underwriting arrangements are finalized to enable informed investor decisions.

Top-Up Placement and Professional Investor Participation

Alongside the entitlement offer, Piche Resources plans a top-up placement targeting professional or sophisticated investors, subject to shareholder approval. This placement will mirror the entitlement offer terms—A$0.018 per share with one free attaching option per three shares subscribed—and aims to raise up to an additional $1,000,000 before costs. Combined with the entitlement offer, total capital raised could reach approximately $3.5 million.

The company notes there is no assurance of securing binding commitments for the top-up placement and advises investors not to base decisions on its completion. This dual structure—shareholder entitlement offer plus professional placement—is common in Australian capital raises, balancing shareholder ownership protection with access to institutional capital on shorter timelines.

Timetable for Prospectus Lodgement and Shareholder Participation

Piche Resources plans to lodge the prospectus with ASIC and ASX on Thursday, 30 July 2026, about one week after the initial announcement on 24 July 2026. The "ex date" is set for Monday, 3 August 2026, with the record date for eligible shareholders on Tuesday, 4 August 2026 at 5.00pm (AWST). Eligible shareholders with registered addresses in Australia or qualifying New Zealand addresses will be entitled to participate.

The prospectus and personalised entitlement forms will be distributed on Friday, 7 August 2026, marking the offer’s opening. Shareholders will have until Friday, 21 August 2026 at 5.00pm (AWST) to accept, with potential extension to Tuesday, 18 August 2026. Securities are expected to trade on a deferred settlement basis from Monday, 24 August 2026, with offer results announced on Tuesday, 25 August 2026. This schedule ensures regulatory compliance and smooth processing of the capital raise.

Market Environment and Financing Approach for Argentine Exploration Growth

Piche Resources’ significant capital raise underscores the junior exploration sector’s reliance on equity financing to fund exploration and maintain operations. The A$0.018 offer price reflects management’s valuation of shareholder equity participation at this stage. The inclusion of free attaching options exercisable at A$0.027 provides shareholders with leveraged upside over a three-year period, signaling confidence in the company’s growth prospects.

Argentina’s growing prominence as a copper and multi-commodity exploration hub, supported by robust infrastructure and favorable policies, aligns with Piche Resources’ strategic focus. The ability to raise $2.5 million, plus a potential $1 million top-up, demonstrates investor interest in ASX-listed exposure to Argentine mineral exploration. The mid-2026 timing positions the company to deploy funds during the Southern Hemisphere exploration season, advancing its field programs with substantial financial backing.