ALTAIR MINERALS LIMITED

ASX:ALRMaterials

6.63B shares on issueASX (delayed) · snapshot 11 Sept 20268.68B fully diluted+30.9% if every option and right converts$0.049price · delayed$324.8Mmarket cap · indicative

Today’s holders own 76.4% of what they think they own, once every option and right converts.

High

Dilution risk

Share count grew 54% in 24 months; 3 cash raises in 24 months; options/rights overhang 31% of shares

Absolute levels — not a ranking against other companies.

Cash runway8.4 quarters of funding

Share-count growth (24m)54.3%

Raise cadence (24m)3 cash raises

Options & rights overhang30.9% of shares

In-the-money supply14.8% of shares

Pending proposed issuesopen proposed issue (Appendix 3B)

ALTAIR MINERALS LIMITED's ordinary share count grew 54.3% between January 2025 and June 2026, reaching 6.63B shares. In the past 24 months, the company raised capital three times for total disclosed proceeds of A$44.4M, most recently a A$28.2M placement in April 2026. Options and rights on issue could convert into 2.05B new shares, representing 30.9% of the current share count, of which 15% are in the money and the nearest expiry is February 2027. At the June 2026 quarter, the company reported A$30.7M in available cash, sufficient for approximately 8.4 quarters at its recent spending rate. One proposed securities issue (Appendix 3B) is pending, with an expected issue date in December 2026.

AI-generated summary of this page's cited filings · updated 10 Sept 2026

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30.9%

Options & rights overhang

14.8%

In-the-money supply · most strikes not on record

Raises · last 12 months

8.4 qtrs

Cash cover · over 4 quarters

Shares on issue — last 2 years

Ordinary shares on issue

Weekly counts from ASX records. Dots mark cash capital raises. Latest count 6.63B per ASX (delayed) (snapshot 11 Sept 2026).

Cash runway

8.4 qtrs

More than four quarters of funding at the recent spend rate.

Funds operations to about July 2028 at the reported spend rate.

$30.6M cash after burn from the quarter ended 30 June 2026 · Runway is computed from Appendix 4C/5B filings and announced raise proceeds. Filed with the quarterly report: $33.6M cash at quarter end (item 4.6), 9.2 qtrs of funding on the company’s own estimate. Our figure above carries the filed quarter-end balance forward at the reported spend rate and adds announced raise proceeds.

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9 quarters on record — Cash runway history

Quarterly cash, net spend and cover trend from every Appendix 4C/5B on record up to 30 June 2026.

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Issuance timeline

Latest 5 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)

Date	Form	Security	On issue, per this filing	Source
22 June 2026	2A · quoted issue	ALR : ORDINARY FULLY PAID	6.63B	Appendix 2A
1 May 2026	2A · quoted issue	ALR : ORDINARY FULLY PAID	6.37B	Appendix 2A
15 Jan 2026	3G · unquoted	ORDINARY FULLY PAID	5.97B	Appendix 3G
15 Dec 2025	3G · unquoted	ORDINARY FULLY PAID	5.97B	Appendix 3G
13 Nov 2025	2A · quoted issue	ALR : ORDINARY FULLY PAID	5.97B	Appendix 2A

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12 filings on record — Full issuance history

Every quoted and unquoted issue and cancellation on record, plus unquoted securities (Appendix 4.2).

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Capital raises

3 cash raises in the last 24 months · 2 in the last 12 months

every 4.4 monthsaverage gap between raises

4.5 monthssince the most recent

31 July 2025 – 27 Apr 2026first to most recent in this window

$28.2M

Placement

27 Apr 2026 COMPLETE

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4 raises on record — Full raise history

Issue price, shares issued, brokers and stated purpose for every raise on record.

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Forward supply

Every dated event on record that could add securities to the register — option expiries to their stated dates and proposed issues over the next 18 months, on one timeline.

979.2M of option supply could convert within 12 months — 14.8% of shares on issue

979.2M in the money, expiring in the window

1 proposed issue (Appendix 3B) also pending — not counted above; the securities each would add are in the calendar below.

Out-of-the-money options are excluded — at today’s price they expire rather than convert. So is condition-triggered supply, which has no expiry and no price, and convertibles that convert on their own terms rather than on a date.

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3 dated events on record — Forward supply calendar

Option expiries and proposed issues on one forward timeline, with the securities each could add.

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Placement capacity

How much stock a company can place without asking holders. Listing Rule 7.1 allows 15% of ordinary securities in any 12 months, and every Appendix 3B states how much of it an issue uses.

About 99% of the 15% placement capacity left — about 1% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). The company has also placed under the additional 10% (Listing Rule 7.1A), which is not counted in this figure. One filing in the window states more under 7.1 than the whole allowance and is not counted, so usage may be higher than this. Holder-approved issues and any later ratification are not deducted, so the true headroom can be higher.

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Placement capacity — LR 7.1 / 7.1A

The filings behind the figure: every Appendix 3B in the window with what it says was issued under 7.1 and 7.1A, each row linked to its filing, and how many shares are left.

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Pending proposed issues

1 proposed issue pending — Appendix 3B lodged, securities not yet issued. New shares from these issues are not in the counts above until quoted.

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1 pending issue on record — Pending issue detail

Size, price, fees, broker and placement-capacity usage for each pending issue.

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Options & convertible securities

30.9%

Options & rights overhang · of current shares

14.8%

In-the-money supply · most strikes not on record

2.05B

Potential new shares

Feb 2027

Nearest expiry

What this supply is, and what converts it

Price-triggered979.2M · 14.8% of shares
Options and warrants — they convert when the share price clears their exercise price.
Condition-triggered1.07B · 16.1% of shares
Performance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.

Exercise price on record: 979.2M priced (of which 979.2M in the money), 1.07B where the filing never states one. A security with no exercise price is never counted in the money — nothing is paid to convert it, so there is no price for it to be above.

Each figure is the filing’s own count of securities, not a share count — a 2A never states what one security converts into.

What a price move would switch on

At $0.049 today, 979.2M securities are in the money (14.8% of shares on issue) — a floor, because an exercise price is on record for only 47.8% of this supply. No price up to ten times today’s switches on any more priced supply.

Priced supply in the money at the price on the axis — the curve, and the only thing on it. Ten prices, sampled: between two of them the true figure lies between the two.
1.07B (52.2% of the supply above) states no exercise price at all. It cannot be called in or out of the money at any price, which is why it is hatched rather than plotted.

Code	Security	Type	Exercise price	Expiry	On issue	Source
ALRAF	Options	Price-triggered	$0.003	19 Feb 2027	625.0M	Filing
ALRAA	Options	Price-triggered	$0.003	15 May 2027	354.2M	Filing
ALRAE	Rights	Condition-triggered	—	—	125.0M	Filing Meeting
ALRAB	Performance rights	Condition-triggered	—	—	944.5M	Filing Meeting

“Nil” is a stated nil exercise price: nothing is paid to convert. An em dash means the filing names no exercise price at all. Security is read from the filing’s own class description; an em dash there means the description is not one this table labels. One row is one security class, at the number stated in the most recent quotation application that restated it — linked, and dated, in the last column.

A condition-triggered class has no exercise price and usually no expiry: what it vests on is set by a shareholder resolution, not by the register. Where the company lodged a notice of meeting before the class first appears here, it is linked as “Meeting” — that is where terms of this kind are put to shareholders. It is not confirmation that the document sets this class’s conditions, and no link appears where there is no such filing.

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4 option lines on record — In-the-money value & price ladder

What each line is worth in the money today, the price ladder to the next tranche that converts, and the filing description behind every code.

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Director dealings

Date	Director	Type	Shares	Options	Other	Value	Source
14 Oct 2025	Bilal Ahmad	Other placement	37.5M	132.6M	—	$150k	3Y notice
14 Oct 2025	Jamie Larmont	Other placement	6.3M	8.3M	—	$25k	3Y notice
14 Oct 2025	Mordechai Benedikt	Other placement	6.3M	41.7M	—	$25k	3Y notice