BARKLY RARE EARTHS LIMITED
ASX:BAKMaterialsToday’s holders own 52.6% of what they think they own, once every option and right converts.
Runway under 2 quarters; options/rights overhang 90% of shares
Barkly Rare Earths Limited's ordinary share count was 81M as of October 2026, its latest share-count filing, showing no change since that same filing. The company has not raised capital through any placement, rights issue or share purchase plan in the past 24 months. Options and rights on issue could convert into 73M new shares, equal to 90.1% of the current share count, with the nearest expiry in January 2029; none are in the money at the current share price. The company has under 2 quarters of funding at the recent spend rate. No proposed securities issues are currently pending.
Quick answers · 3
How much cash does BAK have?
In its quarterly cash report for the quarter ended 30 Sept 2026, Barkly Rare Earths reported $3.5M of cash and estimated 1.8 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do BAK's options expire?
Unexercised options and rights equal 90.1% of Barkly Rare Earths's shares on issue; the nearest expiry is Jan 2029.
How much has BAK's share count grown?
Barkly Rare Earths has 81.3M shares on issue as at 28 Oct 2026, up 0.0% over 24 months according to its Appendix 2A filings.
Shares on issue — last 2 years
Cash runway
Issuance timeline
Latest 2 filings (Appendix 2AThe form a company lodges to have new securities quoted on the ASX. It restates how many of each class are on issue. quoted issues, 3G unquoted, 3H cancellations)
| Date | Form | Security | On issue, per this filing | Source |
|---|---|---|---|---|
| 21 Oct 2026 | 2A · quoted issue | BAK : ORDINARY FULLY PAID | 63.4M | Appendix 2A |
| 6 Oct 2026 | 2A · quoted issue | BAK : ORDINARY FULLY PAID | 57.0M | Appendix 2A |
Each filing states the count for the security it names, as at its own reference date and in the units of that filing — so the newest row (63.4M) need not equal the current count above (81.3M).
Securities on issue over time
Ordinary shares and every option and rights class, month by month over two years. The top edge is the fully diluted count.
Capital raises
Results due
What the company's own reports say is coming, and when. A month is one the report names; “by end of year” is a deadline such as “Q4”. See every explorer on the results calendar.
- by end 2026 · Exploration Target drilling program (planned)
- by end 2026 · assay results expected (results due)
- by end 2026 · updated Mineral Resource estimate (to complete)
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.
Placement capacity
How much stock a company can place without asking holders. Listing Rule 7.1 / 7.1ARule 7.1 lets a company issue up to 15% of its shares in 12 months without a shareholder vote. Rule 7.1A adds 10% for smaller companies whose holders approve it. allows 15% of ordinary securities in any 12 months, and every Appendix 3BNotice that a company proposes to issue new securities, such as a placement. The securities are not on issue until a later filing confirms it. states how much of it an issue uses.
Pending proposed issues
Options & convertible securities
- Price-triggered65.1M · 80.1% of sharesOptions and warrants — they convert when the share price clears their exercise price.No exercise price is on record for any of it, so none of it can be called in or out of the money.
- Condition-triggered8.1M · 10.0% of sharesPerformance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.
Exercise price on record: 0 priced, 73.2M 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.
No option supply on record carries an exercise price to pay, so no share price switches any of it on. All 73.2M of it converts on something else — a hurdle that may never be met, or terms the filing does not price.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| BAKAC | Options | Price-triggered, no exercise price stated | — | 28 Jan 2029 | 234k | Filing |
| BAKAD | Options | Price-triggered, no exercise price stated | — | 28 Jan 2029 | 12.4M | Filing |
| BAKO | Options | Price-triggered, no exercise price stated | — | 28 Jan 2029 | 52.4M | Filing |
| BAKAE | Performance rights | Condition-triggered | — | — | 8.1M | Filing |
“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. For what expires soon across other listed companies, see the options expiry calendar.
Director dealings
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.