Companies / BGD

BARTON GOLD HOLDINGS LIMITED

ASX:BGDMaterials
271.0M shares on issueASX (delayed) · snapshot 11 Sept 2026286.0M fully diluted+5.5% if every option and right converts$1.10price · delayed$298.1Mmarket cap · indicative

Today’s holders own 94.8% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 24% in 24 months; 3 cash raises in 24 months; runway 4–8 quarters

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway4.0 quarters of funding
Share-count growth (24m)24.0%
Raise cadence (24m)3 cash raises
Options & rights overhang5.5% of shares
In-the-money supply0.0% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

BARTON GOLD HOLDINGS LIMITED's ordinary share count increased 24.0% between May 2024 and September 2026, reaching 271M shares. The company completed three capital raises in the past 24 months, totalling A$44.6M, with the latest being a A$25.9M placement in June 2026. There are currently options on issue that could result in 15M new shares, representing 5.5% of the current share count, with the nearest expiry in January 2027. As of June 2026, the company held A$26.5M in cash, providing approximately 4.0 quarters of operating cover. A single proposed securities issue is pending, with an expected date in December 2026.

AI-generated summary of this page's cited filings · updated 10 Sept 2026
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5.5%
Options & rights overhang
0.0%
In-the-money supply
2
Raises · last 12 months
4.0 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 271.0M per ASX (delayed) (snapshot 11 Sept 2026).
225M250M275MDec 24Oct 25Sept 26Cash raise · 1 June 2026Cash raise · 9 Oct 2025Cash raise · 22 May 2025271.0M

Cash runway

4.0 qtrs
More than four quarters of funding at the recent spend rate.
Funds operations to about June 2027 at the reported spend rate.
$26.4M 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: $31.9M cash at quarter end (item 4.6), 4.8 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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11 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)

DateFormSecurityOn issue, per this filingSource
10 Sept 20262A · quoted issueBGD : ORDINARY FULLY PAID271.0MAppendix 2A
21 Aug 20263G · unquotedBGD : ORDINARY FULLY PAID271.0MAppendix 3G
19 Aug 20262A · quoted issueBGD : ORDINARY FULLY PAID271.0MAppendix 2A
18 Aug 20262A · quoted issueBGD : ORDINARY FULLY PAID270.9MAppendix 2A
16 July 20262A · quoted issueBGD : ORDINARY FULLY PAID270.5MAppendix 2A
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52 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 6.2 monthsaverage gap between raises
3.4 monthssince the most recent
22 May 2025 – 1 June 2026first to most recent in this window
$25.9M
Placement
1 June 2026 COMPLETE
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16 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.

2.1M of option supply could convert within 12 months — 0.8% of shares on issue
2.1M at a stated nil exercise price — nothing is paid to convert these
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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11 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.

No estimate — the filings already exceed 15% of the share count we can measure, which means securities were added to the base during the year that we cannot see.
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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

5.5%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
15.0M
Potential new shares
Jan 2027
Nearest expiry
What a price move would switch on

No option supply on record carries an exercise price to pay, so no share price switches any of it on. All 15.0M of it states a NIL exercise price: nothing is paid to convert it, so it converts at any price rather than on a hurdle.

CodeSecurityTypeExercise priceExpiryOn issueSource
BGDAHOptionsPrice-triggeredNil16 Jan 202734kFiling
BGDASOptionsPrice-triggeredNil17 Apr 202732kFiling
BGDALOptionsPrice-triggeredNil30 June 20272.0MFiling
BGDATOptionsPrice-triggeredNil18 July 202730kFiling
BGDAUOptionsPrice-triggeredNil30 Oct 202782kFiling
BGDAWOptionsPrice-triggeredNil9 Dec 2027437kFiling
BGDAROptionsPrice-triggeredNil30 June 20283.3MFiling
BGDAXOptionsPrice-triggeredNil10 Dec 2028834kFiling
BGDAVOptionsPrice-triggeredNil30 June 20296.4MFiling
BGDAYOptionsPrice-triggeredNil30 June 20301.8MFiling

“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.

1 class ceased in the last 12 months and is not counted above
The company’s own Appendix 2A restates each of these at zero. They are excluded from the overhang, the in-the-money supply and every figure on this page. Each count is the filing’s own count of securities in the class, not a share count — a 2A never states what one security converts into.
  • BGDAQPrice-triggered200k securities → 018 Aug 2026 Appendix 2A
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10 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

DateDirectorTypeSharesOptionsOtherValueSource
25 Aug 2026Kenneth WilliamsOther off-market422k750k——3Y notice
18 Aug 2026Alexander ScanlonOther100k100k——3Y notice
16 July 2026Christian PaechOther214———3Y notice
16 July 2026Graham ArvidsonOther22k———3Y notice
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29 notices on record — Full dealing history
Every change-of-director's-interest notice on record, with direction and consideration.
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Ownership

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Top-20 holders & substantial holder notices
Top-20 register snapshot and substantial-holder movements, each linked to its source notice.
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Latest announcements

10 Sept 2026Application for quotation of securities - BGD
7 Sept 2026$PTunkillia Environmental Scoping Report Approved
30 Aug 2026$PTunkillia infill drilling confirms high-grade mineralisation
27 Aug 2026Change of Director's Interest Notice
21 Aug 2026Notification regarding unquoted securities - BGD
19 Aug 2026$PInfrastructure Sterilisation Drilling Begins at Tunkillia
19 Aug 2026Application for quotation of securities - BGD
18 Aug 2026Change of Director's Interest Notice
18 Aug 2026Application for quotation of securities - BGD
17 Aug 2026$PNumerous High-Grade Assays Extend Tolmer Silver Discovery
5 Aug 2026$PTunkillia Upgrade Drilling - 39,000m Phase 2 Complete
30 July 2026Transition from OTCQB to Unsponsored OTC Quotation
29 July 2026$PFurther Assays Infill Tunkillia Pit Extension Targets
28 July 2026Presentation to Tactic Conference
27 July 2026$PQuarterly Cashflow Report
27 July 2026$PQuarterly Activities Report
16 July 2026Change of Director's Interest Notice
16 July 2026Change of Director's Interest Notice
16 July 2026Application for quotation of securities - BGD
15 July 2026Change of Director's Interest Notice

Headlines link to the source PDFs on the ASX announcements platform. Data as of 12 Sept 2026.