Companies / BHM

BROKEN HILL MINES LIMITED

ASX:BHMMaterials
396.2M shares on issueAppendix 2A · as of 4 Sept 2026501.5M fully diluted+26.6% if every option and right converts$0.68price · delayed$166.8Mmarket cap · indicative

Today’s holders own 79.0% of what they think they own, once every option and right converts.

Moderate
Dilution riskprovisional — limited history

Share count grew 47% in 24 months; 2 cash raises in 24 months; options/rights overhang 27% of shares; since relisting as BHM; prior history under CBH not included

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway21.3 quarters of funding
Share-count growth (24m)47.4%since relisting as BHM; prior history under CBH not included
Raise cadence (24m)2 cash raisessince relisting as BHM; prior history under CBH not included
Options & rights overhang26.6% of shares
In-the-money supply0.6% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

BROKEN HILL MINES LIMITED's ordinary share count grew 126.8% between August 2025 and September 2026, to 245M shares. The company raised capital twice in that period for total disclosed proceeds of A$128.5M, most recently a A$90.0M placement in August 2026. Options and rights on issue could convert into 105M new shares, equal to 42.9% of the current share count, of which 1% are in the money at the current share price; the nearest expiry falls in May 2029. At the June 2026 quarter the company reported A$95.2M in available cash, about 21.3 quarters of funding at its recent spending rate. One proposed securities issue (Appendix 3B) is pending, with an expected issue date in September 2026. The company has traded as BHM only since July 2025, and historical data prior to that is not included.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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26.6%
Options & rights overhang
0.6%
In-the-money supply · most strikes not on record
2
Raises · last 12 months
21.3 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. Shown since relisting as BHM (14 July 2025); prior history under CBH is not included. Latest count 396.2M per Appendix 2A (filed 4 Sept 2026).
200M250M300MJuly 25Feb 26Sept 26Cash raise · 25 Aug 2026Cash raise · 17 Oct 2025

Cash runway

21.3 qtrs
More than four quarters of funding at the recent spend rate.
More than three years of funding at the reported spend rate — far enough out that a dated estimate would be false precision.
$95.2M 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: $33.7M cash at quarter end (item 4.6). Our figure above carries the filed quarter-end balance forward at the reported spend rate and adds announced raise proceeds.
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4 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
4 Sept 20262A · quoted issueBHM : ORDINARY FULLY PAID245.2MAppendix 2A
4 Sept 20262A · quoted issueBHM : ORDINARY FULLY PAID166.0MAppendix 2A
14 Aug 20263G · unquotedBHM : ORDINARY FULLY PAID166.0MAppendix 3G
9 July 20262A · quoted issueBHM : ORDINARY FULLY PAID166.0MAppendix 2A
21 Dec 20252A · quoted issueBHM : ORDINARY FULLY PAID161.9MAppendix 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 (245.2M) need not equal the current count above (396.2M).

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19 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

2 cash raises in the last 24 months · 2 in the last 12 months · counted since relisting as BHM (14 July 2025); prior history under CBH is not included

every 10.2 monthsaverage gap between raises
0.6 monthssince the most recent
17 Oct 2025 – 25 Aug 2026first to most recent in this window
$90.0M
Placement
25 Aug 2026 ACTIVE
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5 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.

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6 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 5% of the 15% placement capacity left — about 95% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). 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

26.6%
Options & rights overhang · of current shares
0.6%
In-the-money supply · most strikes not on record
105.3M
Potential new shares
May 2029
Nearest expiry
What this supply is, and what converts it
  • Price-triggered81.3M · 20.5% of shares
    Options and warrants — they convert when the share price clears their exercise price.
    At least 79.1M of it states no exercise price — that much cannot be called in or out of the money.
  • Condition-triggered24.0M · 6.1% 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: 2.3M priced (of which 2.3M in the money), 103.1M 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
52.7M105.3M$0.68 now0.25× today ($0.17) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.34) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.51) — 2.3M of the priced supply in the money, 0.6% of shares on issue1× today ($0.68) — 2.3M of the priced supply in the money, 0.6% of shares on issue1.25× today ($0.85) — 2.3M of the priced supply in the money, 0.6% of shares on issue1.5× today ($1.02) — 2.3M of the priced supply in the money, 0.6% of shares on issue2× today ($1.36) — 2.3M of the priced supply in the money, 0.6% of shares on issue3× today ($2.04) — 2.3M of the priced supply in the money, 0.6% of shares on issue5× today ($3.40) — 2.3M of the priced supply in the money, 0.6% of shares on issue10× today ($6.80) — 2.3M of the priced supply in the money, 0.6% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.68 today, 2.3M securities are in the money (0.6% of shares on issue) — a floor, because an exercise price is on record for only 2.1% 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.
  • 103.1M (97.9% 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
BHMOAOptionsPrice-triggered—16 May 20296.3MFiling
BHMAZOptionsPrice-triggered—9 July 20301.7MFiling
BHMAWOptionsPrice-triggered—9 July 203031.1MFiling
BHMAXOptionsPrice-triggered—9 July 203040.0MFiling
BHMAVOptionsPrice-triggered$0.369 July 20302.3MFiling
BHMAYPerformance rightsCondition-triggered——5.0MFiling
BHMAAAPerformance rightsCondition-triggered——19.0MFiling 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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7 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
22 Dec 2025Stephen WoodhamBuy272k——$218k3Y notice
23 July 2025Mark HineBuy on-market86k200k500k—3Y notice
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2 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

7 Sept 2026Letter to Shareholders - Notice of General Meeting
7 Sept 2026Notice of Extraordinary General Meeting/Proxy Form
4 Sept 2026Letter to Shareholders - Re-launched Share Purchase Plan
4 Sept 2026Re-launched Share Purchase Plan Opens
4 Sept 2026Re-launch of Share Purchase Plan
4 Sept 2026Notice Under Section 708A
4 Sept 2026Application for quotation of securities - BHM
4 Sept 2026Application for quotation of securities - BHM
4 Sept 2026Letter to Shareholders - Share Purchase Plan
4 Sept 2026Broken Hill Mines Limited Opens Share Purchase Plan
31 Aug 2026KFM: High-Grade Ag-Pb-Zn Results at Stephens Trig
27 Aug 2026Broken Hill Mines Investor Update Teleconference
27 Aug 2026Capital Raising Investor Presentation
27 Aug 2026Proposed issue of securities - BHM
27 Aug 2026Proposed issue of securities - BHM
27 Aug 2026$PBHM Executes Fully Underwritten A$90m Capital Raising
27 Aug 2026Appendix 4G and Corporate Governance Statement
27 Aug 2026$PBHM Appendix 4E and 2026 Annual Report
25 Aug 2026$PTrading Halt
21 Aug 2026Confirmation of Major Discovery at Centenary, Rasp - Amended

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