BALLARD MINING LIMITED
ASX:BM1MaterialsToday’s holders own 94.6% of what they think they own, once every option and right converts.
Share count grew 54% in 24 months; 4 cash raises in 24 months; runway 4–8 quarters
BALLARD MINING LIMITED’s ordinary share count grew 53.6% between October 2025 and October 2026, its latest share-count filing, to 523M shares. The company raised capital four times in the past 24 months for total disclosed proceeds of A$166.8M, most recently a A$55.0M placement in October 2026. Options and rights on issue could convert into 30M new shares, equal to 5.7% of the current share count, none of which are in the money at the current share price; the nearest expiry falls in July 2028. The company has more than 4 quarters of funding at the recent spend rate. No proposed securities issues are pending.
Quick answers · 6
Why was BM1 in a trading halt?
Ballard Mining requested a trading halt on 8 Oct 2026, giving the reason "Pending announcement regarding a proposed capital raising". Trading was expected to resume 12 Oct 2026.
When did BM1 last raise capital?
The last capital raise in Ballard Mining's filings is Placement of $55.0M announced 12 Oct 2026, one of 4 cash raises in 24 months.
How much placement capacity does BM1 have left?
About 27% of the 15% placement capacity left, about 73% used in 12 months (estimate). Under ASX Listing Rule 7.1 a company may place up to 15% of its shares in 12 months without shareholder approval.
How much cash does BM1 have?
In its quarterly cash report for the quarter ended 30 Sept 2026, Ballard Mining reported $44.1M of cash and estimated 2.5 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do BM1's options expire?
Unexercised options and rights equal 5.7% of Ballard Mining's shares on issue; the nearest expiry is July 2028.
How much has BM1's share count grown?
Ballard Mining has 523.0M shares on issue as at 28 Oct 2026, up 53.6% over 24 months according to its Appendix 2A filings.
Shares on issue — last 2 years
Cash runway
Issuance timeline
Latest 5 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 |
|---|---|---|---|---|
| 23 Oct 2026 | 2A · quoted issue | BM1 : ORDINARY FULLY PAID | 366.7M | Appendix 2A |
| 16 Oct 2026 | 2A · quoted issue | BM1 : ORDINARY FULLY PAID | 366.6M | Appendix 2A |
| 1 Oct 2026 | 2A · quoted issue | BM1 : ORDINARY FULLY PAID | 298.4M | Appendix 2A |
| 29 Sept 2026 | 2A · quoted issue | BM1 : ORDINARY FULLY PAID | 298.4M | Appendix 2A |
| 9 Sept 2026 | 3G · unquoted | BM1 : ORDINARY FULLY PAID | 298.3M | Appendix 3G |
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 (366.7M) need not equal the current count above (523.0M).
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
4 cash raises in the last 24 months · 2 in the last 12 months
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-triggered13.5M · 2.6% of sharesOptions and warrants — they convert when the share price clears their exercise price.At least 7.0M of it states no exercise price — that much cannot be called in or out of the money.
- Condition-triggered16.2M · 3.1% 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: 6.5M priced, 23.2M 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.
An exercise price is on record for only 21.9% of this supply, so what is in the money today is not a measurement — the tile above reads “—” for that reason. Of the priced supply, 0 is in the money at $0.65 today. No more priced supply until 1.5× today’s price, which takes it to 750k (0.1% of shares).
- 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.
- 23.2M (78.1% 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 |
|---|---|---|---|---|---|---|
| BM1AB | Options | Price-triggered, no exercise price stated | — | 9 July 2028 | 2.5M | Filing |
| BM1AC | Options | Price-triggered, no exercise price stated | — | 14 July 2028 | 1.0M | Filing |
| BM1AD | Options | Price-triggered, no exercise price stated | — | 14 July 2028 | 1.0M | Filing |
| BM1AE | Options | Price-triggered, no exercise price stated | — | 9 July 2029 | 2.5M | Filing |
| BM1AI | Options | Price-triggered | $0.84 | 9 Dec 2029 | 750k | Filing |
| BM1AG | Rights | Condition-triggered | — | 9 July 2030 | 1.5M | Filing |
| BM1AF | Performance rights | Condition-triggered | — | 9 July 2030 | 9.0M | Filing |
| BM1AJ | Options | Price-triggered | $1.10 | 4 Sept 2031 | 4.5M | Filing |
| BM1AK | Options | Price-triggered | $1.10 | 9 Sept 2031 | 1.3M | Filing |
| BM1AH | Performance rights | Condition-triggered | — | — | 5.7M | 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
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 4 Sept 2026 | James Lindsay Croser | Other | 1.8M | 2.3M | — | — | 3Y notice |
| 4 Sept 2026 | Paul Brennan | Other | — | 1.0M | 4.5M | — | 3Y notice |
| 4 Sept 2026 | Simon Richard Lill | Other | 734k | 3.0M | — | — | 3Y notice |
| 4 Sept 2026 | Timothy Peter Manners | Other | — | 1.0M | 4.5M | — | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.