BANNERMAN ENERGY LTD

ASX:BMNEnergy

207.8M shares on issueASX (delayed) · snapshot 11 Sept 2026210.5M fully diluted+1.3% if every option and right converts$4.25price · delayed$883.2Mmarket cap · indicative

Today’s holders own 98.7% of what they think they own, once every option and right converts.

Low

Dilution risk

Share count grew 16% in 24 months; 3 cash raises in 24 months; proposed issue pending

Absolute levels — not a ranking against other companies.

Cash runway9.7 quarters of funding

Share-count growth (24m)16.4%

Raise cadence (24m)3 cash raises

Options & rights overhang1.3% of shares

In-the-money supply0.0% of shares

Pending proposed issuesopen proposed issue (Appendix 3B)

BANNERMAN ENERGY LTD ordinary shares grew 16.4% between August 2024 and July 2026, reaching 208M shares. In the past 24 months, the company completed three capital raises totalling A$219.0M, including a A$134.0M placement in September 2026. Options and rights on issue represent potential new shares of 3M, or 1.3% of current shares, with the nearest expiry in November 2026; none are currently in the money. As of June 2026, the company reported A$163.4M in available cash, covering 9.7 quarters of operations. One proposed securities issue is pending, with an expected date in September 2026.

AI-generated summary of this page's cited filings · updated 11 Sept 2026

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1.3%

Options & rights overhang

0.0%

In-the-money supply

Raises · last 12 months

9.7 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 207.8M per ASX (delayed) (snapshot 11 Sept 2026).

Cash runway

9.7 qtrs

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

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

$163.2M 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: $53.1M cash at quarter end (item 4.6), 8.1 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)

Date	Form	Security	On issue, per this filing	Source
2 July 2026	2A · quoted issue	BMN : ORDINARY FULLY PAID	207.8M	Appendix 2A
31 Mar 2026	3H · cancellation	BMN : ORDINARY FULLY PAID	207.7M	Appendix 3H
31 Mar 2026	3G · unquoted	ORDINARY FULLY PAID	207.7M	Appendix 3G
31 Mar 2026	2A · quoted issue	BMN : ORDINARY FULLY PAID	207.7M	Appendix 2A
14 Jan 2026	2A · quoted issue	BMN : ORDINARY FULLY PAID	207.7M	Appendix 2A

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26 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 · 1 in the last 12 months

every 8.6 monthsaverage gap between raises

0.1 monthssince the most recent

1 Apr 2025 – 8 Sept 2026first to most recent in this window

$134.0M

Placement

8 Sept 2026 ACTIVE

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3 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.

45k of option supply could convert within 12 months — 0.0% of shares on issue

45k 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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9 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 only Appendix 3B in the window claiming the 15% capacity states more than the whole allowance, so it cannot be counted.

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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

1.3%

Options & rights overhang · of current shares

0.0%

In-the-money supply · at current price

2.6M

Potential new shares

Nov 2026

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 2.6M of it states a NIL exercise price: nothing is paid to convert it, so it converts at any price rather than on a hurdle.

Code	Security	Type	Exercise price	Expiry	On issue	Source
BMNAA	Options	Price-triggered	Nil	15 Nov 2026	45k	Filing
BMNAQ	Options	Price-triggered	Nil	15 Nov 2027	64k	Filing
BMNAAN	Options	Price-triggered	Nil	15 Nov 2028	40k	Filing
BMNAB	Options	Price-triggered	Nil	15 Nov 2029	160k	Filing
BMNAC	Options	Price-triggered	Nil	15 Nov 2030	466k	Filing
BMNAR	Options	Price-triggered	Nil	15 Nov 2031	880k	Filing
BMNAAO	Options	Price-triggered	Nil	15 Nov 2032	524k	Filing
BMNAD	Options	Price-triggered	Nil	15 Nov 2033	464k	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.

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.

BMNAAMCondition-triggered15k securities → 011 Dec 2025 Appendix 2A

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8 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
16 Dec 2025	Alison Terry	Other	—	8	—	$25k	3Y notice
16 Dec 2025	Brandon Munro	Other	—	81	—	$252k	3Y notice
16 Dec 2025	Bruce McFadzean	Other	—	13	—	—	3Y notice
16 Dec 2025	Clive Jones	Other	—	8	—	$25k	3Y notice
16 Dec 2025	Felicity Gooding	Other	—	11	—	$36k	3Y notice