BELLAVISTA RESOURCES LTD

ASX:BVRMaterials

216.0M shares on issueASX (delayed) · snapshot 11 Sept 2026324.9M fully diluted+50.4% if every option and right converts$0.34price · delayed$73.4Mmarket cap · indicative

Today’s holders own 66.5% of what they think they own, once every option and right converts.

Moderate

Dilution risk

Share count grew 148% in 24 months; options/rights overhang 50% of shares; 2 cash raises in 24 months

Absolute levels — not a ranking against other companies.

Cash runway33.5 quarters of funding

Share-count growth (24m)147.5%

Raise cadence (24m)2 cash raises

Options & rights overhang50.4% of shares

In-the-money supply12.2% of shares

Pending proposed issuesnone

BELLAVISTA RESOURCES LTD's ordinary share count grew 147.5% between September 2024 and July 2026, reaching 216M shares. In the past 24 months, the company completed two capital raises totalling A$40.0M, with the most recent being a A$35.0M placement in January 2026. There are options and rights on issue that could convert into 109M new shares, representing 50.4% of the current share count, of which 12% are in the money. The nearest expiry date for these options is January 2027. As of the June 2026 quarter, BELLAVISTA RESOURCES LTD reported A$29.9M in available cash, sufficient to cover 33.6 quarters of operations. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 10 Sept 2026

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50.4%

Options & rights overhang

12.2%

In-the-money supply · most strikes not on record

Raises · last 12 months

33.5 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 216.0M per ASX (delayed) (snapshot 11 Sept 2026).

Cash runway

33.5 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.

$29.9M 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: $30.6M cash at quarter end (item 4.6), 37.2 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
17 July 2026	3H · cancellation	BVR : ORDINARY FULLY PAID	216.0M	Appendix 3H
10 July 2026	3G · unquoted	BVR : ORDINARY FULLY PAID	216.0M	Appendix 3G
2 July 2026	2A · quoted issue	BVR : ORDINARY FULLY PAID	216.0M	Appendix 2A
30 June 2026	2A · quoted issue	BVR : ORDINARY FULLY PAID	210.0M	Appendix 2A
26 June 2026	2A · quoted issue	BVR : ORDINARY FULLY PAID	209.5M	Appendix 2A

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24 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 · 1 in the last 12 months

every 15 monthsaverage gap between raises

7.4 monthssince the most recent

31 Oct 2024 – 30 Jan 2026first to most recent in this window

$35.0M

Placement

30 Jan 2026 COMPLETE

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4 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.

26.3M of option supply could convert within 12 months — 12.2% of shares on issue

26.3M in the money, expiring in the window

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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3 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 15% placement capacity left — all of it used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). The company has also placed under the additional 10% (Listing Rule 7.1A), which is not counted in this figure. 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

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

50.4%

Options & rights overhang · of current shares

12.2%

In-the-money supply · most strikes not on record

109.0M

Potential new shares

Jan 2027

Nearest expiry

What this supply is, and what converts it

Price-triggered26.3M · 12.2% of shares
Options and warrants — they convert when the share price clears their exercise price.
Condition-triggered82.7M · 38.3% 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: 26.3M priced (of which 26.3M in the money), 82.7M 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

At $0.34 today, 26.3M securities are in the money (12.2% of shares on issue) — a floor, because an exercise price is on record for only 24.1% 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.
82.7M (75.9% 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.

Code	Security	Type	Exercise price	Expiry	On issue	Source
BVRAC	Options	Price-triggered	$0.25	17 Jan 2027	26.0M	Filing
BVRAD	Options	Price-triggered	$0.25	2 Feb 2027	250k	Filing
BVRAG	Performance rights	Condition-triggered	—	29 Apr 2031	50.0M	Filing Meeting
BVRAF	Performance rights	Condition-triggered	—	—	32.7M	Filing 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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4 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
15 July 2026	Glenn Jardine	Other incentive	3.7M	—	5.4M	—	3Y notice
2 July 2026	Glenn Jardine	Other incentive	267k	—	3.6M	—	3Y notice
2 July 2026	Peter Canterbury	Other incentive	267k	—	2.4M	—	3Y notice