CONNECTED MINERALS LIMITED

ASX:CMLTechnology Hardware & Equipment

142.6M shares on issueAppendix 2A · as of 13 Aug 2026196.2M fully diluted+37.6% if every option and right converts$0.42price · delayed$56.5Mmarket cap · indicative

Today’s holders own 72.7% of what they think they own, once every option and right converts.

Moderate

Dilution risk

Share count grew 156% in 24 months; options/rights overhang 38% of shares; 12% of shares in the money

Absolute levels — not a ranking against other companies.

Cash runway24.8 quarters of funding

Share-count growth (24m)155.6%

Raise cadence (24m)1 cash raise

Options & rights overhang37.6% of shares

In-the-money supply12.1% of shares

Pending proposed issuesopen proposed issue (Appendix 3B)

CONNECTED MINERALS LIMITED's ordinary share count grew 175.5% between December 2024 and August 2026, reaching 135M shares. In the past 24 months, the company undertook one capital raise, a A$4.5M placement in May 2026. Options and rights on issue represent a potential 54M new shares, or 39.8% of the current share count, with 13% in the money and the nearest expiry in December 2026. As of June 2026, the company had A$6.8M in cash, providing cover for 24.9 quarters. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 3 Sept 2026

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37.6%

Options & rights overhang

12.1%

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

Raises · last 12 months

24.8 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 142.6M per Appendix 2A (filed 13 Aug 2026).

Cash runway

24.8 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.

$6.8M 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: $2.5M cash at quarter end (item 4.6), 10.3 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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8 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
13 Aug 2026	2A · quoted issue	CML : ORDINARY FULLY PAID	134.6M	Appendix 2A
7 Aug 2026	2A · quoted issue	CML : ORDINARY FULLY PAID	129.9M	Appendix 2A
7 Aug 2026	2A · quoted issue	CML : ORDINARY FULLY PAID	80.4M	Appendix 2A
7 Aug 2026	3G · unquoted	CML : ORDINARY FULLY PAID	77.6M	Appendix 3G
7 Aug 2026	3H · cancellation	CML : ORDINARY FULLY PAID	77.6M	Appendix 3H

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 (134.6M) need not equal the current count above (142.6M).

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15 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

1 cash raise in the last 24 months · 1 in the last 12 months

$4.5M

Placement

4 May 2026 ACTIVE

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2 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.

12.0M of option supply could convert within 12 months — 8.4% of shares on issue

12.0M 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 Appendix 3B in the last 12 months reports an issue under the 15% placement capacity (as at 2026-09-12).

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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

37.6%

Options & rights overhang · of current shares

12.1%

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

53.6M

Potential new shares

Dec 2026

Nearest expiry

What this supply is, and what converts it

Price-triggered17.3M · 12.1% of shares
Options and warrants — they convert when the share price clears their exercise price.
Condition-triggered36.4M · 25.5% 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: 17.3M priced (of which 17.3M in the money), 36.4M 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 $0.42 today, 17.3M securities are in the money (12.1% of shares on issue) — a floor, because an exercise price is on record for only 32.2% 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.
36.4M (67.8% 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
CMLAC	Options	Price-triggered	$0.20	31 Dec 2026	12.0M	Filing
CMLAG	Options	Price-triggered	$0.25	27 Nov 2028	5.0M	Filing
CMLAH	Options	Price-triggered	$0.30	12 Mar 2029	250k	Filing
CMLAJ	Performance shares	Condition-triggered	—	—	18.2M	Filing Meeting
CMLAK	Performance shares	Condition-triggered	—	—	18.2M	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.

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.

CMLAFPrice-triggered2.0M securities → 013 Aug 2026 Appendix 2A

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5 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
13 Aug 2026	Warrick Clent	Other	2.0M	2.0M	—	—	3Y notice
7 Aug 2026	Stephen Wetherall	Other	17.4M	—	12.1M	—	3Y notice
5 Aug 2026	Quentin Flannery	Other placement	17.4M	—	12.1M	—	3Y notice