CONDOR ENERGY LIMITED

ASX:CNDEnergy

863.8M shares on issueASX (delayed) · snapshot 11 Sept 20261.00B fully diluted+15.9% if every option and right converts$0.018price · delayed$15.5Mmarket cap · indicative

Today’s holders own 86.3% of what they think they own, once every option and right converts.

Moderate

Dilution risk

Share count grew 49% in 24 months; 3 cash raises in 24 months; options/rights overhang 16% of shares

Absolute levels — not a ranking against other companies.

Cash runway14.3 quarters of funding

Share-count growth (24m)48.6%

Raise cadence (24m)3 cash raises

Options & rights overhang15.9% of shares

In-the-money supplyno data — an exercise price is on record for a minority of the supply

Pending proposed issuesnone

CONDOR ENERGY LIMITED's ordinary share count grew 48.6% between August 2024 and June 2026, reaching 864M shares. The company undertook three capital raises in the past 24 months, totalling A$7.5M, with the most recent being a A$2.2M placement in May 2026. Options and rights on issue represent a potential 137M new shares, or 15.9% of the current share count, with the nearest expiry in February 2028; none are currently in the money. As of the June 2026 quarter, CONDOR ENERGY LIMITED held A$5.3M in available cash, which covers approximately 14.3 quarters of its operational expenses. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 8 Sept 2026

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15.9%

Options & rights overhang

—

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

Raises · last 12 months

14.3 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. Latest count 863.8M per ASX (delayed) (snapshot 11 Sept 2026).

Cash runway

14.3 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.

$5.3M 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: $3.4M cash at quarter end (item 4.6), 9.1 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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9 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
23 June 2026	3G · unquoted	CND : ORDINARY FULLY PAID	849.1M	Appendix 3G
23 June 2026	3G · unquoted	CND : ORDINARY FULLY PAID	849.1M	Appendix 3G
23 June 2026	3G · unquoted	CND : ORDINARY FULLY PAID	849.1M	Appendix 3G
23 June 2026	2A · quoted issue	CND : ORDINARY FULLY PAID	863.8M	Appendix 2A
7 May 2026	2A · quoted issue	CND : ORDINARY FULLY PAID	849.1M	Appendix 2A

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13 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 · 2 in the last 12 months

every 7.7 monthsaverage gap between raises

4.3 monthssince the most recent

23 Jan 2025 – 4 May 2026first to most recent in this window

$2.3M

Placement

4 May 2026 ACTIVE

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6 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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1 dated event 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 44% of the 15% placement capacity left — about 56% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). 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

15.9%

Options & rights overhang · of current shares

—

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

137.2M

Potential new shares

Feb 2028

Nearest expiry

What this supply is, and what converts it

Price-triggered25.0M · 2.9% of shares
Options and warrants — they convert when the share price clears their exercise price.
Condition-triggered112.2M · 13.0% 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: 25.0M priced, 112.2M 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.

What a price move would switch on

An exercise price is on record for only 18.2% 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 $0.018 today. No more priced supply until 3× today’s price, which takes it to 25.0M (2.9% 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.
112.2M (81.8% 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
CNDAJ	Options	Price-triggered	$0.040	3 Feb 2028	25.0M	Filing
CNDAF	Performance rights	Condition-triggered	—	—	112.2M	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.

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2 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
31 Dec 2025	Matthew Ireland	Sell	667k	167k	7.0M	—	3Y notice
31 Dec 2025	Scott Macmillan	Sell	—	15.0M	12.0M	—	3Y notice
10 Dec 2025	Serge Hayon	Other incentive	5k	30.0M	7.5M	—	3Y notice