CAVALIER RESOURCES LIMITED

ASX:CVRMaterials

85.2M shares on issueASX (delayed) · snapshot 11 Sept 202691.4M fully diluted+7.3% if every option and right converts$0.25price · delayed$21.3Mmarket cap · indicative

Today’s holders own 93.2% of what they think they own, once every option and right converts.

High

Dilution risk

Share count grew 96% in 24 months; 3 cash raises in 24 months; runway 4–8 quarters

Absolute levels — not a ranking against other companies.

Cash runway7.8 quarters of funding

Share-count growth (24m)96.3%

Raise cadence (24m)3 cash raises

Options & rights overhang7.3% of shares

In-the-money supply5.1% of shares

Pending proposed issuesopen proposed issue (Appendix 3B)

CAVALIER RESOURCES LIMITED's ordinary share count grew 96.3% between June 2024 and May 2026, reaching 85M shares. The company raised capital three times in the past 24 months, totalling A$7.9M, with the most recent event being a A$4.0M placement in April 2026. There are options and rights that could convert into 6M new shares, representing 7.3% of the current share count, with 5% in the money and the nearest expiry in September 2027. As of June 2026, the company had A$3.3M in available cash, sufficient for 7.8 quarters based on its recent spending rate. 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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7.3%

Options & rights overhang

5.1%

In-the-money supply

Raises · last 12 months

7.8 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 85.2M per ASX (delayed) (snapshot 11 Sept 2026).

Cash runway

7.8 qtrs

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

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

$3.3M 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: $3.7M cash at quarter end (item 4.6), 8.8 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 June 2026	3H · cancellation	CVR : ORDINARY FULLY PAID	85.2M	Appendix 3H
4 May 2026	2A · quoted issue	CVR : ORDINARY FULLY PAID	85.2M	Appendix 2A
20 Feb 2026	2A · quoted issue	CVR : ORDINARY FULLY PAID	72.0M	Appendix 2A
4 Feb 2026	2A · quoted issue	CVR : ORDINARY FULLY PAID	71.6M	Appendix 2A
27 Nov 2025	3G · unquoted	CVR : ORDINARY FULLY PAID	71.3M	Appendix 3G

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12 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 9.5 monthsaverage gap between raises

4.8 monthssince the most recent

18 Sept 2024 – 20 Apr 2026first to most recent in this window

$4.0M

Placement

20 Apr 2026 ACTIVE

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5 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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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.

About 24% of the 15% placement capacity left — about 76% 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

1 proposed issue pending — Appendix 3B lodged, securities not yet issued. New shares from these issues are not in the counts above until quoted.

Paid plan

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

7.3%

Options & rights overhang · of current shares

5.1%

In-the-money supply · at current price

6.2M

Potential new shares

Sept 2027

Nearest expiry

What a price move would switch on

At $0.25 today, 4.4M securities are in the money (5.1% of shares on issue). No more priced supply until 3× today’s price, which takes it to 6.2M (7.3% 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.

Code	Security	Type	Exercise price	Expiry	On issue	Source
CVRAH	Options	Price-triggered	$0.50	12 Sept 2027	1.9M	Filing
CVRAG	Options	Price-triggered	$0.24	18 Oct 2027	4.4M	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.

CVRAECondition-triggered4.0M securities → 010 Nov 2025 Appendix 2A

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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
7 Nov 2025	Anthony Keers	Other incentive	500k	—	500k	—	3Y notice
7 Nov 2025	Daniel Tuffin	Other incentive	1.8M	—	—	—	3Y notice
7 Nov 2025	Ranko Matic	Other incentive	1.8M	—	—	—	3Y notice