EVOLUTION ENERGY MINERALS LIMITED

ASX:EV1Materials

816.7M shares on issueASX (delayed) · snapshot 11 Sept 20261.06B fully diluted+30.2% if every option and right converts$0.010price · delayed$8.2Mmarket cap · indicative

Today’s holders own 76.8% of what they think they own, once every option and right converts.

High

Dilution risk

Share count grew 125% in 24 months; runway 2–4 quarters; options/rights overhang 30% of shares

Absolute levels — not a ranking against other companies.

Cash runway2.8 quarters of funding

Share-count growth (24m)124.9%measured to the latest Appendix 2A, not to the share count above

Raise cadence (24m)2 cash raises

Options & rights overhang30.2% of shares

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

Pending proposed issuesnone

EVOLUTION ENERGY MINERALS LIMITED had 817M shares outstanding as of March 2026. The company has undertaken two capital raises in the past 24 months, totalling A$5.9M, with the most recent being a A$4.2M Renounceable Entitlement Offer (with Follow-on Placement) in February 2026. Options and rights outstanding represent potential new shares equivalent to 30.2% of the current share count, with the nearest expiry in October 2027. As of the June 2026 quarter, the company reported A$2.2M in available cash, sufficient to cover approximately 2.8 quarters of operations based on its recent spending. No proposed securities issues are currently pending. The growth in share count over the 24-month period is not stated, as the filed 2A series ends earlier than the latest reported share count.

AI-generated summary of this page's cited filings · updated 9 Sept 2026

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30.2%

Options & rights overhang

—

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

Raises · last 12 months

2.8 qtrs

Cash cover · 2–4 quarters

Shares on issue — last 2 years

Ordinary shares on issue

Weekly counts from ASX records. Dots mark cash capital raises. Latest count 816.7M per ASX (delayed) (snapshot 11 Sept 2026).

Cash runway

2.8 qtrs

Two to four quarters of funding at the recent spend rate.

Funds operations to about Feb 2027 at the reported spend rate.

$2.2M 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: $2.9M cash at quarter end (item 4.6), 4.5 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
11 Mar 2026	2A · quoted issue	EV1 : ORDINARY FULLY PAID	537.9M	Appendix 2A
11 Mar 2026	2A · quoted issue	EV1 : ORDINARY FULLY PAID	547.9M	Appendix 2A
11 Mar 2026	2A · quoted issue	EV1 : ORDINARY FULLY PAID	806.7M	Appendix 2A
16 Feb 2026	2A · quoted issue	EV1 : ORDINARY FULLY PAID	537.9M	Appendix 2A
9 Dec 2025	3G · unquoted	EV1 : ORDINARY FULLY PAID	537.7M	Appendix 3G

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 (537.9M) need not equal the current count above (816.7M).

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18 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 5.9 monthsaverage gap between raises

7 monthssince the most recent

13 Aug 2025 – 10 Feb 2026first to most recent in this window

$4.2M

Renounceable Entitlement Offer (with Follow-on Placement)

10 Feb 2026

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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.

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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 53% of the 15% placement capacity left — about 47% 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

30.2%

Options & rights overhang · of current shares

—

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

246.7M

Potential new shares

Oct 2027

Nearest expiry

What a price move would switch on

An exercise price is on record for only 8.2% 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 $0.010 today. No more priced supply until 3× today’s price, which takes it to 20.0M (2.4% 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.
1.4M (0.6% of the supply above) states a nil exercise price — nothing is paid to convert it, so no share price switches it on or off. It is the flat band, and it is not part of the in-the-money figure.
225.3M (91.3% 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
EV1AF	Options	Price-triggered	Nil	10 Oct 2027	1.4M	Filing
EV1AH	Options	Price-triggered	$0.020	9 Dec 2027	20.0M	Filing
EV1O	Options	Price-triggered	—	17 Sept 2028	225.3M	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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3 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
9 Dec 2025	Craig MOULTON	Other incentive	6.9M	10.3M	—	—	3Y notice
9 Dec 2025	David NAOUM	Other incentive	—	2.5M	—	—	3Y notice
9 Dec 2025	Gemma CRYAN	Other incentive	—	2.5M	—	—	3Y notice