Companies / FHE

FRONTIER ENERGY LIMITED

ASX:FHEMaterials
1.11B shares on issueASX (delayed) · snapshot 11 Sept 20261.23B fully diluted+10.5% if every option and right converts$0.20price · delayed$228.1Mmarket cap · indicative

Today’s holders own 90.5% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 116% in 24 months; 2 cash raises in 24 months; options/rights overhang 10% of shares

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway59.3 quarters of funding
Share-count growth (24m)116.5%
Raise cadence (24m)2 cash raises
Options & rights overhang10.5% of shares
In-the-money supplyno data — an exercise price is on record for a minority of the supply
Pending proposed issuesopen proposed issue (Appendix 3B)

FRONTIER ENERGY LIMITED's ordinary share count grew 116.5% between September 2024 and July 2026, reaching 1.11B shares. The company completed two capital raises totaling A$121.5M in the past 24 months, with the most recent being a A$110.0M placement in June 2026. There are options on issue that could convert into 116M new shares, representing 10.5% of the current share count, with the nearest expiry in December 2026. As of June 2026, FRONTIER ENERGY LIMITED reported A$110.0M in cash, sufficient for approximately 59.3 quarters of operations. One proposed securities issue (Appendix 3B) is pending, with an expected issue date in March 2027.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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10.5%
Options & rights overhang
—
In-the-money supply · most strikes not on record
2
Raises · last 12 months
59.3 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 1.11B per ASX (delayed) (snapshot 11 Sept 2026).
0.50B0.75B1.00BDec 24Oct 25Sept 26Cash raise · 1 June 2026Cash raise · 5 Dec 20251.11B

Cash runway

59.3 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.
$109.9M 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: $8.0M cash at quarter end (item 4.6), 10.8 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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13 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)

DateFormSecurityOn issue, per this filingSource
30 July 20262A · quoted issueFHE : ORDINARY FULLY PAID1.11BAppendix 2A
22 July 20262A · quoted issueFHE : ORDINARY FULLY PAID1.11BAppendix 2A
12 June 20263G · unquotedFHE : ORDINARY FULLY PAID562.6MAppendix 3G
12 June 20263G · unquotedFHE : ORDINARY FULLY PAID562.6MAppendix 3G
2 Mar 20263G · unquotedFHE : ORDINARY FULLY PAID562.6MAppendix 3G
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36 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 · 2 in the last 12 months

every 5.8 monthsaverage gap between raises
3.4 monthssince the most recent
5 Dec 2025 – 1 June 2026first to most recent in this window
$110.0M
Placement
1 June 2026 COMPLETE
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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.

523k of option supply could convert within 12 months — 0.0% of shares on issue
523k at a stated nil exercise price — nothing is paid to convert these
1 proposed issue (Appendix 3B) also pending — not counted above; the securities each would add are in the calendar below.
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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11 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 estimate — the filings already exceed 15% of the share count we can measure, which means securities were added to the base during the year that we cannot see.
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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.
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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

10.5%
Options & rights overhang · of current shares
—
In-the-money supply · most strikes not on record
116.4M
Potential new shares
Dec 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered90.9M · 8.2% of shares
    Options and warrants — they convert when the share price clears their exercise price.
    At least 1.3M of it states no exercise price — that much cannot be called in or out of the money.
  • Condition-triggered25.5M · 2.3% 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: 26.0M priced, 63.5M at a stated nil price, 26.8M 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
58.2M116.4M$0.20 now0.25× today ($0.05) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.10) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.15) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.20) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.26) — 3.0M of the priced supply in the money, 0.3% of shares on issue1.5× today ($0.31) — 3.0M of the priced supply in the money, 0.3% of shares on issue2× today ($0.41) — 26.0M of the priced supply in the money, 2.3% of shares on issue3× today ($0.61) — 26.0M of the priced supply in the money, 2.3% of shares on issue5× today ($1.02) — 26.0M of the priced supply in the money, 2.3% of shares on issue10× today ($2.05) — 26.0M of the priced supply in the money, 2.3% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

An exercise price is on record for only 49.2% 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 $0.20 today. No more priced supply until 1.25× today’s price, which takes it to 3.0M (0.3% 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.
  • 63.5M (54.6% 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.
  • 26.8M (23.1% 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
FHEAAAOptionsPrice-triggeredNil31 Dec 2026523kFiling
FHEAGOptionsPrice-triggered$0.4023 Dec 202715.0MFiling
FHEABOptionsPrice-triggeredNil31 Dec 20272.6MFiling
FHEAXOptionsPrice-triggered$0.4019 Jan 20288.0MFiling
FHEAAEOptionsPrice-triggered$0.2518 Feb 20283.0MFiling
FHEAABOptionsPrice-triggeredNil31 Dec 202812.9MFiling
FHEAAFOptionsPrice-triggeredNil2 Mar 20299.0MFiling
FHEACOptionsPrice-triggeredNil31 Dec 202915.6MFiling
FHEAAGOptionsPrice-triggeredNil2 Mar 203011.0MFiling
FHEAAHOptionsPrice-triggeredNil31 Dec 203011.9MFiling
FHEATOptionsPrice-triggered——1.3MFiling
FHEAOPerformance sharesCondition-triggered——25.5MFiling 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.
  • FHEAADPrice-triggered1.9M securities → 023 Jan 2026 Appendix 2A
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12 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

DateDirectorTypeSharesOptionsOtherValueSource
22 July 2026Amanda ReidOther placement375k———3Y notice
22 July 2026Dixie MarshallOther placement125k———3Y notice
22 July 2026Grant DaveyOther placement10.0M———3Y notice
22 July 2026Guy ChalkleyOther placement1.3M3.0M——3Y notice
22 July 2026Jamie CullenOther placement1.3M15.0M——3Y notice
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27 notices on record — Full dealing history
Every change-of-director's-interest notice on record, with direction and consideration.
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Ownership

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Top-20 holders & substantial holder notices
Top-20 register snapshot and substantial-holder movements, each linked to its source notice.
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Latest announcements

10 Sept 2026Proposed issue of securities - FHE
8 Sept 2026Mobilisation works commence at the Waroona Project
1 Sept 2026Investor Presentation
31 Aug 2026$PMajor contracts for Stage One executed
28 Aug 2026Half Year Accounts
28 Aug 2026$PAppendix 4D
26 Aug 2026Investor Webinar
30 July 2026$PJune Quarterly Activity Report and Appendix 4C
30 July 2026Cleansing Notice
30 July 2026Application for quotation of securities - FHE
24 July 2026Change in substantial holding
23 July 2026Change of Director's Interest Notice - Jamie Cullen
23 July 2026Change of Director's Interest Notice - Guy Chalkley
23 July 2026Change of Director's Interest Notice - Dixie Marshall
23 July 2026Change of Director's Interest Notice - Grant Davey
23 July 2026Change of Director's Interest Notice - Amanda Reid
22 July 2026Cleansing notice
22 July 2026Application for quotation of securities - FHE
19 July 2026Proposed issue of securities - FHE
19 July 2026$PMonford appointed as fixed-price EPC contractor

Headlines link to the source PDFs on the ASX announcements platform. Data as of 12 Sept 2026.