Companies / FHE

FRONTIER ENERGY LIMITED

ASX:FHEMaterials
1.11B shares on issueASX (delayed) · snapshot 28 Oct 20261.26B fully diluted+13.0% if every option and right converts$0.18price · delayed$205.8MMarket capAt the previous close. On a day the price moves, shares × today’s price will differ. Prices delayed.

Today’s holders own 88.5% 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 13% of shares

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway12+ quarters of funding
Share-count growth (24m)116.5%
Raise cadence (24m)2 cash raises
Options & rights overhang13.0% of shares
In-the-money supply0.0% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

FRONTIER ENERGY LIMITED's ordinary share count grew 116.5% between September 2024 and July 2026, its latest share-count filing, to 1.11B shares. The company raised capital twice in that period for total disclosed proceeds of A$121.5M, most recently an A$110.0M placement in June 2026. Options and rights on issue could convert into 144M new shares, equal to 13.0% of the current share count, with none in the money; the nearest expiry falls in December 2026. The company has more than 4 quarters of funding at the recent spend rate. 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 17 Oct 2026
Quick answers · 4

Is FHE raising capital?

Frontier Energy has 1 proposed issue of securities pending under Appendix 3B as at 28 Oct 2026; the most recent raise announced is Placement of $110.0M on 4 June 2026.

How much cash does FHE have?

In its quarterly cash report for the quarter ended 30 June 2026, Frontier Energy reported $8.0M of cash and estimated 10.8 quarters of funding available at its current rate of spending. That is the company's own estimate.

When do FHE's options expire?

Unexercised options and rights equal 13% of Frontier Energy's shares on issue; the nearest expiry is Dec 2026.

How much has FHE's share count grown?

Frontier Energy has 1.11B shares on issue as at 28 Oct 2026, up 116.5% over 24 months according to its Appendix 2A filings.

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13.0%
Options & rights overhang
0.0%
In the moneyAn option whose exercise price is below the last closing share price, so converting it pays. These are the options most likely to become new shares soon. supply
2
Raises · last 12 months
12+ 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 28 Oct 2026).
0.50B0.75B1.00BDec 24Nov 25Oct 26Cash raise · 4 June 2026Cash raise · 9 Dec 20251.11B

Cash runway

12+ qtrs OURS
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.
$109.0M cash after burn.
FILED 10.8 qtrs · $8.0M cash · quarter ended 30 June 2026
OURS our estimate, carried to todayOURSOur estimate for today. We take the cash in the company’s latest cash report, deduct spending since at its reported rate, and, for quarterly filers, add raises announced after it. It moves daily; announced money may not all be received yet.FILED as the company reportedFILEDAs the company stated it in its latest cash report. Dated to the end of that period, it does not change until the next report.
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13 cash reports on record — Cash runway history
Cash, net spend and cover trend from every Appendix 4C/5B and 4D/4E on record up to 30 June 2026.
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Issuance timeline

Latest 5 filings (Appendix 2AThe form a company lodges to have new securities quoted on the ASX. It restates how many of each class are on issue. quoted issues, 3G unquoted, 3H cancellations)

DateFormSecurityOn issue, per this filingSource
29 Sept 20263G · unquotedFHE : ORDINARY FULLY PAID1.11BAppendix 3G
23 Sept 20263G · unquotedFHE : ORDINARY FULLY PAID1.11BAppendix 3G
23 Sept 20263G · unquotedFHE : ORDINARY FULLY PAID1.11BAppendix 3G
30 July 20262A · quoted issueFHE : ORDINARY FULLY PAID1.11BAppendix 2A
22 July 20262A · quoted issueFHE : ORDINARY FULLY PAID1.11BAppendix 2A
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39 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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Securities on issue over time

Ordinary shares and every option and rights class, month by month over two years. The top edge is the fully diluted count.

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Securities on issue, by class
How the share count and each option and rights class moved, month by month, with every number in a table.
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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
4.8 monthssince the most recent
9 Dec 2025 – 4 June 2026first to most recent in this window
$110.0M
Placement
At 20.0c, 23.1% below the last close
4 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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13 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 / 7.1ARule 7.1 lets a company issue up to 15% of its shares in 12 months without a shareholder vote. Rule 7.1A adds 10% for smaller companies whose holders approve it. allows 15% of ordinary securities in any 12 months, and every Appendix 3BNotice that a company proposes to issue new securities, such as a placement. The securities are not on issue until a later filing confirms it. 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, or holders ratified an issue, in a way we cannot match.
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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

13.0%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
144.3M
Potential new shares
Dec 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered118.8M · 10.7% 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: 51.0M priced, 66.5M 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
72.2M144.3M$0.18 now0.25× today ($0.04) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.09) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.14) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.18) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.22) — 25.0M of the priced supply in the money, 2.2% of shares on issue1.5× today ($0.27) — 28.0M of the priced supply in the money, 2.5% of shares on issue2× today ($0.36) — 28.0M of the priced supply in the money, 2.5% of shares on issue3× today ($0.54) — 51.0M of the priced supply in the money, 4.6% of shares on issue5× today ($0.90) — 51.0M of the priced supply in the money, 4.6% of shares on issue10× today ($1.80) — 51.0M of the priced supply in the money, 4.6% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.18 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 25.0M (2.2% 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.
  • 66.5M (46.1% 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 (18.6% 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 202813.6MFiling
FHEAAFOptionsPrice-triggeredNil2 Mar 20299.0MFiling
FHEADOptionsPrice-triggered$0.2023 July 202925.0MFiling
FHEAAOptionsPrice-triggeredNil24 Aug 2029900kFiling
FHEACOptionsPrice-triggeredNil31 Dec 202915.6MFiling
FHEAAGOptionsPrice-triggeredNil2 Mar 203011.0MFiling
FHEAAHOptionsPrice-triggeredNil31 Dec 203013.4MFiling
FHEATOptionsPrice-triggered, no exercise price stated——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. For what expires soon across other listed companies, see the options expiry calendar.

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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14 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

21 Oct 2026$PRevenue upgrade following reserve capacity uplift
15 Oct 2026Stage Two Grid Connection Moves Forward
29 Sept 2026Notification regarding unquoted securities - FHE
23 Sept 2026Notification regarding unquoted securities - FHE
23 Sept 2026Notification regarding unquoted securities - FHE
16 Sept 2026Letter to Shareholders
10 Sept 2026Proposed issue of securities - FHE
9 Sept 2026Mobilisation works commence at the Waroona Project
2 Sept 2026Investor Presentation
1 Sept 2026$PMajor contracts for Stage One executed
28 Aug 2026Half Year Accounts
28 Aug 2026$PAppendix 4D
26 Aug 2026Investor Webinar
31 July 2026$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

Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.