FLAGSHIP MINERALS LIMITED
ASX:FLGMaterialsToday’s holders own 91.8% of what they think they own, once every option and right converts.
Runway under 2 quarters; share count grew 70% in 24 months; 4 cash raises in 24 months; since relisting as FLG; prior history under PAM not included
FLAGSHIP MINERALS LIMITED, renamed from PAM in January 2025, increased its share count by 70.2% between January 2025 and September 2026, its latest share-count filing, to 347M shares. In the 24-month window the company raised A$7.8M across four placements, most recently a A$2.7M placement in May 2026. Options and rights could convert into 31M new shares, representing a 9.0% overhang, with 2% in the money; the nearest expiry is November 2026. No funding-runway figure applies because at the reported spend rate the June 2026 cash balance would since have been used up and no later cash report is on record. No proposed securities issues are pending.
Quick answers · 4
When did FLG last raise capital?
The last capital raise in Flagship Minerals's filings is Placement of $2.7M announced 20 May 2026, one of 3 cash raises in 24 months.
How much placement capacity does FLG have left?
None of the 15% placement capacity counted as used in the last 12 months (estimate). Under ASX Listing Rule 7.1 a company may place up to 15% of its shares in 12 months without shareholder approval.
How much cash does FLG have?
In its quarterly cash report for the quarter ended 30 June 2026, Flagship Minerals reported $4.1M of cash and estimated 4.5 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do FLG's options expire?
Unexercised options and rights equal 9% of Flagship Minerals's shares on issue; the nearest expiry is Nov 2026.
Shares on issue — last 2 years
Cash runway
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)
| Date | Form | Security | On issue, per this filing | Source |
|---|---|---|---|---|
| 10 Sept 2026 | 2A · quoted issue | FLG : ORDINARY FULLY PAID | 346.6M | Appendix 2A |
| 30 July 2026 | 2A · quoted issue | FLG : ORDINARY FULLY PAID | 341.1M | Appendix 2A |
| 30 July 2026 | 2A · quoted issue | FLG : ORDINARY FULLY PAID | 344.8M | Appendix 2A |
| 18 June 2026 | 2A · quoted issue | FLG : ORDINARY FULLY PAID | 334.0M | Appendix 2A |
| 18 June 2026 | 2A · quoted issue | FLG : ORDINARY FULLY PAID | 331.2M | Appendix 2A |
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.
Capital raises
3 cash raises in the last 24 months · 1 in the last 12 months · counted since relisting as FLG (6 Jan 2025); prior history under PAM is not included
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.
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.
Pending proposed issues
Options & convertible securities
At $0.14 today, 7.1M securities are in the money (2.1% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 14.3M (4.1% 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 |
|---|---|---|---|---|---|---|
| FLGAL | Options | Price-triggered | $0.15 | 13 Nov 2026 | 4.9M | Filing |
| FLGAA | Options | Price-triggered | $0.12 | 25 July 2027 | 7.1M | Filing |
| FLGAB | Options | Price-triggered | $0.16 | 28 Nov 2028 | 2.3M | Filing |
| FLGAC | Options | Price-triggered | $0.20 | 28 Nov 2028 | 2.3M | Filing |
| FLGAD | Options | Price-triggered | $0.24 | 28 Nov 2028 | 2.3M | Filing |
| FLGAE | Options | Price-triggered | $0.28 | 28 Nov 2028 | 2.3M | Filing |
| FLGAN | Options | Price-triggered | $0.20 | 19 Nov 2029 | 10.0M | 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. For what expires soon across other listed companies, see the options expiry calendar.
- FLGAMPrice-triggered1.5M securities → 019 Mar 2026 Appendix 2A
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 17 June 2026 | David Docherty | Other | 567k | — | — | $34k | 3Y notice |
| 17 June 2026 | Paul Lock | Other | 8.6M | 743k | — | $601k | 3Y notice |
| 17 June 2026 | Thanasak Chanyapoon | Other | 567k | — | — | $34k | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.