Companies / FLG

FLAGSHIP MINERALS LIMITED

ASX:FLGMaterials
346.6M shares on issueAppendix 2A · as of 10 Sept 2026377.6M fully diluted+9.0% if every option and right converts$0.18price · delayed$63.8Mmarket cap · indicative

Today’s holders own 91.8% of what they think they own, once every option and right converts.

Very high
Dilution riskprovisional — limited history

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

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway0.5 quarters of funding
Share-count growth (24m)70.2%since relisting as FLG; prior history under PAM not included
Raise cadence (24m)4 cash raisessince relisting as FLG; prior history under PAM not included
Options & rights overhang9.0% of shares
In-the-money supply4.1% of shares
Pending proposed issuesnone

FLAGSHIP MINERALS LIMITED's ordinary share count grew 70.2% between January 2025 and September 2026, to 347M shares. The company undertook four capital raises totalling A$7.8M in the past 24 months, with the most recent being a A$2.7M placement in May 2026. Options and rights on issue could convert into 31M new shares, representing 9.0% of the current share count, with 4% in the money and the nearest expiry in November 2026. As of the June 2026 quarter, the company held A$1.5M in cash, providing approximately 0.5 quarters of cover. This data only reflects the period since January 2025 following the company's rename from PAM.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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9.0%
Options & rights overhang
4.1%
In-the-money supply
2
Raises · last 12 months
0.5 qtrs
Cash cover · under 2 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Shown since relisting as FLG (6 Jan 2025); prior history under PAM is not included. Latest count 346.6M per Appendix 2A (filed 10 Sept 2026).
200M250M300M350MJan 25Nov 25Sept 26Cash raise · 20 May 2026Cash raise · 30 Sept 2025Cash raise · 29 May 2025Cash raise · 28 Jan 2025

Cash runway

0.5 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
The latest quarterly report funded operations to about Aug 2026 — that date has passed, and no later report is on record.
$1.5M 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: $4.1M 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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7 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
10 Sept 20262A · quoted issueFLG : ORDINARY FULLY PAID346.6MAppendix 2A
30 July 20262A · quoted issueFLG : ORDINARY FULLY PAID341.1MAppendix 2A
30 July 20262A · quoted issueFLG : ORDINARY FULLY PAID344.8MAppendix 2A
18 June 20262A · quoted issueFLG : ORDINARY FULLY PAID334.0MAppendix 2A
18 June 20262A · quoted issueFLG : ORDINARY FULLY PAID331.2MAppendix 2A
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46 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

4 cash raises in the last 24 months · 2 in the last 12 months · counted since relisting as FLG (6 Jan 2025); prior history under PAM is not included

every 5.2 monthsaverage gap between raises
3.8 monthssince the most recent
28 Jan 2025 – 20 May 2026first to most recent in this window
$2.7M
Placement
20 May 2026 COMPLETE
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11 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.

12.0M of option supply could convert within 12 months — 3.5% of shares on issue
12.0M in the money, expiring in the window
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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7 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 47% of the 15% placement capacity left — about 53% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). The company has also placed under the additional 10% (Listing Rule 7.1A), which is not counted in this figure. 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

9.0%
Options & rights overhang · of current shares
4.1%
In-the-money supply · at current price
31.0M
Potential new shares
Nov 2026
Nearest expiry
What a price move would switch on
15.5M31.0M$0.18 now0.25× today ($0.05) — 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) — 7.1M of the priced supply in the money, 2.1% of shares on issue1× today ($0.18) — 14.3M of the priced supply in the money, 4.1% of shares on issue1.25× today ($0.23) — 26.5M of the priced supply in the money, 7.7% of shares on issue1.5× today ($0.28) — 28.8M of the priced supply in the money, 8.3% of shares on issue2× today ($0.37) — 31.0M of the priced supply in the money, 9.0% of shares on issue3× today ($0.55) — 31.0M of the priced supply in the money, 9.0% of shares on issue5× today ($0.93) — 31.0M of the priced supply in the money, 9.0% of shares on issue10× today ($1.85) — 31.0M of the priced supply in the money, 9.0% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.18 today, 14.3M securities are in the money (4.1% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 26.5M (7.7% 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
FLGALOptionsPrice-triggered$0.1513 Nov 20264.9MFiling
FLGAAOptionsPrice-triggered$0.1225 July 20277.1MFiling
FLGABOptionsPrice-triggered$0.1628 Nov 20282.3MFiling
FLGACOptionsPrice-triggered$0.2028 Nov 20282.3MFiling
FLGADOptionsPrice-triggered$0.2428 Nov 20282.3MFiling
FLGAEOptionsPrice-triggered$0.2828 Nov 20282.3MFiling
FLGANOptionsPrice-triggered$0.2019 Nov 202910.0MFiling

“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.
  • FLGAMPrice-triggered1.5M securities → 019 Mar 2026 Appendix 2A
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7 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
17 June 2026David DochertyOther567k——$34k3Y notice
17 June 2026Paul LockOther8.6M743k—$601k3Y notice
17 June 2026Thanasak ChanyapoonOther567k——$34k3Y notice
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10 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 2026Application for quotation of securities - FLG
23 Aug 2026Corporate Presentation - August 2026
31 July 2026Cleansing Statement
31 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
30 July 2026Application for quotation of securities - FLG
30 July 2026Application for quotation of securities - FLG
22 July 2026Results of Meeting
21 July 2026$PUSD4.0M for RK Lithium Received in Full
5 July 2026Corporate Presentation
28 June 2026$PIsidora Gold - Met Drilling and Trenching Completed
28 June 2026Notice of Extraordinary General Meeting/Proxy Form
24 June 2026$PFlagship sells RK Lithium for A$5.8 million cash
18 June 2026Change of Director's Interest Notice x3
18 June 2026Cleansing Statement
18 June 2026Application for quotation of securities - FLG
18 June 2026Application for quotation of securities - FLG
17 June 2026$PWhipsaw Acquisition - Large Scale Copper Project, Canada
15 June 2026$PTrading Halt
9 June 2026Production Target Retraction
5 June 2026Cleansing Statement

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