GREAT BEAR EXPLORATION LTD
ASX:GBLEnergyToday’s holders own 87.8% of what they think they own, once every option and right converts.
Runway 2–4 quarters; options/rights overhang 14% of shares; since relisting as GBL; prior history under HCD not included
GREAT BEAR EXPLORATION LTD, which traded as HCD until June 2026, has no share-issuance (Appendix 2A) filings on record for the period since its rename; no new share-issuance filings have been lodged since January 2024, so no share-count change figure is available. No capital raises have been undertaken in the 24-month window. Options and rights on issue could convert into 97M new shares, equal to 13.9% of current shares, with none in the money; the nearest expiry is June 2029. The company has 2 to 4 quarters of funding at the recent spend rate. No proposed securities issues are pending.
Quick answers · 2
How much cash does GBL have?
In its quarterly cash report for the quarter ended 30 Sept 2026, Great Bear Exploration reported $3.5M of cash and estimated 3.0 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do GBL's options expire?
Unexercised options and rights equal 13.9% of Great Bear Exploration's shares on issue; the nearest expiry is June 2029.
Shares on issue — last 2 years
Cash runway
Issuance timeline
Latest 1 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 |
|---|---|---|---|---|
| 16 Oct 2026 | 3H · cancellation | GBL : ORDINARY FULLY PAID | 468.7M | Appendix 3H |
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 (468.7M) need not equal the current count above (698.7M).
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
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
- Price-triggered40.0M · 5.7% of sharesOptions and warrants — they convert when the share price clears their exercise price.No exercise price is on record for any of it, so none of it can be called in or out of the money.
- Condition-triggered56.8M · 8.1% of sharesPerformance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.
Exercise price on record: 0 priced, 96.8M 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.
No option supply on record carries an exercise price to pay, so no share price switches any of it on. All 96.8M of it converts on something else — a hurdle that may never be met, or terms the filing does not price.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| GBLAB | Options | Price-triggered, no exercise price stated | — | 30 June 2029 | 40.0M | Filing |
| GBLAC | Performance rights | Condition-triggered | — | — | 12.6M | Filing |
| GBLAD | Performance rights | Condition-triggered | — | — | 44.3M | 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. For what expires soon across other listed companies, see the options expiry calendar.
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 2 Oct 2026 | Mr Roderick McIllree | Buy on-market | 1.5M | — | 22.7M | $26k | 3Y notice |
| 29 Sept 2026 | Mr Roderick McIllree | Buy on-market | 2.9M | — | 22.7M | $51k | 3Y notice |
| 14 Sept 2026 | Mr Roderick McIllree | Buy on-market | 3.6M | — | 22.7M | $58k | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.