GOLDEN HORSE MINERALS LIMITED
ASX:GHMMaterialsToday’s holders own 92.6% of what they think they own, once every option and right converts.
Share count grew 63% in 24 months; runway 2–4 quarters; 3 cash raises in 24 months
GOLDEN HORSE MINERALS LIMITED's latest share count (from the ASX market reading) was 255M shares as of October 2026; a comparable share-count change figure is not available because the Appendix 2A filing series ends earlier. The company raised capital three times over the 24-month window for total proceeds of A$68.0M, most recently an A$35.0M placement in October 2025. Options and rights on issue could convert into 21M new shares, equal to an 8.0% overhang, and none are in the money; the nearest expiry is July 2027. The company holds 2 to 4 quarters of funding at the recent spend rate.
Quick answers · 4
When did GHM last raise capital?
The last capital raise in Golden Horse Minerals's filings is Placement of $35.0M announced 31 Oct 2025, one of 3 cash raises in 24 months.
How much placement capacity does GHM have left?
About 98% of the 15% placement capacity left, about 2% used in 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 GHM have?
In its quarterly cash report for the quarter ended 30 Sept 2026, Golden Horse Minerals reported $22.6M of cash and estimated 2.9 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do GHM's options expire?
Unexercised options and rights equal 8% of Golden Horse Minerals's shares on issue; the nearest expiry is July 2027.
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 |
|---|---|---|---|---|
| 6 Oct 2026 | 2A · quoted issue | GHM : CHESS DEPOSITARY INTERESTS 1:1 | 218.4M | Appendix 2A |
| 14 Aug 2026 | 3G · unquoted | GHM : CHESS DEPOSITARY INTERESTS 1:1 | 217.7M | Appendix 3G |
| 28 July 2026 | 3H · cancellation | GHM : CHESS DEPOSITARY INTERESTS 1:1 | 217.7M | Appendix 3H |
| 13 May 2026 | 2A · quoted issue | GHM : CHESS DEPOSITARY INTERESTS 1:1 | 217.7M | Appendix 2A |
| 29 Apr 2026 | 2A · quoted issue | GHM : CHESS DEPOSITARY INTERESTS 1:1 | 217.5M | Appendix 2A |
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 (218.4M) need not equal the current count above (255.4M).
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
Results due
What the company's own reports say is coming, and when. A month is one the report names; “by end of year” is a deadline such as “Q4”. See every explorer on the results calendar.
- by end 2026 · AC program sampling and assaying (to complete)
- by end 2026 · Regional RC drilling targets testing (planned)
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-triggered10.4M · 4.1% of sharesOptions and warrants — they convert when the share price clears their exercise price.At least 8.2M of it states no exercise price — that much cannot be called in or out of the money.
- Condition-triggered10.1M · 4.0% 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: 2.3M priced, 18.3M 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.
An exercise price is on record for only 11.0% 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 $0.45 today. No more priced supply until 3× today’s price, which takes it to 2.3M (0.9% 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.
- 18.3M (89.0% 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.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| GHMAJ | Warrants | Price-triggered, no exercise price stated | — | 4 July 2027 | 2.5M | Filing |
| GHMAL | Performance rights | Condition-triggered | — | 30 Nov 2027 | 914k | Filing |
| GHMAK | Performance rights | Condition-triggered | — | 6 Dec 2027 | 600k | Filing |
| GHMAG | Warrants | Price-triggered, no exercise price stated | — | 6 Dec 2027 | 1.0M | Filing |
| GHMAH | Warrants | Price-triggered, no exercise price stated | — | 6 Dec 2027 | 1.0M | Filing |
| GHMAI | Warrants | Price-triggered, no exercise price stated | — | 6 Dec 2027 | 2.0M | Filing |
| GHMAM | Performance rights | Condition-triggered | — | 30 Nov 2028 | 170k | Filing |
| GHMAF | Options | Price-triggered, no exercise price stated | — | 30 Nov 2028 | 450k | Filing |
| GHMAN | Performance rights | Condition-triggered | — | 30 Nov 2029 | 170k | Filing |
| GHMAD | Options | Price-triggered, no exercise price stated | — | 6 Dec 2029 | 120k | Filing |
| GHMAT | Options | Price-triggered | $1.00 | 31 Dec 2030 | 2.3M | Filing |
| GHMAO | Options | Price-triggered, no exercise price stated | — | — | 1.1M | Filing |
| GHMAQ | Performance rights | Condition-triggered | — | — | 8.2M | 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 |
|---|---|---|---|---|---|---|---|
| 21 Apr 2026 | James (Jim) Harris | Sell | — | 150k | — | — | 3Y notice |
| 23 Mar 2026 | Nicholas Anderson | Buy on-market | 50k | — | — | $21k | 3Y notice |
| 20 Mar 2026 | Graeme Sloan | Buy on-market | 494k | 1.1M | 1.7M | $9k | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.