GALAN LITHIUM LIMITED
ASX:GLNMaterialsToday’s holders own 88.3% of what they think they own, once every option and right converts.
Runway under 2 quarters; share count grew 150% in 24 months; 15 cash raises in 24 months
GALAN LITHIUM LIMITED's ordinary share count grew 150.2% between August 2024 and August 2026, reaching 1.27B shares. In the past 24 months, the company conducted 15 capital raises totaling A$112.0M, with the most recent being a A$41.0M placement in January 2026. There are options on issue that could convert to 167M new shares, representing 13.2% of the current share count. Of these, 8% are in the money, and the nearest expiry date is November 2027. As of the June 2026 quarter, the company held A$24.5M in cash, enough for approximately 1.8 quarters of operations based on recent expenditure. No proposed securities issues are currently pending.
Shares on issue — last 2 years
Cash runway
Issuance timeline
Latest 5 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)
| Date | Form | Security | On issue, per this filing | Source |
|---|---|---|---|---|
| 11 Sept 2026 | 3H · cancellation | GLN : ORDINARY FULLY PAID | 1.27B | Appendix 3H |
| 18 Aug 2026 | 2A · quoted issue | GLN : ORDINARY FULLY PAID | 1.27B | Appendix 2A |
| 14 Aug 2026 | 3G · unquoted | GLN : ORDINARY FULLY PAID | 1.27B | Appendix 3G |
| 5 Aug 2026 | 2A · quoted issue | GLN : ORDINARY FULLY PAID | 1.27B | Appendix 2A |
| 24 July 2026 | 2A · quoted issue | GLN : ORDINARY FULLY PAID | 1.27B | Appendix 2A |
Capital raises
15 cash raises in the last 24 months · 1 in the last 12 months
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 allows 15% of ordinary securities in any 12 months, and every Appendix 3B states how much of it an issue uses.
Pending proposed issues
Options & convertible securities
- Price-triggered146.0M · 11.5% of sharesOptions and warrants — they convert when the share price clears their exercise price.At least 47.6M of it states no exercise price — that much cannot be called in or out of the money.
- Condition-triggered21.3M · 1.7% 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: 97.4M priced (of which 96.4M in the money), 961k at a stated nil price, 68.9M 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.
At $0.39 today, 96.4M securities are in the money (7.6% of shares on issue). No more priced supply until 1.5× today’s price, which takes it to 97.4M (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.
- 961k (0.6% 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.
- 68.9M (41.2% 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 |
|---|---|---|---|---|---|---|
| GLNAAI | Options | Price-triggered | $0.50 | 5 Nov 2027 | 1.0M | Filing |
| GLNAAL | Options | Price-triggered | $0.17 | 16 June 2028 | 500k | Filing |
| GLNAG | Options | Price-triggered | $0.15 | 1 Sept 2028 | 45.5M | Filing |
| GLNAH | Options | Price-triggered | $0.15 | 5 Nov 2028 | 45.5M | Filing |
| GLNOB | Options | Price-triggered | — | 20 Mar 2029 | 47.6M | Filing |
| GLNAI | Options | Price-triggered | Nil | 13 Aug 2029 | 961k | Filing |
| GLNAAJ | Options | Price-triggered | $0.35 | 31 Dec 2029 | 5.0M | Filing |
| GLNAAF | Performance rights | Condition-triggered | — | — | 1.4M | Filing Meeting |
| GLNAAK | Rights | Condition-triggered | — | — | 3.4M | Filing Meeting |
| GLNAAG | Performance rights | Condition-triggered | — | — | 16.5M | Filing 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.
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.
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 18 Aug 2026 | Daniel Jimenez | Other | 260k | — | — | — | 3Y notice |
| 12 Aug 2026 | Daniel Jimenez | Buy on-market | 233k | — | — | $83k | 3Y notice |
| 11 Aug 2026 | Juan Pablo Vargas de la Vega | Buy on-market | 300k | — | — | $103k | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 12 Sept 2026.