Companies / GNM

GREAT NORTHERN MINERALS LIMITED

ASX:GNMMaterials
493.8M shares on issueASX (delayed) · snapshot 11 Sept 2026813.9M fully diluted+64.8% if every option and right converts$0.035price · delayed$17.3Mmarket cap · indicative

Today’s holders own 60.7% of what they think they own, once every option and right converts.

High
Dilution risk

Share count grew 209% in 24 months; 3 cash raises in 24 months; options/rights overhang 65% of shares

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway6.2 quarters of funding
Share-count growth (24m)209.4%
Raise cadence (24m)3 cash raises
Options & rights overhang64.8% of shares
In-the-money supplyno data — an exercise price is on record for a minority of the supply
Pending proposed issuesnone

GREAT NORTHERN MINERALS LIMITED's ordinary share count grew 209.4% between August 2025 and August 2026, reaching 494M shares. Over the past 24 months, the company completed three capital raises totalling A$5.4M, with the latest being an A$156K Options Placement in August 2025. Options on issue could convert into 320M new shares, representing 64.8% of the current share count, with the nearest expiry in October 2027, and none are currently in the money. As of the June 2026 quarter, the company held A$3.3M in cash, providing approximately 6.2 quarters of operational runway. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 7 Sept 2026
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64.8%
Options & rights overhang
—
In-the-money supply · most strikes not on record
0
Raises · last 12 months
6.2 qtrs
Cash cover · over 4 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 493.8M per ASX (delayed) (snapshot 11 Sept 2026).
482.5M485.0M487.5M490.0M492.5MOct 25Apr 26Sept 26493.8M

Cash runway

6.2 qtrs
More than four quarters of funding at the recent spend rate.
Funds operations to about Jan 2028 at the reported spend rate.
$3.3M 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: $3.8M cash at quarter end (item 4.6), 8.4 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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11 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
17 Aug 20262A · quoted issueGNM : ORDINARY FULLY PAID493.8MAppendix 2A
17 July 20262A · quoted issueGNM : ORDINARY FULLY PAID493.6MAppendix 2A
24 Apr 20262A · quoted issueGNM : ORDINARY FULLY PAID489.6MAppendix 2A
24 Apr 20262A · quoted issueGNM : ORDINARY FULLY PAID487.6MAppendix 2A
24 Apr 20263G · unquotedGNM : ORDINARY FULLY PAID485.6MAppendix 3G
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28 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

3 cash raises in the last 24 months · 0 in the last 12 months

$156k
Options Placement
19 Aug 2025 COMPLETE
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3 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.

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2 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.

No Appendix 3B in the last 12 months reports an issue under the 15% placement capacity (as at 2026-09-12).
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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

64.8%
Options & rights overhang · of current shares
—
In-the-money supply · most strikes not on record
320.0M
Potential new shares
Oct 2027
Nearest expiry
What this supply is, and what converts it
  • Price-triggered274.0M · 55.5% of shares
    Options and warrants — they convert when the share price clears their exercise price.
    At least 264.5M of it states no exercise price — that much cannot be called in or out of the money.
  • Condition-triggered46.0M · 9.3% of shares
    Performance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.

Exercise price on record: 9.5M priced, 310.5M 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.

What a price move would switch on
160.0M320.0M$0.035 now0.25× today ($0.009) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.018) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.026) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.035) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.044) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.053) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.070) — 9.5M of the priced supply in the money, 1.9% of shares on issue3× today ($0.105) — 9.5M of the priced supply in the money, 1.9% of shares on issue5× today ($0.175) — 9.5M of the priced supply in the money, 1.9% of shares on issue10× today ($0.350) — 9.5M of the priced supply in the money, 1.9% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

An exercise price is on record for only 3.0% 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 $0.035 today. At double today’s price it is 9.5M (1.9% 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.
  • 310.5M (97.0% 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
GNMOOptionsPrice-triggered—24 Oct 2027264.5MFiling
GNMAFOptionsPrice-triggered$0.06024 Apr 20299.5MFiling
GNMADPerformance rightsCondition-triggered——46.0MFiling 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.

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3 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
20 Feb 2026Ariel (Eddie) KingOther on-market1.3M——$45k3Y notice
12 Nov 2025Ariel (Eddie) KingOther placement—2.1M—$2k3Y notice
12 Nov 2025Steven FormicaOther placement—7.4M—$7k3Y notice
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12 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

3 Sept 2026Appendix 4G and Corporate Governance Statement
3 Sept 2026Annual Report to Shareholders
31 Aug 2026$PDrilling Contractor Secured at Iron Butte
17 Aug 2026Notice Under Section 708A
17 Aug 2026Application for quotation of securities - GNM
30 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
17 July 2026Notice Under Section 708A
17 July 2026Application for quotation of securities - GNM
9 July 2026$PNew IP Targets Defined at Iron Butte Gold-Silver Project
22 June 2026Completion of Drone Magnetic Survey at Iron Butte
11 June 2026$PReinstatement to Quotation
11 June 2026$PMineral Resource of 480,000 Oz Au&11.5m Oz Ag at Iron Butte
10 June 2026$PSuspension from Quotation
8 June 2026$PTrading Halt
27 May 2026Field Crew Mobilised for Douglas Creek DDIP Survey
25 May 2026$PSignificant Expansion of Iron Butte Gold-Silver Project
19 May 2026Corporate Presentation
10 May 2026$PNew Drill Targets Expand Potential at Iron Butte
30 Apr 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
24 Apr 2026Notice Under Section 708A

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