GREAT WESTERN EXPLORATION LIMITED.

ASX:GTEMaterials

777.6M shares on issueASX (delayed) · snapshot 11 Sept 2026796.0M fully diluted+2.4% if every option and right converts$0.011price · delayed$8.6Mmarket cap · indicative

Today’s holders own 97.7% of what they think they own, once every option and right converts.

Moderate

Dilution risk

Share count grew 79% in 24 months; runway 2–4 quarters; 1 cash raise in 24 months

Absolute levels — not a ranking against other companies.

Cash runway2.7 quarters of funding

Share-count growth (24m)78.8%

Raise cadence (24m)1 cash raise

Options & rights overhang2.4% of shares

In-the-money supplyno data — no exercise price on record

Pending proposed issuesopen proposed issue (Appendix 3B)

GREAT WESTERN EXPLORATION LIMITED.'s ordinary share count grew 78.8% between August 2024 and April 2026, reaching 778M shares. The company completed one capital raise in the past 24 months, a A$3.7M placement in February 2026. Options and rights on issue could convert into 18M new shares, representing 2.4% of the current share count, with the nearest expiry in June 2027 and none currently in the money. At the June 2026 quarter, the company held A$2.6M in available cash, which covers approximately 2.7 quarters of operations. Two proposed securities issues (Appendix 3B) are pending, with the nearest proposed date in October 2026.

AI-generated summary of this page's cited filings · updated 10 Sept 2026

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2.4%

Options & rights overhang

—

In-the-money supply · no stated strikes

Raises · last 12 months

2.7 qtrs

Cash cover · 2–4 quarters

Shares on issue — last 2 years

Ordinary shares on issue

Weekly counts from ASX records. Dots mark cash capital raises. Latest count 777.6M per ASX (delayed) (snapshot 11 Sept 2026).

Cash runway

2.7 qtrs

Two to four quarters of funding at the recent spend rate.

Funds operations to about Feb 2027 at the reported spend rate.

$2.6M 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: $3.4M cash at quarter end (item 4.6), 3.5 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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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)

Date	Form	Security	On issue, per this filing	Source
6 Apr 2026	2A · quoted issue	GTE : ORDINARY FULLY PAID	777.6M	Appendix 2A
6 Apr 2026	3G · unquoted	GTE : ORDINARY FULLY PAID	776.1M	Appendix 3G
26 Mar 2026	2A · quoted issue	GTE : ORDINARY FULLY PAID	776.1M	Appendix 2A
12 Feb 2026	2A · quoted issue	GTE : ORDINARY FULLY PAID	709.6M	Appendix 2A
14 Aug 2025	3H · cancellation	GTE : ORDINARY FULLY PAID	567.8M	Appendix 3H

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21 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

1 cash raise in the last 24 months · 1 in the last 12 months

$3.7M

Placement

3 Feb 2026 COMPLETE

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2 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.

3.5M of option supply could convert within 12 months — 0.5% of shares on issue

3.5M at a stated nil exercise price — nothing is paid to convert these

2 proposed issues (Appendix 3B) also pending — not counted above; the securities each would add are in the calendar below.

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.

Under 1% of the 15% placement capacity left — about 99% 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

2 proposed issues pending — Appendix 3B lodged, securities not yet issued. New shares from these issues are not in the counts above until quoted.

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2 pending issues on record — Pending issue detail

Size, price, fees, broker and placement-capacity usage for each pending issue.

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Options & convertible securities

2.4%

Options & rights overhang · of current shares

—

In-the-money supply · no stated strikes

18.4M

Potential new shares

June 2027

Nearest expiry

What a price move would switch on

No option supply on record carries an exercise price to pay, so no share price switches any of it on. 9.4M of it states a NIL exercise price — nothing is paid to convert that, so it converts at any price. The other 9.0M 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
GTEAT	Options	Price-triggered	Nil	24 June 2027	3.5M	Filing
GTEAV	Options	Price-triggered	Nil	14 Sept 2027	3.2M	Filing
GTEAD	Options	Price-triggered	Nil	12 Sept 2028	750k	Filing
GTEAU	Options	Price-triggered	Nil	7 Feb 2029	2.0M	Filing
—	Options	Price-triggered	—	30 Sept 2029	9.0M	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.

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5 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

Date	Director	Type	Shares	Options	Other	Value	Source
2 Apr 2026	Shane Pike	Other incentive	1.5M	2.0M	—	—	3Y notice
27 Mar 2026	Grey Egerton-Warburton	Other placement	8.3M	—	—	—	3Y notice
27 Mar 2026	Kevin Clarence Somes	Other placement	2.8M	—	—	—	3Y notice
27 Mar 2026	Ross Williams	Other placement	8.3M	—	—	—	3Y notice
27 Mar 2026	Shane Pike	Other placement	833k	3.5M	—	—	3Y notice