Companies / HAS

HASTINGS TECHNOLOGY METALS LTD

ASX:HASMaterials
234.3M shares on issueASX (delayed) · snapshot 11 Sept 2026236.4M fully diluted+0.9% if every option and right converts$0.28price · delayed$64.4Mmarket cap · indicative

Today’s holders own 99.1% of what they think they own, once every option and right converts.

High
Dilution risk

Runway under 2 quarters; share count grew 30% in 24 months; 8 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway1.8 quarters of funding
Share-count growth (24m)29.6%
Raise cadence (24m)8 cash raises
Options & rights overhang0.9% of shares
In-the-money supply0.0% of shares
Pending proposed issuesnone

HASTINGS TECHNOLOGY METALS LTD's ordinary share count grew 29.6% between July 2024 and August 2026, reaching 234M shares. In the past 24 months, the company has raised capital eight times, totalling A$17.3M, with the latest being a A$1.0M placement in August 2026. On issue options and rights could convert into 2M new shares, representing 0.9% of the current share count, with the nearest expiry in December 2028. As of the June 2026 quarter, the company reported A$3.3M in available cash, sufficient for approximately 1.8 quarters of operations. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 8 Sept 2026
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0.9%
Options & rights overhang
0.0%
In-the-money supply
5
Raises · last 12 months
1.8 qtrs
Cash cover · under 2 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 234.3M per ASX (delayed) (snapshot 11 Sept 2026).
180M200M220MDec 24Oct 25Sept 26Cash raise · 28 Aug 2026Cash raise · 18 June 2026Cash raise · 27 Mar 2026Cash raise · 21 Oct 2025Cash raise · 26 Sept 2025Cash raise · 6 Aug 2025Cash raise · 14 July 2025Cash raise · 20 Mar 2025234.3M

Cash runway

1.8 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
Funds operations to about Nov 2026 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), 3.1 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
28 Aug 20262A · quoted issueHAS : ORDINARY FULLY PAID234.3MAppendix 2A
3 July 20262A · quoted issueHAS : ORDINARY FULLY PAID230.5MAppendix 2A
3 July 20263H · cancellationHAS : ORDINARY FULLY PAID227.7MAppendix 3H
28 May 20262A · quoted issueHAS: ORDINARY FULLY PAID227.7MAppendix 2A
24 May 20262A · quoted issueHAS : ORDINARY FULLY PAID230.7MAppendix 2A
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40 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

8 cash raises in the last 24 months · 5 in the last 12 months

every 2.5 monthsaverage gap between raises
0.5 monthssince the most recent
20 Mar 2025 – 28 Aug 2026first to most recent in this window
$1.0M
Placement
28 Aug 2026 COMPLETE
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12 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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1 dated event 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). The company has also placed under the additional 10% (Listing Rule 7.1A), which is not counted in this figure.
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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

0.9%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
2.1M
Potential new shares
Dec 2028
Nearest expiry
What this supply is, and what converts it
  • Price-triggered1.5M · 0.6% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered564k · 0.2% 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: 1.5M priced, 564k 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
1.0M2.1M$0.28 now0.25× today ($0.07) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.14) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.21) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.28) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.34) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.41) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.55) — 0 of the priced supply in the money, 0.0% of shares on issue3× today ($0.83) — 0 of the priced supply in the money, 0.0% of shares on issue5× today ($1.38) — 1.5M of the priced supply in the money, 0.6% of shares on issue10× today ($2.75) — 1.5M of the priced supply in the money, 0.6% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.28 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 5× today’s price, which takes it to 1.5M (0.6% 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.
  • 564k (27.3% 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
HASABOptionsPrice-triggered$1.008 Dec 20281.5MFiling
HASATPerformance rightsCondition-triggered——564kFiling 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.

1 class ceased in the last 12 months and is not counted above
The company’s own Appendix 2A restates each of these at zero. They are excluded from the overhang, the in-the-money supply and every figure on this page. Each count is the filing’s own count of securities in the class, not a share count — a 2A never states what one security converts into.
  • HASAAConverts on terms119.9M securities → 022 Sept 2025 Appendix 2A
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2 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
4 May 2026Foon Keong (Charles) LewOther427k——$209k3Y notice
20 Apr 2026Guy RobertsonOther14k——$7k3Y notice
20 Apr 2026Mal RandallOther8k——$4k3Y notice
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8 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

28 Aug 2026Cleansing Notice
28 Aug 2026Application for quotation of securities - HAS
24 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
14 July 2026Corporate Presentation July 2026
13 July 2026Plans to Increase Thailand MREC Production to 12,000tpa
13 July 2026$PUpdated DFS Confirms De-Risked Pathway to Production Revised
12 July 2026$PUpdated DFS Confirms De-Risked Pathway to Production
3 July 2026Notification of cessation of securities - HAS
3 July 2026Application for quotation of securities - HAS
24 June 2026Cleansing Notice
22 June 2026Proposed issue of securities - HAS
22 June 2026$PStrategic $1 million Investment from Malaco Mining
18 June 2026$PTrading Halt
28 May 2026Appendix 2A Correction
24 May 2026Application for quotation of securities - HAS
12 May 2026Corporate Presentation May 2026
7 May 2026Change of Director's Interest Notice
4 May 2026Application for quotation of securities - HAS
30 Apr 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
29 Apr 2026Application for quotation of securities - HAS

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