HAMELIN GOLD LIMITED

ASX:HMGMaterials

247.9M shares on issueASX (delayed) · snapshot 11 Sept 2026265.2M fully diluted+7.0% if every option and right converts$0.24price · delayed$59.5Mmarket cap · indicative

Today’s holders own 93.5% of what they think they own, once every option and right converts.

Moderate

Dilution risk

Share count grew 57% in 24 months; 2 cash raises in 24 months; 7% of shares in the money

Absolute levels — not a ranking against other companies.

Cash runway16.9 quarters of funding

Share-count growth (24m)56.8%

Raise cadence (24m)2 cash raises

Options & rights overhang7.0% of shares

In-the-money supply6.8% of shares

Pending proposed issuesopen proposed issue (Appendix 3B)

HAMELIN GOLD LIMITED's ordinary share count increased 56.8% from December 2024 to August 2026, reaching 248M shares. In the past 24 months, the company has undertaken two capital raises totalling A$11.1M, with the most recent being an A$8.3M placement in August 2026. There are currently 17M options on issue, representing 7.0% of the current shares, with 7% of these in the money and an expiry in November 2026. As of June 2026, the company held A$10.2M in cash, providing approximately 16.9 quarters of operational runway. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026

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7.0%

Options & rights overhang

6.8%

In-the-money supply

Raises · last 12 months

16.9 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 247.9M per ASX (delayed) (snapshot 11 Sept 2026).

Cash runway

16.9 qtrs

More than four quarters of funding at the recent spend rate.

More than three years of funding at the reported spend rate — far enough out that a dated estimate would be false precision.

$10.2M 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: $2.5M cash at quarter end (item 4.6), 4.2 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
23 Aug 2026	2A · quoted issue	HMG : ORDINARY FULLY PAID	247.9M	Appendix 2A
29 June 2026	3H · cancellation	HMG : ORDINARY FULLY PAID	198.3M	Appendix 3H
28 Nov 2025	3G · unquoted	HMG : ORDINARY FULLY PAID	198.3M	Appendix 3G
28 Nov 2025	3G · unquoted	HMG : ORDINARY FULLY PAID	198.3M	Appendix 3G
3 Nov 2025	3H · cancellation	HMG : ORDINARY FULLY PAID	198.3M	Appendix 3H

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11 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

2 cash raises in the last 24 months · 1 in the last 12 months

every 16.2 monthsaverage gap between raises

1 monthssince the most recent

7 Apr 2025 – 12 Aug 2026first to most recent in this window

$8.3M

Placement

12 Aug 2026 ACTIVE

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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.

3.8M of option supply could convert within 12 months — 1.5% of shares on issue

3.8M in the money, expiring in the window

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

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

7.0%

Options & rights overhang · of current shares

6.8%

In-the-money supply · at current price

17.3M

Potential new shares

Nov 2026

Nearest expiry

What a price move would switch on

At $0.24 today, 16.8M securities are in the money (6.8% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 17.3M (7.0% 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.

Code	Security	Type	Exercise price	Expiry	On issue	Source
HMGAF	Options	Price-triggered	$0.26	30 Nov 2026	500k	Filing
HMGAL	Options	Price-triggered	$0.15	20 June 2027	2.0M	Filing
HMGAH	Options	Price-triggered	$0.15	26 June 2027	1.8M	Filing
HMGAI	Options	Price-triggered	$0.13	23 Nov 2027	2.0M	Filing
HMGAJ	Options	Price-triggered	$0.15	7 Aug 2028	1.5M	Filing
HMGAK	Options	Price-triggered	$0.11	28 Nov 2028	3.0M	Filing
HMGAM	Options	Price-triggered	$0.10	27 Nov 2029	6.5M	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.

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.

HMGAGPrice-triggered100k securities → 029 June 2026 Appendix 2A

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7 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
24 Aug 2026	Philip Crutchfield	Sell on-market	—	—	—	—	3Y notice
4 May 2026	Peter Bewick	Buy on-market	78k	—	—	—	3Y notice
27 Apr 2026	Philip Crutchfield	Buy on-market	2.0M	1.8M	—	—	3Y notice