Companies / HOR

HORSESHOE METALS LIMITED

ASX:HORMaterials
750.0M shares on issueASX (delayed) · snapshot 11 Sept 2026794.7M fully diluted+6.0% if every option and right converts$0.030price · delayed$22.5Mmarket cap · indicative

Today’s holders own 94.4% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Runway under 2 quarters; share count grew 13% in 24 months; options/rights overhang 6% of shares

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway-0.8 quarters of funding
Share-count growth (24m)13.1%
Raise cadence (24m)0 cash raises
Options & rights overhang6.0% of shares
In-the-money supply0.0% of shares
Pending proposed issuesnone

HORSESHOE METALS LIMITED's ordinary share count grew 13.1% between August 2024 and June 2026, reaching 750M shares. The company has not raised capital in the past 24 months and has no proposed securities issues pending. Options on issue could convert into 45M new shares, representing 6.0% of the current share count, with the nearest expiry in February 2028; none of these options are currently in the money. As of the June 2026 quarter, the company reported a cash balance of A$-55K, indicating a funding shortfall of approximately 0.8 quarters based on its recent operational spending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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6.0%
Options & rights overhang
0.0%
In-the-money supply
0
Raises · last 12 months
-0.8 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 750.0M per ASX (delayed) (snapshot 11 Sept 2026).
675M700M725M750MDec 24Oct 25Sept 26750.0M

Cash runway

-0.8 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
$-55k 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: $3k cash at quarter end (item 4.6), 44.0 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
16 June 20263G · unquotedHOR : ORDINARY FULLY PAID749.0MAppendix 3G
16 June 20262A · quoted issueHOR : ORDINARY FULLY PAID750.0MAppendix 2A
6 May 20263H · cancellationHOR : ORDINARY FULLY PAID749.0MAppendix 3H
4 Feb 20263G · unquotedHOR : ORDINARY FULLY PAID748.0MAppendix 3G
4 Feb 20262A · quoted issueHOR : ORDINARY FULLY PAID749.0MAppendix 2A
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22 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

No equity raises in the last 24 months.
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4 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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8 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

6.0%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
44.6M
Potential new shares
Feb 2028
Nearest expiry
What a price move would switch on
22.3M44.6M$0.030 now0.25× today ($0.007) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.015) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.022) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.030) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.037) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.045) — 3.0M of the priced supply in the money, 0.4% of shares on issue2× today ($0.060) — 3.0M of the priced supply in the money, 0.4% of shares on issue3× today ($0.090) — 9.5M of the priced supply in the money, 1.3% of shares on issue5× today ($0.150) — 26.5M of the priced supply in the money, 3.5% of shares on issue10× today ($0.300) — 26.5M of the priced supply in the money, 3.5% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.030 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 1.5× today’s price, which takes it to 3.0M (0.4% 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.
  • 18.1M (40.6% 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
HORAFOptionsPrice-triggeredNil4 Feb 20286.0MFiling
HORAAOptionsPrice-triggered$0.0404 Feb 20283.0MFiling
HORAIOptionsPrice-triggered$0.0604 Feb 20283.5MFiling
HORAGOptionsPrice-triggeredNil4 Feb 20296.0MFiling
HORACOptionsPrice-triggered$0.0804 Feb 20293.0MFiling
HORADOptionsPrice-triggered$0.0904 Feb 20297.0MFiling
HORAHOptionsPrice-triggeredNil4 Feb 20306.0MFiling
HORAEOptionsPrice-triggered$0.124 Feb 203010.0MFiling

“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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8 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
16 June 2026Kate StoneyOther1.0M1.0M——3Y notice
16 June 2026Peter WalkerOther incentive—2.8M——3Y notice
16 Jan 2026Kate StoneyOther1.5M———3Y notice
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4 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

11 Sept 2026Half Yearly Report and Accounts
18 Aug 2026$PDSO Operations Commence at Horseshoe Lights Copper Project
10 Aug 2026$PCopper Exploration Target Highlights Large-Scale Potential
31 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
1 July 2026Vesting of Options
16 June 2026Change of Director's Interest Notice - PW
16 June 2026Change of Director's Interest Notice - KS
16 June 2026Cleansing Notice
16 June 2026Application for quotation of securities - HOR
16 June 2026Notification regarding unquoted securities - HOR
20 May 2026Results of Meeting
6 May 2026Notification of cessation of securities - HOR
30 Apr 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
27 Apr 2026$PPrecious Metal Credits Add Significant Value to Copper DSO
20 Apr 2026Access Letter - Notice of Annual General Meeting
20 Apr 2026Notice of Annual General Meeting/Proxy Form
31 Mar 2026Annual Report to shareholders
17 Feb 2026$PNew Copper Exploration Target - Motters Zone
4 Feb 2026Cleansing Notice
4 Feb 2026Application for quotation of securities - HOR

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