HORSESHOE METALS LIMITED
ASX:HORMaterialsToday’s holders own 94.4% of what they think they own, once every option and right converts.
Runway under 2 quarters; share count grew 13% in 24 months; options/rights overhang 6% of shares
HORSESHOE METALS LIMITED's ordinary share count increased 13.1% between August 2024 and June 2026, its latest share-count filing, to 750M shares. The company has not raised capital through any cash placement, rights issue or share purchase plan in the past 24 months. Options and rights on issue could convert into 45M new shares, equal to 6.0% of the current share count; none are in the money, and the nearest expiry is February 2028. The company's latest cash report, for June 2026, notes that at the reported spend rate the reported cash would since have been used up, and no later cash report is on record, so no funding-runway figure applies. One proposed securities issue (Appendix 3B) is pending, with an expected issue date in March 2028.
Quick answers · 5
Is HOR raising capital?
Horseshoe Metals has 1 proposed issue of securities pending under Appendix 3B as at 28 Oct 2026.
How much placement capacity does HOR have left?
None of the 15% placement capacity counted as used in the last 12 months (estimate). Under ASX Listing Rule 7.1 a company may place up to 15% of its shares in 12 months without shareholder approval.
How much cash does HOR have?
In its quarterly cash report for the quarter ended 30 June 2026, Horseshoe Metals reported $3k of cash and estimated 44.0 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do HOR's options expire?
Unexercised options and rights equal 6% of Horseshoe Metals's shares on issue; the nearest expiry is Feb 2028.
How much has HOR's share count grown?
Horseshoe Metals has 750.0M shares on issue as at 28 Oct 2026, up 13.1% over 24 months according to its Appendix 2A filings.
Shares on issue — last 2 years
Cash runway
Issuance timeline
Latest 5 filings (Appendix 2AThe form a company lodges to have new securities quoted on the ASX. It restates how many of each class are on issue. quoted issues, 3G unquoted, 3H cancellations)
| Date | Form | Security | On issue, per this filing | Source |
|---|---|---|---|---|
| 16 June 2026 | 3G · unquoted | HOR : ORDINARY FULLY PAID | 749.0M | Appendix 3G |
| 16 June 2026 | 2A · quoted issue | HOR : ORDINARY FULLY PAID | 750.0M | Appendix 2A |
| 6 May 2026 | 3H · cancellation | HOR : ORDINARY FULLY PAID | 749.0M | Appendix 3H |
| 4 Feb 2026 | 3G · unquoted | HOR : ORDINARY FULLY PAID | 748.0M | Appendix 3G |
| 4 Feb 2026 | 2A · quoted issue | HOR : ORDINARY FULLY PAID | 749.0M | Appendix 2A |
Securities on issue over time
Ordinary shares and every option and rights class, month by month over two years. The top edge is the fully diluted count.
Capital raises
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.
Placement capacity
How much stock a company can place without asking holders. Listing Rule 7.1 / 7.1ARule 7.1 lets a company issue up to 15% of its shares in 12 months without a shareholder vote. Rule 7.1A adds 10% for smaller companies whose holders approve it. allows 15% of ordinary securities in any 12 months, and every Appendix 3BNotice that a company proposes to issue new securities, such as a placement. The securities are not on issue until a later filing confirms it. states how much of it an issue uses.
Pending proposed issues
Options & convertible securities
At $0.015 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 3× 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.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| HORAF | Options | Price-triggered | Nil | 4 Feb 2028 | 6.0M | Filing |
| HORAA | Options | Price-triggered | $0.040 | 4 Feb 2028 | 3.0M | Filing |
| HORAI | Options | Price-triggered | $0.060 | 4 Feb 2028 | 3.5M | Filing |
| HORAG | Options | Price-triggered | Nil | 4 Feb 2029 | 6.0M | Filing |
| HORAC | Options | Price-triggered | $0.080 | 4 Feb 2029 | 3.0M | Filing |
| HORAD | Options | Price-triggered | $0.090 | 4 Feb 2029 | 7.0M | Filing |
| HORAH | Options | Price-triggered | Nil | 4 Feb 2030 | 6.0M | Filing |
| HORAE | Options | Price-triggered | $0.12 | 4 Feb 2030 | 10.0M | 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. For what expires soon across other listed companies, see the options expiry calendar.
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 16 June 2026 | Kate Stoney | Other | 1.0M | 1.0M | — | — | 3Y notice |
| 16 June 2026 | Peter Walker | Other incentive | — | 2.8M | — | — | 3Y notice |
| 16 Jan 2026 | Kate Stoney | Other | 1.5M | — | — | — | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.