HEAVY RARE EARTHS LIMITED
ASX:HREMaterialsToday’s holders own 73.4% of what they think they own, once every option and right converts.
Share count grew 311% in 24 months; options/rights overhang 36% of shares; runway 4–8 quarters
HEAVY RARE EARTHS LIMITED's ordinary share count grew 310.8% between August 2024 and October 2026, its latest share-count filing, to 280M shares. The company raised a total of A$2.0M in that period, all from a single capital raising in August 2026 comprising a placement and a non‑renounceable entitlement offer. Options and rights on issue could convert into 102M new shares, equal to 36.3% of the current share count; none are in the money, and the nearest expiry is in January 2028. The company has more than 4 quarters of funding at the recent spend rate. No proposed securities issues are currently pending.
Quick answers · 5
When did HRE last raise capital?
The last capital raise in Heavy Rare Earths's filings is Placement & NonRenounceable Entitlement Offer of $2.0M announced 5 Aug 2026, one of 1 cash raises in 24 months.
How much placement capacity does HRE have left?
Under 1% of the 15% placement capacity left, about 99% used in 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 HRE have?
In its quarterly cash report for the quarter ended 30 June 2026, Heavy Rare Earths reported $459k of cash and estimated 1.0 quarter of funding available at its current rate of spending. That is the company's own estimate.
When do HRE's options expire?
Unexercised options and rights equal 36.3% of Heavy Rare Earths's shares on issue; the nearest expiry is Jan 2028.
How much has HRE's share count grown?
Heavy Rare Earths has 280.5M shares on issue as at 28 Oct 2026, up 310.8% 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 |
|---|---|---|---|---|
| 9 Oct 2026 | 3G · unquoted | ORDINARY FULLY PAID | 280.5M | Appendix 3G |
| 8 Oct 2026 | 2A · quoted issue | HRE : ORDINARY FULLY PAID | 280.5M | Appendix 2A |
| 8 Oct 2026 | 2A · quoted issue | HRE : ORDINARY FULLY PAID | 251.5M | Appendix 2A |
| 2 Oct 2026 | 2A · quoted issue | HRE : ORDINARY FULLY PAID | 251.5M | Appendix 2A |
| 4 Sept 2026 | 3G · unquoted | HRE : ORDINARY FULLY PAID | 239.0M | Appendix 3G |
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
1 cash raise in the last 24 months · 1 in the last 12 months
Results due
What the company's own reports say is coming, and when. A month is one the report names; “by end of year” is a deadline such as “Q4”. See every explorer on the results calendar.
- by end 2026 · Mineral Resource Estimate completion (to complete)
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
- Price-triggered73.7M · 26.3% of sharesOptions and warrants — they convert when the share price clears their exercise price.At least 41.2M of it states no exercise price — that much cannot be called in or out of the money.
- Condition-triggered28.0M · 10.0% of sharesPerformance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.
Exercise price on record: 32.5M priced, 69.2M 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.
An exercise price is on record for only 32.0% of this supply, so what is in the money today is not a measurement — the tile above reads “—” for that reason. Of the priced supply, 0 is in the money at $0.035 today. At double today’s price it is 32.5M (11.6% 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.
- 69.2M (68.0% 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.
Nearest share-price vesting hurdle: $0.075 (20 trading days), 114.3% above the last close, on HREAI, date in the terms 8 Oct 2029.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| HREAF | Options | Price-triggered | $0.060 | 7 Jan 2028 | 17.5M | Filing |
| HREO | Options | Price-triggered, no exercise price stated | — | 26 Feb 2028 | 41.2M | Filing |
| HREAG | Options | Price-triggered | $0.060 | 26 Feb 2028 | 12.5M | Filing |
| HREAH | Options | Price-triggered | $0.060 | 11 Aug 2028 | 2.5M | Filing |
| HREAI | Performance rights | Condition-triggered | — | — | 28.0M | Filing Meeting |
13.5M of the 28.0M granted 9 Oct 2026: hurdles at share price $0.075, $0.10, $0.15 (20 trading days, date in the terms 8 Oct 2029). Terms | ||||||
“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.
A line under a class is a grant of rights into it, as read from the company’s own filings: its size, any share-price or market-cap hurdles, and the other kinds of condition it carries. A grant is often only part of the class, so its terms say nothing about the rest. Whether a hurdle has been met is not shown.
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.
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 8 Oct 2026 | Graeme Morissey | Other placement | 714k | 357k | 3.0M | $20k | 3Y notice |
| 8 Oct 2026 | Mr Gabriel Chiappini | Other placement | 893k | 446k | — | $25k | 3Y notice |
| 26 Feb 2026 | Mr Gabriel Chiappini | Buy on-market | 733k | — | 500k | $10k | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.