Companies / HRN

HORIZON GOLD LIMITED

ASX:HRNMaterials
195.2M shares on issueASX (delayed) · snapshot 11 Sept 2026200.2M fully diluted+2.6% if every option and right converts$1.14price · delayed$222.5Mmarket cap · indicative

Today’s holders own 97.5% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Runway 2–4 quarters; share count grew 26% in 24 months; 3 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway3.4 quarters of funding
Share-count growth (24m)25.8%
Raise cadence (24m)3 cash raises
Options & rights overhang2.6% of shares
In-the-money supply0.8% of shares
Pending proposed issuesnone

HORIZON GOLD LIMITED's ordinary share count grew 25.8% between July 2025 and September 2026, to 195M shares. The company raised capital three times in the past 24 months for a total of A$72.3M, with the latest being a A$30.2M Placement and Non-Renounceable Entitlement Offer in February 2026. Options and rights on issue could convert into 5M new shares, equal to 2.6% of the current share count, of which 1% are in the money; the nearest expiry is November 2026. At the June 2026 quarter the company reported A$19.4M in available cash, covering 3.4 quarters of operations. No proposed securities issues are pending.

AI-generated summary of this page's cited filings · updated 10 Sept 2026
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2.6%
Options & rights overhang
0.8%
In-the-money supply · most strikes not on record
2
Raises · last 12 months
3.4 qtrs
Cash cover · 2–4 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 195.2M per ASX (delayed) (snapshot 11 Sept 2026).
150M160M170M180M190MDec 24Oct 25Sept 26Cash raise · 27 Feb 2026Cash raise · 27 Feb 2026Cash raise · 16 July 2025195.2M

Cash runway

3.4 qtrs
Two to four quarters of funding at the recent spend rate.
Funds operations to about Apr 2027 at the reported spend rate.
$19.3M 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: $24.0M cash at quarter end (item 4.6), 4.8 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
7 Sept 20262A · quoted issueHRN : ORDINARY FULLY PAID195.2MAppendix 2A
7 Apr 20262A · quoted issueHRN : ORDINARY FULLY PAID194.8MAppendix 2A
1 Apr 20262A · quoted issueHRN : ORDINARY FULLY PAID193.6MAppendix 2A
11 Mar 20262A · quoted issueHRN : ORDINARY FULLY PAID186.3MAppendix 2A
2 Feb 20263G · unquotedHRN : ORDINARY FULLY PAID169.6MAppendix 3G
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8 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

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

every 7.4 monthsaverage gap between raises
6.5 monthssince the most recent
16 July 2025 – 27 Feb 2026first to most recent in this window
$30.2M
Placement and Non-Renounceable Entitlement Offer
27 Feb 2026 COMPLETE
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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.

1.5M of option supply could convert within 12 months — 0.8% of shares on issue
1.5M 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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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.

About 21% of the 15% placement capacity left — about 79% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). 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

2.6%
Options & rights overhang · of current shares
0.8%
In-the-money supply · most strikes not on record
5.0M
Potential new shares
Nov 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered1.5M · 0.8% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered3.5M · 1.8% 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 (of which 1.5M in the money), 3.5M 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
2.5M5.0M$1.14 now0.25× today ($0.28) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.57) — 1.5M of the priced supply in the money, 0.8% of shares on issue0.75× today ($0.85) — 1.5M of the priced supply in the money, 0.8% of shares on issue1× today ($1.14) — 1.5M of the priced supply in the money, 0.8% of shares on issue1.25× today ($1.42) — 1.5M of the priced supply in the money, 0.8% of shares on issue1.5× today ($1.71) — 1.5M of the priced supply in the money, 0.8% of shares on issue2× today ($2.28) — 1.5M of the priced supply in the money, 0.8% of shares on issue3× today ($3.42) — 1.5M of the priced supply in the money, 0.8% of shares on issue5× today ($5.70) — 1.5M of the priced supply in the money, 0.8% of shares on issue10× today ($11.40) — 1.5M of the priced supply in the money, 0.8% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $1.14 today, 1.5M securities are in the money (0.8% of shares on issue) — a floor, because an exercise price is on record for only 30.0% of this supply. No price up to ten times today’s switches on any more priced supply.

  • 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.
  • 3.5M (70.0% 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
HRNACOptionsPrice-triggered$0.3323 Nov 20261.5MFiling
HRNAEPerformance rightsCondition-triggered——3.5MFiling 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.

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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
2 Apr 2026James Noel SullivanBuy entitlement/SPP120k——$145k3Y notice
2 Apr 2026Peter Ross SullivanBuy entitlement/SPP251k——$301k3Y notice
2 Apr 2026Peter VENNBuy entitlement/SPP28k——$33k3Y 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

7 Sept 2026Notice under Section 708A
7 Sept 2026Application for quotation of securities - HRN
24 Aug 2026$PDrilling Update Howards, Heron South and Melbourne Bitter
24 Aug 2026Change in substantial holding
2 Aug 2026$PHorizon hits 23m at 5.3g/t gold from 188m at Kingfisher
29 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
22 July 2026Horizon Gold DFS Investor Briefing Webinar
21 July 2026$PGum Creek Gold Project - DFS Study Presentation
21 July 2026$PGum Creek DFS Confirms Path to WA's Next Major Gold Mine
18 June 2026Becoming a substantial holder
17 June 2026Horizon Gold launches new Website and Investor Hub
8 June 2026$PConsistent High-Grade Intercepts returned from RC Drilling
28 Apr 2026$PHigh-grade intercepts from Omega and Kingfisher Drilling
27 Apr 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
7 Apr 2026Application for quotation of securities - HRN
1 Apr 2026Change of Director's Interest Notice x 3
1 Apr 2026Application for quotation of securities - HRN
1 Apr 2026$PEntitlement Issue Offer Closed and Shortfall Placed
16 Mar 2026Change in substantial holding
11 Mar 2026Notification under Section 708A(5) of the Corporations Act

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