Companies / HVY

HEAVY MINERALS LIMITED

ASX:HVYMaterials
74.2M shares on issueASX (delayed) · snapshot 28 Oct 202689.7M fully diluted+20.8% if every option and right converts$0.28price · delayed$21.5MMarket capAt the previous close. On a day the price moves, shares × today’s price will differ. Prices delayed.

Today’s holders own 82.8% of what they think they own, once every option and right converts.

High
Dilution risk

Runway under 2 quarters; 3 cash raises in 24 months; options/rights overhang 21% of shares

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runwaycash used up at the reported spend rate
Share-count growth (24m)10.7%
Raise cadence (24m)3 cash raises
Options & rights overhang20.8% of shares
In-the-money supply4.1% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

HEAVY MINERALS LIMITED's ordinary share count grew 10.7% between October 2024 and October 2026, its latest share-count filing, to 74M shares. It completed three capital raises in that period for total disclosed proceeds of A$355K, most recently a A$255K at-the-market (ATM) raise in October 2025. Options and rights on issue could convert into 15M new shares, equal to 20.8% of the current share count, of which 4% are in the money; the nearest expiry is December 2026. The company's funding situation: 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 is pending, with an expected issue date in December 2026.

AI-generated summary of this page's cited filings · updated 28 Oct 2026
Quick answers · 5

Is HVY raising capital?

Heavy Minerals has 1 proposed issue of securities pending under Appendix 3B as at 28 Oct 2026; the most recent raise announced is At-the-Market (ATM) Raise of $255k on 23 Oct 2025.

How much placement capacity does HVY have left?

About 87% of the 15% placement capacity left, about 13% 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 HVY have?

In its quarterly cash report for the quarter ended 30 June 2026, Heavy Minerals reported $37k of cash and estimated 15.4 quarters of funding available at its current rate of spending. That is the company's own estimate.

When do HVY's options expire?

Unexercised options and rights equal 20.8% of Heavy Minerals's shares on issue; the nearest expiry is Dec 2026.

How much has HVY's share count grown?

Heavy Minerals has 74.2M shares on issue as at 28 Oct 2026, up 10.7% over 24 months according to its Appendix 2A filings.

Get told when this changes
Get HVY alerts
Free for up to 2 companies. A daily email when HVY raises money, files a new share issue, drops below 2 quarters of cash or moves risk level.
20.8%
Options & rights overhang
4.1%
In the moneyAn option whose exercise price is below the last closing share price, so converting it pays. These are the options most likely to become new shares soon. supply · most strikes not on record
0
Raises · last 12 months
Used up
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 74.2M per ASX (delayed) (snapshot 28 Oct 2026).
67.5M70.0M72.5MDec 24Nov 25Oct 26Cash raise · 23 Oct 2025Cash raise · 8 Sept 2025Cash raise · 21 Mar 202574.2M

Cash runway

Used up OURS
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
At the reported spend rate the cash would have run out around July 2026, and no later report is on record.
FILED 15.4 qtrs · $37k cash · quarter ended 30 June 2026
OURS our estimate, carried to todayOURSOur estimate for today. We take the cash in the company’s latest cash report, deduct spending since at its reported rate, and, for quarterly filers, add raises announced after it. It moves daily; announced money may not all be received yet.FILED as the company reportedFILEDAs the company stated it in its latest cash report. Dated to the end of that period, it does not change until the next report.
Free account
11 cash reports on record — Cash runway history
Cash, net spend and cover trend from every Appendix 4C/5B and 4D/4E on record up to 30 June 2026.
Free account: 2 full company unlocks every month, no card.
Unlock HVY freeSee plans

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)

DateFormSecurityOn issue, per this filingSource
20 Oct 20263G · unquotedHVY : ORDINARY FULLY PAID73.4MAppendix 3G
20 Oct 20262A · quoted issueHVY : ORDINARY FULLY PAID74.2MAppendix 2A
17 Sept 20263H · cancellationHVY : ORDINARY FULLY PAID73.4MAppendix 3H
15 Sept 20263H · cancellationHVY : ORDINARY FULLY PAID73.4MAppendix 3H
20 Aug 20262A · quoted issueHVY : ORDINARY FULLY PAID73.4MAppendix 2A
Free account
50 filings on record — Full issuance history
Every quoted and unquoted issue and cancellation on record, plus unquoted securities (Appendix 4.2).
Free account: 2 full company unlocks every month, no card.
Unlock HVY freeSee plans

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.

Free account
Securities on issue, by class
How the share count and each option and rights class moved, month by month, with every number in a table.
Free account: 2 full company unlocks every month, no card.
Unlock HVY freeSee plans

Capital raises

3 cash raises in the last 24 months · 0 in the last 12 months

every 3.5 monthsaverage gap between raises
12.2 monthssince the most recent
21 Mar 2025 – 23 Oct 2025first to most recent in this window
$255k
At-the-Market (ATM) Raise
At 53.0c, 32.5% above the last close
23 Oct 2025 ACTIVE
Free account
17 issues (incl. 9 exercises or conversions) on record — Full raise history
Issue price, shares issued, brokers and stated purpose for every raise on record.
Free account: 2 full company unlocks every month, no card.
Unlock HVY freeSee plans

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.

3.0M of option supply could convert within 12 months — 4.1% of shares on issue
3.0M in the money, expiring in the window
1 proposed issue (Appendix 3B) also pending — not counted above; the securities each would add are in the calendar below.
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.
Free account
22 dated events on record — Forward supply calendar
Option expiries and proposed issues on one forward timeline, with the securities each could add.
Free account: 2 full company unlocks every month, no card.
Unlock HVY freeSee plans

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.

About 87% of the 15% placement capacity left — about 13% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-10-28). Holders passed a ratification we could not match to exactly one filing, or whose number of shares the result does not state, and shares issued with holder approval are not added to the base, so the true headroom may be higher.
Free account
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.
Free account: 2 full company unlocks every month, no card.
Unlock HVY freeSee plans

Pending proposed issues

1 proposed issue pending — Appendix 3B lodged, securities not yet issued. New shares from these issues are not in the counts above until quoted.
Paid plan
1 pending issue on record — Pending issue detail
Size, price, fees, broker and placement-capacity usage for each pending issue.
Unlocks on a paid plan
See plans

Options & convertible securities

20.8%
Options & rights overhang · of current shares
4.1%
In-the-money supply · most strikes not on record
15.4M
Potential new shares
Dec 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered6.2M · 8.3% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered9.3M · 12.5% 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: 6.2M priced (of which 3.0M in the money), 9.3M 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
7.7M15.4M$0.28 now0.25× today ($0.07) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.14) — 1.5M of the priced supply in the money, 2.0% of shares on issue0.75× today ($0.21) — 2.3M of the priced supply in the money, 3.0% of shares on issue1× today ($0.28) — 3.0M of the priced supply in the money, 4.1% of shares on issue1.25× today ($0.35) — 4.7M of the priced supply in the money, 6.3% of shares on issue1.5× today ($0.42) — 4.7M of the priced supply in the money, 6.3% of shares on issue2× today ($0.56) — 4.9M of the priced supply in the money, 6.5% of shares on issue3× today ($0.84) — 5.9M of the priced supply in the money, 7.9% of shares on issue5× today ($1.40) — 6.2M of the priced supply in the money, 8.3% of shares on issue10× today ($2.80) — 6.2M of the priced supply in the money, 8.3% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.28 today, 3.0M securities are in the money (4.1% of shares on issue) — a floor, because an exercise price is on record for only 40.1% of this supply. No more priced supply until 1.25× today’s price, which takes it to 4.7M (6.3% 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.
  • 9.3M (59.9% 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
HVYAPOptionsPrice-triggered$0.147 Dec 20261.5MFiling
HVYAMOptionsPrice-triggered$0.207 Dec 2026750kFiling
HVYANOptionsPrice-triggered$0.257 Dec 2026750kFiling
HVYAOOptionsPrice-triggered$0.307 Dec 20261.5MFiling
HVYAZOptionsPrice-triggered$0.254 Feb 202710kFiling
HVYAAHOptionsPrice-triggered$0.3327 Apr 202720kFiling
HVYAACOptionsPrice-triggered$0.3328 Apr 2027100kFiling
HVYAAGOptionsPrice-triggered$0.331 May 202720kFiling
HVYAABOptionsPrice-triggered$0.3920 May 202750kFiling
HVYAADOptionsPrice-triggered$0.4524 June 202725kFiling
HVYAAIOptionsPrice-triggered$0.463 July 202710kFiling
HVYAAJOptionsPrice-triggered$0.504 Aug 202720kFiling
HVYAALOptionsPrice-triggered$0.471 Sept 2027100kFiling
HVYABOptionsPrice-triggered$0.8831 Jan 202825kFiling
HVYACOptionsPrice-triggered$0.865 Feb 2028100kFiling
HVYADOptionsPrice-triggered$0.857 Feb 2028100kFiling
HVYAEOptionsPrice-triggered$0.8517 Feb 2028100kFiling
HVYAFOptionsPrice-triggered$0.7614 May 202825kFiling
HVYAGOptionsPrice-triggered$0.7220 June 202850kFiling
HVYAHOptionsPrice-triggered$0.6428 July 202830kFiling
HVYAAOptionsPrice-triggered$0.7311 Dec 2028900kFiling
HVYAKPerformance rightsCondition-triggered——9.3MFiling 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. For what expires soon across other listed companies, see the options expiry calendar.

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.

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.
  • HVYAQPrice-triggered300k securities → 020 Aug 2026 Appendix 2A
Free account
22 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.
Free account: 2 full company unlocks every month, no card.
Unlock HVY freeSee plans

Director dealings

DateDirectorTypeSharesOptionsOtherValueSource
20 Oct 2026Aaron WilliamsBuy175k———3Y notice
20 Oct 2026Christopher Adam Siddons SchofieldBuy incentive500k———3Y notice
20 Oct 2026Greg JonesBuy incentive175k———3Y notice
Free account
9 notices on record — Full dealing history
Every change-of-director's-interest notice on record, with direction and consideration.
Free account: 2 full company unlocks every month, no card.
Unlock HVY freeSee plans

Ownership

Free account
Top-20 holders & substantial holder notices
Top-20 register snapshot and substantial-holder movements, each linked to its source notice.
Free account: 2 full company unlocks every month, no card.
Create free account

Latest announcements

28 Oct 2026Proposed issue of securities - HVY
28 Oct 2026Letter to Shareholders
28 Oct 2026Notice of Annual General Meeting/Proxy Form
21 Oct 2026Update to Date of Annual General Meeting
20 Oct 2026Change of Directors' Interest Notices
20 Oct 2026s708A Notice
20 Oct 2026Application for quotation of securities - HVY
20 Oct 2026Notification regarding unquoted securities - HVY
9 Oct 2026Proposed issue of securities - HVY
8 Oct 2026Date of AGM and Closing Date for Director Nominations
5 Oct 2026Red Hill Moves to Maiden Resource - Garnet Dominates Samples
2 Oct 2026$PReinstatement to Quotation
2 Oct 2026Appendix 4G
2 Oct 2026Corporate Governance Statement
2 Oct 2026Annual Report to shareholders
17 Sept 2026Update - Notification of cessation of securities - HVY
15 Sept 2026Change of Directors' Interest Notices x 2
15 Sept 2026Notification of cessation of securities - HVY
20 Aug 2026s708A Notice
20 Aug 2026Application for quotation of securities - HVY

Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.