Companies / HVY

HEAVY MINERALS LIMITED

ASX:HVYMaterials
73.4M shares on issueASX (delayed) · snapshot 11 Sept 202691.1M fully diluted+24.2% if every option and right converts$0.34price · delayed$25.0Mmarket cap · indicative

Today’s holders own 80.5% of what they think they own, once every option and right converts.

High
Dilution risk

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

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway-0.5 quarters of funding
Share-count growth (24m)10.8%
Raise cadence (24m)2 cash raises
Options & rights overhang24.2% of shares
In-the-money supply6.3% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

HEAVY MINERALS LIMITED's ordinary share count increased by 10.8% between August 2024 and August 2026, reaching 73M shares. In the past 24 months, the company completed two capital raises totalling A$100K, with the most recent being a placement and proposed issue of securities in September 2025. Options and rights on issue represent potential new shares of 18M, or 24.2% of the current share count. Of these, 6% are in the money, with the nearest expiry in December 2026. As of the June 2026 quarter, the company reported negative available cash of A$-60K, indicating a funding shortfall. No proposed securities issues are pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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24.2%
Options & rights overhang
6.3%
In-the-money supply · most strikes not on record
0
Raises · last 12 months
-0.5 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 73.4M per ASX (delayed) (snapshot 11 Sept 2026).
67.5M70.0M72.5MDec 24Oct 25Sept 26Cash raise · 8 Sept 2025Cash raise · 20 Mar 202573.4M

Cash runway

-0.5 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
$-62k 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: $37k cash at quarter end (item 4.6), 15.4 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
20 Aug 20262A · quoted issueHVY : ORDINARY FULLY PAID73.4MAppendix 2A
11 Aug 20262A · quoted issueHVY : ORDINARY FULLY PAID73.1MAppendix 2A
11 Aug 20263G · unquotedHVY : ORDINARY FULLY PAID71.8MAppendix 3G
3 Aug 20263H · cancellationHVY : ORDINARY FULLY PAID71.8MAppendix 3H
30 July 20262A · quoted issueHVY : ORDINARY FULLY PAID71.8MAppendix 2A
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46 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

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

every 5.7 monthsaverage gap between raises
12.1 monthssince the most recent
20 Mar 2025 – 8 Sept 2025first to most recent in this window
—
Placement / Proposed issue of securities (options)
8 Sept 2025 COMPLETE
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16 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.

4.7M of option supply could convert within 12 months — 6.3% of shares on issue
4.7M 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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21 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.

About 99% of the 15% placement capacity left — about 1% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). One filing in the window states more under 7.1 than the whole allowance and is not counted, so usage may be higher than this. 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

24.2%
Options & rights overhang · of current shares
6.3%
In-the-money supply · most strikes not on record
17.7M
Potential new shares
Dec 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered6.2M · 8.4% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered11.5M · 15.7% 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 4.7M in the money), 11.5M 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
8.9M17.7M$0.34 now0.25× today ($0.09) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.17) — 1.5M of the priced supply in the money, 2.0% of shares on issue0.75× today ($0.26) — 3.0M of the priced supply in the money, 4.1% of shares on issue1× today ($0.34) — 4.7M of the priced supply in the money, 6.3% of shares on issue1.25× today ($0.43) — 4.7M of the priced supply in the money, 6.4% of shares on issue1.5× today ($0.51) — 4.9M of the priced supply in the money, 6.6% of shares on issue2× today ($0.68) — 4.9M of the priced supply in the money, 6.7% of shares on issue3× today ($1.02) — 6.2M of the priced supply in the money, 8.4% of shares on issue5× today ($1.70) — 6.2M of the priced supply in the money, 8.4% of shares on issue10× today ($3.40) — 6.2M of the priced supply in the money, 8.4% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.34 today, 4.7M securities are in the money (6.3% of shares on issue) — a floor, because an exercise price is on record for only 34.9% of this supply. No more priced supply until 1.25× today’s price, which takes it to 4.7M (6.4% 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.
  • 11.5M (65.1% 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——11.5MFiling 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.

3 classes ceased in the last 12 months and are 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
  • HVYAAEPrice-triggered50k securities → 09 Oct 2025 Appendix 2A
  • HVYAAKPrice-triggered25k securities → 06 Oct 2025 Appendix 2A
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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.
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Director dealings

DateDirectorTypeSharesOptionsOtherValueSource
30 July 2026Aaron WilliamsBuy50k——$13k3Y notice
1 Dec 2025Aaron WilliamsOther incentive——1.8M—3Y notice
1 Dec 2025Christopher Adam Siddons SchofieldOther incentive——5.0M—3Y notice
1 Dec 2025Greg JonesOther incentive——1.8M—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

20 Aug 2026s708A Notice
20 Aug 2026Application for quotation of securities - HVY
18 Aug 2026ATM Raise
11 Aug 2026Notification regarding unquoted securities - HVY
11 Aug 2026Application for quotation of securities - HVY
11 Aug 2026s708A Notice
11 Aug 2026Proposed issue of securities - HVY
3 Aug 2026Notification of cessation of securities - HVY
31 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
30 July 2026s708A Notice
30 July 2026Change of Director's Interest Notice
30 July 2026Application for quotation of securities - HVY
28 July 2026$PPort Gregory PFS Delivers Maiden Ore Reserve - A$322.8M NPV
30 June 2026Notification regarding unquoted securities - HVY
30 June 2026Proposed issue of securities - HVY
30 Apr 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
17 Apr 2026s708A Notice
17 Apr 2026Application for quotation of securities - HVY
17 Apr 2026Notification regarding unquoted securities - HVY
17 Apr 2026Proposed issue of securities - HVY

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