HAWK RESOURCES LIMITED.

ASX:HWKMaterials

690.0M shares on issueASX (delayed) · snapshot 11 Sept 2026956.2M fully diluted+38.6% if every option and right converts$0.035price · delayed$24.1Mmarket cap · indicative

Today’s holders own 72.2% of what they think they own, once every option and right converts.

Very high

Dilution riskprovisional — limited history

Share count grew 190% in 24 months; runway 2–4 quarters; 5 cash raises in 24 months; since relisting as HWK; prior history under AL8 not included

Absolute levels — not a ranking against other companies.

Cash runway2.4 quarters of funding

Share-count growth (24m)190.0%since relisting as HWK; prior history under AL8 not included

Raise cadence (24m)5 cash raisessince relisting as HWK; prior history under AL8 not included

Options & rights overhang38.6% of shares

In-the-money supplyno data — no exercise price on record

Pending proposed issuesopen proposed issue (Appendix 3B)

HAWK RESOURCES LIMITED. began trading as HWK in December 2024, having previously been known as AL8. Figures from December 2024 onwards are presented here. The company's ordinary share count grew 190.0% between December 2024 and July 2026, to 690M shares. In the 24-month window, five capital raises occurred totalling A$22.9M, with the most recent being a A$5.0M Placement and Entitlement Offer in May 2026. Options and rights on issue could convert into 266M new shares, representing 38.6% of the current share count, with the nearest expiry in October 2026. As of the June 2026 quarter, HAWK RESOURCES LIMITED. reported A$4.0M in available cash, sufficient for approximately 2.4 quarters of operations. Two proposed securities issues (Appendix 3B) are pending, with an expected nearest proposed date in November 2026.

AI-generated summary of this page's cited filings · updated 10 Sept 2026

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38.6%

Options & rights overhang

—

In-the-money supply · no stated strikes

Raises · last 12 months

2.4 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. Shown since relisting as HWK (9 Dec 2024); prior history under AL8 is not included. Latest count 690.0M per ASX (delayed) (snapshot 11 Sept 2026).

Cash runway

2.4 qtrs

Two to four quarters of funding at the recent spend rate.

Funds operations to about Jan 2027 at the reported spend rate.

$4.0M 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: $4.5M cash at quarter end (item 4.6), 2.7 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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7 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)

Date	Form	Security	On issue, per this filing	Source
13 July 2026	2A · quoted issue	HWK : ORDINARY FULLY PAID	690.0M	Appendix 2A
13 July 2026	2A · quoted issue	HWK : ORDINARY FULLY PAID	661.5M	Appendix 2A
26 June 2026	2A · quoted issue	HWK : ORDINARY FULLY PAID	661.5M	Appendix 2A
26 May 2026	2A · quoted issue	HWK : ORDINARY FULLY PAID	624.4M	Appendix 2A
24 Dec 2025	2A · quoted issue	HWK : ORDINARY FULLY PAID	524.4M	Appendix 2A

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14 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

5 cash raises in the last 24 months · 4 in the last 12 months · counted since relisting as HWK (9 Dec 2024); prior history under AL8 is not included

every 4.3 monthsaverage gap between raises

4 monthssince the most recent

11 Dec 2024 – 13 May 2026first to most recent in this window

$5.0M

Placement and Entitlement Offer

13 May 2026 COMPLETE

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7 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.

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4 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.

No 15% placement capacity left — all of it used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). The company has also placed under the additional 10% (Listing Rule 7.1A), which is not counted in this figure. 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

2 proposed issues pending — Appendix 3B lodged, securities not yet issued. New shares from these issues are not in the counts above until quoted.

Paid plan

2 pending issues on record — Pending issue detail

Size, price, fees, broker and placement-capacity usage for each pending issue.

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Options & convertible securities

38.6%

Options & rights overhang · of current shares

—

In-the-money supply · no stated strikes

266.2M

Potential new shares

Oct 2026

Nearest expiry

What a price move would switch on

No option supply on record carries an exercise price to pay, so no share price switches any of it on. All 266.2M of it converts on something else — a hurdle that may never be met, or terms the filing does not price.

Code	Security	Type	Exercise price	Expiry	On issue	Source
HWKO	Options	Price-triggered	—	1 Oct 2026	227.7M	Filing
HWKOB	Options	Price-triggered	—	30 Nov 2028	38.5M	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.

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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

Date	Director	Type	Shares	Options	Other	Value	Source
29 July 2026	Mr Peter Williams	Buy on-market	200k	—	—	$5k	3Y notice
26 June 2026	Mr Ernest Thomas Eadie	Other entitlement/SPP	602k	301k	—	$18k	3Y notice
26 June 2026	Mr Peter Williams	Other entitlement/SPP	347k	174k	—	$10k	3Y notice
26 June 2026	Mr Scott Caithness	Other entitlement/SPP	840k	420k	—	$25k	3Y notice