NEW FRONTIER MINERALS LIMITED

ASX:NFMMaterials

1.74B shares on issueASX (delayed) · snapshot 11 Sept 20261.84B fully diluted+6.0% if every option and right converts$0.006price · delayed$10.4Mmarket cap · indicative

Today’s holders own 94.3% of what they think they own, once every option and right converts.

Moderate

Dilution risk

Runway 2–4 quarters; share count grew 19% in 24 months; 2 cash raises in 24 months

Absolute levels — not a ranking against other companies.

Cash runway3.3 quarters of funding

Share-count growth (24m)19.2%

Raise cadence (24m)2 cash raises

Options & rights overhang6.0% of shares

In-the-money supply0.0% of shares

Pending proposed issuesopen proposed issue (Appendix 3B)

NEW FRONTIER MINERALS LIMITED's ordinary share count grew 19.2% between February 2025 and May 2026, reaching 1.74B shares. The company completed two capital raises totalling A$3.8M in the past 24 months, with the most recent being a A$2.2M placement in November 2025. Approximately 105M shares may be issued from existing options, representing 6.0% of the current share count, with the nearest expiry in January 2028. As of June 2026, the company held A$993K in available cash, sufficient for approximately 3.3 quarters of operation. One proposed securities issue (Appendix 3B) is pending, with an expected issue date in February 2027.

AI-generated summary of this page's cited filings · updated 11 Sept 2026

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6.0%

Options & rights overhang

0.0%

In-the-money supply

Raises · last 12 months

3.3 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 1.74B per ASX (delayed) (snapshot 11 Sept 2026).

Cash runway

3.3 qtrs

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

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

$990k 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: $1.2M cash at quarter end (item 4.6), 3.4 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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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
1 May 2026	2A · quoted issue	NFM : ORDINARY FULLY PAID	1.74B	Appendix 2A
17 Apr 2026	2A · quoted issue	NFM : ORDINARY FULLY PAID	1.73B	Appendix 2A
16 Feb 2026	2A · quoted issue	NFM : ORDINARY FULLY PAID	1.73B	Appendix 2A
10 Feb 2026	2A · quoted issue	NFM : ORDINARY FULLY PAID	1.72B	Appendix 2A
6 Feb 2026	3G · unquoted	NFM : ORDINARY FULLY PAID	1.72B	Appendix 3G

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17 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 · 1 in the last 12 months

every 5.7 monthsaverage gap between raises

9.7 monthssince the most recent

30 May 2025 – 20 Nov 2025first to most recent in this window

$2.3M

Placement

20 Nov 2025 COMPLETE

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3 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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5 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 87% of the 15% placement capacity left — about 13% 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. 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

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.

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Options & convertible securities

6.0%

Options & rights overhang · of current shares

0.0%

In-the-money supply · at current price

104.6M

Potential new shares

Jan 2028

Nearest expiry

What this supply is, and what converts it

Price-triggered87.1M · 5.0% of shares
Options and warrants — they convert when the share price clears their exercise price.
Condition-triggered17.5M · 1.0% 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: 87.1M priced, 17.5M 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

At $0.006 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 3.5M (0.2% 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.
17.5M (16.7% 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.

Code	Security	Type	Exercise price	Expiry	On issue	Source
NFMAF	Options	Price-triggered	$0.040	31 Jan 2028	53.6M	Filing
NFMAC	Options	Price-triggered	$0.017	10 June 2028	20.0M	Filing
NFMAE	Options	Price-triggered	$0.032	3 Dec 2028	10.0M	Filing
NFMAD	Options	Price-triggered	$0.007	7 Aug 2030	3.5M	Filing
NFMAA	Performance rights	Condition-triggered	—	—	17.5M	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.

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.

NFMABCondition-triggered93.8M securities → 017 Sept 2025 Appendix 2A

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5 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
17 June 2026	Mr Joel Logan	Buy on-market	8.0M	—	5.0M	$25k	3Y notice
1 May 2026	Mr Joel Logan	Other incentive	4.0M	—	—	—	3Y notice
13 Feb 2026	Mr Eduardo Robaina	Other incentive	4.0M	—	9.0M	—	3Y notice