Companies / NHE

NOBLE HELIUM LIMITED

ASX:NHEEnergy
1.25B shares on issueASX (delayed) · snapshot 11 Sept 20261.40B fully diluted+12.0% if every option and right converts$0.028price · delayed$34.9Mmarket cap · indicative

Today’s holders own 89.3% of what they think they own, once every option and right converts.

Very high
Dilution risk

Runway under 2 quarters; share count grew 114% in 24 months; 3 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway0.8 quarters of funding
Share-count growth (24m)113.5%measured to the latest Appendix 2A, not to the share count above
Raise cadence (24m)3 cash raises
Options & rights overhang12.0% of shares
In-the-money supply1.8% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

NOBLE HELIUM LIMITED's ordinary share count grew 113.5% between May 2024 and June 2026, reaching 1.25B shares. The company raised capital three times in the past 24 months for total disclosed proceeds of A$15.5M, most recently a A$12.0M placement in March 2026. Options and rights on issue could convert into 149M new shares, equal to 12.0% of the current share count, of which 2% are in the money at the current share price; the nearest expiry falls in November 2027. At the June 2026 quarter the company reported A$3.3M in available cash, about 0.8 quarters of funding at its recent spending rate. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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12.0%
Options & rights overhang
1.8%
In-the-money supply
2
Raises · last 12 months
0.8 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 1.25B per ASX (delayed) (snapshot 11 Sept 2026).
0.50B0.75B1.00B1.25BDec 24Oct 25Sept 26Cash raise · 31 Mar 2026Cash raise · 14 Jan 2026Cash raise · 23 Dec 20241.25B

Cash runway

0.8 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
The latest quarterly report funded operations to about Aug 2026 — that date has passed, and no later report is on record.
$3.3M 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: $6.7M cash at quarter end (item 4.6), 1.6 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
8 June 20262A · quoted issueNHE : ORDINARY FULLY PAID1.01BAppendix 2A
8 June 20262A · quoted issueNHE : ORDINARY FULLY PAID971.2MAppendix 2A
8 June 20263G · unquotedNHE : ORDINARY FULLY PAID737.5MAppendix 3G
13 Apr 20262A · quoted issueNHE : ORDINARY FULLY PAID737.5MAppendix 2A
5 Feb 20263G · unquotedNHE : ORDINARY FULLY PAID599.5MAppendix 3G

Each filing states the count for the security it names, as at its own reference date and in the units of that filing — so the newest row (1.01B) need not equal the current count above (1.25B).

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31 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 7.6 monthsaverage gap between raises
5.4 monthssince the most recent
23 Dec 2024 – 31 Mar 2026first to most recent in this window
$12.0M
Placement
31 Mar 2026 COMPLETE
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9 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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6 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 estimate — the filings already exceed 15% of the share count we can measure, which means securities were added to the base during the year that we cannot see. The company has also placed under the additional 10% (Listing Rule 7.1A), which is not counted in this figure.
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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

12.0%
Options & rights overhang · of current shares
1.8%
In-the-money supply · at current price
149.1M
Potential new shares
Nov 2027
Nearest expiry
What a price move would switch on
74.6M149.1M$0.028 now0.25× today ($0.007) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.014) — 22.5M of the priced supply in the money, 1.8% of shares on issue0.75× today ($0.021) — 22.5M of the priced supply in the money, 1.8% of shares on issue1× today ($0.028) — 22.5M of the priced supply in the money, 1.8% of shares on issue1.25× today ($0.035) — 110.1M of the priced supply in the money, 8.8% of shares on issue1.5× today ($0.042) — 110.1M of the priced supply in the money, 8.8% of shares on issue2× today ($0.056) — 120.1M of the priced supply in the money, 9.6% of shares on issue3× today ($0.084) — 144.6M of the priced supply in the money, 11.6% of shares on issue5× today ($0.140) — 149.1M of the priced supply in the money, 12.0% of shares on issue10× today ($0.280) — 149.1M of the priced supply in the money, 12.0% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.028 today, 22.5M securities are in the money (1.8% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 110.1M (8.8% 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
NHEANOptionsPrice-triggered$0.1030 Nov 20274.5MFiling
NHEAUOptionsPrice-triggered$0.0604 Feb 20287.4MFiling
NHEAQOptionsPrice-triggered$0.01026 Nov 202822.5MFiling
NHEAROptionsPrice-triggered$0.06026 Nov 202812.0MFiling
NHEASOptionsPrice-triggered$0.05017 Dec 202810.0MFiling
NHEATOptionsPrice-triggered$0.07517 Dec 20285.0MFiling
NHEVOptionsPrice-triggered$0.029—87.6MFiling

“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.
  • NHEAPConverts on terms475k securities → 02 Dec 2025 Appendix 2A
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7 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
9 June 2026Amanda BurgessBuy placement500k——$15k3Y notice
9 June 2026Dennis DonaldBuy32.0M9.4M—$925k3Y notice
9 June 2026Jamie ClarkeBuy placement14.3M1.1M—$415k3Y notice
9 June 2026Owain FranksBuy placement1.6M9.4M—$47k3Y notice
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10 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

8 Sept 2026RIG MOBILISED FOR KINAMBO DRILLING CAMPAIGN
20 Aug 2026Proposed issue of securities - NHE
20 Aug 2026$PNHE to acquire Earth Source Hydrogen Ltd expanding portfolio
18 Aug 2026Noble Heliums Kinambo Site Nearing Completion
30 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
29 July 2026Interview - Dermot O'Keeffe - Chief Operating Officer
6 July 2026Interview - Justyn Wood - Chief Exploration Officer
5 July 2026Noble Helium Appoints Chief Financial Officer
24 June 2026Noble Completes 3D Seismic Reprocessing Optimises Drill Plan
23 June 2026Expiry of Options
17 June 2026Ceasing to be a substantial holder
17 June 2026Change in substantial holding
16 June 2026Change of Director's Interest Notice
8 June 2026Notice Under Section 708A
8 June 2026Notification regarding unquoted securities - NHE
8 June 2026Application for quotation of securities - NHE
8 June 2026Application for quotation of securities - NHE
5 June 2026$PResponse to ASX Price Query
28 May 2026Results of Meeting
25 May 2026Interview - Chairman Independent Noble Helium Advisory Board

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