NORTH STAWELL MINERALS LTD

ASX:NSMMaterials

373.9M shares on issueASX (delayed) · snapshot 11 Sept 2026377.7M fully diluted+1.0% if every option and right converts$0.019price · delayed$7.1Mmarket cap · indicative

Today’s holders own 99.0% of what they think they own, once every option and right converts.

High

Dilution risk

Runway under 2 quarters; share count grew 132% in 24 months; 2 cash raises in 24 months

Absolute levels — not a ranking against other companies.

Cash runway0.5 quarters of funding

Share-count growth (24m)132.5%

Raise cadence (24m)2 cash raises

Options & rights overhang1.0% of shares

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

Pending proposed issuesnone

NORTH STAWELL MINERALS LTD's ordinary share count increased 132.5% between September 2024 and June 2026, reaching 374M shares. In the past 24 months, the company completed two capital raises totalling A$3.7M, with the most recent being a A$2.4M Placement and Non-Renounceable Entitlement Offer in June 2025. Options exist for 4M new shares, representing 1.0% of the current share count, with the nearest expiry in November 2026. As of June 2026, the company reported A$262K in cash, sufficient for approximately 0.5 quarters. There are no pending proposed securities issues.

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

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1.0%

Options & rights overhang

—

In-the-money supply · no stated strikes

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 373.9M per ASX (delayed) (snapshot 11 Sept 2026).

Cash runway

0.5 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.

$256k 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: $702k cash at quarter end (item 4.6), 1.3 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)

Date	Form	Security	On issue, per this filing	Source
4 June 2026	2A · quoted issue	NSM : ORDINARY FULLY PAID	373.9M	Appendix 2A
30 Jan 2026	2A · quoted issue	NSM : ORDINARY FULLY PAID	373.6M	Appendix 2A
8 Jan 2026	2A · quoted issue	NSM : ORDINARY FULLY PAID	373.3M	Appendix 2A
1 Dec 2025	2A · quoted issue	NSM : ORDINARY FULLY PAID	372.1M	Appendix 2A
1 Dec 2025	3G · unquoted	NSM : ORDINARY FULLY PAID	355.5M	Appendix 3G

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18 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 8.5 monthsaverage gap between raises

15.2 monthssince the most recent

19 Sept 2024 – 5 June 2025first to most recent in this window

$2.4M

Placement and Non-Renounceable Entitlement Offer

5 June 2025

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2 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.

833k of option supply could convert within 12 months — 0.2% of shares on issue

833k at a stated nil exercise price — nothing is paid to convert these

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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1 dated event 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 Appendix 3B in the last 12 months reports an issue under the 15% placement capacity (as at 2026-09-12).

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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

1.0%

Options & rights overhang · of current shares

—

In-the-money supply · no stated strikes

3.8M

Potential new shares

Nov 2026

Nearest expiry

What this supply is, and what converts it

Price-triggered833k · 0.2% of shares
Options and warrants — they convert when the share price clears their exercise price.
Condition-triggered3.0M · 0.8% 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: 0 priced, 833k at a stated nil price, 3.0M 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

No option supply on record carries an exercise price to pay, so no share price switches any of it on. 833k of it states a NIL exercise price — nothing is paid to convert that, so it converts at any price. The other 3.0M 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
NSMAH	Options	Price-triggered	Nil	30 Nov 2026	833k	Filing
NSMAF	Performance rights	Condition-triggered	—	—	3.0M	Filing 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.

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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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