PANTORO GOLD LIMITED

ASX:PNRMaterials

389.7M shares on issueASX (delayed) · snapshot 11 Sept 2026397.9M fully diluted+2.1% if every option and right converts$2.68price · delayed$1.04Bmarket cap · indicative

Today’s holders own 97.9% of what they think they own, once every option and right converts.

Minimal

Dilution risk

Proposed issue pending

Absolute levels — not a ranking against other companies.

Cash runway60.8 quarters of funding

Share-count growth (24m)2.1%

Raise cadence (24m)0 cash raises

Options & rights overhang2.1% of shares

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

Pending proposed issuesopen proposed issue (Appendix 3B)

PANTORO GOLD LIMITED's ordinary share count, adjusted for an approximately 1-for-16.9 share consolidation in April 2025, grew 2.1% between June 2024 and August 2026, standing at 390M shares. The company has not raised capital in the past 24 months. Options and rights on issue could convert into 8M new shares, equal to 2.1% of the current share count, with none currently in the money. An expiry date for these securities is not on record. At the June 2026 quarter the company reported A$200.2M in available cash, sufficient for approximately 60.8 quarters of funding at its recent spending rate. One proposed securities issue (Appendix 3B) is pending, with an expected issue date in November 2026.

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

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2.1%

Options & rights overhang

—

In-the-money supply · no stated strikes

Raises · last 12 months

60.8 qtrs

Cash cover · over 4 quarters

Shares on issue — last 2 years

Ordinary shares on issue

Weekly counts from ASX records. Dots mark cash capital raises. Adjusted for the 1-for-16.9 consolidation (2 Apr 2025). Latest count 389.7M per ASX (delayed) (snapshot 11 Sept 2026).

Cash runway

60.8 qtrs

More than four quarters of funding at the recent spend rate.

More than three years of funding at the reported spend rate — far enough out that a dated estimate would be false precision.

$200.2M 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: $202.9M cash at quarter end (item 4.6). 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
18 Aug 2026	3H · cancellation	PNR : ORDINARY FULLY PAID	389.7M	Appendix 3H
18 Aug 2026	2A · quoted issue	PNR : ORDINARY FULLY PAID	389.7M	Appendix 2A
11 Aug 2026	3G · unquoted	ORDINARY FULLY PAID	389.7M	Appendix 3G
17 July 2026	3H · cancellation	PNR : ORDINARY FULLY PAID	389.7M	Appendix 3H
1 July 2026	3H · cancellation	PNR : ORDINARY FULLY PAID	389.7M	Appendix 3H

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32 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

No equity raises in the last 24 months.

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4 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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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

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

2.1%

Options & rights overhang · of current shares

—

In-the-money supply · no stated strikes

8.2M

Potential new shares

—

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 8.2M 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
PNRAH	Rights	Condition-triggered	—	—	1.9M	Filing Meeting
PNRAU	Performance rights	Condition-triggered	—	—	6.3M	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.

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.

PNRASCondition-triggered8k securities → 018 Aug 2026 Appendix 2A

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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
18 Aug 2026	Fiona Van Maanen	Other incentive	5k	—	—	—	3Y notice
18 Aug 2026	Paul Cmrlec	Other incentive	3k	3k	1.2M	—	3Y notice
2 Dec 2025	Mark Maloney	Sell	—	—	—	$129.0M	3Y notice