US1 CRITICAL MINERALS LIMITED

ASX:USCMaterials

1.01B shares on issueASX (delayed) · snapshot 11 Sept 20261.73B fully diluted+71.1% if every option and right converts$0.023price · delayed$23.3Mmarket cap · indicative

Today’s holders own 58.4% of what they think they own, once every option and right converts.

Very high

Dilution riskprovisional — limited history

Runway under 2 quarters; 3 cash raises in 24 months; options/rights overhang 71% of shares; since relisting as USC; prior history under GLA not included

Absolute levels — not a ranking against other companies.

Cash runway-0.6 quarters of funding

Share-count growth (24m)5.2%since relisting as USC; prior history under GLA not included

Raise cadence (24m)3 cash raisessince relisting as USC; prior history under GLA not included

Options & rights overhang71.1% of shares

In-the-money supply28.4% of shares

Pending proposed issuesnone

US1 CRITICAL MINERALS LIMITED started trading under its current name in December 2025. Between February 2026 and August 2026, its share count grew 5.2% to 1.01B shares. In the past 24 months, the company completed three capital raises totaling A$3.7M, with the most recent being a A$1.0M placement in April 2026. There are options and rights on issue that could convert into 721M new shares, representing 71.1% of the current share count, with 28% of these in the money and the nearest expiry in December 2026. As of June 2026, the company reported A$-953K in cash, which equates to -0.6 quarters of funding.

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

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71.1%

Options & rights overhang

28.4%

In-the-money supply · most strikes not on record

Raises · last 12 months

-0.6 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. Shown since relisting as USC (1 Dec 2025); prior history under GLA is not included. Latest count 1.01B per ASX (delayed) (snapshot 11 Sept 2026).

Cash runway

-0.6 qtrs

Less than two quarters of funding at the recent spend rate — near-term funding pressure.

$-970k 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: $303k cash at quarter end (item 4.6), 0.2 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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3 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
11 Aug 2026	2A · quoted issue	USC : ORDINARY FULLY PAID	1.01B	Appendix 2A
28 July 2026	3G · unquoted	USC : ORDINARY FULLY PAID	1.01B	Appendix 3G
26 May 2026	2A · quoted issue	USC : ORDINARY FULLY PAID	1.01B	Appendix 2A
26 May 2026	3G · unquoted	USC : ORDINARY FULLY PAID	963.9M	Appendix 3G
9 Mar 2026	3G · unquoted	USC : ORDINARY FULLY PAID	963.9M	Appendix 3G

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11 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 · counted since relisting as USC (1 Dec 2025); prior history under GLA is not included

every 4 monthsaverage gap between raises

4.5 monthssince the most recent

25 Aug 2025 – 28 Apr 2026first to most recent in this window

$1.0M

Placement

28 Apr 2026 COMPLETE

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6 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.

3.0M of option supply could convert within 12 months — 0.3% of shares on issue

3.0M in the money, expiring in the window

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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7 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 — no share count old enough to measure 15% of. 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

71.1%

Options & rights overhang · of current shares

28.4%

In-the-money supply · most strikes not on record

721.0M

Potential new shares

Dec 2026

Nearest expiry

What a price move would switch on

At $0.023 today, 288.0M securities are in the money (28.4% of shares on issue) — a floor, because an exercise price is on record for only 45.7% of this supply. No more priced supply until 1.25× today’s price, which takes it to 313.0M (30.9% 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.
391.5M (54.3% 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
USCAD	Options	Price-triggered	$0.050	31 Dec 2026	16.5M	Filing
USCAR	Options	Price-triggered	$0.020	31 Aug 2027	3.0M	Filing
USCAA	Options	Price-triggered	$0.012	30 Sept 2027	200.0M	Filing
USCAS	Options	Price-triggered	$0.015	8 Mar 2029	60.0M	Filing
USCO	Options	Price-triggered	—	31 Mar 2029	391.5M	Filing
USCAB	Options	Price-triggered	$0.025	26 May 2029	25.0M	Filing
USCAC	Options	Price-triggered	$0.020	31 May 2029	25.0M	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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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

Date	Director	Type	Shares	Options	Other	Value	Source
9 Mar 2026	Avi Geller	Other	—	60.0M	—	—	3Y notice
20 Feb 2026	Matthew Boysen	Other	44.8M	9.0M	—	—	3Y notice
20 Feb 2026	Peter Tsegas	Other	—	2.5M	—	—	3Y notice