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Altamin Limited (ASX:AZI) has announced the issuance of 2,400,000 unlisted options to GBA Capital as part of the lead manager fee for managing the shortfall placement under its Entitlement Offer. These options, constituting a new class of unquoted securities, were issued on 30 June 2026 with an exercise price of $0.0375 and an expiry date of 31 December 2028. This transaction was initially disclosed in an Appendix 3B filed in November 2025, and the company has confirmed that no additional securities remain to be issued to complete this transaction. Investors will be monitoring the impact of the enlarged options register and the results of the Entitlement Offer on Altamin's capital structure going forward.
Key Points
- Company: Altamin Limited (ASX:AZI)
- Issued 2,400,000 unlisted options to GBA Capital on 30 June 2026 as partial lead manager fee for the Entitlement Offer shortfall placement
- Options have an exercise price of AUD $0.0375 each and expire on 31 December 2028
- Options are unquoted and not intended for ASX quotation; upon exercise, they convert into fully paid ordinary AZI shares
- Total quoted ordinary shares after the transaction: 792,384,754
- No cash was paid for these options; they represent a non-cash fee arrangement
- Investors should monitor potential future option exercises that could increase the ordinary share count and track progress of the broader Entitlement Offer capital raising
Altamin Grants New Unlisted Options to GBA Capital as Non-Cash Lead Manager Compensation
Altamin Limited has officially informed the market of issuing 2,400,000 unlisted options to GBA Capital, the lead manager, as partial payment for services related to placing the shortfall securities from the Entitlement Offer. These options were issued on 30 June 2026 and represent a new category of unquoted securities on Altamin’s register. Since these options were issued as a service fee rather than a capital raising instrument, the company received no cash consideration for this issuance.
Issuing options as part or all of a lead manager’s fee is a common practice among ASX-listed small and mid-cap companies. This approach enables the issuer to conserve cash while compensating intermediaries for securing investors and placing securities. In Altamin’s case, GBA Capital facilitated placement of the shortfall securities—those not subscribed to by eligible shareholders under the Entitlement Offer—making these options the non-cash component of its overall fee. The company confirmed that the options issued to GBA Capital are not intended for ASX quotation.
Option Terms: $0.0375 Exercise Price with Expiry on 31 December 2028
The newly issued options carry an exercise price of AUD $0.0375 each and expire on 31 December 2028, providing GBA Capital roughly two and a half years from the issue date to exercise them. If exercised in full, the 2,400,000 options would convert into an equal number of fully paid ordinary AZI shares, incrementally increasing the company’s quoted share count. The options are denominated in Australian dollars and rank equally with existing ordinary shares upon exercise.
The exercise price of $0.0375 reflects the capital structure and market conditions at the time the Entitlement Offer was arranged. Whether this price represents a discount, premium, or parity to the market price at exercise depends on Altamin’s share price performance up to December 2028. The company did not provide commentary on the relationship between the exercise price and current share price in this update, and the immediate share price impact of this issuance was not evident from public information.
Link to September 2025 Entitlement Offer and November 2025 Appendix 3B
This option issuance stems from earlier corporate actions. The Entitlement Offer was announced on 22 September 2025, and the related Appendix 3B notifying ASX of the proposed securities issuance, including these options, was lodged on 19 November 2025. The June 2026 update confirms the formal completion of the options issuance, closing out the transaction flagged over seven months prior.
The company stated that no further securities remain to be issued to complete the transactions referenced in the November 2025 Appendix 3B. This provides administrative closure on that tranche of capital structure adjustments. However, the broader Entitlement Offer and deployment of raised funds remain separate matters addressed in previous communications. The option terms are documented in an ASX filing referenced in the update.
Post-Transaction Quoted Ordinary Shares Total 792,384,754
Following this issuance, Altamin’s total quoted ordinary fully paid shares stand at 792,384,754. This figure represents the company’s quoted equity base and excludes unquoted securities currently on issue. The 2,400,000 options granted to GBA Capital are unquoted and do not affect the quoted share count unless exercised.
This quoted share count reflects the cumulative impact of prior capital raises, placements, and entitlement offers. For a smaller listed company, this is a relatively high share count, which investors should consider when assessing potential dilution from outstanding options. The company did not disclose earnings per share, net asset value, or other per-share metrics in this update.
Altamin’s Unquoted Securities Include Multiple Option Classes and Performance Rights
Besides the newly issued GBA Capital options, Altamin’s unquoted securities register includes several classes: 4,500,000 performance rights (AZIAD), 10,000,000 options expiring 28 November 2030 at $0.022 (AZIAE), 7,766,666 options expiring 30 November 2028 at $0.09 (AZIAS), 7,766,667 options expiring 30 November 2028 at $0.12 (AZIAT), and 7,766,667 options expiring 30 November 2028 at $0.15 (AZIAU). The addition of 2,400,000 GBA Capital options brings total unquoted options to over 35 million, excluding performance rights.
The presence of multiple option tranches with varying strike prices and expiry dates means Altamin’s fully diluted share count—including all potential conversions—is significantly higher than the current quoted share count. If all unquoted options and performance rights were exercised or converted, the total shares would increase by over 40 million. Investors should consider this potential dilution when evaluating the capital structure. The company did not provide guidance on the likelihood of exercise for these securities in this update.
GBA Capital’s Lead Manager Role in Shortfall Placement
GBA Capital served as lead manager for the shortfall placement of Altamin’s Entitlement Offer announced on 22 September 2025. Under an entitlement offer, eligible shareholders have rights to subscribe for new shares at a set price. Any unsubscribed securities—the shortfall—are placed with other investors, typically with a lead manager’s assistance. GBA Capital identified and placed these shortfall securities with willing investors.
In return, GBA Capital received 2,400,000 unlisted options as partial compensation. The use of “partial” suggests other compensation, possibly cash fees, was also paid, though the company did not disclose full fee details in this update. Interested investors should consult the original Entitlement Offer announcement and related ASX filings for comprehensive fee information.
ASX Listing Rule 6.1 Compliance Confirmed
The company update notes that Altamin obtained ASX confirmation that the new options’ terms comply with Listing Rule 6.1. This regulatory approval is required for issuing a new class of options and ensures the terms—including exercise price and expiry—are fair and equitable to existing shareholders.
Listing Rule 6.1 mandates that new equity securities must not be unfair to current shareholders. ASX’s confirmation indicates the issuance meets these standards, providing assurance of regulatory compliance. This is a significant milestone offering retail investors confidence that appropriate oversight was applied.
Insights into Altamin’s Capital Raise and Fee Structure
Issuing options as non-cash lead manager fees reflects Altamin’s strategy to preserve cash during capital raising. By compensating GBA Capital with options rather than cash, the company retains cash for operational and exploration activities while incentivizing the lead manager to support successful placement. GBA Capital benefits only if Altamin’s share price exceeds $0.0375 before the options expire in December 2028.
This approach is common in the Australian small-cap market, especially among resource and exploration companies managing cash carefully during pre-revenue or early-revenue phases. The broader Entitlement Offer announced in September 2025 underpins this transaction, and the completion of related securities issuances as confirmed here suggests administrative and regulatory steps are finalized. Investors involved in the Entitlement Offer or monitoring capital deployment will be attentive to how proceeds are utilized operationally.
Outlook for Investors: Tracking Option Exercises and Operational Developments
With Entitlement Offer-related securities issuances complete, Altamin’s next milestones will focus on operational and exploration progress and capital deployment. This update did not include operational guidance or project commentary, being limited to the GBA Capital options issuance notice.
From a securities standpoint, investors should note that the 2,400,000 GBA Capital options, along with other unquoted options and performance rights, represent potential dilution to existing shareholders. The nearest significant option expiry dates are 30 November 2028 for the AZIAS, AZIAT, and AZIAU classes, offering a defined period for possible exercise activity. Any option exercises would be disclosed via subsequent Appendix 2A filings. The immediate share price impact of this update was not apparent from available information.
