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Altamin Limited (ASX:AZI) has announced the issuance of 2,400,000 unlisted options to GBA Capital as partial payment for lead management services related to the shortfall placement under its Entitlement Offer. These options, representing a new class of unquoted securities, were issued on 30 June 2026 with an exercise price of $0.0375 and expire on 31 December 2028. This transaction was initially disclosed via an Appendix 3B lodged in November 2025, with the company confirming that no further securities remain to be issued to complete this arrangement. Market participants will be monitoring how the expanded options register and proceeds from the Entitlement Offer affect the company’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 Entitlement Offer shortfall placement
- Options exercise price: AUD $0.0375 per option; expiry date: 31 December 2028
- Options are unquoted and not intended for ASX quotation; upon exercise, they convert into AZI ordinary fully paid shares
- Total quoted ordinary shares on issue after transaction: 792,384,754
- No cash was paid for these options; they represent a non-cash fee arrangement
- Investors should monitor potential future exercise of these options, which would increase the ordinary share count, and track progress of the broader Entitlement Offer capital raise
Altamin Issues New Class of Unlisted Options to GBA Capital as Non-Cash Lead Manager Fee
Altamin Limited has officially notified the market of issuing 2,400,000 unlisted options to GBA Capital, its lead manager, as partial compensation for services in placing shortfall securities under the company’s Entitlement Offer. These options, issued on 30 June 2026, constitute a new class of unquoted securities on Altamin’s register. Since these options were granted as a service fee rather than a capital raising instrument, the company received no cash consideration for this issuance.
Granting options as part or all of a lead manager’s fee is a common practice among ASX-listed small and mid-cap companies, enabling issuers to conserve cash while compensating intermediaries for securing investors and placing securities. In Altamin’s case, GBA Capital facilitated placement of shortfall securities — those not taken up by eligible shareholders under the Entitlement Offer — making this options grant the non-cash portion of its fee. The company confirmed these options are not intended to be quoted on ASX.
Option Terms: $0.0375 Exercise Price and December 2028 Expiry
The 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. Full exercise of all 2,400,000 options would convert into an equal number of ordinary fully paid AZI shares, incrementally increasing the company’s quoted share count. These securities 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 structured. Whether this price represents a discount, premium, or parity to the market price at exercise depends on Altamin’s share price performance through to December 2028. The company did not comment on the relationship between the exercise price and current share price, and the immediate share price impact of this options issuance was not evident from public information.
Link to September 2025 Entitlement Offer and November 2025 Appendix 3B
This options issuance stems from earlier corporate actions: the Entitlement Offer announced on 22 September 2025 and the related Appendix 3B lodged on 19 November 2025, which notified ASX of the proposed securities issuance including these options. The June 2026 update confirms the formal completion of this options issuance, closing out the securities transaction flagged over seven months prior.
The company stated no further securities remain to be issued to complete the transactions referenced in the November 2025 Appendix 3B, providing administrative closure on that tranche of capital structure activity. However, the broader Entitlement Offer and deployment of raised funds remain separate matters addressed in prior communications. Detailed option terms are available in a document lodged with ASX, 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 will not affect the quoted share count unless exercised.
This approximately 792 million share count reflects cumulative effects of previous capital raises, placements, and entitlement offers. It is relatively high for a smaller listed company, a factor investors should consider regarding potential dilution if outstanding options are exercised. The company did not disclose earnings per share, net asset value, or other per-share metrics in this update.
Altamin’s Unquoted Securities Register Includes Multiple Option Classes and Performance Rights
Besides the new GBA Capital options, Altamin’s unquoted securities include 4,500,000 performance rights (AZIAD), 10,000,000 options expiring 28 November 2030 at $0.022 exercise price (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 new tranche of 2,400,000 options increases total unquoted options to over 35 million across all classes, excluding performance rights.
The presence of multiple option tranches at 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 share count would rise by more than 40 million securities. Investors should consider this potential dilution when evaluating the capital structure. The company provided no guidance on exercise likelihood for these classes in this update.
GBA Capital’s Lead Manager Role for Entitlement Offer Shortfall Placement
GBA Capital served as lead manager for the shortfall placement portion of Altamin’s Entitlement Offer announced on 22 September 2025. Under this structure, eligible shareholders have rights to subscribe for new shares at a fixed price, with any unsubscribed securities (the shortfall) placed with other investors, typically assisted by a lead manager or broker. GBA Capital identified and placed these shortfall securities with investors.
As partial compensation for this service, GBA Capital received 2,400,000 unlisted options. The term “partial” implies GBA Capital may have also received other remuneration, possibly cash fees, though the company did not disclose full fee details in this update. Investors seeking full fee structure information should consult the original Entitlement Offer announcement and related ASX filings.
ASX Listing Rule 6.1 Compliance Confirmed
The company update notes that Altamin received ASX confirmation that the terms of the new option class comply with Listing Rule 6.1. This regulatory approval ensures the option terms, including exercise price and expiry date, are appropriate and equitable to existing shareholders.
Listing Rule 6.1 requires new equity securities to be issued on terms not unfair to existing shareholders. ASX’s confirmation signals the transaction meets regulatory standards, providing assurance to investors that the issuance was conducted with appropriate oversight. This confirmation is particularly relevant for retail investors monitoring corporate governance.
Insights into Altamin’s Capital Raise Strategy and Fee Arrangements
Issuing options as a non-cash lead manager fee indicates Altamin’s approach to managing capital raising costs. By compensating GBA Capital with options rather than cash, the company preserves cash for operational and exploration activities while aligning the lead manager’s interests with share price performance. GBA Capital benefits only if the share price exceeds $0.0375 before December 2028.
This arrangement is common among Australian small-cap resource and exploration companies, which often prioritize cash conservation. The broader Entitlement Offer announced in September 2025 underpins this transaction, and the completion of related securities issuances suggests administrative and regulatory steps are now finalized. Investors who participated or follow Altamin’s capital allocation will watch how raised funds are deployed operationally.
Outlook for Investors: Tracking Option Exercises and Operational Developments
With Entitlement Offer-related securities issuance complete, key upcoming milestones for investors relate to Altamin’s operational and exploration progress and capital deployment. The company did not provide operational updates or project guidance in this limited scope announcement focused on the GBA Capital options issuance.
From a securities perspective, the 2,400,000 GBA Capital options and other unquoted options and performance rights represent potential dilution. The earliest significant option tranches expiring 30 November 2028 provide a defined window for possible exercise activity. Any exercises would be disclosed via subsequent Appendix 2A filings. The immediate share price impact of this update was not evident from public information.
