Sprintex Limited Eliminates 25.25 Million Unexercised Options and Performance Rights Following Expiry

20.25 Million $0.10 Options Expire Without Any Exercise

The majority of the expired securities are 20,250,000 options classified as SIXAE, with an exercise price of $0.10 per share and a firm expiry date of 30 June 2026. According to Sprintex’s update, none of these options were exercised or converted before expiry, resulting in the entire tranche lapsing and the class now having zero securities outstanding. No consideration was paid by Sprintex in relation to this expiration.

The complete non-exercise of these 20.25 million options is a significant indicator for investors. Generally, when options expire unexercised at or above the prevailing Market Price, it suggests the market price did not sufficiently exceed the exercise price to incentivize conversion. The company did not provide commentary on the reasons behind the non-exercise nor offer any forward guidance related to these lapsed options in this update.

5 Million Class G Performance Rights Also Expire, Removing Potential Shares

In addition to the options, Sprintex confirmed that 5,000,000 Class G performance rights (SIXAAC) expired on 30 June 2026 without conversion. Performance rights are typically granted to directors, executives, or employees and vest only upon meeting certain milestones or after a defined vesting period. The company stated no consideration was paid for these rights upon expiration.

The expiration of these Class G performance rights indicates that either the vesting conditions were unmet by the 30 June 2026 deadline or the rights reached their contractual expiry. Sprintex did not elaborate on the specific performance conditions or the implications for current or former holders in this update. Additional context may be found in a related announcement dated 1 July 2026, referenced in the filing.

Combined Expiration Removes 25.25 Million Unquoted Securities

Together, these expirations remove 25,250,000 unquoted equity securities from Sprintex’s capital structure. Had these instruments been exercised or converted, they would have increased the number of ordinary shares outstanding, raising dilution concerns for current shareholders. With both classes now at zero, this potential dilution has been permanently eliminated.

It is important to note that expired options and performance rights do not generate any cash proceeds for the company, as no exercise price is paid, nor do they result in new shares being issued. The net effect is a simplified capital table with fewer contingent equity claims, although the practical impact on daily operations or funding capacity is minimal since these instruments were never converted.

Ordinary Share Count Remains Unchanged at 702,162,572

Following the expiration of the 25.25 million securities, Sprintex’s ordinary fully paid shares outstanding remain steady at 702,162,572. This number was unaffected by the lapsing of the unquoted options and performance rights, as no shares were issued from these instruments. The ordinary share count is the primary figure used to calculate the company’s Market Capitalisation as reported by the ASX.

Investors should note that this share count reflects the register status after the reported expirations. The company cautioned that these capital figures are automatically generated and may not represent the most current Issued Capital if other filings such as Appendix 2A, 3G, or 3H are being processed simultaneously by the exchange. This is standard regulatory language included in Appendix 3H filings.

Over 121 Million Unquoted Securities Still Outstanding

Despite these expirations, Sprintex maintains a significant unquoted securities register. The update shows 116,760,000 performance rights (SIXAAC) remain outstanding after the removal of the expired Class G tranche. Additionally, 2,000,000 options (SIXAG) with a $0.12 exercise price expiring on 14 January 2027 remain active, along with 2,929,091 convertible notes (SIXAA).

The large number of outstanding performance rights is an important consideration for shareholders concerned about dilution. If these rights vest and convert into ordinary shares, they would substantially increase the current 702,162,572 shares on issue. The company did not provide details on vesting conditions, performance hurdles, or timelines for the remaining performance rights classes in this update.

Next Expiry: SIXAG Options at $0.12 Due January 2027

With the SIXAE options now expired, the next material option expiry on Sprintex’s register is the 2,000,000 SIXAG options, which carry a $0.12 exercise price and expire on 14 January 2027. Although smaller in volume than the lapsed SIXAE tranche, these options remain a relevant component of the company’s unquoted securities profile through early 2027.

Whether holders exercise the SIXAG options will depend on the relationship between the market price of SIX shares and the $0.12 exercise price before expiry. Full exercise would generate $240,000 in proceeds for Sprintex and result in 2,000,000 additional ordinary shares issued. The company did not comment on expected exercise likelihood in this update.

Convertible Notes Persist as Another Dilution Factor

In addition to options and performance rights, Sprintex holds 2,929,091 convertible notes (SIXAA) on its unquoted register. Convertible notes are Debt instruments convertible into equity under certain conditions, representing a potential future dilution source depending on their terms. The company did not disclose conversion terms, Interest Rate, Maturity date, or conversion price for the SIXAA notes in this update.

Investors analyzing Sprintex’s full capital structure should consider all three remaining unquoted instrument classes—the SIXAG options, SIXAAC performance rights, and SIXAA convertible notes—when evaluating the theoretical fully diluted share count. Combined, these instruments represent a significant number of potential additional shares relative to the 702 million ordinary shares currently outstanding. The company did not disclose a fully diluted figure in this announcement.

No Cash Impact or Shareholder Value Returned from Expirations

Sprintex confirmed no consideration was paid related to either the options or performance rights expirations. This outcome is typical when such instruments lapse—they simply cease without any financial transaction between the company and holders. From a Balance Sheet perspective, there is no direct cash inflow or outflow linked to these expirations.

For existing shareholders, the lapse of out-of-the-money or unvested instruments can be viewed positively, as it removes potential dilution. However, the broader significance of these capital structure changes depends on Sprintex’s operational progress, cash position, and funding needs—none of which were addressed in this administrative Appendix 3H filing. Investors seeking operational context should review the related announcement dated 1 July 2026 referenced in the filing.

Insights from Sprintex’s Capital Table After Expirations

The updated capital table provides a clear view of Sprintex’s equity structure at the filing date. With 702,162,572 ordinary shares outstanding and a large unquoted securities pool led by 116,760,000 performance rights, the company’s potential fully diluted share count—if all instruments convert—would be significantly higher than the current quoted shares. This figure was not disclosed in the announcement.

For analysts and investors modeling Sprintex’s financials, distinguishing between the quoted share count used for market capitalisation and the theoretical fully diluted share count is crucial. Performance rights represent substantial contingent equity, and their vesting schedules and hurdles are key inputs for estimating future Earnings Per Share. The company’s next major capital structure update is expected to come from future securities issuances, expiries, or conversions reported via Appendix 2A or 3H filings.