29 Million Quoted Options Offered at $0.10 Exercise Price Following $3M Placement

Background and Offer Details

Battery Age Minerals Limited (ASX – BM8) has issued a prospectus dated 17 September 2025, announcing an offer of up to 29 million quoted options. These options are split between 20 million free-attaching placement options issued to participants of a recent $3 million placement and 9 million options offered to the joint lead managers as partial consideration for their capital raising services. The placement itself involved the issuance of 60 million shares at $0.05 each, completed in two tranches earlier this year.

The quoted options carry an exercise price of $0.10 each and will expire three years from their issue date. The company intends to list these options on the ASX, subject to meeting the exchange’s requirements, including a minimum number of holders and marketable parcels. This new class of securities aims to facilitate secondary trading and comply with regulatory requirements under the Corporations Act.

Capital Structure and Financial Impact

Upon completion of the offer, the company’s capital structure will see an increase in options outstanding by 29 million, adding to the existing 44 million options and other securities on issue. Importantly, the offer is not expected to alter control of the company, with no single shareholder’s voting power exceeding 20% post-offer.

The offer will not raise funds directly from the free-attaching placement options, but the joint lead manager options will raise a nominal $90, which will be applied to general working capital. Should all options be exercised, Battery Age Minerals could raise approximately $2.9 million before costs, which the company plans to allocate towards advancing drilling and exploration at its Bleiberg Zinc-Lead-Germanium Project in Austria and the El Aguila Gold-Silver Project in Argentina, alongside general working capital needs.

Risk Considerations and Market Context

The prospectus outlines a comprehensive set of risks, reflecting the speculative nature of mineral exploration and the complexities of operating across multiple jurisdictions including Canada, Austria, and Argentina. Key risks include the need for future capital, sovereign and regulatory risks, exploration uncertainties, and market volatility, particularly related to the company’s significant holding in Equinox Resources Limited.

Battery Age Minerals also faces operational risks such as delays in obtaining permits, environmental compliance, and the challenges of managing growth and key personnel retention. The company’s directors have approved the prospectus and hold relevant securities, aligning their interests with shareholders.

Next Steps and Market Implications

The offer opens on 18 September 2025 and is expected to close by 19 September 2025, with the quoted options anticipated to commence trading shortly thereafter, pending ASX approval. Investors should note that the offer is not underwritten and that rights to options are non-renounceable, limiting transferability prior to issue.

While the offer provides a pathway to fund ongoing exploration and project development, the ultimate financial benefit depends on the exercise of the options, which is uncertain and subject to market conditions. The company’s strategy to leverage these options to support its critical minerals projects aligns with broader industry trends focusing on battery and energy transition materials.