107.9 Million Shares to Underwriters at $0.022 Each After Option Expiry

Background on the Option Expiry

Green Critical Minerals Ltd (ASX – GCM), a player in the critical minerals sector, recently saw the expiry of its quoted options with an exercise price of 2.2 cents on 12 October 2025. Out of the total 251.7 million options on issue, approximately 143.8 million were exercised, while just under 108 million lapsed. This lapse triggered the need to address the shortfall under the company's existing underwriting agreement.

Underwriting Agreement and Share Issuance

The company has entered into an underwriting agreement with Aitken Mount Capital Partner Pty Limited and Canaccord Genuity (Australia) Limited. Under this agreement, the underwriters will be issued 107,913,362 shares at the exercise price of $0.022 each to cover the shortfall from unexercised options. This move ensures that Green Critical Minerals secures the intended capital despite the lower-than-expected option exercise rate.

Importantly, the issuance of these shares falls under an exception to ASX Listing Rule 7.2 (exception 10), meaning that shareholder approval is not required. This allows the company to expedite the process and maintain momentum in its capital raising efforts.

Timetable and Market Impact

The indicative timetable sets the shortfall settlement date for 17 October 2025, with the official issue of shares scheduled for 20 October 2025. The shares are expected to be quoted on the ASX by 21 October 2025. While the timetable is subject to change, this schedule provides clarity to investors and market participants on when the capital structure will be updated.

This share issuance will increase the total number of shares on issue, diluting existing shareholders but also strengthening the company’s cash position. The funds raised at this price point may support ongoing exploration or development activities, although the company has not disclosed specific use of proceeds in this announcement.

Strategic Considerations

Green Critical Minerals’ ability to secure underwriting support reflects confidence from institutional partners in the company’s prospects. However, the significant number of lapsed options suggests some investors chose not to participate at the exercise price, which could reflect market sentiment or valuation considerations. The company’s next steps will be closely watched, particularly regarding how it deploys the fresh capital and manages shareholder expectations amid dilution.