Great Northern Minerals’ Underwritten Offer: 10,000 Options at $0.02 Exercise Price

Background and Offer Details

Great Northern Minerals Limited (ASX – GNM) has released a prospectus dated 27 October 2025, announcing an offer of up to 10,000 listed options. Each option carries an exercise price of $0.02 and is exercisable within two years from the date of issue. The primary objective of this offer is to facilitate the quotation and secondary trading of these options on the Australian Securities Exchange (ASX).

The options were originally issued unlisted and are now being transitioned to a listed status to improve liquidity and marketability. The offer is underwritten, ensuring that all options will be issued, but notably, no new funds will be raised from this offer as the options are issued from existing reserves. The company expects a net cash decrease of approximately $30,285 due to offer-related expenses.

Capital Structure and Shareholder Impact

At the date of the prospectus, Great Northern Minerals has 481,852,155 shares on issue and 176,666,667 unlisted options. The offer will increase the total listed options by 10,000 to 176,676,667. Importantly, the offer will not affect the control or voting power of existing shareholders, with no investor expected to hold more than 20% of the company post-offer.

The company’s directors hold significant share interests, with Mr Ariel (Eddie) King and Mr Steven Formica holding over 9.5% and 7.5% respectively. The offer does not dilute these holdings, as no new shares are issued directly from this options offer.

Risk Factors and Speculative Nature

The prospectus provides an extensive overview of risk factors associated with investing in Great Northern Minerals. These include company-specific risks such as capital requirements, environmental compliance, exploration and development uncertainties, and regulatory challenges. Industry-wide risks such as commodity price volatility, operational risks, and market conditions are also highlighted.

Investors are cautioned that the options are speculative and should be considered in the context of the company’s ongoing exploration and development activities, particularly at its Catalyst Ridge REE-Antimony Project. The company emphasizes the importance of seeking professional advice before investing.

Regulatory Compliance and Continuous Disclosure

Great Northern Minerals confirms compliance with continuous disclosure obligations under the Corporations Act and ASX Listing Rules. The company regularly updates the market with announcements related to its exploration progress, financial results, and corporate governance. The prospectus and related documents are available on the company’s website, ensuring transparency for investors.

The offer is targeted at investors within the company’s defined target market determination, and overseas distribution is restricted in accordance with applicable laws.

Conclusion

This options offer represents a strategic step by Great Northern Minerals to enhance the liquidity and tradability of its securities, albeit on a modest scale. While it does not raise new capital, it may pave the way for greater market engagement with the company’s securities. Investors should weigh the speculative nature of the options against the company’s exploration prospects and risk profile.