49 METALS LIMITED
ASX:49MMaterialsToday’s holders own 87.7% of what they think they own, once every option and right converts.
Runway 2–4 quarters; 2 cash raises in 24 months; options/rights overhang 14% of shares
49 METALS LIMITED listed in March 2026, and its disclosure history is short. The company has raised A$20.0M over two capital events in the past 24 months, most recently A$10.0M from an Initial Public Offering in March 2026. Its latest reported share count is 82M as of March 2026. Options and rights on issue could convert into 12M new shares, representing 14.1% of the current share count, with the nearest expiry in February 2029; none are currently in the money. As of the June 2026 quarter, the company held A$5.5M in available cash, sufficient for approximately 3.6 quarters of operation. No further proposed securities issues are currently pending.
Shares on issue — last 2 years
Cash runway
Issuance timeline
Latest 3 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)
| Date | Form | Security | On issue, per this filing | Source |
|---|---|---|---|---|
| 23 Aug 2026 | 2A · quoted issue | 49M : ORDINARY FULLY PAID | 70.2M | Appendix 2A |
| 15 July 2026 | 2A · quoted issue | 49M : ORDINARY FULLY PAID | 69.5M | Appendix 2A |
| 26 May 2026 | 2A · quoted issue | 49M : ORDINARY FULLY PAID | 68.5M | Appendix 2A |
Each filing states the count for the security it names, as at its own reference date and in the units of that filing — so the newest row (70.2M) need not equal the current count above (82.2M).
Capital raises
2 cash raises in the last 24 months · 2 in the last 12 months
Forward supply
Every dated event on record that could add securities to the register — option expiries to their stated dates and proposed issues over the next 18 months, on one timeline.
Placement capacity
How much stock a company can place without asking holders. Listing Rule 7.1 allows 15% of ordinary securities in any 12 months, and every Appendix 3B states how much of it an issue uses.
Pending proposed issues
Options & convertible securities
- Price-triggered4.9M · 6.0% of sharesOptions and warrants — they convert when the share price clears their exercise price.No exercise price is on record for any of it, so none of it can be called in or out of the money.
- Condition-triggered6.7M · 8.1% of sharesPerformance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.
Exercise price on record: 0 priced, 11.6M where the filing never states one. A security with no exercise price is never counted in the money — nothing is paid to convert it, so there is no price for it to be above.
Each figure is the filing’s own count of securities, not a share count — a 2A never states what one security converts into.
No option supply on record carries an exercise price to pay, so no share price switches any of it on. All 11.6M of it converts on something else — a hurdle that may never be met, or terms the filing does not price.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| 49MAG | Options | Price-triggered | — | 28 Feb 2029 | 2.4M | Filing |
| 49MAH | Options | Price-triggered | — | 28 Jan 2031 | 2.5M | Filing |
| 49MAI | Performance rights | Condition-triggered | — | — | 6.7M | Filing |
“Nil” is a stated nil exercise price: nothing is paid to convert. An em dash means the filing names no exercise price at all. Security is read from the filing’s own class description; an em dash there means the description is not one this table labels. One row is one security class, at the number stated in the most recent quotation application that restated it — linked, and dated, in the last column.
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 1 Sept 2026 | Matthew Gauci | Buy on-market | 74k | — | — | $10k | 3Y notice |
| 31 Aug 2026 | Matthew Gauci | Buy on-market | 76k | — | 1.2M | $10k | 3Y notice |
| 28 Aug 2026 | Richard Pearce | Buy on-market | 37k | — | 1.4M | $5k | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 12 Sept 2026.