Companies / AAM

AUMEGA METALS LTD

ASX:AAMMaterials
1.46B shares on issueASX (delayed) · snapshot 11 Sept 20262.17B fully diluted+48.7% if every option and right converts$0.036price · delayed$52.4Mmarket cap · indicative

Today’s holders own 67.2% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 177% in 24 months; 4 cash raises in 24 months; options/rights overhang 49% of shares

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway8.6 quarters of funding
Share-count growth (24m)176.7%
Raise cadence (24m)4 cash raises
Options & rights overhang48.7% of shares
In-the-money supplyno data — an exercise price is on record for a minority of the supply
Pending proposed issuesnone

AUMEGA METALS LTD's ordinary share count grew 176.7% between August 2024 and September 2026, reaching 1.46B shares. Over the past 24 months, the company has raised capital four times, totalling A$92.3M, with the most recent event being a A$30.1M placement in February 2026. At present, options and rights on issue could convert into 710M new shares, representing 48.7% of the current share count. The nearest expiry for these instruments is January 2027. As of June 2026, the company held A$25.0M in cash, sufficient to cover 8.6 quarters of operations based on its recent expenditure rate. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 9 Sept 2026
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48.7%
Options & rights overhang
In-the-money supply · most strikes not on record
2
Raises · last 12 months
8.6 qtrs
Cash cover · over 4 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 1.46B per ASX (delayed) (snapshot 11 Sept 2026).
0.75B1.00B1.25B1.50BDec 24Oct 25Sept 26Cash raise · 18 Feb 2026Cash raise · 11 Feb 20261.46B

Cash runway

8.6 qtrs
More than four quarters of funding at the recent spend rate.
Funds operations to about Aug 2028 at the reported spend rate.
$24.9M cash after burn from the quarter ended 30 June 2026 · Runway is computed from Appendix 4C/5B filings and announced raise proceeds. Filed with the quarterly report: $27.3M cash at quarter end (item 4.6), 10.1 qtrs of funding on the company’s own estimate. Our figure above carries the filed quarter-end balance forward at the reported spend rate and adds announced raise proceeds.
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8 quarters on record — Cash runway history
Quarterly cash, net spend and cover trend from every Appendix 4C/5B on record up to 30 June 2026.
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Issuance timeline

Latest 5 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)

DateFormSecurityOn issue, per this filingSource
7 Sept 20262A · quoted issueAAM : ORDINARY FULLY PAID1.46BAppendix 2A
28 July 20263H · cancellationAAM : ORDINARY FULLY PAID1.46BAppendix 3H
30 June 20263G · unquotedAAM : ORDINARY FULLY PAID1.46BAppendix 3G
30 June 20262A · quoted issueAAM : ORDINARY FULLY PAID1.46BAppendix 2A
22 June 20263H · cancellationAAM : ORDINARY FULLY PAID1.46BAppendix 3H
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29 filings on record — Full issuance history
Every quoted and unquoted issue and cancellation on record, plus unquoted securities (Appendix 4.2).
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Capital raises

4 cash raises in the last 24 months · 2 in the last 12 months

every 5.4 monthsaverage gap between raises
6.8 monthssince the most recent
17 Oct 202418 Feb 2026first to most recent in this window
$30.7M
Placement
18 Feb 2026 COMPLETE
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4 raises on record — Full raise history
Issue price, shares issued, brokers and stated purpose for every raise on record.
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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.

167k of option supply could convert within 12 months0.0% of shares on issue
167k at a stated nil exercise price — nothing is paid to convert these
Out-of-the-money options are excluded — at today’s price they expire rather than convert. So is condition-triggered supply, which has no expiry and no price, and convertibles that convert on their own terms rather than on a date.
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17 dated events on record — Forward supply calendar
Option expiries and proposed issues on one forward timeline, with the securities each could add.
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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.

About 79% of the 15% placement capacity left — about 21% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). Holder-approved issues and any later ratification are not deducted, so the true headroom can be higher.
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Placement capacity — LR 7.1 / 7.1A
The filings behind the figure: every Appendix 3B in the window with what it says was issued under 7.1 and 7.1A, each row linked to its filing, and how many shares are left.
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Pending proposed issues

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

48.7%
Options & rights overhang · of current shares
In-the-money supply · most strikes not on record
709.5M
Potential new shares
Jan 2027
Nearest expiry
What this supply is, and what converts it
  • Price-triggered697.1M · 47.9% of shares
    Options and warrants — they convert when the share price clears their exercise price.
    At least 642.4M of it states no exercise price — that much cannot be called in or out of the money.
  • Condition-triggered12.4M · 0.9% of shares
    Performance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.

Exercise price on record: 52.2M priced, 2.5M at a stated nil price, 654.8M 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.

What a price move would switch on
354.8M709.5M$0.036 now0.25× today ($0.009) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.018) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.027) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.036) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.045) — 11.5M of the priced supply in the money, 0.8% of shares on issue1.5× today ($0.054) — 34.7M of the priced supply in the money, 2.4% of shares on issue2× today ($0.072) — 43.5M of the priced supply in the money, 3.0% of shares on issue3× today ($0.108) — 43.5M of the priced supply in the money, 3.0% of shares on issue5× today ($0.180) — 49.5M of the priced supply in the money, 3.4% of shares on issue10× today ($0.360) — 52.2M of the priced supply in the money, 3.6% of shares on issue0.25×0.5×0.75×now1.25×1.5×10×

An exercise price is on record for only 7.4% of this supply, so what is in the money today is not a measurement — the tile above reads “—” for that reason. Of the priced supply, 0 is in the money at $0.036 today. No more priced supply until 1.25× today’s price, which takes it to 11.5M (0.8% of shares).

  • Priced supply in the money at the price on the axis — the curve, and the only thing on it. Ten prices, sampled: between two of them the true figure lies between the two.
  • 2.5M (0.4% of the supply above) states a nil exercise price — nothing is paid to convert it, so no share price switches it on or off. It is the flat band, and it is not part of the in-the-money figure.
  • 654.8M (92.3% of the supply above) states no exercise price at all. It cannot be called in or out of the money at any price, which is why it is hatched rather than plotted.
CodeSecurityTypeExercise priceExpiryOn issueSource
AAMAAOptionsPrice-triggeredNil1 Jan 2027167kFiling
AAMAMOptionsPrice-triggeredNil1 Oct 202760kFiling
AAMANOptionsPrice-triggeredNil1 Mar 2029570kFiling
AAMAJOptionsPrice-triggered$0.261 May 20292.8MFiling
AAMAHOptionsPrice-triggeredNil31 Dec 2029831kFiling
AAMAIOptionsPrice-triggeredNil1 Jan 2030912kFiling
AAMAEOptionsPrice-triggered$0.0591 Jan 20306.8MFiling
AAMACOptionsPrice-triggered$0.141 Jan 20306.0MFiling
AAMAGOptionsPrice-triggered$0.0591 May 20302.0MFiling
AAMAOOptionsPrice-triggered$0.04522 Dec 20301.8MFiling
AAMAAEOptionsPrice-triggered$0.0401 Jan 20313.3MFiling
AAMAAGOptionsPrice-triggered$0.0421 Jan 2031820kFiling
AAMAFOptionsPrice-triggered$0.0501 Jan 20318.0MFiling
AAMAPOptionsPrice-triggered$0.04426 Apr 20311.5MFiling
AAMAADOptionsPrice-triggered$0.04028 May 20314.6MFiling
AAMAAFOptionsPrice-triggered$0.04228 May 20311.3MFiling
AAMAQOptionsPrice-triggered$0.0505 June 203113.4MFiling
AAMABPerformance rightsCondition-triggered12.4MFiling
AAMAWWarrantsPrice-triggered642.4MFiling

“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.

2 classes ceased in the last 12 months and are not counted above
The company’s own Appendix 2A restates each of these at zero. They are excluded from the overhang, the in-the-money supply and every figure on this page. Each count is the filing’s own count of securities in the class, not a share count — a 2A never states what one security converts into.
  • AAMAKPrice-triggered824k securities → 012 June 2026 Appendix 2A
  • AAMALPrice-triggered412k securities → 09 Jan 2026 Appendix 2A
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19 option lines on record — In-the-money value & price ladder
What each line is worth in the money today, the price ladder to the next tranche that converts, and the filing description behind every code.
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Director dealings

DateDirectorTypeSharesOptionsOtherValueSource
30 June 2026Carol MARINKOVICHOther incentive865k810k3Y notice
30 June 2026James Carr WITHALLOther1.4M1.4M3Y notice
30 June 2026Justin OSBORNEOther536k3Y notice
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21 notices on record — Full dealing history
Every change-of-director's-interest notice on record, with direction and consideration.
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Ownership

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Top-20 holders & substantial holder notices
Top-20 register snapshot and substantial-holder movements, each linked to its source notice.
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Latest announcements

Headlines link to the source PDFs on the ASX announcements platform. Data as of 12 Sept 2026.