Companies / AAU

ANTILLES GOLD LIMITED

ASX:AAUMaterials
3.28B shares on issueAppendix 2A · as of 11 Sept 20264.55B fully diluted+38.6% if every option and right converts$0.009price · delayed$29.5Mmarket cap · indicative

Today’s holders own 72.2% of what they think they own, once every option and right converts.

Very high
Dilution risk

Runway under 2 quarters; share count grew 125% in 24 months; 9 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway0.7 quarters of funding
Share-count growth (24m)124.6%
Raise cadence (24m)9 cash raises
Options & rights overhang38.6% of shares
In-the-money supplyno data — an exercise price is on record for a minority of the supply
Pending proposed issuesopen proposed issue (Appendix 3B)

ANTILLES GOLD LIMITED's ordinary share count grew 124.6% between July 2024 and September 2026, reaching 3.28B shares. In the past 24 months, the company completed nine capital raises totalling A$18.0M, with the most recent being a A$2.6M Non-Renounceable Entitlement Offer in September 2026. Options and rights on issue represent a potential 1.27B new shares, equating to 38.6% of the current share count, with the nearest expiry in December 2026. As of June 2026, the company had A$2.2M in available cash, covering approximately 0.7 quarters of operations. One proposed securities issue (Appendix 3B) is pending, with an expected issue date in October 2026.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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38.6%
Options & rights overhang
—
In-the-money supply · most strikes not on record
3
Raises · last 12 months
0.7 qtrs
Cash cover · under 2 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 3.28B per Appendix 2A (filed 11 Sept 2026).
2.0B2.5B3.0BDec 24Oct 25Sept 26Cash raise · 17 Apr 2026Cash raise · 19 Mar 2026Cash raise · 11 Sept 2025Cash raise · 4 Aug 2025Cash raise · 29 May 2025Cash raise · 26 Feb 2025Cash raise · 17 Feb 20253.28B

Cash runway

0.7 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
The latest quarterly report funded operations to about Aug 2026 — that date has passed, and no later report is on record.
$2.2M 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: $2.3M cash at quarter end (item 4.6), 6.4 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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11 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
11 Sept 20262A · quoted issueAAU : ORDINARY FULLY PAID3.28BAppendix 2A
2 June 20262A · quoted issueAAU : ORDINARY FULLY PAID3.28BAppendix 2A
26 May 20262A · quoted issueAAU : ORDINARY FULLY PAID3.28BAppendix 2A
12 May 20262A · quoted issueAAU : ORDINARY FULLY PAID3.28BAppendix 2A
21 Apr 20262A · quoted issueAAU : ORDINARY FULLY PAID3.27BAppendix 2A
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53 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

9 cash raises in the last 24 months · 3 in the last 12 months

every 3 monthsaverage gap between raises
0.1 monthssince the most recent
17 Sept 2024 – 8 Sept 2026first to most recent in this window
$2.6M
Non-Renounceable Entitlement Offer
8 Sept 2026 ACTIVE
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11 raises on record — Full raise history
Issue price, shares issued, brokers and stated purpose for every raise on record.
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Retail offer

An offer existing holders can take part in — the one structural advantage retail has in a raise. Dated recently and not yet recorded as complete.

Entitlement offer
dated 8 Sept 2026 · 4 days ago
Non-Renounceable Entitlement Offer

Closing dates are not in the filings this site holds. Check the company's own announcement below before acting on this.

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Offer terms
The offer price, and how it compares with the last traded price.
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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.

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4 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 60% of the 15% placement capacity left — about 40% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). The company has also placed under the additional 10% (Listing Rule 7.1A), which is not counted in this figure. 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

1 proposed issue pending — Appendix 3B lodged, securities not yet issued. New shares from these issues are not in the counts above until quoted.
Paid plan
1 pending issue on record — Pending issue detail
Size, price, fees, broker and placement-capacity usage for each pending issue.
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Options & convertible securities

38.6%
Options & rights overhang · of current shares
—
In-the-money supply · most strikes not on record
1.27B
Potential new shares
Dec 2026
Nearest expiry
What a price move would switch on
632.9M1.27B$0.009 now0.25× today ($0.002) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.004) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.007) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.009) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.011) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.013) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.018) — 0 of the priced supply in the money, 0.0% of shares on issue3× today ($0.027) — 0 of the priced supply in the money, 0.0% of shares on issue5× today ($0.045) — 71.4M of the priced supply in the money, 2.2% of shares on issue10× today ($0.090) — 71.4M of the priced supply in the money, 2.2% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

An exercise price is on record for only 5.6% 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 $0.009 today. No more priced supply until 5× today’s price, which takes it to 71.4M (2.2% 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.
  • 1.19B (94.4% 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
AAUOOptionsPrice-triggered—31 Dec 2026830.0MFiling
AAUACOptionsPrice-triggered$0.03031 Dec 202771.4MFiling
AAUODOptionsPrice-triggered—31 Dec 2028364.3MFiling

“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.

1 class ceased in the last 12 months and is 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.
  • AAUAACondition-triggered4.7M securities → 01 Dec 2025 Appendix 2A
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3 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
4 Feb 2026Zhang ZhongyiOther————3Y notice
1 Dec 2025JAMES RONAN TYERSBuy incentive2.4M———3Y notice
30 June 2025Angela Mary PankhurstSell—330k——3Y notice
30 June 2025Brian Godfrey JohnsonSell————3Y notice
30 June 2025UGO CARIOSell—818k——3Y notice
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5 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

11 Sept 2026Application for quotation of securities - AAU
11 Sept 2026Reconciliation between Half Yearly and Quarterly Reports
11 Sept 2026Half Year Accounts
8 Sept 2026Proposed issue of securities - AAU
8 Sept 2026$PNon Renounceable Entitlement Offer
26 Aug 2026$PBinding MoU Signed to Initiate Possible Lifting US Sanction
30 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
6 July 2026Update on US Sanction of Cuban Joint Venture Mining Company
23 June 2026Update on US Sanction of Cuban Joint Venture Company
17 June 2026$PReinstatement to Quotation
17 June 2026$PUS Sanctions of Cuban Joint Venture Company
9 June 2026$PSuspension from Quotation
9 June 2026$PU.S. Sanctions of Cuban Joint Venture Company
5 June 2026$PTrading Halt
4 June 2026$PPause in Trading
3 June 2026QAQC Review Confirms Quality of Fabrication for Concentrator
2 June 2026Cleansing Notice - Options Exercised
2 June 2026Application for quotation of securities - AAU
28 May 2026Results of Annual General Meeting
26 May 2026Cleansing Notice - Options Exercised

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