ADAVALE RESOURCES LIMITED
ASX:ADDEnergyToday’s holders own 57.4% of what they think they own, once every option and right converts.
Share count grew 547% in 24 months; runway 2–4 quarters; 4 cash raises in 24 months
ADAVALE RESOURCES LIMITED completed a 1-for-20 share consolidation in June 2025. Between September 2024 and September 2026, its latest share-count filing, the ordinary share count (adjusted for the consolidation) increased 546.9% to 396M shares. The company raised capital four times in that period for total proceeds of A$14.7M, most recently a A$4.7M placement in October 2026. Options and rights on issue could convert into 294M new shares, representing 74.3% of the current share count, with none currently in the money and the nearest expiry in December 2027. The company has 2 to 4 quarters of funding at the recent spend rate. Two proposed securities issues (Appendix 3B) are pending, with the nearest expected in October 2026.
Quick answers · 5
Why was ADD in a trading halt?
Adavale Resources requested a trading halt on 20 Oct 2026, giving the reason "Pending release of an announcement in relation to a material capital raising". Trading was expected to resume 22 Oct 2026.
Is ADD raising capital?
Adavale Resources has 2 proposed issues of securities pending under Appendix 3B as at 28 Oct 2026; the most recent raise announced is Placement of $4.7M on 22 Oct 2026.
How much placement capacity does ADD have left?
About 5% of the 15% placement capacity left, about 95% used in 12 months (estimate). Under ASX Listing Rule 7.1 a company may place up to 15% of its shares in 12 months without shareholder approval.
How much cash does ADD have?
In its quarterly cash report for the quarter ended 30 June 2026, Adavale Resources reported $1.9M of cash and estimated 1.2 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do ADD's options expire?
Unexercised options and rights equal 74.3% of Adavale Resources's shares on issue; the nearest expiry is Dec 2027.
Shares on issue — last 2 years
Cash runway
Issuance timeline
Latest 5 filings (Appendix 2AThe form a company lodges to have new securities quoted on the ASX. It restates how many of each class are on issue. quoted issues, 3G unquoted, 3H cancellations)
| Date | Form | Security | On issue, per this filing | Source |
|---|---|---|---|---|
| 18 Sept 2026 | 2A · quoted issue | ADD : ORDINARY FULLY PAID | 395.8M | Appendix 2A |
| 3 Aug 2026 | 2A · quoted issue | ADD : ORDINARY FULLY PAID | 391.5M | Appendix 2A |
| 3 Aug 2026 | 3G · unquoted | ADD : ORDINARY FULLY PAID | 369.0M | Appendix 3G |
| 3 Aug 2026 | 2A · quoted issue | ADD : ORDINARY FULLY PAID | 371.5M | Appendix 2A |
| 3 Aug 2026 | 3G · unquoted | ADD : ORDINARY FULLY PAID | 369.0M | Appendix 3G |
Securities on issue over time
Ordinary shares and every option and rights class, month by month over two years. The top edge is the fully diluted count.
Capital raises
4 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 / 7.1ARule 7.1 lets a company issue up to 15% of its shares in 12 months without a shareholder vote. Rule 7.1A adds 10% for smaller companies whose holders approve it. allows 15% of ordinary securities in any 12 months, and every Appendix 3BNotice that a company proposes to issue new securities, such as a placement. The securities are not on issue until a later filing confirms it. states how much of it an issue uses.
Pending proposed issues
Options & convertible securities
- Price-triggered250.7M · 63.4% of sharesOptions and warrants — they convert when the share price clears their exercise price.At least 175.7M of it states no exercise price — that much cannot be called in or out of the money.
- Condition-triggered43.3M · 10.9% 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: 75.0M priced, 219.0M 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.
An exercise price is on record for only 25.5% 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 $0.028 today. No more priced supply until 5× today’s price, which takes it to 37.5M (9.5% 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.
- 219.0M (74.5% 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.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| ADDO | Options | Price-triggered, no exercise price stated | — | 31 Dec 2027 | 94.1M | Filing |
| ADDOD | Options | Price-triggered, no exercise price stated | — | 30 June 2028 | 81.7M | Filing |
| ADDAAI | Options | Price-triggered | $0.12 | 15 Oct 2029 | 15.0M | Filing |
| ADDAAJ | Options | Price-triggered | $0.24 | 15 Oct 2029 | 15.0M | Filing |
| ADDAF | Options | Price-triggered | $0.10 | 31 Dec 2029 | 22.5M | Filing |
| ADDAG | Options | Price-triggered | $0.20 | 31 Dec 2029 | 22.5M | Filing |
| ADDAAB | Performance rights | Condition-triggered | — | — | 43.3M | Filing Meeting |
“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. For what expires soon across other listed companies, see the options expiry calendar.
A condition-triggered class has no exercise price and usually no expiry: what it vests on is set by a shareholder resolution, not by the register. Where the company lodged a notice of meeting before the class first appears here, it is linked as “Meeting” — that is where terms of this kind are put to shareholders. It is not confirmation that the document sets this class’s conditions, and no link appears where there is no such filing.
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 3 Aug 2026 | Allan Ritchie | Other incentive | 2.3M | — | — | — | 3Y notice |
| 3 Aug 2026 | David Ward | Other incentive | 2.3M | — | — | — | 3Y notice |
| 3 Aug 2026 | Maurice Dominic Matich | Other incentive | — | — | 3.0M | — | 3Y notice |
| 30 June 2026 | Allan Ritchie | Other incentive | 4.6M | 800k | — | $80k | 3Y notice |
| 30 June 2026 | David Ward | Other incentive | 4.0M | 500k | — | $50k | 3Y notice |
| 30 June 2026 | Maurice Dominic Matich | Other incentive | 2.5M | 255k | — | $26k | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.