ANDROMEDA METALS LIMITED
ASX:ADNMaterialsToday’s holders own 80.9% of what they think they own, once every option and right converts.
Runway under 2 quarters; share count grew 51% in 24 months; 4 cash raises in 24 months
ANDROMEDA METALS LIMITED has 5.14B ordinary shares as of September 2026. The company raised capital four times in the past 24 months for total disclosed proceeds of A$36.1M, most recently A$3.0M through a Security Purchase Plan with an associated placement in August 2026. Options and rights on issue could convert into 1.21B new shares, representing 23.6% of the current share count, with the nearest expiry in July 2027. In the June 2026 quarter, the company reported A$4.1M in available cash, which covered 1.6 quarters of operations. There are no pending proposed securities issues. The share count is the ASX market reading; the filed 2A series ends earlier, so growth over the window is not stated.
Shares on issue — last 2 years
Cash runway
Issuance timeline
Latest 5 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)
| Date | Form | Security | On issue, per this filing | Source |
|---|---|---|---|---|
| 4 Sept 2026 | 2A · quoted issue | ADN : ORDINARY FULLY PAID | 5.12B | Appendix 2A |
| 4 Sept 2026 | 2A · quoted issue | ADN : ORDINARY FULLY PAID | 4.64B | Appendix 2A |
| 18 Aug 2026 | 2A · quoted issue | ADN : ORDINARY FULLY PAID | 4.62B | Appendix 2A |
| 29 June 2026 | 3H · cancellation | ADN : ORDINARY FULLY PAID | 4.62B | Appendix 3H |
| 2 Apr 2026 | 2A · quoted issue | ADN : ORDINARY FULLY PAID | 4.62B | 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 (5.12B) need not equal the current count above (5.14B).
Capital raises
4 cash raises in the last 24 months · 3 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-triggered1.19B · 23.1% of sharesOptions and warrants — they convert when the share price clears their exercise price.At least 1.15B of it states no exercise price — that much cannot be called in or out of the money.
- Condition-triggered26.9M · 0.5% 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, 37.8M at a stated nil price, 1.18B 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. 37.8M of it states a NIL exercise price — nothing is paid to convert that, so it converts at any price. The other 1.18B 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 |
|---|---|---|---|---|---|---|
| ADNO | Options | Price-triggered | — | 2 July 2027 | 293.5M | Filing |
| ADNOC | Options | Price-triggered | — | 30 Sept 2027 | 338.4M | Filing |
| ADNAC | Options | Price-triggered | Nil | 2 Dec 2027 | 37.8M | Filing |
| ADNOD | Options | Price-triggered | — | 11 Dec 2027 | 493.4M | Filing |
| ADNAA | Options | Price-triggered | — | — | 24.8M | Filing |
| ADNAB | Performance rights | Condition-triggered | — | — | 26.9M | 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.
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 |
|---|---|---|---|---|---|---|---|
| 4 Sept 2026 | Jean-Dominique Sorel | Other entitlement/SPP | 6.8M | — | — | $30k | 3Y notice |
| 4 Sept 2026 | Sue-Ann Higgins | Other entitlement/SPP | 4.8M | — | 6.0M | $20k | 3Y notice |
| 11 Dec 2025 | Jean-Dominique Sorel | Other placement | 1.7M | 1.0M | — | $30k | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 12 Sept 2026.