Companies / ADX

ADX ENERGY LTD

ASX:ADXEnergy
1.08B shares on issueASX (delayed) · snapshot 11 Sept 20261.30B fully diluted+19.5% if every option and right converts$0.018price · delayed$19.5Mmarket cap · indicative

Today’s holders own 83.7% of what they think they own, once every option and right converts.

Very high
Dilution risk

Runway under 2 quarters; share count grew 91% in 24 months; 3 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway1.2 quarters of funding
Share-count growth (24m)90.6%
Raise cadence (24m)3 cash raises
Options & rights overhang19.5% of shares
In-the-money supply0.0% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

ADX ENERGY LTD's ordinary share count grew 90.6% between August 2024 and September 2026, reaching 1.08B shares. In the 24-month period, the company completed three capital raises totalling A$11.6M, with the most recent being a A$3.6M placement in July 2026. Options and rights on issue could convert to 211M new shares, representing 19.5% of the current share count, with no options currently in the money; the nearest expiry date is July 2027. As of June 2026, the company held A$3.4M in cash, providing approximately 1.2 quarters of funding. One proposed securities issue is pending, with a proposed date in December 2026.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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19.5%
Options & rights overhang
0.0%
In-the-money supply
3
Raises · last 12 months
1.2 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 1.08B per ASX (delayed) (snapshot 11 Sept 2026).
0.6B0.8B1.0BDec 24Oct 25Sept 26Cash raise · 17 July 2026Cash raise · 10 Mar 2026Cash raise · 10 Nov 20251.08B

Cash runway

1.2 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
Funds operations to about Oct 2026 at the reported spend rate.
$3.4M 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: $2.2M cash at quarter end (item 4.6), 1.8 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
9 Sept 20262A · quoted issueADX : ORDINARY FULLY PAID1.08BAppendix 2A
9 Sept 20262A · quoted issueADX : ORDINARY FULLY PAID1.08BAppendix 2A
12 Aug 20262A · quoted issueADX : ORDINARY FULLY PAID1.07BAppendix 2A
12 Aug 20262A · quoted issueADX : ORDINARY FULLY PAID1.08BAppendix 2A
12 Aug 20263G · unquotedADX : ORDINARY FULLY PAID1.07BAppendix 3G
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67 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

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

every 4.1 monthsaverage gap between raises
1.9 monthssince the most recent
10 Nov 2025 – 17 July 2026first to most recent in this window
$3.6M
Placement
17 July 2026 COMPLETE
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8 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.

300k of option supply could convert within 12 months — 0.0% of shares on issue
300k at a stated nil exercise price — nothing is paid to convert these
1 proposed issue (Appendix 3B) also pending — not counted above; the securities each would add are in the calendar below.
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.

No estimate — the filings already exceed 15% of the share count we can measure, which means securities were added to the base during the year that we cannot see. The company has also placed under the additional 10% (Listing Rule 7.1A), which is not counted in this figure.
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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

19.5%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
211.2M
Potential new shares
July 2027
Nearest expiry
What a price move would switch on
105.6M211.2M$0.018 now0.25× today ($0.004) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.009) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.013) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.018) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.022) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.027) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.036) — 0 of the priced supply in the money, 0.0% of shares on issue3× today ($0.054) — 206.1M of the priced supply in the money, 19.0% of shares on issue5× today ($0.090) — 206.1M of the priced supply in the money, 19.0% of shares on issue10× today ($0.180) — 206.1M of the priced supply in the money, 19.0% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.018 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 3× today’s price, which takes it to 206.1M (19.0% 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.
  • 5.1M (2.4% 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
ADXAACOptionsPrice-triggeredNil31 July 2027300kFiling
ADXAAEOptionsPrice-triggeredNil31 Oct 2027219kFiling
ADXAAPOptionsPrice-triggered$0.03917 Jan 202886.6MFiling
ADXAAGOptionsPrice-triggeredNil31 Jan 2028131kFiling
ADXAAROptionsPrice-triggered$0.04120 May 2028105.6MFiling
ADXAAIOptionsPrice-triggeredNil31 May 202889kFiling
ADXAAOptionsPrice-triggered$0.04531 May 202813.9MFiling
ADXAAJOptionsPrice-triggeredNil31 July 2028197kFiling
ADXAAKOptionsPrice-triggeredNil31 Oct 2028167kFiling
ADXAALOptionsPrice-triggeredNil31 Jan 2029213kFiling
ADXAAMOptionsPrice-triggeredNil31 May 2029671kFiling
ADXAANOptionsPrice-triggeredNil31 July 2029640kFiling
ADXAAOOptionsPrice-triggeredNil31 Oct 2029700kFiling
ADXAAQOptionsPrice-triggeredNil31 Jan 2030521kFiling
ADXAASOptionsPrice-triggeredNil31 May 2030478kFiling
ADXAATOptionsPrice-triggeredNil31 July 2030735kFiling

“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.

3 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.
  • ADXAWPrice-triggered380k securities → 031 July 2026 Appendix 2A
  • ADXAXPrice-triggered284k securities → 031 July 2026 Appendix 2A
  • ADXAYPrice-triggered276k securities → 031 July 2026 Appendix 2A
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16 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
10 Sept 2026Edouard EtienvreBuy placement1.5M1.5M—$30k3Y notice
10 Sept 2026Ian TchacosOther placement5.0M——$100k3Y notice
10 Sept 2026Paul FinkOther placement750k750k—$15k3Y notice
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39 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

10 Sept 2026Half Year Financial Report - June 2026
9 Sept 2026Change of Director's Interest Notice - P Fink
9 Sept 2026Change of Director's Interest Notice - E Etienvre
9 Sept 2026Change of Director's Interest Notice - I Tchacos
9 Sept 2026Cleansing Notice
9 Sept 2026Application for quotation of securities - ADX
9 Sept 2026Listed Options - Distribution Schedule and Top 20
9 Sept 2026Application for quotation of securities - ADX
4 Sept 2026Option Prospectus
4 Sept 2026Results of General Meeting
3 Sept 2026$PSicily Channel Additional Acreage
28 Aug 2026$PHOCH-1 Production Testing Update-3 Additional Zones Flow Gas
18 Aug 2026$PSicily Channel New Acreage Gazettals
13 Aug 2026$PHOCH-1 Resumption of Production Testing
12 Aug 2026Change of Director's Interest Notice - D Gilbert
12 Aug 2026Change of Director's Interest Notice - P Fink
12 Aug 2026Change of Director's Interest Notice - E Etienvre
12 Aug 2026Change of Director's Interest Notice - I Tchacos
12 Aug 2026Cleansing Notice
12 Aug 2026Notification regarding unquoted securities - ADX

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