Companies / AM5

ANTARES METALS LIMITED

ASX:AM5Materials
856.1M shares on issueASX (delayed) · snapshot 11 Sept 20261.34B fully diluted+56.1% if every option and right converts$0.006price · delayed$5.1Mmarket cap · indicative

Today’s holders own 64.1% of what they think they own, once every option and right converts.

High
Dilution risk

Share count grew 51% in 24 months; options/rights overhang 56% of shares; runway 4–8 quarters

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway4.5 quarters of funding
Share-count growth (24m)50.6%measured to the latest Appendix 2A, not to the share count above
Raise cadence (24m)2 cash raises
Options & rights overhang56.1% of shares
In-the-money supply0.0% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

ANTARES METALS LIMITED's ordinary share count stood at 856M as of February 2026. The company has raised capital twice in the past 24 months for total disclosed proceeds of A$4.6M, with a further placement of A$2.6M planned for September 2026. Options and rights on issue could convert into 480M new shares, representing 56.1% of the current share count, with the nearest expiry in October 2026. At the June 2026 quarter, the company reported A$2.7M in available cash, which covers approximately 4.5 quarters of funding. Two proposed securities issues (Appendix 3B) are pending, with the nearest expected in September 2026.

AI-generated summary of this page's cited filings · updated 10 Sept 2026
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56.1%
Options & rights overhang
0.0%
In-the-money supply
2
Raises · last 12 months
4.5 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 856.1M per ASX (delayed) (snapshot 11 Sept 2026).
500M600M700M800MDec 24Oct 25Sept 26Cash raise · 7 Sept 2026Cash raise · 8 Dec 2025856.1M

Cash runway

4.5 qtrs
More than four quarters of funding at the recent spend rate.
Funds operations to about Aug 2027 at the reported spend rate.
$2.7M 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: $582k cash at quarter end (item 4.6), 1.0 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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7 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
30 June 20263H · cancellationAM5 : ORDINARY FULLY PAID856.1MAppendix 3H
24 May 20263G · unquotedORDINARY FULLY PAID856.1MAppendix 3G
23 Feb 20263H · cancellationAM5 : ORDINARY FULLY PAID856.1MAppendix 3H
29 Jan 20262A · quoted issueAM5 : ORDINARY FULLY PAID768.6MAppendix 2A
29 Jan 20262A · quoted issueAM5 : ORDINARY FULLY PAID731.1MAppendix 2A
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15 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

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

every 9 monthsaverage gap between raises
0.2 monthssince the most recent
8 Dec 2025 – 7 Sept 2026first to most recent in this window
$2.6M
Placement
7 Sept 2026 ACTIVE
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3 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.

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6 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 15% placement capacity left — all of it used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). One filing in the window states more under 7.1 than the whole allowance and is not counted, so usage may be higher than this. 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

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

56.1%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
479.9M
Potential new shares
Oct 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered436.6M · 51.0% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered43.2M · 5.1% 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: 436.6M priced, 43.2M 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
239.9M479.9M$0.006 now0.25× today ($0.002) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.003) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.005) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.006) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.007) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.009) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.012) — 0 of the priced supply in the money, 0.0% of shares on issue3× today ($0.018) — 0 of the priced supply in the money, 0.0% of shares on issue5× today ($0.030) — 186.0M of the priced supply in the money, 21.7% of shares on issue10× today ($0.060) — 405.0M of the priced supply in the money, 47.3% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.006 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 5× today’s price, which takes it to 186.0M (21.7% 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.
  • 43.2M (9.0% 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.
  • 31.7M more carries an exercise price above ten times today’s — off the right of this axis, and in every total on this page.
CodeSecurityTypeExercise priceExpiryOn issueSource
AM5AMOptionsPrice-triggered$0.06831 Oct 202626.7MFiling
AM5AOOptionsPrice-triggered$0.03030 June 2027218.9MFiling
AM5ALOptionsPrice-triggered$0.06831 Oct 20275.0MFiling
AM5ABOptionsPrice-triggered$0.02031 Jan 2029186.0MFiling
AM5AAPerformance rightsCondition-triggered——43.2MFiling

“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.

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5 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
9 June 2026Mr Terence ToppingBuy on-market——10.0M$7k3Y notice
29 Jan 2026Mr Bruno SenequeOther placement625k313k750k$5k3Y notice
29 Jan 2026Mr Mark Anthony ConnellyOther placement2.5M1.3M1.0M$20k3Y 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

9 Sept 2026Proposed issue of securities - AM5
9 Sept 2026Proposed issue of securities - AM5
9 Sept 2026$PAntares Secures $2.57 Million to Fund Exploration
7 Sept 2026$PTrading Halt
16 Aug 2026$PWidespread High-Grade Gold Mineralisation at Quinns
13 Aug 2026$PMaiden Drilling Confirms Copper Mineralisation at Depth
31 July 2026$PQuarterly Activities Report - 30 June 2026
31 July 2026$PQuarterly Cashflow Report - 30 June 2026
21 July 2026$PAM5 Advances Path to Drill at Quinns
20 July 2026Escrow Release
8 July 2026$PMaiden Drilling at Conglomerate Creek Prospect
30 June 2026Notification of cessation of securities - AM5
22 June 2026Change in substantial holding - Cumulus Wealth
10 June 2026Change of Director's Interest Notice - Topping
9 June 2026$PMaiden Drilling Commenced at Conglomerate Creek
26 May 2026$PWidespread High-Grade Gold Mineralisation at Quinns
24 May 2026Notification regarding unquoted securities - AM5
7 May 2026$PAM5 Secures Government Funding to Accelerate Exploration
30 Apr 2026$PQuarterly Activities Report - March 2026
30 Apr 2026$PQuarterly Cashflow Report - March 2026

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