Companies / AM5

ANTARES METALS LIMITED

ASX:AM5Materials
1.35B shares on issueAppendix 2A · as of 28 Oct 20261.98B fully diluted+46.6% if every option and right converts$0.004price · delayed$5.4MMarket capAt the previous close. On a day the price moves, shares × today’s price will differ. Prices delayed.

Today’s holders own 68.2% of what they think they own, once every option and right converts.

High
Dilution risk

Share count grew 164% in 24 months; options/rights overhang 47% of shares; runway 4–8 quarters

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway4.0 quarters of funding
Share-count growth (24m)163.9%
Raise cadence (24m)2 cash raises
Options & rights overhang46.6% of shares
In-the-money supply0.0% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

ANTARES METALS LIMITED’s ordinary share count grew 163.9% between February 2025 and October 2026, its latest share-count filing, to 1.35B shares. The company completed two capital raises in that period for total proceeds of A$4.6M, most recently a A$2.6M placement in September 2026. Options and rights on issue could convert into 628M new shares, equal to 46.6% of the current share count, all out of the money at the current share price; the nearest expiry falls in October 2026. The company has more than 4 quarters of funding at the recent spend rate. One proposed securities issue (Appendix 3B) is pending, with an expected issue date in November 2026.

AI-generated summary of this page's cited filings · updated 28 Oct 2026
Quick answers · 5

Is AM5 raising capital?

Antares Metals has 1 proposed issue of securities pending under Appendix 3B as at 28 Oct 2026; the most recent raise announced is Placement of $2.6M on 10 Sept 2026.

How much placement capacity does AM5 have left?

No 15% placement capacity left, all of it 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 AM5 have?

In its quarterly cash report for the quarter ended 30 June 2026, Antares Metals reported $582k of cash and estimated 1.0 quarter of funding available at its current rate of spending. That is the company's own estimate.

When do AM5's options expire?

Unexercised options and rights equal 46.6% of Antares Metals's shares on issue; the nearest expiry is Oct 2026.

How much has AM5's share count grown?

Antares Metals has 1.35B shares on issue as at 28 Oct 2026, up 163.9% over 24 months according to its Appendix 2A filings.

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46.6%
Options & rights overhang
0.0%
In the moneyAn option whose exercise price is below the last closing share price, so converting it pays. These are the options most likely to become new shares soon. supply
2
Raises · last 12 months
4.0 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 1.35B per Appendix 2A (filed 28 Oct 2026).
0.50B0.75B1.00BDec 24Nov 25Oct 26Cash raise · 10 Sept 2026Cash raise · 8 Dec 2025

Cash runway

4.0 qtrs OURS
More than four quarters of funding at the recent spend rate.
Funds operations to about Oct 2027 at the reported spend rate.
Adds the $2.6M raise announced 9 Sept 2026 (filing).
FILED 1.0 qtrs · $582k cash · quarter ended 30 June 2026 · before the raise above came in
OURS our estimate, carried to todayOURSOur estimate for today. We take the cash in the company’s latest cash report, deduct spending since at its reported rate, and, for quarterly filers, add raises announced after it. It moves daily; announced money may not all be received yet.$0.6M cash at 30 Jun 2026 + $2.6M announced raises − $0.8M spent ($595k a quarter × 120 days) = $2.4M left → 4.0 qtrsFILED as the company reportedFILEDAs the company stated it in its latest cash report. Dated to the end of that period, it does not change until the next report.
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7 cash reports on record — Cash runway history
Cash, net spend and cover trend from every Appendix 4C/5B and 4D/4E on record up to 30 June 2026.
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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)

DateFormSecurityOn issue, per this filingSource
28 Oct 20262A · quoted issueAM5 : ORDINARY FULLY PAID1.35BAppendix 2A
28 Oct 20262A · quoted issueAM5 : ORDINARY FULLY PAID1.10BAppendix 2A
28 Oct 20263G · unquotedAM5 : ORDINARY FULLY PAID1.07BAppendix 3G
28 Oct 20263G · unquotedAM5 : ORDINARY FULLY PAID1.07BAppendix 3G
17 Sept 20262A · quoted issueAM5 : ORDINARY FULLY PAID1.07BAppendix 2A
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20 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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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.

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Securities on issue, by class
How the share count and each option and rights class moved, month by month, with every number in a table.
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Capital raises

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

every 9.1 monthsaverage gap between raises
1.6 monthssince the most recent
8 Dec 2025 – 10 Sept 2026first to most recent in this window
$2.6M
Placement
At 0.50c, 23.1% below the last close
10 Sept 2026 COMPLETE
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4 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 / 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.

No 15% placement capacity left — all of it used by Appendix 3B filings in the last 12 months (estimate, as at 2026-10-28). Holders passed a ratification we could not match to exactly one filing, or whose number of shares the result does not state, and shares issued with holder approval are not added to the base, so the true headroom may 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.
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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

46.6%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
628.4M
Potential new shares
Oct 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered585.1M · 43.4% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered43.2M · 3.2% 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: 585.1M 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
314.2M628.4M$0.004 now0.25× today ($0.001) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.002) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.003) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.004) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.005) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.006) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.008) — 0 of the priced supply in the money, 0.0% of shares on issue3× today ($0.012) — 0 of the priced supply in the money, 0.0% of shares on issue5× today ($0.020) — 148.5M of the priced supply in the money, 11.0% of shares on issue10× today ($0.040) — 553.5M of the priced supply in the money, 41.1% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.004 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 148.5M (11.0% 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.
  • 43.2M (6.9% 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
—OptionsPrice-triggered$0.01226 Oct 2029148.5MFiling
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. For what expires soon across other listed companies, see the options expiry calendar.

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6 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

28 Oct 2026Update - Proposed issue of securities - AM5
28 Oct 2026Cleansing Statement
28 Oct 2026Notification regarding unquoted securities - AM5
28 Oct 2026Notification regarding unquoted securities - AM5
28 Oct 2026Application for quotation of securities - AM5
28 Oct 2026Application for quotation of securities - AM5
28 Oct 2026Antares Completes First Aircore Program at Quinns
19 Oct 2026Results of General Meeting
8 Oct 2026Shareholder Letter (AGM)
8 Oct 2026Notice of Annual General Meeting/Proxy Form
6 Oct 2026Proposed issue of securities - AM5
6 Oct 2026$PAntares Secures Earn-In Rights Over Historic Enterprise Mine
2 Oct 2026Antares Commences Maiden AC Drilling at Quinns
2 Oct 2026Date of AGM and closing date for Director Nominations
30 Sept 2026Appendix 4G & Corporate Governance Statement
30 Sept 2026Annual Report to shareholders
18 Sept 2026Shareholder Letter
18 Sept 2026Notice of General Meeting/Proxy Form
17 Sept 2026Cleansing Statement
17 Sept 2026Application for quotation of securities - AM5

Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.