Companies / ANX

ANAX METALS LIMITED

ASX:ANXMaterials
1.74B shares on issueASX (delayed) · snapshot 11 Sept 20262.30B fully diluted+32.2% if every option and right converts$0.039price · delayed$68.0Mmarket cap · indicative

Today’s holders own 75.7% of what they think they own, once every option and right converts.

High
Dilution risk

Share count grew 151% in 24 months; 4 cash raises in 24 months; options/rights overhang 32% of shares

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway5.6 quarters of funding
Share-count growth (24m)151.0%
Raise cadence (24m)4 cash raises
Options & rights overhang32.2% of shares
In-the-money supply5.8% of shares
Pending proposed issuesnone

ANAX METALS LIMITED's ordinary share count increased 151.0% between September 2024 and July 2026, reaching 1.74B shares. Over the past 24 months, the company undertook four capital raises totalling A$21.7M, with the most recent being a A$6.0M placement in May 2026. Options and rights on issue represent a potential 561M new shares, or 32.2% of the current share count, with 6% of these in the money and the nearest expiry in September 2026. As of June 2026, ANAX METALS LIMITED held A$9.7M in cash, sufficient for approximately 5.6 quarters of operations. There are no pending proposed securities issues.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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32.2%
Options & rights overhang
5.8%
In-the-money supply · most strikes not on record
3
Raises · last 12 months
5.6 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 1.74B per ASX (delayed) (snapshot 11 Sept 2026).
1.00B1.25B1.50B1.75BDec 24Oct 25Sept 26Cash raise · 29 May 2026Cash raise · 13 Mar 2026Cash raise · 3 Dec 2025Cash raise · 30 Apr 20251.74B

Cash runway

5.6 qtrs
More than four quarters of funding at the recent spend rate.
Funds operations to about Nov 2027 at the reported spend rate.
$9.7M 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: $11.1M cash at quarter end (item 4.6), 6.8 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
31 July 20263G · unquotedANX : ORDINARY FULLY PAID1.74BAppendix 3G
10 July 20262A · quoted issueANX : ORDINARY FULLY PAID1.74BAppendix 2A
30 June 20263H · cancellationANX : ORDINARY FULLY PAID1.74BAppendix 3H
25 June 20263H · cancellationANX : ORDINARY FULLY PAID1.74BAppendix 3H
25 June 20263G · unquotedANX : ORDINARY FULLY PAID1.74BAppendix 3G
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49 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

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

every 4.3 monthsaverage gap between raises
3.5 monthssince the most recent
30 Apr 2025 – 29 May 2026first to most recent in this window
$6.0M
Placement
29 May 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.

25.0M of option supply could convert within 12 months — 1.4% of shares on issue
25.0M in the money, expiring in the window
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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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 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

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

32.2%
Options & rights overhang · of current shares
5.8%
In-the-money supply · most strikes not on record
561.2M
Potential new shares
Sept 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered400.3M · 23.0% of shares
    Options and warrants — they convert when the share price clears their exercise price.
    At least 188.4M of it states no exercise price — that much cannot be called in or out of the money.
  • Condition-triggered160.9M · 9.2% 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: 211.9M priced (of which 101.9M in the money), 349.3M 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
280.6M561.2M$0.039 now0.25× today ($0.010) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.019) — 25.0M of the priced supply in the money, 1.4% of shares on issue0.75× today ($0.029) — 81.9M of the priced supply in the money, 4.7% of shares on issue1× today ($0.039) — 101.9M of the priced supply in the money, 5.8% of shares on issue1.25× today ($0.049) — 161.9M of the priced supply in the money, 9.3% of shares on issue1.5× today ($0.058) — 161.9M of the priced supply in the money, 9.3% of shares on issue2× today ($0.078) — 211.9M of the priced supply in the money, 12.2% of shares on issue3× today ($0.117) — 211.9M of the priced supply in the money, 12.2% of shares on issue5× today ($0.195) — 211.9M of the priced supply in the money, 12.2% of shares on issue10× today ($0.390) — 211.9M of the priced supply in the money, 12.2% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.039 today, 101.9M securities are in the money (5.8% of shares on issue) — a floor, because an exercise price is on record for only 37.8% of this supply. No more priced supply until 1.25× today’s price, which takes it to 161.9M (9.3% 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.
  • 349.3M (62.2% 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
ANXAUOptionsPrice-triggered$0.04520 Sept 202660.0MFiling
ANXATOptionsPrice-triggered$0.06020 Sept 202650.0MFiling
ANXAVOptionsPrice-triggered$0.01724 June 202725.0MFiling
ANXAWOptionsPrice-triggered$0.02227 Sept 202756.9MFiling
ANXOOptionsPrice-triggered—7 Jan 2028188.4MFiling
ANXAXOptionsPrice-triggered$0.03525 May 202920.0MFiling
ANXAJPerformance rightsCondition-triggered——160.9MFiling 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.

1 class ceased in the last 12 months and is 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.
  • ANXAAConverts on terms33k securities → 07 Dec 2025 Appendix 2A
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7 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
12 June 2026Nicholas JollyBuy placement2.9M——$100k3Y notice
25 May 2026Peter CordinBuy placement3.3M——$75k3Y notice
25 May 2026Philip WarrenBuy placement4.3M——$100k3Y notice
25 May 2026Phillip JacksonBuy placement38.7M——$891k3Y notice
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21 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

8 Sept 2026Change in substantial holding
2 Sept 2026$PCommencement of Heap Leach Feasibility Study
24 Aug 2026$PMons Cupri Mineral Resource Update
17 Aug 2026Notice of General Meeting/Proxy Form
12 Aug 2026Becoming a substantial holder
31 July 2026Notification regarding unquoted securities - ANX
29 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
26 July 2026$PCommencement of Front-End Engineering Design at Whim Creek
21 July 2026Exploration Drilling Commenced at Whim Creek
10 July 2026Cleansing Notice
10 July 2026Application for quotation of securities - ANX
6 July 2026$PExploration and Resource growth drilling to commence
6 July 2026Change in substantial holding
1 July 2026Joint Company Secretary Update
30 June 2026Notification of cessation of securities - ANX
25 June 2026Notification regarding unquoted securities - ANX
25 June 2026Notification of cessation of securities - ANX
15 June 2026Change of Director's Interest Notice
15 June 2026Change in substantial holding
12 June 2026Placement Completed and Cleansing Notice

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