Companies / AQD

AUSQUEST LIMITED

ASX:AQDMaterials
1.64B shares on issueASX (delayed) · snapshot 11 Sept 20261.87B fully diluted+13.9% if every option and right converts$0.046price · delayed$75.5Mmarket cap · indicative

Today’s holders own 87.8% of what they think they own, once every option and right converts.

Very high
Dilution risk

Runway under 2 quarters; share count grew 99% in 24 months; 4 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway0.8 quarters of funding
Share-count growth (24m)98.8%
Raise cadence (24m)4 cash raises
Options & rights overhang13.9% of shares
In-the-money supply7.9% of shares
Pending proposed issuesnone

AUSQUEST LIMITED's ordinary share count increased by 98.8% between September 2024 and July 2026, reaching 1.64 billion shares. In the past 24 months, the company completed four capital raises totalling A$19.0M, with the most recent being a A$10.0M placement in December 2025. There are options and rights that could convert into 228M new shares, representing 13.9% of the current share count, with 8% in the money and the nearest expiry in November 2026. As of the June 2026 quarter, the company reported A$3.1M in available cash, sufficient for approximately 0.8 quarters of operations. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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13.9%
Options & rights overhang
7.9%
In-the-money supply
1
Raises · last 12 months
0.8 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 1.64B per ASX (delayed) (snapshot 11 Sept 2026).
1.2B1.4B1.6BDec 24Oct 25Sept 26Cash raise · 4 Dec 2025Cash raise · 23 May 2025Cash raise · 17 Feb 2025Cash raise · 10 Dec 20241.64B

Cash runway

0.8 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
The latest quarterly report funded operations to about Aug 2026 — that date has passed, and no later report is on record.
$3.1M 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: $6.4M cash at quarter end (item 4.6), 1.3 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
2 July 20263G · unquotedAQD : ORDINARY FULLY PAID1.64BAppendix 3G
2 July 20262A · quoted issueAQD : ORDINARY FULLY PAID1.64BAppendix 2A
19 June 20262A · quoted issueAQD : ORDINARY FULLY PAID1.64BAppendix 2A
5 June 20262A · quoted issueAQD : ORDINARY FULLY PAID1.63BAppendix 2A
29 May 20262A · quoted issueAQD : ORDINARY FULLY PAID1.63BAppendix 2A
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52 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 · 1 in the last 12 months

every 3.9 monthsaverage gap between raises
9.3 monthssince the most recent
10 Dec 2024 – 4 Dec 2025first to most recent in this window
$10.0M
Placement
4 Dec 2025 COMPLETE
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33 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.

35.7M of option supply could convert within 12 months — 2.2% of shares on issue
35.7M 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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5 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.

About 10% of the 15% placement capacity left — about 90% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). 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

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

13.9%
Options & rights overhang · of current shares
7.9%
In-the-money supply · at current price
227.8M
Potential new shares
Nov 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered150.3M · 9.2% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered77.5M · 4.7% 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: 150.3M priced (of which 130.3M in the money), 77.5M 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
113.9M227.8M$0.046 now0.25× today ($0.011) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.023) — 94.6M of the priced supply in the money, 5.8% of shares on issue0.75× today ($0.035) — 130.3M of the priced supply in the money, 7.9% of shares on issue1× today ($0.046) — 130.3M of the priced supply in the money, 7.9% of shares on issue1.25× today ($0.057) — 130.3M of the priced supply in the money, 7.9% of shares on issue1.5× today ($0.069) — 130.3M of the priced supply in the money, 7.9% of shares on issue2× today ($0.092) — 150.3M of the priced supply in the money, 9.2% of shares on issue3× today ($0.138) — 150.3M of the priced supply in the money, 9.2% of shares on issue5× today ($0.230) — 150.3M of the priced supply in the money, 9.2% of shares on issue10× today ($0.460) — 150.3M of the priced supply in the money, 9.2% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.046 today, 130.3M securities are in the money (7.9% of shares on issue). At double today’s price it is 150.3M (9.2% 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.
  • 77.5M (34.0% 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
AQDAEOptionsPrice-triggered$0.03030 Nov 202635.7MFiling
AQDAMOptionsPrice-triggered$0.01211 Nov 202794.6MFiling
AQDANPerformance rightsCondition-triggered—30 Nov 202743.5MFiling Meeting
AQDAHOptionsPrice-triggered$0.0706 Feb 202920.0MFiling
AQDAGPerformance rightsCondition-triggered—3 June 202934.0MFiling 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.
  • AQDAFCondition-triggered3.0M securities → 05 Jan 2026 Appendix 2A
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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
12 Feb 2026Christopher EllisOther21.3M———3Y notice
12 Feb 2026Graeme DrewOther1.7M———3Y notice
3 June 2025Graeme DrewOther incentive29.3M1.4M22.0M—3Y notice
3 June 2025Gregory HancockOther incentive——12.0M—3Y notice
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6 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 2026MD Presentation - RRS Conference
2 Sept 2026$PSignificant Copper intersected at Cangallo
20 Aug 2026$PUpdate - Drilling confirms Copper prospectivity at Lantana
19 Aug 2026$PDrilling confirms Copper propspectivity at Lantana
14 Aug 2026Securities Trading Policy
12 Aug 2026$PDrilling Re-commences at Coober Pedy
29 July 2026$PQuarterly Activities and Cashflow Report
21 July 2026$PCangallo Diamond Drilling Update
7 July 2026$PCopper confirmed at Playa Kali
2 July 2026Application for quotation of securities - AQD
2 July 2026Notification regarding unquoted securities - AQD
25 June 2026$PCoober Pedy IOCG Drilling Update
19 June 2026Application for quotation of securities - AQD
10 June 2026$PDrilling Commences at Coober Pedy
5 June 2026Application for quotation of securities - AQD
4 June 2026$PDrilling update Playa Kali and Lantana
29 May 2026Application for quotation of securities - AQD
28 May 2026$PCangallo Diamond Drilling to Commence
8 May 2026Application for quotation of securities - AQD
5 May 2026$PCangallo Porphyry Copper Continues Growing

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