Companies / ARD

ARGENT MINERALS LIMITED

ASX:ARDMaterials
1.70B shares on issueASX (delayed) · snapshot 11 Sept 20262.04B fully diluted+19.6% if every option and right converts$0.023price · delayed$39.2Mmarket cap · indicative

Today’s holders own 83.6% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Runway 2–4 quarters; share count grew 18% in 24 months; 2 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway2.7 quarters of funding
Share-count growth (24m)17.9%
Raise cadence (24m)2 cash raises
Options & rights overhang19.6% of shares
In-the-money supply1.9% of shares
Pending proposed issuesnone

ARGENT MINERALS LIMITED ordinary shares grew 17.9% between August 2024 and July 2026, reaching 1.70B shares. In the past 24 months, the company raised capital twice, for total disclosed proceeds of A$5.1M, most recently a A$4.8M placement in September 2025. Options and rights on issue could convert into 334M new shares, representing 19.6% of the current share count, with 2% in the money at the current price; the nearest expiry is April 2027. As of June 2026, the company held A$2.3M in cash, sufficient for approximately 2.7 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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19.6%
Options & rights overhang
1.9%
In-the-money supply · most strikes not on record
0
Raises · last 12 months
2.7 qtrs
Cash cover · 2–4 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 1.70B per ASX (delayed) (snapshot 11 Sept 2026).
1.5B1.6B1.7BDec 24Oct 25Sept 26Cash raise · 2 Sept 20251.70B

Cash runway

2.7 qtrs
Two to four quarters of funding at the recent spend rate.
Funds operations to about Feb 2027 at the reported spend rate.
$2.3M 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: $3.0M cash at quarter end (item 4.6), 3.9 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
27 July 20263H · cancellationARD : ORDINARY FULLY PAID1.70BAppendix 3H
23 July 20262A · quoted issueARD : ORDINARY FULLY PAID1.70BAppendix 2A
15 May 20262A · quoted issueARD : ORDINARY FULLY PAID1.70BAppendix 2A
19 Feb 20262A · quoted issueARD : ORDINARY FULLY PAID1.70BAppendix 2A
28 Jan 20262A · quoted issueARD : ORDINARY FULLY PAID1.69BAppendix 2A
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37 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 · 0 in the last 12 months

every 9.4 monthsaverage gap between raises
12.3 monthssince the most recent
20 Nov 2024 – 2 Sept 2025first to most recent in this window
$4.8M
Placement
2 Sept 2025 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.

32.8M of option supply could convert within 12 months — 1.9% of shares on issue
32.8M 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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3 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 Appendix 3B in the last 12 months reports an issue under the 15% placement capacity (as at 2026-09-12).
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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

19.6%
Options & rights overhang · of current shares
1.9%
In-the-money supply · most strikes not on record
333.8M
Potential new shares
Apr 2027
Nearest expiry
What this supply is, and what converts it
  • Price-triggered329.8M · 19.4% of shares
    Options and warrants — they convert when the share price clears their exercise price.
    At least 288.1M of it states no exercise price — that much cannot be called in or out of the money.
  • Condition-triggered4.0M · 0.2% 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: 41.7M priced (of which 32.8M in the money), 292.1M 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
166.9M333.8M$0.023 now0.25× today ($0.006) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.011) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.017) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.023) — 32.8M of the priced supply in the money, 1.9% of shares on issue1.25× today ($0.029) — 32.8M of the priced supply in the money, 1.9% of shares on issue1.5× today ($0.035) — 32.8M of the priced supply in the money, 1.9% of shares on issue2× today ($0.046) — 41.7M of the priced supply in the money, 2.5% of shares on issue3× today ($0.069) — 41.7M of the priced supply in the money, 2.5% of shares on issue5× today ($0.115) — 41.7M of the priced supply in the money, 2.5% of shares on issue10× today ($0.230) — 41.7M of the priced supply in the money, 2.5% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.023 today, 32.8M securities are in the money (1.9% of shares on issue) — a floor, because an exercise price is on record for only 12.5% of this supply. At double today’s price it is 41.7M (2.5% 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.
  • 292.1M (87.5% 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
ARDAFOptionsPrice-triggered$0.0209 Apr 202732.8MFiling
ARDAGOptionsPrice-triggered$0.0364 Oct 20278.9MFiling
ARDOCOptionsPrice-triggered—10 Dec 2027288.1MFiling
ARDACPerformance rightsCondition-triggered——4.0MFiling 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.

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4 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 July 2026Peter MichaelOther off-market267k27k—$8k3Y notice
19 May 2026Peter MichaelOther off-market267k27k—$7k3Y notice
19 Feb 2026Pedro KastellorizosBuy incentive2.0M556k20.0M—3Y notice
19 Feb 2026Peter MichaelBuy incentive1.0M185k3.0M—3Y notice
19 Feb 2026Phillip HallBuy incentive1.0M7.9M3.0M—3Y notice
19 Feb 2026Warrick HazeldineBuy incentive2.0M———3Y notice
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7 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 2026Unmarketable Parcel Sale Facility Completed
6 Sept 2026$PMaiden drilling program commences at Trunkey Creek
30 Aug 2026$PMaiden drilling to test 4.7km Trunkey gold corridor
27 July 2026Notification of cessation of securities - ARD
23 July 2026Cleansing Notice
23 July 2026Application for quotation of securities - ARD
21 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
19 July 2026$PInvestor Presentation
14 July 2026Change of Director's Interest Notice
12 July 2026Unmarketable Parcel Facility Commencement
30 June 2026New Chief Executive Officer commences
16 June 2026$PNew Chief Executive Officer
16 June 2026Final Director's Interest Notice
19 May 2026Change of Director's Interest Notice
15 May 2026Cleansing Notice
15 May 2026Application for quotation of securities - ARD
12 May 2026$PFurther Silver Discovered Outside Kempfield MRE
4 May 2026$PFurther Silver Mineralisation Intersected at Kempfield
30 Apr 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
15 Apr 2026$PKempfield returns new high-grade silver-gold mineralisation

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