ALTORO METALS LIMITED
ASX:AROMaterialsToday’s holders own 72.2% of what they think they own, once every option and right converts.
Options/rights overhang 38% of shares; runway 4–8 quarters; recent proposed issue, issue not on record; since relisting as ARO; prior history under VAR not included
Altorro Metals Limited, which renamed from VAR and has traded as ARO only since July 2026, reported 2.51B ordinary shares in its first share-count filing in September 2026. The company has not lodged any new share-issuance filings since January 2024 and has conducted zero capital raises in the past 24 months. Options and rights could convert into 969M new shares, a 38.5% overhang, all out of the money, with the nearest expiry in November 2026. Cash is more than 4 quarters of funding at the recent spend rate. No proposed securities issues are pending.
Quick answers · 2
How much cash does ARO have?
In its quarterly cash report for the quarter ended 30 June 2026, Altoro Metals reported $411k of cash and estimated 0.7 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do ARO's options expire?
Unexercised options and rights equal 38.5% of Altoro Metals's shares on issue; the nearest expiry is Nov 2026.
Shares on issue — last 2 years
Cash runway
Issuance timeline
Latest 1 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)
| Date | Form | Security | On issue, per this filing | Source |
|---|---|---|---|---|
| 23 Sept 2026 | 2A · quoted issue | ARO : ORDINARY FULLY PAID | 2.51B | Appendix 2A |
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.
Capital raises
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.
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.
Pending proposed issues
Options & convertible securities
At $0.0030 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 3× today’s price, which takes it to 773.7M (30.8% 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.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| AROAX | Options | Price-triggered | $0.010 | 30 Nov 2026 | 42.6M | Filing |
| AROAW | Options | Price-triggered | $0.015 | 30 Nov 2026 | 152.7M | Filing |
| AROAH | Options | Price-triggered | $0.008 | 29 Sept 2028 | 773.7M | Filing |
“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.
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 16 Oct 2026 | Vaughan (Tom) Kent | Buy on-market | 27.1M | — | — | $11.0M | 3Y notice |
| 13 Oct 2026 | Vaughan (Tom) Kent | Buy on-market | 27.1M | — | — | $10.0M | 3Y notice |
| 7 Oct 2026 | Vaughan (Tom) Kent | Buy on-market | 27.1M | — | — | $6.2M | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.