Companies / ARR

AMERICAN RARE EARTHS LIMITED

ASX:ARRMaterials
582.6M shares on issueASX (delayed) · snapshot 11 Sept 2026624.4M fully diluted+7.2% if every option and right converts$0.34price · delayed$198.1Mmarket cap · indicative

Today’s holders own 93.3% of what they think they own, once every option and right converts.

High
Dilution risk

Runway under 2 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 runway1.5 quarters of funding
Share-count growth (24m)17.8%
Raise cadence (24m)2 cash raises
Options & rights overhang7.2% of shares
In-the-money supply3.5% of shares
Pending proposed issuesnone

AMERICAN RARE EARTHS LIMITED's ordinary share count grew 17.8% between July 2024 and August 2026, reaching 583M shares. The company raised capital twice in the past 24 months, totalling A$15.2M, with the most recent raise being a A$15.0M placement in July 2025. Existing options and rights represent potential new shares totalling 42M, or 7.2% of the current share count, with 4% in the money and the nearest expiry in December 2026. As of the June 2026 quarter, the company held A$12.0M in cash, covering approximately 1.5 quarters of operations. There are no pending proposed issues reported.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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7.2%
Options & rights overhang
3.5%
In-the-money supply
0
Raises · last 12 months
1.5 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 582.6M per ASX (delayed) (snapshot 11 Sept 2026).
500M525M550M575MDec 24Oct 25Sept 26Cash raise · 21 July 2025Cash raise · 2 Jan 2025582.6M

Cash runway

1.5 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
Funds operations to about Oct 2026 at the reported spend rate.
$11.9M 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: $18.6M cash at quarter end (item 4.6), 2.3 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
19 Aug 20263H · cancellationARR : ORDINARY FULLY PAID582.6MAppendix 3H
4 Aug 20262A · quoted issueARR : ORDINARY FULLY PAID582.6MAppendix 2A
2 July 20262A · quoted issueARR : ORDINARY FULLY PAID581.1MAppendix 2A
1 June 20262A · quoted issueARR : ORDINARY FULLY PAID580.9MAppendix 2A
27 May 20262A · quoted issueARR : ORDINARY FULLY PAID579.9MAppendix 2A
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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

2 cash raises in the last 24 months · 0 in the last 12 months

every 6.6 monthsaverage gap between raises
13.7 monthssince the most recent
2 Jan 2025 – 21 July 2025first to most recent in this window
$15.0M
Placement
21 July 2025 COMPLETE
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19 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.

500k of option supply could convert within 12 months — 0.1% of shares on issue
500k 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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13 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

7.2%
Options & rights overhang · of current shares
3.5%
In-the-money supply · at current price
41.8M
Potential new shares
Dec 2026
Nearest expiry
What a price move would switch on
20.9M41.8M$0.34 now0.25× today ($0.09) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.17) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.26) — 2.5M of the priced supply in the money, 0.4% of shares on issue1× today ($0.34) — 20.5M of the priced supply in the money, 3.5% of shares on issue1.25× today ($0.43) — 29.5M of the priced supply in the money, 5.1% of shares on issue1.5× today ($0.51) — 41.8M of the priced supply in the money, 7.2% of shares on issue2× today ($0.68) — 41.8M of the priced supply in the money, 7.2% of shares on issue3× today ($1.02) — 41.8M of the priced supply in the money, 7.2% of shares on issue5× today ($1.70) — 41.8M of the priced supply in the money, 7.2% of shares on issue10× today ($3.40) — 41.8M of the priced supply in the money, 7.2% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.34 today, 20.5M securities are in the money (3.5% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 29.5M (5.1% 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
ARRAJOptionsPrice-triggered$0.206 Dec 2026500kFiling
ARRAUOptionsPrice-triggered$0.4528 Feb 20276.0MFiling
ARRAWOptionsPrice-triggered$0.3330 Nov 20275.0MFiling
ARRAOOptionsPrice-triggered$0.477 Dec 20275.0MFiling
ARRAQOptionsPrice-triggered$0.4718 Dec 20271.0MFiling
ARRAVOptionsPrice-triggered$0.2523 Dec 20272.0MFiling
ARRAAOptionsPrice-triggered$0.4830 Nov 2028250kFiling
ARRABOptionsPrice-triggered$0.3019 Dec 202810.0MFiling
ARRACOptionsPrice-triggered$0.3922 Dec 20282.0MFiling
ARRAZOptionsPrice-triggered$0.3511 July 20293.0MFiling
ARRAYOptionsPrice-triggered$0.3016 July 20292.0MFiling
ARRAGOptionsPrice-triggered$0.3331 Mar 20311.0MFiling
ARRAFOptionsPrice-triggered$0.3831 Mar 20314.0MFiling

“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.

2 classes ceased in the last 12 months and are 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.
  • ARRASPrice-triggered500k securities → 01 June 2026 Appendix 2A
  • ARRAXPrice-triggered425k securities → 01 June 2026 Appendix 2A
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13 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
24 Mar 2026Sten GustafsonBuy on-market180——$2k3Y notice
19 Mar 2026Sten GustafsonBuy on-market260——$3k3Y notice
27 Feb 2026Sten GustafsonBuy on-market220——$3k3Y notice
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14 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 2026ARR appoints Dr. Sanja Miskovic as Chief Technical Advisor
31 Aug 2026Investor Presentation
30 Aug 2026Letter to Shareholders
24 Aug 2026ARR confirms the appointment of Matthew Gili as NED
19 Aug 2026Notification of cessation of securities - ARR
19 Aug 2026Updated- ARR appoints Nick Lissolo as CCO
18 Aug 2026ARR appoints Nick Lissolo as Chief Commercial Officer
16 Aug 2026$PMoU signed with Novex to advance oxide to metal production
4 Aug 2026Cleansing Notice
4 Aug 2026Application for quotation of securities - ARR
31 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
29 July 2026ARR advances NASDQ listing strategy
20 July 2026ARR appoints Andrew Conover as Chief Development Officer
2 July 2026Cleansing Notice
2 July 2026Application for quotation of securities - ARR
2 July 2026Change of Address
24 June 2026ARR to appoint veteran miner Matthew Gili as NED
17 June 2026ARR provides exploration update and outline of field program
1 June 2026Cleansing Notice
1 June 2026Application for quotation of securities - ARR

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