Companies / ARU

ARAFURA RARE EARTHS LTD

ASX:ARUMaterials
6.07B shares on issueASX (delayed) · snapshot 11 Sept 20266.11B fully diluted+0.6% if every option and right converts$0.20price · delayed$1.18Bmarket cap · indicative

Today’s holders own 99.4% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 146% in 24 months; 7 cash raises in 24 months; proposed issue pending

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway52.8 quarters of funding
Share-count growth (24m)146.4%
Raise cadence (24m)7 cash raises
Options & rights overhang0.6% of shares
In-the-money supplyno data — no exercise price on record
Pending proposed issuesopen proposed issue (Appendix 3B)

ARAFURA RARE EARTHS LTD's ordinary share count grew 146.4% between September 2024 and August 2026, reaching 6.07B shares. The company undertook seven capital raises in the past 24 months, totalling A$1.5B, with the most recent being a A$361.5M placement in May 2026. Options and rights on issue could convert into 35M new shares, representing 0.6% of the current share count. No filing on record states an expiry date for these securities, and none are currently in the money. At the June 2026 quarter, the company reported A$403.0M in available cash, covering approximately 52.8 quarters of operations. One proposed securities issue (Appendix 3B) is pending, with an expected issue date in January 2027.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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0.6%
Options & rights overhang
—
In-the-money supply · no stated strikes
6
Raises · last 12 months
52.8 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 6.07B per ASX (delayed) (snapshot 11 Sept 2026).
3B4B5B6BDec 24Oct 25Sept 26Cash raise · 21 May 2026Cash raise · 21 May 2026Cash raise · 12 May 2026Cash raise · 8 Apr 2026Cash raise · 10 Mar 2026Cash raise · 27 Oct 2025Cash raise · 15 Aug 20256.07B

Cash runway

52.8 qtrs
More than four quarters of funding at the recent spend rate.
More than three years of funding at the reported spend rate — far enough out that a dated estimate would be false precision.
$403.0M 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: $223.2M cash at quarter end (item 4.6), 31.2 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
9 Sept 20263H · cancellationARU : ORDINARY FULLY PAID6.07BAppendix 3H
3 Sept 20263H · cancellationARU : ORDINARY FULLY PAID6.07BAppendix 3H
3 Aug 20262A · quoted issueARU : ORDINARY FULLY PAID6.07BAppendix 2A
13 July 20262A · quoted issueARU : ORDINARY FULLY PAID6.07BAppendix 2A
8 July 20262A · quoted issueARU : ORDINARY FULLY PAID6.03BAppendix 2A
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30 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

7 cash raises in the last 24 months · 6 in the last 12 months

every 1.8 monthsaverage gap between raises
3.7 monthssince the most recent
15 Aug 2025 – 21 May 2026first to most recent in this window
$361.5M
Placement
21 May 2026 COMPLETE
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9 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.

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1 dated event 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 95% of the 15% placement capacity left — about 5% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). One filing in the window states more under 7.1 than the whole allowance and is not counted, so usage may be higher than this. 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

1 proposed issue pending — Appendix 3B lodged, securities not yet issued. New shares from these issues are not in the counts above until quoted.
Paid plan
1 pending issue on record — Pending issue detail
Size, price, fees, broker and placement-capacity usage for each pending issue.
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Options & convertible securities

0.6%
Options & rights overhang · of current shares
—
In-the-money supply · no stated strikes
34.9M
Potential new shares
—
Nearest expiry
What this supply is, and what converts it
  • Price-triggered197k · 0.0% of shares
    Options and warrants — they convert when the share price clears their exercise price.
    No exercise price is on record for any of it, so none of it can be called in or out of the money.
  • Condition-triggered34.7M · 0.6% 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: 0 priced, 34.9M 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

No option supply on record carries an exercise price to pay, so no share price switches any of it on. All 34.9M of it converts on something else — a hurdle that may never be met, or terms the filing does not price.

CodeSecurityTypeExercise priceExpiryOn issueSource
ARUACOptionsPrice-triggered——197kFiling
ARUADPerformance rightsCondition-triggered——34.7MFiling 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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2 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
13 July 2026Ian MurrayBuy entitlement/SPP115k———3Y notice
13 July 2026Mark SoutheyBuy entitlement/SPP115k———3Y notice
15 Dec 2025Darryl Alfred CuzzubboBuy incentive——10.6M—3Y notice
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11 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 2026Notification of cessation of securities - ARU
3 Sept 2026Notification of cessation of securities - ARU
2 Sept 2026FY2026 Investor Briefing
31 Aug 20262026 Appendix 4G and Corporate Governance Statement
31 Aug 20262026 Annual Report
3 Aug 2026Application for quotation of securities - ARU
3 Aug 2026Diggers and Dealers Presentation
30 July 2026$PQuarterly Activities Report and Appendix 5B
15 July 2026Change in substantial holding
14 July 2026Change of Directors' Interest Notices
13 July 2026Change in substantial holding
13 July 2026Application for quotation of securities - ARU
13 July 2026Share Purchase Plan Results
8 July 2026Cleansing Notice
8 July 2026Application for quotation of securities - ARU
8 July 2026Completion of Tranche 2 Placement
7 July 2026Chief Financial Officer Transition
7 July 2026Notification of cessation of securities - ARU
7 July 2026Notification regarding unquoted securities - ARU
2 July 2026Results of General Meeting

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