ASKARI METALS LIMITED
ASX:AS2MaterialsToday’s holders own 50.3% of what they think they own, once every option and right converts.
Runway under 2 quarters; share count grew 787% in 24 months; 12 cash raises in 24 months
ASKARI METALS LIMITED's ordinary share count grew 786.8% between July 2024 and October 2026, its latest share-count filing, to 869M shares. The company raised capital 12 times in the 24-month window for total disclosed proceeds of A$5.7M (covering only raises with confirmed proceeds), most recently a A$150K placement in September 2026. Options and rights on issue could convert into 857M new shares, equal to 98.6% of the current share count, none of which are in the money at the current share price; the nearest expiry is in December 2026. No funding-runway figure applies, as the reported cash and the raises listed would since have been used up and no later cash report is on record. No proposed securities issues are pending.
Quick answers · 5
When did AS2 last raise capital?
The last capital raise in Askari Metals's filings is Placement of $150k announced 11 Sept 2026, one of 9 cash raises in 24 months.
How much placement capacity does AS2 have left?
About 37% of the 15% placement capacity left, about 63% used in 12 months (estimate). Under ASX Listing Rule 7.1 a company may place up to 15% of its shares in 12 months without shareholder approval.
How much cash does AS2 have?
In its quarterly cash report for the quarter ended 30 June 2026, Askari Metals reported $256k of cash and estimated 1.0 quarter of funding available at its current rate of spending. That is the company's own estimate.
When do AS2's options expire?
Unexercised options and rights equal 98.6% of Askari Metals's shares on issue; the nearest expiry is Dec 2026.
How much has AS2's share count grown?
Askari Metals has 868.8M shares on issue as at 28 Oct 2026, up 786.8% over 24 months according to its Appendix 2A filings.
Shares on issue — last 2 years
Cash runway
Issuance timeline
Latest 5 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 |
|---|---|---|---|---|
| 20 Oct 2026 | 2A · quoted issue | AS2 : ORDINARY FULLY PAID | 868.8M | Appendix 2A |
| 11 Sept 2026 | 2A · quoted issue | AS2 : ORDINARY FULLY PAID | 850.8M | Appendix 2A |
| 11 Sept 2026 | 3G · unquoted | AS2 : ORDINARY FULLY PAID | 828.3M | Appendix 3G |
| 11 Sept 2026 | 2A · quoted issue | AS2 : ORDINARY FULLY PAID | 865.8M | Appendix 2A |
| 11 Sept 2026 | 3G · unquoted | AS2 : ORDINARY FULLY PAID | 865.8M | Appendix 3G |
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
9 cash raises in the last 24 months · 2 in the last 12 months
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
- Price-triggered777.1M · 89.4% of sharesOptions and warrants — they convert when the share price clears their exercise price.At least 563.8M of it states no exercise price — that much cannot be called in or out of the money.
- Condition-triggered80.0M · 9.2% of sharesPerformance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.
Exercise price on record: 213.3M priced, 643.8M 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.
An exercise price is on record for only 24.9% of this supply, so what is in the money today is not a measurement — the tile above reads “—” for that reason. Of the priced supply, 0 is in the money at $0.004 today. No more priced supply until 5× today’s price, which takes it to 130.0M (15.0% 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.
- 643.8M (75.1% 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.
- 68.3M more carries an exercise price above ten times today’s — off the right of this axis, and in every total on this page.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| AS2AJ | Options | Price-triggered | $0.28 | 21 Dec 2026 | 1.5M | Filing |
| AS2AK | Options | Price-triggered | $0.30 | 2 Jan 2027 | 1.2M | Filing |
| AS2AI | Options | Price-triggered | $0.065 | 31 Dec 2027 | 900k | Filing |
| AS2AN | Options | Price-triggered | $0.065 | 10 Jan 2028 | 14.7M | Filing |
| AS2AQ | Options | Price-triggered | $0.015 | 13 Nov 2028 | 115.0M | Filing |
| AS2AT | Options | Price-triggered | $0.060 | 18 Nov 2028 | 20.0M | Filing |
| AS2OC | Options | Price-triggered, no exercise price stated | — | 1 Dec 2028 | 175.8M | Filing |
| AS2AV | Options | Price-triggered | $0.015 | 1 Dec 2028 | 15.0M | Filing |
| AS2AU | Options | Price-triggered | $0.060 | 4 Dec 2028 | 30.0M | Filing |
| AS2OB | Options | Price-triggered, no exercise price stated | — | 31 Dec 2028 | 388.0M | Filing |
| AS2AS | Options | Price-triggered | $0.022 | 31 Dec 2028 | 15.0M | Filing |
| AS2AR | Performance rights | Condition-triggered | — | — | 80.0M | Filing 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. For what expires soon across other listed companies, see the options expiry calendar.
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.
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 11 Sept 2026 | Martin Holland | Buy | 11.1M | 10.0M | 5.0M | — | 3Y notice |
| 11 Sept 2026 | Timothy Morrison | Buy | 5.0M | 2.5M | — | — | 3Y notice |
| 7 Sept 2026 | Gino D'Anna | Buy | 37.5M | 250k | 5.0M | — | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.