Companies / AS2

ASKARI METALS LIMITED

ASX:AS2Materials
865.8M shares on issueAppendix 2A · as of 11 Sept 20261.71B fully diluted+97.3% if every option and right converts$0.007price · delayed$5.8Mmarket cap · indicative

Today’s holders own 50.7% of what they think they own, once every option and right converts.

Very high
Dilution risk

Runway under 2 quarters; share count grew 784% in 24 months; 12 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway0.2 quarters of funding
Share-count growth (24m)783.8%
Raise cadence (24m)12 cash raises
Options & rights overhang97.3% of shares
In-the-money supplyno data — an exercise price is on record for a minority of the supply
Pending proposed issuesopen proposed issue (Appendix 3B)

ASKARI METALS LIMITED's ordinary share count grew by 783.8% between July 2024 and September 2026, reaching 866M shares. In the past 24 months, the company raised capital 12 times, for a total disclosed proceeds of A$6.6M, with the most recent being a A$150K placement in September 2026. There are outstanding options and rights that could convert into 842M new shares, representing 97.3% of the current share count; none of these are currently in the money, and the nearest expiry date is December 2026. As of June 2026, the company reported A$73K in available cash, covering approximately 0.2 quarters of operations. A single proposed securities issue (Appendix 3B) is pending, with an expected issue date in September 2026.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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97.3%
Options & rights overhang
—
In-the-money supply · most strikes not on record
3
Raises · last 12 months
0.2 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 865.8M per Appendix 2A (filed 11 Sept 2026).
250M500M750MDec 24Oct 25Sept 26Cash raise · 5 Dec 2025Cash raise · 3 Oct 2025Cash raise · 11 Sept 2025Cash raise · 15 May 2025Cash raise · 30 Apr 2025Cash raise · 25 Apr 2025Cash raise · 26 Mar 2025Cash raise · 24 Feb 2025Cash raise · 2 Jan 2025

Cash runway

0.2 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
The latest quarterly report funded operations to about July 2026 — that date has passed, and no later report is on record.
$68k 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: $256k cash at quarter end (item 4.6), 1.0 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
11 Sept 20262A · quoted issueAS2 : ORDINARY FULLY PAID850.8MAppendix 2A
11 Sept 20263G · unquotedAS2 : ORDINARY FULLY PAID828.3MAppendix 3G
11 Sept 20262A · quoted issueAS2 : ORDINARY FULLY PAID865.8MAppendix 2A
11 Sept 20263G · unquotedAS2 : ORDINARY FULLY PAID865.8MAppendix 3G
7 Sept 20262A · quoted issueAS2 : ORDINARY FULLY PAID828.3MAppendix 2A
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61 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

12 cash raises in the last 24 months · 3 in the last 12 months

every 2.1 monthsaverage gap between raises
0 monthssince the most recent
23 Sept 2024 – 11 Sept 2026first to most recent in this window
$150k
Placement
11 Sept 2026 COMPLETE
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23 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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10 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.

About 41% of the 15% placement capacity left — about 59% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). 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

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

97.3%
Options & rights overhang · of current shares
—
In-the-money supply · most strikes not on record
842.1M
Potential new shares
Dec 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered762.1M · 88.0% of shares
    Options 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 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: 198.3M 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.

What a price move would switch on
421.0M842.1M$0.007 now0.25× today ($0.002) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.004) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.005) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.007) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.009) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.011) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.014) — 0 of the priced supply in the money, 0.0% of shares on issue3× today ($0.021) — 115.0M of the priced supply in the money, 13.3% of shares on issue5× today ($0.035) — 130.0M of the priced supply in the money, 15.0% of shares on issue10× today ($0.070) — 195.6M of the priced supply in the money, 22.6% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

An exercise price is on record for only 23.5% 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 $0.007 today. No more priced supply until 3× today’s price, which takes it to 115.0M (13.3% 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 (76.5% 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.
  • 2.7M more carries an exercise price above ten times today’s — off the right of this axis, and in every total on this page.
CodeSecurityTypeExercise priceExpiryOn issueSource
AS2AJOptionsPrice-triggered$0.2821 Dec 20261.5MFiling
AS2AKOptionsPrice-triggered$0.302 Jan 20271.2MFiling
AS2AIOptionsPrice-triggered$0.06531 Dec 2027900kFiling
AS2ANOptionsPrice-triggered$0.06510 Jan 202814.7MFiling
AS2AQOptionsPrice-triggered$0.01513 Nov 2028115.0MFiling
AS2ATOptionsPrice-triggered$0.06018 Nov 202820.0MFiling
AS2OCOptionsPrice-triggered—1 Dec 2028175.8MFiling
AS2AUOptionsPrice-triggered$0.0604 Dec 202830.0MFiling
AS2OBOptionsPrice-triggered—31 Dec 2028388.0MFiling
AS2ASOptionsPrice-triggered$0.02231 Dec 202815.0MFiling
AS2ARPerformance rightsCondition-triggered——80.0MFiling 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.

1 class ceased in the last 12 months and is 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.
  • AS2AHConverts on terms920k securities → 018 June 2026 Appendix 2A
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11 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
14 May 2026Martin HollandSell10.0M20.0M—$100k3Y notice
16 Dec 2025Martin HollandOther placement10.0M20.0M—$100k3Y notice
4 Dec 2025Gino D'AnnaOther———$145k3Y 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

11 Sept 2026Change of Director's Interest Notice x 4
11 Sept 2026Cleansing Statement
11 Sept 2026Notification regarding unquoted securities - AS2
11 Sept 2026Application for quotation of securities - AS2
11 Sept 2026Notification regarding unquoted securities - AS2
11 Sept 2026Application for quotation of securities - AS2
11 Sept 2026Proposed issue of securities - AS2
11 Sept 2026Cancel - Proposed issue of securities - AS2
10 Sept 2026Proposed issue of securities - AS2
10 Sept 2026Proposed issue of securities - AS2
7 Sept 2026Cleansing Statement
7 Sept 2026Application for quotation of securities - AS2
4 Sept 2026Proposed issue of securities - AS2
3 Sept 2026Release of Voluntary Escrow Shares
2 Sept 2026Uis Critical Metals Project Exploration Progress Update
12 Aug 2026Results of Meeting
5 Aug 2026Company Secretary Appointment/Resignation
30 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
28 July 2026Alteration to Notice of Meeting
14 July 2026Change in substantial holding

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