ASTRON LIMITED

ASX:ATRMaterials

429.9M shares on issueASX (delayed) · snapshot 11 Sept 2026442.0M fully diluted+2.8% if every option and right converts$0.48price · delayed$206.4Mmarket cap · indicative

Today’s holders own 97.3% of what they think they own, once every option and right converts.

Moderate

Dilution risk

Share count grew 135% in 24 months; runway 4–8 quarters; 1 cash raise in 24 months

Absolute levels — not a ranking against other companies.

Cash runway6.7 quarters of funding

Share-count growth (24m)135.4%

Raise cadence (24m)1 cash raise

Options & rights overhang2.8% of shares

In-the-money supplyno data — no exercise price on record

Pending proposed issuesnone

ASTRON LIMITED's ordinary share count grew 135.4% between August 2024 and June 2026, to 430M shares. The company completed one capital raise in the past 24 months, a Placement and Non-Renounceable Entitlement Offer in October 2024 that raised A$14.5M. Options and rights on issue could convert into 12M new shares, representing 2.8% of the current share count, with none currently in the money. An expiry date for these securities has not been disclosed. As of the June 2026 quarter, the company had A$15.4M in available cash, providing cover for approximately 6.7 quarters. There are no proposed securities issues pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026

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2.8%

Options & rights overhang

—

In-the-money supply · no stated strikes

Raises · last 12 months

6.7 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 429.9M per ASX (delayed) (snapshot 11 Sept 2026).

Cash runway

6.7 qtrs

More than four quarters of funding at the recent spend rate.

Funds operations to about Feb 2028 at the reported spend rate.

$15.4M 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: $17.3M cash at quarter end (item 4.6), 6.7 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)

Date	Form	Security	On issue, per this filing	Source
2 June 2026	2A · quoted issue	ATR : ORDINARY FULLY PAID	429.9M	Appendix 2A
18 May 2026	2A · quoted issue	ATR : ORDINARY FULLY PAID	423.0M	Appendix 2A
31 Mar 2026	2A · quoted issue	ATR : ORDINARY FULLY PAID	422.2M	Appendix 2A
21 Jan 2026	3H · cancellation	ATR : ORDINARY FULLY PAID	421.9M	Appendix 3H
24 Dec 2025	2A · quoted issue	ATR : ORDINARY FULLY PAID	421.9M	Appendix 2A

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28 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

1 cash raise in the last 24 months · 0 in the last 12 months

$14.5M

Placement and Non-Renounceable Entitlement Offer

14 Oct 2024

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2 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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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 99% of the 15% placement capacity left — about 1% 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

2.8%

Options & rights overhang · of current shares

—

In-the-money supply · no stated strikes

12.1M

Potential new shares

—

Nearest expiry

What this supply is, and what converts it

Price-triggered600k · 0.1% 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-triggered11.5M · 2.7% 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, 12.1M 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 12.1M of it converts on something else — a hurdle that may never be met, or terms the filing does not price.

Code	Security	Type	Exercise price	Expiry	On issue	Source
ATRAM	Options	Price-triggered	—	—	600k	Filing
ATRAI	Performance rights	Condition-triggered	—	—	11.5M	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.

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

Date	Director	Type	Shares	Options	Other	Value	Source
12 May 2026	George Lloyd	Other incentive	533k	—	—	—	3Y notice
12 May 2026	Gerard King	Other incentive	267k	—	—	—	3Y notice
27 Mar 2026	Dr Mark Elliott	Other incentive	267k	—	—	—	3Y notice