AXEL REE LIMITED
ASX:AXLMaterialsToday’s holders own 60.3% of what they think they own, once every option and right converts.
Options/rights overhang 66% of shares; runway 4–8 quarters
AXEL REE LIMITED's ordinary share count grew 93.6% between October 2024 and July 2026, to 176M shares. The company has not raised capital in the past 24 months and has no pending proposed issues. Options on issue could convert into 116M new shares, equal to 65.9% of the current share count, with the nearest expiry in April 2027; none of these options are currently in the money. As of the June 2026 quarter, the company reported A$5.1M in available cash, which provides approximately 6.1 quarters of funding at its recent spending rate.
Shares on issue — last 2 years
Cash runway
Issuance timeline
Latest 5 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)
| Date | Form | Security | On issue, per this filing | Source |
|---|---|---|---|---|
| 26 July 2026 | 2A · quoted issue | AXL : ORDINARY FULLY PAID | 176.0M | Appendix 2A |
| 21 Apr 2026 | 3H · cancellation | AXL : ORDINARY FULLY PAID | 100.8M | Appendix 3H |
| 14 Nov 2025 | 3G · unquoted | AXL : ORDINARY FULLY PAID | 100.8M | Appendix 3G |
| 14 Nov 2025 | 3H · cancellation | AXL : ORDINARY FULLY PAID | 100.8M | Appendix 3H |
| 30 June 2025 | 2A · quoted issue | AXL : ORDINARY FULLY PAID | 100.8M | Appendix 2A |
Capital raises
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 allows 15% of ordinary securities in any 12 months, and every Appendix 3B states how much of it an issue uses.
Pending proposed issues
Options & convertible securities
An exercise price is on record for only 11.6% 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 $0.075 today. No more priced supply until 5× today’s price, which takes it to 13.5M (7.7% 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.
- 102.4M (88.4% 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.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| AXLAF | Options | Price-triggered | $0.30 | 17 Apr 2027 | 1.8M | Filing |
| AXLAG | Options | Price-triggered | $0.37 | 17 Apr 2027 | 1.8M | Filing |
| AXLAH | Options | Price-triggered | $0.30 | 8 July 2027 | 5.0M | Filing |
| AXLAI | Options | Price-triggered | $0.37 | 19 July 2027 | 5.0M | Filing |
| AXLO | Options | Price-triggered | — | 7 Feb 2028 | 102.4M | Filing |
“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.
- AXLAJCondition-triggered2.8M securities → 021 Apr 2026 Appendix 2A
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 24 July 2026 | Paul Andrew George Dickson | Other | 1.1M | 190k | — | — | 3Y notice |
| 17 Apr 2026 | Paul Andrew George Dickson | Sell incentive | 380k | 190k | 1.3M | — | 3Y notice |
| 13 Nov 2025 | Paul Andrew George Dickson | Other incentive | 750k | — | — | — | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 12 Sept 2026.