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 rose 0.9% between October 2024 and July 2026, its latest share-count filing, to 176M shares. The company has not raised capital through any cash placement, rights issue or share purchase plan in the past 24 months. Options and rights on issue could convert into 116M new shares, equal to 65.9% of the current share count, none of which are in the money at the current share price; the nearest expiry falls in April 2027. The company has more than 4 quarters of funding at the recent spend rate. No proposed securities issues (Appendix 3B) are currently pending.
Quick answers · 5
Why was AXL in a trading halt?
Axel Ree requested a trading halt on 23 Oct 2026, giving the reason "Pending release of material metallurgical testwork results associated with the production of Mixed Rare Earth Carbonate (MREC) from the Caladão Project". Trading was expected to resume 27 Oct 2026.
How much placement capacity does AXL have left?
None of the 15% placement capacity counted as used in the last 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 AXL have?
In its quarterly cash report for the quarter ended 30 June 2026, Axel Ree reported $5.7M of cash and estimated 7.0 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do AXL's options expire?
Unexercised options and rights equal 65.9% of Axel Ree's shares on issue; the nearest expiry is Apr 2027.
How much has AXL's share count grown?
Axel Ree has 176.0M shares on issue as at 28 Oct 2026, up 0.9% 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 |
|---|---|---|---|---|
| 27 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 |
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
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
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 $0.058 today. No more priced supply until 10× 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, no exercise price stated | — | 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. For what expires soon across other listed companies, see the options expiry calendar.
- 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 28 Oct 2026.