AZZURO RESOURCES PLC

ASX:AZ9Materials

1.02B shares on issueASX (delayed) · snapshot 28 Oct 20261.44B fully diluted+40.7% if every option and right converts$0.012price · delayed$13.3MMarket capAt the previous close. On a day the price moves, shares × today’s price will differ. Prices delayed.

Today’s holders own 71.1% of what they think they own, once every option and right converts.

High

Dilution risk

Share count grew 52% in 24 months; runway 2–4 quarters; 4 cash raises in 24 months

Absolute levels — not a ranking against other companies.

Cash runway3.6 quarters of funding

Share-count growth (24m)51.5%

Raise cadence (24m)4 cash raises

Options & rights overhang40.7% of shares

In-the-money supply0.0% of shares

Pending proposed issuesnone

AZZURO RESOURCES PLC issued a 51.5% increase in its ordinary share count between March 2025 and October 2026, its latest share-count filing, reaching 1.02B shares. The company raised capital four times in the 24-month window for total disclosed proceeds of A$13.0M, most recently a A$3.1M placement in October 2026. Options and rights on issue could convert into 417M new shares, a 40.7% overhang of current shares, with none in the money; the nearest expiry falls in June 2028. Cash at the September 2026 quarter provides 2 to 4 quarters of funding at the recent spend rate. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 27 Oct 2026

Quick answers · 5

When did AZ9 last raise capital?

The last capital raise in Azzuro Resources's filings is Placement of $3.1M announced 14 Oct 2026, one of 4 cash raises in 24 months.

How much placement capacity does AZ9 have left?

Under 1% of the 15% placement capacity left, about 99% 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 AZ9 have?

In its quarterly cash report for the quarter ended 30 Sept 2026, Azzuro Resources reported $1.6M of cash and estimated 1.4 quarters of funding available at its current rate of spending. That is the company's own estimate.

When do AZ9's options expire?

Unexercised options and rights equal 40.7% of Azzuro Resources's shares on issue; the nearest expiry is June 2028.

How much has AZ9's share count grown?

Azzuro Resources has 1.02B shares on issue as at 28 Oct 2026, up 51.5% over 24 months according to its Appendix 2A filings.

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40.7%

Options & rights overhang

0.0%

In the moneyAn option whose exercise price is below the last closing share price, so converting it pays. These are the options most likely to become new shares soon. supply

Raises · last 12 months

3.6 qtrs

Cash cover · 2–4 quarters

Shares on issue — last 2 years

Ordinary shares on issue

Weekly counts from ASX records. Dots mark cash capital raises. Latest count 1.02B per ASX (delayed) (snapshot 28 Oct 2026).

Cash runway

3.6 qtrs OURS

Two to four quarters of funding at the recent spend rate.

Funds operations to about Sept 2027 at the reported spend rate.

Adds the $3.1M raise announced 14 Oct 2026 (filing).

FILED 1.4 qtrs · $1.6M cash · quarter ended 30 Sept 2026 · before the raise above came in

OURS our estimate, carried to todayOURSOur estimate for today. We take the cash in the company’s latest cash report, deduct spending since at its reported rate, and, for quarterly filers, add raises announced after it. It moves daily; announced money may not all be received yet.$1.6M cash at 30 Sep 2026 + $3.1M announced raises − $0.4M spent ($1.2M a quarter × 28 days) = $4.3M left → 3.6 qtrsFILED as the company reportedFILEDAs the company stated it in its latest cash report. Dated to the end of that period, it does not change until the next report.

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10 cash reports on record — Cash runway history

Cash, net spend and cover trend from every Appendix 4C/5B and 4D/4E on record up to 30 Sept 2026.

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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
15 Oct 2026	2A · quoted issue	CHESS DEPOSITARY INTERESTS 1:1	1.02B	Appendix 2A
4 Sept 2026	3H · cancellation	CHESS DEPOSITARY INTERESTS 1:1	820.7M	Appendix 3H
2 Sept 2026	2A · quoted issue	AZ9 : CHESS DEPOSITARY INTERESTS 1:1	820.7M	Appendix 2A
29 June 2026	2A · quoted issue	AZ9 : CHESS DEPOSITARY INTERESTS 1:1	820.7M	Appendix 2A
28 Oct 2025	2A · quoted issue	AZ9 : CHESS DEPOSITARY INTERESTS 1:1	574.6M	Appendix 2A

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11 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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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.

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Securities on issue, by class

How the share count and each option and rights class moved, month by month, with every number in a table.

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Capital raises

4 cash raises in the last 24 months · 1 in the last 12 months

every 6.5 monthsaverage gap between raises

0.5 monthssince the most recent

24 Feb 2025 – 14 Oct 2026first to most recent in this window

$3.1M

Placement

At 1.5c, 7.1% above the last close

14 Oct 2026 COMPLETE

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6 issues (incl. 1 exercise or conversion) 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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5 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 / 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.

Under 1% of the 15% placement capacity left — about 99% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-10-28). Holders passed a ratification we could not match to exactly one filing, or whose number of shares the result does not state, and shares issued with holder approval are not added to the base, so the true headroom may 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

40.7%

Options & rights overhang · of current shares

0.0%

In-the-money supply · at current price

417.2M

Potential new shares

June 2028

Nearest expiry

What this supply is, and what converts it

Price-triggered399.2M · 39.0% of shares
Options and warrants — they convert when the share price clears their exercise price.
Condition-triggered18.0M · 1.8% 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: 399.2M priced, 18.0M 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

At $0.012 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 10× today’s price, which takes it to 216.9M (21.2% 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.
18.0M (4.3% 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.
182.3M 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
AZ9AD	Options	Price-triggered	$0.10	18 June 2028	193.8M	Filing
AZ9AE	Options	Price-triggered	$0.13	18 June 2028	91.1M	Filing
AZ9AF	Options	Price-triggered	$0.15	18 June 2028	91.1M	Filing
AZ9AL	Options	Price-triggered	$0.068	4 Aug 2028	8.8M	Filing
AZ9AM	Options	Price-triggered	$0.063	28 Oct 2028	14.3M	Filing
AZ9AK	Performance rights	Condition-triggered	—	—	18.0M	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.

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.