Companies / AZ9

AZZURO RESOURCES PLC

ASX:AZ9Materials
820.7M shares on issueASX (delayed) · snapshot 11 Sept 20261.24B fully diluted+50.8% if every option and right converts$0.014price · delayed$11.5Mmarket cap · indicative

Today’s holders own 66.3% of what they think they own, once every option and right converts.

Very high
Dilution risk

Runway under 2 quarters; share count grew 21% in 24 months; 3 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway1.5 quarters of funding
Share-count growth (24m)21.4%
Raise cadence (24m)3 cash raises
Options & rights overhang50.8% of shares
In-the-money supply0.0% of shares
Pending proposed issuesnone

AZZURO RESOURCES PLC's ordinary share count grew 110.2% between March 2025 and September 2026, reaching 821M shares. In the past 24 months, the company raised capital three times for total disclosed proceeds of A$10.0M, with the most recent being a A$6.0M placement in October 2025. Options and rights on issue could convert into 417M new shares, representing 50.8% of the current share count; the nearest expiry date for these is June 2028, and none are currently in the money. As of the June 2026 quarter, the company held A$1.8M in available cash, providing approximately 1.5 quarters of funding. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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50.8%
Options & rights overhang
0.0%
In-the-money supply
1
Raises · last 12 months
1.5 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 820.7M per ASX (delayed) (snapshot 11 Sept 2026).
600M700M800MDec 24Oct 25Sept 26Cash raise · 15 Oct 2025Cash raise · 28 Feb 2025Cash raise · 19 Feb 2025820.7M

Cash runway

1.5 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
Funds operations to about Oct 2026 at the reported spend rate.
$1.8M 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: $2.9M cash at quarter end (item 4.6), 2.4 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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9 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
3 Sept 20263H · cancellationCHESS DEPOSITARY INTERESTS 1:1820.7MAppendix 3H
2 Sept 20262A · quoted issueAZ9 : CHESS DEPOSITARY INTERESTS 1:1820.7MAppendix 2A
28 June 20262A · quoted issueAZ9 : CHESS DEPOSITARY INTERESTS 1:1820.7MAppendix 2A
27 Oct 20252A · quoted issueAZ9 : CHESS DEPOSITARY INTERESTS 1:1574.6MAppendix 2A
27 Oct 20252A · quoted issueAZ9 : CHESS DEPOSITARY INTERESTS 1:1433.3MAppendix 2A
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10 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

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

every 3.9 monthsaverage gap between raises
10.9 monthssince the most recent
19 Feb 2025 – 15 Oct 2025first to most recent in this window
$6.0M
Placement
15 Oct 2025 COMPLETE
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4 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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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 allows 15% of ordinary securities in any 12 months, and every Appendix 3B states how much of it an issue uses.

About 11% of the 15% placement capacity left — about 89% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). The company has also placed under the additional 10% (Listing Rule 7.1A), which is not counted in this figure. 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

50.8%
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 · 48.6% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered18.0M · 2.2% 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: 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
208.6M417.2M$0.014 now0.25× today ($0.004) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.007) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.011) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.014) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.018) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.021) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.028) — 0 of the priced supply in the money, 0.0% of shares on issue3× today ($0.042) — 0 of the priced supply in the money, 0.0% of shares on issue5× today ($0.070) — 23.1M of the priced supply in the money, 2.8% of shares on issue10× today ($0.140) — 308.0M of the priced supply in the money, 37.5% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.014 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 5× today’s price, which takes it to 23.1M (2.8% 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.
  • 91.1M 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
AZ9ADOptionsPrice-triggered$0.1018 June 2028193.8MFiling
AZ9AEOptionsPrice-triggered$0.1318 June 202891.1MFiling
AZ9AFOptionsPrice-triggered$0.1518 June 202891.1MFiling
AZ9ALOptionsPrice-triggered$0.0684 Aug 20288.8MFiling
AZ9AMOptionsPrice-triggered$0.06328 Oct 202814.3MFiling
AZ9AKPerformance rightsCondition-triggered——18.0MFiling

“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.

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.
  • AZ9AAPrice-triggered5.2M securities → 03 Sept 2026 Appendix 2A
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6 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
20 Feb 2026David PaullBuy on-market800k——$22k3Y notice
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1 notice 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

9 Sept 2026Half Year Accounts
6 Sept 2026$PHigh-Priority Anomalies Identified at Oval Cu-Ni-PGE Project
3 Sept 2026Notification of cessation of securities - AZ9
2 Sept 2026Application for quotation of securities - AZ9
31 Aug 2026$PRed Hill Assays Return High-Grade Copper-Gold
23 Aug 2026$PMaiden Exploration Targets Defined at Oval and Red Hill
5 Aug 2026Notification of Expiry of Quoted Options
2 Aug 2026$PGravity Survey Expands Red Hill Copper-Gold Potential
30 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
15 July 2026$PHigh-Grade Copper-Gold Extends Red Hill To 550m Strike
2 July 2026$PHigh-Grade Copper Mineralisation Continues at Red Hill
28 June 2026Application for quotation of securities - AZ9
23 June 2026$PRed Hill Phase 1 Drilling Opens Up VMS Play
15 June 2026Untested Chargeability Target Defined at Copper Ridge
15 June 2026Expiry of Restriction Period and Release from Escrow
10 June 2026Corporate Presentation
9 June 2026$PHigh-Grade Assay Results & Extension at Red Hill Project
9 June 2026Change of Company Name and Rebranding
29 May 2026Results of Meeting
25 May 2026$PMassive Sulphide Zone Extended at Red Hill Cu-Au Project

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