Companies / AZY

ANTIPA MINERALS LIMITED

ASX:AZYMaterials
669.0M shares on issueASX (delayed) · snapshot 11 Sept 2026703.2M fully diluted+5.1% if every option and right converts$0.63price · delayed$418.2Mmarket cap · indicative

Today’s holders own 95.1% of what they think they own, once every option and right converts.

High
Dilution risk

Share count grew 40% in 24 months; runway 2–4 quarters; 2 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway3.7 quarters of funding
Share-count growth (24m)40.4%
Raise cadence (24m)2 cash raises
Options & rights overhang5.1% of shares
In-the-money supply2.9% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

ANTIPA MINERALS LIMITED underwent an approximately 1-for-10 share consolidation in February 2025. Following this, the company's ordinary share count grew 40.4% between August 2024 and August 2026 to a latest display of 669M shares. ANTIPA MINERALS LIMITED raised capital twice in the past 24 months, for total disclosed proceeds of A$56.0M, with the most recent being a A$40.0M placement in July 2025. Options and rights on issue could convert into 34M new shares, representing 5.1% of the current share count. Of these, 3% are in-the-money, with the nearest expiry in October 2026. As of the June 2026 quarter, the company reported A$32.2M in available cash, providing approximately 3.7 quarters of funding coverage based on recent spending. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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5.1%
Options & rights overhang
2.9%
In-the-money supply
0
Raises · last 12 months
3.7 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. Adjusted for the 1-for-10 consolidation (21 Feb 2025). Latest count 669.0M per ASX (delayed) (snapshot 11 Sept 2026).
550M600M650MMar 25Dec 25Sept 26Cash raise · 2 July 2025669.0M

Cash runway

3.7 qtrs
Two to four quarters of funding at the recent spend rate.
Funds operations to about May 2027 at the reported spend rate.
$32.1M 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: $39.1M cash at quarter end (item 4.6), 4.7 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)

DateFormSecurityOn issue, per this filingSource
21 Aug 20263H · cancellationAZY : ORDINARY FULLY PAID669.0MAppendix 3H
17 Aug 20262A · quoted issueAZY : ORDINARY FULLY PAID669.0MAppendix 2A
11 Aug 20262A · quoted issueAZY : ORDINARY FULLY PAID667.6MAppendix 2A
4 Aug 20262A · quoted issueAZY : ORDINARY FULLY PAID663.9MAppendix 2A
22 July 20262A · quoted issueAZY : ORDINARY FULLY PAID663.8MAppendix 2A
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83 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

2 cash raises in the last 24 months · 0 in the last 12 months

every 6.5 monthsaverage gap between raises
14.4 monthssince the most recent
17 Dec 2024 – 2 July 2025first to most recent in this window
$40.0M
Placement
2 July 2025 ACTIVE
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12 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.

6.6M of option supply could convert within 12 months — 1.0% of shares on issue
6.6M in the money, expiring in the window
Out-of-the-money options are excluded — at today’s price they expire rather than convert. So is condition-triggered supply, which has no expiry and no price, and convertibles that convert on their own terms rather than on a date.
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15 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.

No Appendix 3B in the last 12 months reports an issue under the 15% placement capacity (as at 2026-09-12).
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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

5.1%
Options & rights overhang · of current shares
2.9%
In-the-money supply · at current price
34.2M
Potential new shares
Oct 2026
Nearest expiry
What a price move would switch on
17.1M34.2M$0.63 now0.25× today ($0.16) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.31) — 6.8M of the priced supply in the money, 1.0% of shares on issue0.75× today ($0.47) — 16.4M of the priced supply in the money, 2.4% of shares on issue1× today ($0.63) — 19.7M of the priced supply in the money, 2.9% of shares on issue1.25× today ($0.78) — 20.2M of the priced supply in the money, 3.0% of shares on issue1.5× today ($0.94) — 30.1M of the priced supply in the money, 4.5% of shares on issue2× today ($1.25) — 30.6M of the priced supply in the money, 4.6% of shares on issue3× today ($1.88) — 30.6M of the priced supply in the money, 4.6% of shares on issue5× today ($3.13) — 30.6M of the priced supply in the money, 4.6% of shares on issue10× today ($6.25) — 30.6M of the priced supply in the money, 4.6% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.63 today, 19.7M securities are in the money (2.9% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 20.2M (3.0% 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.
  • 3.5M (10.4% of the supply above) states a nil exercise price — nothing is paid to convert it, so no share price switches it on or off. It is the flat band, and it is not part of the in-the-money figure.
CodeSecurityTypeExercise priceExpiryOn issueSource
AZYAAIOptionsPrice-triggered$0.3531 Oct 2026100kFiling
AZYAAHOptionsPrice-triggered$0.3610 Nov 20264.8MFiling
AZYAAKOptionsPrice-triggered$0.2030 June 20271.6MFiling
AZYALOptionsPrice-triggered$0.2731 July 2027100kFiling
AZYAALOptionsPrice-triggered$0.1930 Sept 2027300kFiling
AZYAAMOptionsPrice-triggered$0.2316 Nov 20274.8MFiling
AZYAAJOptionsPrice-triggered$0.5130 Sept 20283.3MFiling
AZYAAPOptionsPrice-triggered$0.3525 Nov 20284.7MFiling
AZYAAQOptionsPrice-triggered$0.7431 Mar 2029500kFiling
AZYAAROptionsPrice-triggered$0.8630 June 20293.9MFiling
AZYAATOptionsPrice-triggered$0.8431 July 2029750kFiling
AZYAAUOptionsPrice-triggered$0.8631 Oct 2029350kFiling
AZYAAVOptionsPrice-triggered$0.8624 Nov 20295.0MFiling
AZYAAOptionsPrice-triggered$0.9530 Nov 2029500kFiling
AZYAXOptionsPrice-triggeredNil6 July 20303.5MFiling

“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.

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15 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
7 July 2026Mark Trevor RoddaOther———$15k3Y notice
7 July 2026Roger Craig MasonOther———$15k3Y notice
7 July 2026Stephen Michael PowerOther———$15k3Y notice
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21 notices 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

30 Aug 2026$PGold-Copper Mineralisation extended at Tims Dome AEM Target
21 Aug 2026Notification of cessation of securities - AZY
17 Aug 2026Section 708A Notice
17 Aug 2026Application for quotation of securities - AZY
11 Aug 2026Section 708A Notice
11 Aug 2026Application for quotation of securities - AZY
7 Aug 2026Change in substantial holding
4 Aug 2026Section 708A Notice
4 Aug 2026Application for quotation of securities - AZY
3 Aug 2026Diggers and Dealers Mining Forum Conference Presentation
2 Aug 2026$PPhase 1 Drilling strengthens Telfer-style Reef Target
28 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
22 July 2026Section 708A Notice
22 July 2026Application for quotation of securities - AZY
21 July 2026Noosa Mining Conference Presentation
12 July 2026$PPhase 1 Drill Results Extend Gold Mineralisation at Fiama
7 July 2026Section 708A Notice
7 July 2026Change of Director's Interest Notice (x3)
7 July 2026Application for quotation of securities - AZY
7 July 2026Notification regarding unquoted securities - AZY

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