Companies / BC8

BLACK CAT SYNDICATE LIMITED

ASX:BC8Materials
728.9M shares on issueASX (delayed) · snapshot 11 Sept 2026753.3M fully diluted+3.3% if every option and right converts$1.02price · delayed$743.5Mmarket cap · indicative

Today’s holders own 96.8% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 64% in 24 months; 3 cash raises in 24 months; 1% of shares in the money

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway17.7 quarters of funding
Share-count growth (24m)64.5%
Raise cadence (24m)3 cash raises
Options & rights overhang3.3% of shares
In-the-money supply1.4% of shares
Pending proposed issuesnone

BLACK CAT SYNDICATE LIMITED's ordinary share count increased by 64.5% between August 2024 and July 2026, reaching 729M shares. In the past 24 months, the company undertook three capital raises totalling A$157.3M, with the most recent being a A$65.0M placement in March 2025. At the end of the March 2026 quarter, the company held A$47.7M in cash, which represented approximately 17.7 quarters of funding based on its recent expenditure rate. There are currently no pending proposed securities issues. Options and rights on issue represent a potential of 24M new shares, or 3.3% of the current share count, with the nearest expiry in February 2027.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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3.3%
Options & rights overhang
1.4%
In-the-money supply
0
Raises · last 12 months
17.7 qtrs
Cash cover · over 4 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 728.9M per ASX (delayed) (snapshot 11 Sept 2026).
550M600M650M700MDec 24Oct 25Sept 26Cash raise · 13 Mar 2025Cash raise · 13 Mar 2025728.9M

Cash runway

17.7 qtrs
More than four quarters of funding at the recent spend rate.
More than three years of funding at the reported spend rate — far enough out that a dated estimate would be false precision.
$47.7M cash after burn from the quarter ended 31 Mar 2026 · Runway is computed from Appendix 4C/5B filings and announced raise proceeds. Filed with the quarterly report: $52.6M cash at quarter end (item 4.6). Our figure above carries the filed quarter-end balance forward at the reported spend rate and adds announced raise proceeds.
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10 quarters on record — Cash runway history
Quarterly cash, net spend and cover trend from every Appendix 4C/5B on record up to 31 Mar 2026.
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Issuance timeline

Latest 5 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)

DateFormSecurityOn issue, per this filingSource
29 July 20262A · quoted issueBC8 : ORDINARY FULLY PAID728.9MAppendix 2A
30 June 20263H · cancellationBC8 : ORDINARY FULLY PAID728.9MAppendix 3H
19 June 20263G · unquotedBC8 : ORDINARY FULLY PAID728.9MAppendix 3G
2 June 20262A · quoted issueBC8 : ORDINARY FULLY PAID728.9MAppendix 2A
7 Apr 20262A · quoted issueBC8 : ORDINARY FULLY PAID728.9MAppendix 2A
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82 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 · 0 in the last 12 months

every 4.5 monthsaverage gap between raises
18 monthssince the most recent
28 Oct 2024 – 13 Mar 2025first to most recent in this window
$65.0M
Placement
13 Mar 2025
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28 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.

3.4M of option supply could convert within 12 months — 0.5% of shares on issue
3.4M 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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13 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

3.3%
Options & rights overhang · of current shares
1.4%
In-the-money supply · at current price
24.4M
Potential new shares
Feb 2027
Nearest expiry
What this supply is, and what converts it
  • Price-triggered14.7M · 2.0% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered9.7M · 1.3% 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: 14.7M priced (of which 10.5M in the money), 9.7M 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
12.2M24.4M$1.02 now0.25× today ($0.26) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.51) — 3.7M of the priced supply in the money, 0.5% of shares on issue0.75× today ($0.77) — 4.6M of the priced supply in the money, 0.6% of shares on issue1× today ($1.02) — 10.5M of the priced supply in the money, 1.4% of shares on issue1.25× today ($1.27) — 13.9M of the priced supply in the money, 1.9% of shares on issue1.5× today ($1.53) — 14.7M of the priced supply in the money, 2.0% of shares on issue2× today ($2.04) — 14.7M of the priced supply in the money, 2.0% of shares on issue3× today ($3.06) — 14.7M of the priced supply in the money, 2.0% of shares on issue5× today ($5.10) — 14.7M of the priced supply in the money, 2.0% of shares on issue10× today ($10.20) — 14.7M of the priced supply in the money, 2.0% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $1.02 today, 10.5M securities are in the money (1.4% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 13.9M (1.9% 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.
  • 9.7M (39.8% 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
BC8APOptionsPrice-triggered$0.5521 Feb 2027180kFiling
BC8AQOptionsPrice-triggered$0.5221 Mar 2027190kFiling
BC8AVOptionsPrice-triggered$0.5031 July 20271.2MFiling
BC8AUOptionsPrice-triggered$0.5031 Aug 20271.8MFiling
BC8ASOptionsPrice-triggered$0.328 Feb 2028390kFiling
BC8ATOptionsPrice-triggered$0.4118 Apr 2028300kFiling
BC8AWOptionsPrice-triggered$0.6630 Sept 2028500kFiling
BC8AXOptionsPrice-triggered$0.7913 Oct 2028500kFiling
BC8AYOptionsPrice-triggered$0.8920 Dec 20285.4MFiling
BC8AZOptionsPrice-triggered$1.2420 May 20292.2MFiling
BC8AAAOptionsPrice-triggered$1.2116 July 20291.2MFiling
BC8AABOptionsPrice-triggered$1.3528 Aug 2029325kFiling
BC8AACOptionsPrice-triggered$1.462 Sept 2029500kFiling
BC8AOPerformance rightsCondition-triggered——9.7MFiling Meeting

“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.

A condition-triggered class has no exercise price and usually no expiry: what it vests on is set by a shareholder resolution, not by the register. Where the company lodged a notice of meeting before the class first appears here, it is linked as “Meeting” — that is where terms of this kind are put to shareholders. It is not confirmation that the document sets this class’s conditions, and no link appears where there is no such filing.

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14 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
27 Mar 2026Amber RivamonteBuy on-market50k500k——3Y notice
12 Jan 2026Fiona SollyOther incentive1.2M———3Y notice
12 Jan 2026Gareth SollyOther incentive613k———3Y notice
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6 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

10 Sept 2026$PExtensional Drilling Grows Trojan Footprint
7 Sept 2026$PAppointment of Acting Managing Director
7 Sept 2026Initial and Amended Final Director Interest Notices
6 Sept 2026Director Appointment
6 Sept 2026Final Director's Interest Notice
6 Sept 2026$PBoard Changes - Managing Director Termination
4 Sept 2026$PTrading Halt
3 Sept 2026$PPause in Trading
30 Aug 2026$PFY26 Financial Results
30 Aug 2026$PAppendix 4E and Annual Financial Statements
2 Aug 2026Diggers and Dealers Mining Forum - Presentation
29 July 2026June 2026 Quarterly Results Presentation
29 July 2026$PQuarterly Activities Report
29 July 2026Application for quotation of securities - BC8
29 July 2026Exercise of Options
21 July 2026Noosa Mining and Investment Conference Presentation
21 July 2026Lakewood update and Quarterly Webcast Notification
15 July 2026$PPaulsens High-Grade Discoveries
13 July 2026$PLakewood Update
30 June 2026Notification of cessation of securities - BC8

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