Companies / BCM

BRAZILIAN CRITICAL MINERALS LIMITED

ASX:BCMMaterials
2.24B shares on issueAppendix 2A · as of 28 Oct 20262.62B fully diluted+16.8% if every option and right converts$0.058price · delayed$121.1MMarket capAt the previous close. On a day the price moves, shares × today’s price will differ. Prices delayed.

Today’s holders own 85.6% of what they think they own, once every option and right converts.

High
Dilution risk

Share count grew 158% in 24 months; 4 cash raises in 24 months; runway 4–8 quarters

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway6.6 quarters of funding
Share-count growth (24m)158.3%
Raise cadence (24m)4 cash raises
Options & rights overhang16.8% of shares
In-the-money supply12.3% of shares
Pending proposed issuesnone

BRAZILIAN CRITICAL MINERALS LIMITED's ordinary share count grew 158.3% between October 2024 and October 2026, its latest share-count filing, to 2.24B shares. The company raised capital four times in the past 24 months for total disclosed proceeds of A$22.1M, most recently a A$10.1M placement in July 2026. Options and rights on issue could convert into 377M new shares, equal to 16.8% of the current share count, of which 12% are in the money at the current share price; the nearest expiry falls in December 2026. The company has more than 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 28 Oct 2026
Quick answers · 5

When did BCM last raise capital?

The last capital raise in Brazilian Critical Minerals's filings is Placement of $10.1M announced 7 July 2026, one of 4 cash raises in 24 months.

How much placement capacity does BCM have left?

About 52% of the 15% placement capacity left, about 48% 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 BCM have?

In its quarterly cash report for the quarter ended 30 Sept 2026, Brazilian Critical Minerals reported $12.2M of cash and estimated 9.6 quarters of funding available at its current rate of spending. That is the company's own estimate.

When do BCM's options expire?

Unexercised options and rights equal 16.8% of Brazilian Critical Minerals's shares on issue; the nearest expiry is Dec 2026.

How much has BCM's share count grown?

Brazilian Critical Minerals has 2.24B shares on issue as at 28 Oct 2026, up 158.3% over 24 months according to its Appendix 2A filings.

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16.8%
Options & rights overhang
12.3%
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
1
Raises · last 12 months
6.6 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 2.24B per Appendix 2A (filed 28 Oct 2026).
1.0B1.5B2.0BDec 24Nov 25Oct 26Cash raise · 7 July 2026Cash raise · 2 Oct 2025Cash raise · 12 Aug 2025Cash raise · 5 June 20252.24B

Cash runway

6.6 qtrs OURS
More than four quarters of funding at the recent spend rate.
Funds operations to about June 2028 at the reported spend rate.
$11.6M cash after burn.
FILED 9.6 qtrs · $12.2M cash · quarter ended 30 Sept 2026
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.$12.2M cash at 30 Sep 2026 − $0.6M spent ($1.8M a quarter × 28 days) = $11.6M left → 6.6 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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12 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)

DateFormSecurityOn issue, per this filingSource
28 Oct 20262A · quoted issueBCM : ORDINARY FULLY PAID2.24BAppendix 2A
30 Sept 20262A · quoted issueBCM : ORDINARY FULLY PAID2.24BAppendix 2A
17 Sept 20262A · quoted issueBCM : ORDINARY FULLY PAID2.23BAppendix 2A
17 Sept 20263G · unquotedBCM : ORDINARY FULLY PAID2.18BAppendix 3G
17 Sept 20263G · unquotedBCM : ORDINARY FULLY PAID2.18BAppendix 3G
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49 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 4.3 monthsaverage gap between raises
3.7 monthssince the most recent
5 June 2025 – 7 July 2026first to most recent in this window
$10.1M
Placement
At 5.3c, 3.6% below the last close
7 July 2026 COMPLETE
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8 issues (incl. 3 exercises or conversions) 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.

94.0M of option supply could convert within 12 months — 4.2% of shares on issue
94.0M 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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6 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.

About 52% of the 15% placement capacity left — about 48% 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

16.8%
Options & rights overhang · of current shares
12.3%
In-the-money supply · at current price
376.5M
Potential new shares
Dec 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered295.7M · 13.2% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered80.9M · 3.6% 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: 295.7M priced (of which 275.7M in the money), 80.9M 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
188.3M376.5M$0.058 now0.25× today ($0.015) — 91.0M of the priced supply in the money, 4.1% of shares on issue0.5× today ($0.029) — 222.7M of the priced supply in the money, 9.9% of shares on issue0.75× today ($0.044) — 272.7M of the priced supply in the money, 12.1% of shares on issue1× today ($0.058) — 275.7M of the priced supply in the money, 12.3% of shares on issue1.25× today ($0.073) — 275.7M of the priced supply in the money, 12.3% of shares on issue1.5× today ($0.087) — 275.7M of the priced supply in the money, 12.3% of shares on issue2× today ($0.116) — 295.7M of the priced supply in the money, 13.2% of shares on issue3× today ($0.174) — 295.7M of the priced supply in the money, 13.2% of shares on issue5× today ($0.290) — 295.7M of the priced supply in the money, 13.2% of shares on issue10× today ($0.580) — 295.7M of the priced supply in the money, 13.2% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.058 today, 275.7M securities are in the money (12.3% of shares on issue). At double today’s price it is 295.7M (13.2% 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.
  • 80.9M (21.5% 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
BCMAAOptionsPrice-triggered$0.05020 Dec 20263.0MFiling
BCMAFOptionsPrice-triggered$0.01112 Aug 202791.0MFiling
BCMADOptionsPrice-triggered$0.01823 Dec 202781.7MFiling
BCMAGOptionsPrice-triggered$0.0401 Oct 202850.0MFiling
BCMAEOptionsPrice-triggered$0.01815 Dec 202850.0MFiling
BCMAHOptionsPrice-triggered$0.1017 Sept 202920.0MFiling
BCMABPerformance rightsCondition-triggered——80.9MFiling

“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.

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7 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
17 Sept 2026Andrew ReidOther incentive189k—20.0M—3Y notice
17 Sept 2026Jeremy RobinsonOther incentive15.0M1.0M4.2M—3Y notice
17 Sept 2026Nicholas HolthouseOther incentive189k—10.0M—3Y notice
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12 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

28 Oct 2026Cleansing Notice
28 Oct 2026Application for quotation of securities - BCM
27 Oct 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
23 Oct 2026Notice of Annual General Meeting/Proxy Form
22 Oct 2026Details of Auditor Appointment/Resignation
15 Oct 2026$PINCRA Amazonas Issues Land Access Agreement
5 Oct 2026$PBCM Acquires MAGSUL process plant
1 Oct 2026AGM Nominations
30 Sept 2026Cleansing Notice
30 Sept 2026Application for quotation of securities - BCM
28 Sept 2026Annual Report to shareholders
28 Sept 2026Corporate Governance Statement - Appendix 4G
17 Sept 2026Change of Director's Interest Notice - Reid
17 Sept 2026Change of Director's Interest Notice - Holthouse
17 Sept 2026Change of Director's Interest Notice - Robinson
17 Sept 2026Notification regarding unquoted securities - BCM
17 Sept 2026Cleansing Notice
17 Sept 2026Notification regarding unquoted securities - BCM
17 Sept 2026Application for quotation of securities - BCM
14 Sept 2026$PBCM Advances Ema Land Access And Licensing Pathway

Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.