Companies / BCM

BRAZILIAN CRITICAL MINERALS LIMITED

ASX:BCMMaterials
2.18B shares on issueASX (delayed) · snapshot 11 Sept 20262.50B fully diluted+14.3% if every option and right converts$0.075price · delayed$163.7Mmarket cap · indicative

Today’s holders own 87.5% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 163% in 24 months; 5 cash raises in 24 months; 13% of shares in the money

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway31.1 quarters of funding
Share-count growth (24m)162.7%
Raise cadence (24m)5 cash raises
Options & rights overhang14.3% of shares
In-the-money supply13.2% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

BRAZILIAN CRITICAL MINERALS LIMITED's ordinary share count grew 162.7% between August 2024 and September 2026, to 2.18 billion shares. The company raised capital five times in the past 24 months, with total disclosed proceeds of A$24.3M. The most recent raise was a A$10.1M placement in July 2026. Options and rights on issue could convert into 312M new shares, representing 14.3% of the current share count, with 13% of these in the money. The nearest expiry date for these options is December 2026. As of the June 2026 quarter, the company reported A$37.5M in available cash, sufficient to cover 31.1 quarters of operations. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 9 Sept 2026
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14.3%
Options & rights overhang
13.2%
In-the-money supply
2
Raises · last 12 months
31.1 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 2.18B per ASX (delayed) (snapshot 11 Sept 2026).
1.0B1.5B2.0BDec 24Oct 25Sept 26Cash raise · 3 July 2026Cash raise · 30 Sept 2025Cash raise · 12 Aug 2025Cash raise · 2 June 20252.18B

Cash runway

31.1 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.
$37.5M 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: $4.4M cash at quarter end (item 4.6), 7.1 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
7 Sept 20262A · quoted issueBCM : ORDINARY FULLY PAID2.18BAppendix 2A
18 Aug 20262A · quoted issueBCM : ORDINARY FULLY PAID2.18BAppendix 2A
4 Aug 20262A · quoted issueBCM : ORDINARY FULLY PAID2.18BAppendix 2A
28 July 20262A · quoted issueBCM : ORDINARY FULLY PAID2.11BAppendix 2A
13 July 20262A · quoted issueBCM : ORDINARY FULLY PAID1.97BAppendix 2A
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44 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

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

every 5.2 monthsaverage gap between raises
2.3 monthssince the most recent
7 Oct 2024 – 3 July 2026first to most recent in this window
$10.1M
Placement
3 July 2026 ACTIVE
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7 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.

98.4M of option supply could convert within 12 months — 4.5% of shares on issue
98.4M 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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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.

No estimate — the filings already exceed 15% of the share count we can measure, which means securities were added to the base during the year that we cannot see.
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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

14.3%
Options & rights overhang · of current shares
13.2%
In-the-money supply · at current price
312.5M
Potential new shares
Dec 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered287.6M · 13.2% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered24.9M · 1.1% 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: 287.6M priced (of which 287.6M in the money), 24.9M 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
156.2M312.5M$0.075 now0.25× today ($0.019) — 234.6M of the priced supply in the money, 10.7% of shares on issue0.5× today ($0.037) — 234.6M of the priced supply in the money, 10.7% of shares on issue0.75× today ($0.056) — 287.6M of the priced supply in the money, 13.2% of shares on issue1× today ($0.075) — 287.6M of the priced supply in the money, 13.2% of shares on issue1.25× today ($0.094) — 287.6M of the priced supply in the money, 13.2% of shares on issue1.5× today ($0.112) — 287.6M of the priced supply in the money, 13.2% of shares on issue2× today ($0.150) — 287.6M of the priced supply in the money, 13.2% of shares on issue3× today ($0.225) — 287.6M of the priced supply in the money, 13.2% of shares on issue5× today ($0.375) — 287.6M of the priced supply in the money, 13.2% of shares on issue10× today ($0.750) — 287.6M 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 $0.075 today, 287.6M securities are in the money (13.2% of shares on issue). No price up to ten times today’s switches on any more priced supply.

  • 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.
  • 24.9M (8.0% 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 202795.4MFiling
BCMADOptionsPrice-triggered$0.01823 Dec 202789.2MFiling
BCMAGOptionsPrice-triggered$0.0401 Oct 202850.0MFiling
BCMAEOptionsPrice-triggered$0.01815 Dec 202850.0MFiling
BCMABPerformance rightsCondition-triggered——24.9MFiling

“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.

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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
4 Aug 2026Andrew ReidOther incentive25.0M—30.0M—3Y notice
4 Aug 2026Jeremy RobinsonOther incentive10.3M3.0M4.2M—3Y notice
4 Aug 2026Nicholas HolthouseOther incentive6.7M—3.3M—3Y notice
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9 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 2026Results of Meeting
7 Sept 2026Cleansing Notice
7 Sept 2026Application for quotation of securities - BCM
30 Aug 2026$PAppoints Altris Engineering To Advance Ema Project into FEED
18 Aug 2026Cleansing Notice
18 Aug 2026Application for quotation of securities - BCM
17 Aug 2026Appointment of Chief Financial Officer
11 Aug 2026Notice of General Meeting/Proxy Form
4 Aug 2026Change of Director's Interest Notice - Holthouse
4 Aug 2026Change of Director's Interest Notice - Reid
4 Aug 2026Change of Director's Interest Notice - Robinson
4 Aug 2026Cleansing notice
4 Aug 2026Application for quotation of securities - BCM
28 July 2026Cleansing Notice
28 July 2026Application for quotation of securities - BCM
24 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
13 July 2026Cleansing Notice
13 July 2026Application for quotation of securities - BCM
13 July 2026Application for quotation of securities - BCM
7 July 2026Proposed issue of securities - BCM

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