Companies / BNZ

BENZ MINING CORP.

ASX:BNZMaterials
379.9M shares on issueASX (delayed) · snapshot 11 Sept 2026387.8M fully diluted+2.1% if every option and right converts$4.16price · delayed$1.58Bmarket cap · indicative

Today’s holders own 98.0% of what they think they own, once every option and right converts.

High
Dilution risk

Share count grew 164% in 24 months; 5 cash raises in 24 months; 0% of shares in the money

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runwayno data — not a quarterly (4C/5B) cash filer
Share-count growth (24m)164.3%measured to the latest Appendix 2A, not to the share count above
Raise cadence (24m)5 cash raises
Options & rights overhang2.1% of shares
In-the-money supplyno data — an exercise price is on record for a minority of the supply
Pending proposed issuesnone

BENZ MINING CORP.'s ordinary share count grew 164.3% between November 2024 and August 2026, to 380M shares. In the past 24 months, the company raised capital five times, totalling A$272.5M, most recently a A$150.0M placement in August 2026. Options and rights on issue could convert into 8M new shares, representing 2.1% of the current share count, with the nearest expiry in August 2027. The company has not lodged a current quarterly cash report, so no funding-runway figure is disclosed. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 4 Sept 2026
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2.1%
Options & rights overhang
—
In-the-money supply · most strikes not on record
2
Raises · last 12 months
—
Cash cover · not a quarterly filer

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 379.9M per ASX (delayed) (snapshot 11 Sept 2026).
200M250M300M350MDec 24Oct 25Sept 26Cash raise · 24 Aug 2026Cash raise · 29 Jan 2026Cash raise · 8 Aug 2025Cash raise · 11 Apr 2025379.9M

Cash runway

Not a quarterly cash filer. This company does not lodge Appendix 4C/5B quarterly cash reports, so cash runway does not apply.

Issuance timeline

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

DateFormSecurityOn issue, per this filingSource
31 Aug 20262A · quoted issueBNZ : CHESS DEPOSITARY INTERESTS 1:1332.4MAppendix 2A
30 June 20262A · quoted issueBNZ : CHESS DEPOSITARY INTERESTS 1:1290.7MAppendix 2A
6 May 20263G · unquotedBNZ : CHESS DEPOSITARY INTERESTS 1:1285.5MAppendix 3G
10 Mar 20262A · quoted issueBNZ : CHESS DEPOSITARY INTERESTS 1:1285.6MAppendix 2A
26 Feb 20262A · quoted issueBNZ : CHESS DEPOSITARY INTERESTS 1:1278.8MAppendix 2A

Each filing states the count for the security it names, as at its own reference date and in the units of that filing — so the newest row (332.4M) need not equal the current count above (379.9M).

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21 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 5.4 monthsaverage gap between raises
0.6 monthssince the most recent
1 Nov 2024 – 24 Aug 2026first to most recent in this window
$150.0M
Placement
24 Aug 2026 COMPLETE
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9 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.

125k of option supply could convert within 12 months — 0.0% of shares on issue
125k 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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1 dated event 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

2.1%
Options & rights overhang · of current shares
—
In-the-money supply · most strikes not on record
7.9M
Potential new shares
Aug 2027
Nearest expiry
What this supply is, and what converts it
  • Price-triggered125k · 0.0% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered7.8M · 2.0% 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: 125k priced (of which 125k in the money), 7.8M 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
3.9M7.9M$4.16 now0.25× today ($1.04) — 125k of the priced supply in the money, 0.0% of shares on issue0.5× today ($2.08) — 125k of the priced supply in the money, 0.0% of shares on issue0.75× today ($3.12) — 125k of the priced supply in the money, 0.0% of shares on issue1× today ($4.16) — 125k of the priced supply in the money, 0.0% of shares on issue1.25× today ($5.20) — 125k of the priced supply in the money, 0.0% of shares on issue1.5× today ($6.24) — 125k of the priced supply in the money, 0.0% of shares on issue2× today ($8.32) — 125k of the priced supply in the money, 0.0% of shares on issue3× today ($12.48) — 125k of the priced supply in the money, 0.0% of shares on issue5× today ($20.80) — 125k of the priced supply in the money, 0.0% of shares on issue10× today ($41.60) — 125k of the priced supply in the money, 0.0% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

An exercise price is on record for only 1.6% of this supply, so what is in the money today is not a measurement — the tile above reads “—” for that reason. Of the priced supply, 125k is in the money at $4.16 today. 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.
  • 7.8M (98.4% 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
BNZAGOptionsPrice-triggered$0.2731 Aug 2027125kFiling
BNZAVPerformance rightsCondition-triggered——7.8MFiling 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.

6 classes ceased in the last 12 months and are 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.
  • BNZAPPrice-triggered1.5M securities → 030 June 2026 Appendix 2A
  • BNZAQPrice-triggered2.5M securities → 030 June 2026 Appendix 2A
  • BNZARPrice-triggered2.0M securities → 030 June 2026 Appendix 2A
  • BNZATPrice-triggered4.0M securities → 010 Mar 2026 Appendix 2A
  • BNZAUPrice-triggered4.0M securities → 010 Mar 2026 Appendix 2A
  • BNZASPrice-triggered2.0M securities → 026 Feb 2026 Appendix 2A
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2 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
3 Feb 2026Nicholas JollyBuy on-market65k———3Y notice
30 Jan 2026Nicholas JollyBuy on-market65k———3Y notice
22 Dec 2025Nicholas JollyBuy on-market15k———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

2 Sept 2026Statement of CDIs on issue - BNZ
31 Aug 2026Appendix 4G - Key to Corporate Governance Disclosures
31 Aug 2026Annual Report
31 Aug 2026Change in substantial holding from RMS
31 Aug 2026Cleansing Notice
31 Aug 2026Application for quotation of securities - BNZ
23 Aug 2026Proposed issue of securities - BNZ
23 Aug 2026$P$150M PLACEMENT TO ACCELERATE GLENBURGH MAIDEN RESOURCE
17 Aug 2026Results of Meeting
5 Aug 2026Statement of CDIs on issue - BNZ
3 Aug 2026Benz Mining Investor Presentation - Diggers & Dealers 2026
2 Aug 2026$PHigh Grade Gold Multiplies at Icon as New Hinge Zones Emerge
29 July 2026Annual Financial Statements and MD&A for FYE 30 April 2026
21 July 2026Notice of Special Meeting/Proxy Form
5 July 2026Statement of CDIs on issue - BNZ
30 June 2026Cleansing Notice
30 June 2026Application for quotation of securities - BNZ
29 June 2026$PHurricane Camp Expands as Thick High-Grade Gold Confirmed
28 June 2026$PMultiple Thick High-Grade Hits Validate and Grow Icon Camp
24 June 2026Benz Mining Investor Presentation - Glenburgh Update

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