Companies / BTM

BREAKTHROUGH MINERALS LIMITED

ASX:BTMEnergy
194.9M shares on issueASX (delayed) · snapshot 11 Sept 2026238.2M fully diluted+22.2% if every option and right converts$0.13price · delayed$24.4Mmarket cap · indicative

Today’s holders own 81.8% of what they think they own, once every option and right converts.

High
Dilution riskprovisional — limited history

Share count grew 369% in 24 months; runway 2–4 quarters; 4 cash raises in 24 months; since relisting as BTM; prior history under IEC not included

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway2.6 quarters of funding
Share-count growth (24m)368.8%since relisting as BTM; prior history under IEC not included
Raise cadence (24m)4 cash raisessince relisting as BTM; prior history under IEC not included
Options & rights overhang22.2% of shares
In-the-money supply2.7% of shares
Pending proposed issuesnone

BREAKTHROUGH MINERALS LIMITED's ordinary share count grew 368.8% between December 2024 and July 2026, to 195M shares. The company undertook four capital raises in this period, totalling A$15.0M, with the most recent being a A$5.2M placement in April 2026. Options and rights on issue could convert into 43M new shares, representing 22.2% of the current share count, with 3% in the money. The nearest expiry for these options is December 2027. As of the June 2026 quarter, the company held A$4.2M in cash, sufficient for approximately 2.6 quarters of operations. There are no pending proposed issues. All figures reflect disclosures since the company's rename from IEC in December 2024.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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22.2%
Options & rights overhang
2.7%
In-the-money supply · most strikes not on record
2
Raises · last 12 months
2.6 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. Shown since relisting as BTM (16 Dec 2024); prior history under IEC is not included. Latest count 194.9M per ASX (delayed) (snapshot 11 Sept 2026).
50M100M150M200MDec 24Oct 25Sept 26Cash raise · 29 Apr 2026Cash raise · 30 Oct 2025Cash raise · 10 June 2025Cash raise · 17 Feb 2025194.9M

Cash runway

2.6 qtrs
Two to four quarters of funding at the recent spend rate.
Funds operations to about Feb 2027 at the reported spend rate.
$4.2M 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: $5.6M cash at quarter end (item 4.6), 3.4 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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7 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
29 July 20262A · quoted issueBTM : ORDINARY FULLY PAID194.9MAppendix 2A
29 July 20263G · unquotedBTM : ORDINARY FULLY PAID194.0MAppendix 3G
11 May 20263G · unquotedBTM : ORDINARY FULLY PAID164.6MAppendix 3G
11 May 20262A · quoted issueBTM : ORDINARY FULLY PAID194.0MAppendix 2A
25 Mar 20262A · quoted issueBTM : ORDINARY FULLY PAID164.6MAppendix 2A
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22 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

4 cash raises in the last 24 months · 2 in the last 12 months · counted since relisting as BTM (16 Dec 2024); prior history under IEC is not included

every 4.8 monthsaverage gap between raises
4.5 monthssince the most recent
17 Feb 2025 – 29 Apr 2026first to most recent in this window
$5.2M
Placement
29 Apr 2026 COMPLETE
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5 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.

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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 only Appendix 3B in the window claiming the 15% capacity states more than the whole allowance, so it cannot be counted.
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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

22.2%
Options & rights overhang · of current shares
2.7%
In-the-money supply · most strikes not on record
43.3M
Potential new shares
Dec 2027
Nearest expiry
What this supply is, and what converts it
  • Price-triggered12.3M · 6.3% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered31.1M · 15.9% 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: 12.3M priced (of which 5.3M in the money), 31.1M 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
21.7M43.3M$0.13 now0.25× today ($0.03) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.06) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.09) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.13) — 5.3M of the priced supply in the money, 2.7% of shares on issue1.25× today ($0.16) — 5.3M of the priced supply in the money, 2.7% of shares on issue1.5× today ($0.19) — 5.3M of the priced supply in the money, 2.7% of shares on issue2× today ($0.25) — 10.3M of the priced supply in the money, 5.3% of shares on issue3× today ($0.38) — 12.3M of the priced supply in the money, 6.3% of shares on issue5× today ($0.63) — 12.3M of the priced supply in the money, 6.3% of shares on issue10× today ($1.25) — 12.3M of the priced supply in the money, 6.3% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.13 today, 5.3M securities are in the money (2.7% of shares on issue) — a floor, because an exercise price is on record for only 28.3% of this supply. At double today’s price it is 10.3M (5.3% 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.
  • 31.1M (71.7% 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
BTMAXOptionsPrice-triggered$0.1019 Dec 20274.3MFiling
BTMAEOptionsPrice-triggered$0.3512 May 20282.0MFiling
BTMAAOptionsPrice-triggered$0.1011 June 20281.0MFiling
BTMADOptionsPrice-triggered$0.2310 Mar 20295.0MFiling
—Performance rightsCondition-triggered—30 July 20318.3MFiling Meeting
BTMACPerformance rightsCondition-triggered——22.8MFiling

“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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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
30 July 2026Graeme RobertsonBuy placement588k301k750k$100k3Y notice
30 July 2026Nigel BroomhamBuy placement176k—8.3M$30k3Y notice
30 July 2026Will DixBuy placement118k—750k$20k3Y notice
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10 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

31 Aug 2026$PHigh-Grade Copper-Gold Extends Turpentine Mineralisation
5 Aug 2026$PHigh-Grade Copper-Gold Results Confirm Turpentine Extension
29 July 2026Cleansing Notice
29 July 2026Change of Director's Interest Notice x3
29 July 2026Notification regarding unquoted securities - BTM
29 July 2026Application for quotation of securities - BTM
28 July 2026Results of Meeting
23 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
7 July 2026$PDrilling Commences at Turpentine Copper-Gold Deposit
30 June 2026Appointment of Joint Company Secretary
25 June 2026Notice of General Meeting/Proxy Form
3 June 2026$PHigh-Grade Copper in Barbara Confirms Growth Potential
12 May 2026Becoming a substantial holder
12 May 2026Becoming a substantial holder
11 May 2026Application for quotation of securities - BTM
11 May 2026Notification regarding unquoted securities - BTM
11 May 2026Cleansing Notice
4 May 2026RIU Sydney 2026 - Corporate Presentation
3 May 2026Proposed issue of securities - BTM
3 May 2026Proposed issue of securities - BTM

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