Companies / CDR

CODRUS MINERALS LIMITED

ASX:CDRMaterials
258.4M shares on issueASX (delayed) · snapshot 11 Sept 2026278.8M fully diluted+7.9% if every option and right converts$0.048price · delayed$12.4Mmarket cap · indicative

Today’s holders own 92.7% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 66% in 24 months; 2 cash raises in 24 months; options/rights overhang 8% of shares

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway12.7 quarters of funding
Share-count growth (24m)66.4%
Raise cadence (24m)2 cash raises
Options & rights overhang7.9% of shares
In-the-money supply0.0% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

CODRUS MINERALS LIMITED's ordinary share count grew 66.4% between May 2024 and August 2026, reaching 258M shares. Over the past 24 months, the company completed two capital raises totalling A$3.7M, with the most recent being a A$2.5M placement and acquisition in August 2026. Options and rights on issue represent potential new shares equal to 7.9% of the current count, with the nearest expiry in December 2026 and none currently in the money. As of June 2026, the company held A$2.5M in cash, providing cover for 12.7 quarters. Three proposed securities issues are pending, with the nearest proposed date in October 2026.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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7.9%
Options & rights overhang
0.0%
In-the-money supply
1
Raises · last 12 months
12.7 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 258.4M per ASX (delayed) (snapshot 11 Sept 2026).
175M200M225M250MDec 24Oct 25Sept 26Cash raise · 3 Aug 2026Cash raise · 14 May 2025258.4M

Cash runway

12.7 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.
$2.5M 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: $198k cash at quarter end (item 4.6), 1.0 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
12 Aug 20263H · cancellationCDR : ORDINARY FULLY PAID206.7MAppendix 3H
12 Aug 20262A · quoted issueCDR : ORDINARY FULLY PAID258.4MAppendix 2A
1 Oct 20253G · unquotedCDR : ORDINARY FULLY PAID206.7MAppendix 3G
25 July 20253G · unquotedCDR : ORDINARY FULLY PAID206.7MAppendix 3G
13 June 20253G · unquotedCDR : ORDINARY FULLY PAID206.7MAppendix 3G
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13 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

2 cash raises in the last 24 months · 1 in the last 12 months

every 14.7 monthsaverage gap between raises
1.3 monthssince the most recent
14 May 2025 – 3 Aug 2026first to most recent in this window
$2.5M
Placement and Acquisition
3 Aug 2026 ACTIVE
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2 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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7 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.

Under 1% of the 15% placement capacity left — about 99% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). The company has also placed under the additional 10% (Listing Rule 7.1A), which is not counted in this figure. Holder-approved issues and any later ratification are not deducted, so the true headroom can 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

3 proposed issues pending — Appendix 3B lodged, securities not yet issued. New shares from these issues are not in the counts above until quoted.
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3 pending issues on record — Pending issue detail
Size, price, fees, broker and placement-capacity usage for each pending issue.
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Options & convertible securities

7.9%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
20.4M
Potential new shares
Dec 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered17.7M · 6.8% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered2.7M · 1.0% 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: 17.7M priced, 2.7M 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
10.2M20.4M$0.048 now0.25× today ($0.012) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.024) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.036) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.048) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.060) — 17.7M of the priced supply in the money, 6.8% of shares on issue1.5× today ($0.072) — 17.7M of the priced supply in the money, 6.8% of shares on issue2× today ($0.096) — 17.7M of the priced supply in the money, 6.8% of shares on issue3× today ($0.144) — 17.7M of the priced supply in the money, 6.8% of shares on issue5× today ($0.240) — 17.7M of the priced supply in the money, 6.8% of shares on issue10× today ($0.480) — 17.7M of the priced supply in the money, 6.8% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.048 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 17.7M (6.8% 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.
  • 2.7M (13.2% 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
CDRAFPerformance rightsCondition-triggered—3 Dec 20262.7MFiling Meeting
CDRAIOptionsPrice-triggered$0.05031 May 20283.7MFiling
CDRAJOptionsPrice-triggered$0.05025 July 20284.0MFiling
CDRAKOptionsPrice-triggered$0.05030 Sept 202810.0MFiling

“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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4 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
25 July 2025Greg BandyOther—3.0M——3Y notice
25 July 2025Jamie ByrdeOther754k500k——3Y notice
25 July 2025Keith CoughlanOther—500k——3Y notice
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3 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

4 Sept 2026Annual Report to shareholders
4 Sept 2026Appendix 4G and Corporate Governance Statement
25 Aug 2026Notice of General Meeting/Proxy Form/Notice of Access
14 Aug 2026Ceasing to be a substantial holder
12 Aug 2026Cleansing Notice
12 Aug 2026Application for quotation of securities - CDR
12 Aug 2026Notification of cessation of securities - CDR
3 Aug 2026$PReinstatement to Quotation
3 Aug 2026Proposed issue of securities - CDR
3 Aug 2026Proposed issue of securities - CDR
3 Aug 2026Proposed issue of securities - CDR
3 Aug 2026$PCodrus Acquires New Assets
31 July 2026$PSuspension from Quotation
30 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
28 July 2026$PTrading Halt
29 Apr 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
6 Mar 2026Half Year Accounts - 31 December 2025
4 Mar 2026High-grade Molybdenum up to 4.2% at Bull Run
13 Feb 2026$PResponse to ASX Price Query
13 Feb 2026$PTrading Halt

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