Companies / CEL

CHALLENGER GOLD LIMITED

ASX:CELMaterials
171.1M shares on issueAppendix 2A · as of 10 Sept 2026211.2M fully diluted+23.5% if every option and right converts$2.05price · delayed$349.0Mmarket cap · indicative

Today’s holders own 81.0% of what they think they own, once every option and right converts.

High
Dilution risk

Share count grew 144% in 24 months; runway 2–4 quarters; 5 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway2.8 quarters of funding
Share-count growth (24m)143.9%
Raise cadence (24m)5 cash raises
Options & rights overhang23.5% of shares
In-the-money supply0.1% of shares
Pending proposed issuesnone

CHALLENGER GOLD LIMITED underwent an approximately 1-for-20 share consolidation in July 2026. Following this, its ordinary share count grew 143.9% between July 2024 and September 2026, to a consolidated 171M shares. The company raised capital five times in the past 24 months for total disclosed proceeds of A$170.8M, with the most recent being an A$84.9M placement in May 2026. Options on issue could convert into 40M new shares, representing 23.5% of the current share count, with none currently in the money; the nearest expiry is January 2027. At the June 2026 quarter the company reported A$63.5M in available cash, sufficient for approximately 2.8 quarters of funding. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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23.5%
Options & rights overhang
0.1%
In-the-money supply
2
Raises · last 12 months
2.8 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. Adjusted for the 1-for-20 consolidation (27 July 2026). Latest count 171.1M per Appendix 2A (filed 10 Sept 2026).
75M100M125M150M175MDec 24Oct 25Sept 261-for-20 consolidationCash raise · 18 May 2026Cash raise · 22 Oct 2025Cash raise · 30 May 2025Cash raise · 7 Jan 2025

Cash runway

2.8 qtrs
Two to four quarters of funding at the recent spend rate.
Funds operations to about Feb 2027 at the reported spend rate.
$63.2M 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: $20.0M cash at quarter end (item 4.6), 1.4 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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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
10 Sept 20262A · quoted issueCEL : ORDINARY FULLY PAID171.1MAppendix 2A
10 Sept 20263G · unquotedORDINARY FULLY PAID170.2MAppendix 3G
6 Aug 20262A · quoted issueCEL : ORDINARY FULLY PAID147.7MAppendix 2A
6 Aug 20262A · quoted issueCEL : ORDINARY FULLY PAID134.4MAppendix 2A
6 Aug 20263G · unquotedORDINARY FULLY PAID121.9MAppendix 3G
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67 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 4.9 monthsaverage gap between raises
3.8 monthssince the most recent
26 Sept 2024 – 18 May 2026first to most recent in this window
$84.9M
Placement
18 May 2026 COMPLETE
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8 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.

100k of option supply could convert within 12 months — 0.1% of shares on issue
100k 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 — a share consolidation inside the last 12 months puts the filings and the share count in different units.
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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

23.5%
Options & rights overhang · of current shares
0.1%
In-the-money supply · at current price
40.1M
Potential new shares
Jan 2027
Nearest expiry
What this supply is, and what converts it
  • Price-triggered39.1M · 22.9% of shares
    Options and warrants — they convert when the share price clears their exercise price.
    At least 7.4M of it states no exercise price — that much cannot be called in or out of the money.
  • Condition-triggered1.0M · 0.6% of shares
    Performance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.
  • Converts on terms1 · 0.0% of shares
    Convertibles with no exercise price — they convert on their own terms, so they are shares in all but name.

Exercise price on record: 31.7M priced (of which 100k in the money), 8.4M 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
20.1M40.1M$2.05 now0.25× today ($0.51) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($1.02) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($1.54) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($2.05) — 100k of the priced supply in the money, 0.1% of shares on issue1.25× today ($2.56) — 12.6M of the priced supply in the money, 7.4% of shares on issue1.5× today ($3.07) — 12.6M of the priced supply in the money, 7.4% of shares on issue2× today ($4.10) — 31.7M of the priced supply in the money, 18.5% of shares on issue3× today ($6.15) — 31.7M of the priced supply in the money, 18.5% of shares on issue5× today ($10.25) — 31.7M of the priced supply in the money, 18.5% of shares on issue10× today ($20.50) — 31.7M of the priced supply in the money, 18.5% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $2.05 today, 100k securities are in the money (0.1% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 12.6M (7.4% 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.
  • 8.4M (21.0% 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
CELAWOptionsPrice-triggered—6 Jan 20277.4MFiling
CELAHOptionsPrice-triggered$2.0030 June 2027100kFiling
CELAXOptionsPrice-triggered$2.4025 Aug 202812.5MFiling
CELAYOptionsPrice-triggered$3.902 Nov 20281.0MFiling
CELAZOptionsPrice-triggered$3.1230 June 202918.1MFiling
CELAU—Converts on terms——1Filing
CELAFPerformance rightsCondition-triggered——1.0MFiling 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.

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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
6 Aug 2026Brett HackettOther79k—50k$115k3Y notice
6 Aug 2026Carolina ZangOther7k——$22k3Y notice
6 Aug 2026Mr Eduardo Sergio ElsztainOther placement5.0M1.1M13k$1.1M3Y notice
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13 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

11 Sept 2026Half Year Accounts 30 June 2026
10 Sept 2026Section 708A Notice
10 Sept 2026Notification regarding unquoted securities - CEL
10 Sept 2026Application for quotation of securities - CEL
9 Sept 2026Investor Webinar
9 Sept 2026$PHualilan Roadmap Targets Production by Early 2029
12 Aug 2026$PChallenger Gold Sharpens Hualilan Development Pathway
11 Aug 2026Change of Director's Interest Notice x 3
11 Aug 2026Change in substantial holding
10 Aug 2026Change in substantial holding
10 Aug 2026Change in substantial holding
10 Aug 2026Becoming a substantial holder
6 Aug 2026Initial Director's Interest Notice
6 Aug 2026Final Director's Interest Notice
6 Aug 2026Section 708A Notice
6 Aug 2026Update - Notification regarding unquoted securities - CEL
6 Aug 2026Application for quotation of securities - CEL
6 Aug 2026Application for quotation of securities - CEL
6 Aug 2026Application for quotation of securities - CEL
6 Aug 2026Application for quotation of securities - CEL

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