Companies / CMD

CASSIUS MINING LIMITED

ASX:CMDMaterials
874.7M shares on issueAppendix 2A · as of 10 Sept 20261.03B fully diluted+18.0% if every option and right converts$0.017price · delayed$14.8Mmarket cap · indicative

Today’s holders own 84.8% of what they think they own, once every option and right converts.

Very high
Dilution risk

Runway under 2 quarters; share count grew 61% in 24 months; 5 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway0.8 quarters of funding
Share-count growth (24m)61.4%
Raise cadence (24m)5 cash raises
Options & rights overhang18.0% of shares
In-the-money supplyno data — an exercise price is on record for a minority of the supply
Pending proposed issuesnone

CASSIUS MINING LIMITED's ordinary share count grew 61.4% between February 2024 and September 2026, reaching 875M shares. The company completed five capital raises in the past 24 months, totalling A$9.7M, with the most recent being a A$2.0M placement in August 2026. Options and rights on issue could convert into 157M new shares, representing 18.0% of the current share count, with the nearest expiry in November 2026. As of the June 2026 quarter, the company reported A$2.3M in available cash, sufficient for approximately 0.8 quarters of operation. There are no proposed securities issues pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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18.0%
Options & rights overhang
In-the-money supply · most strikes not on record
3
Raises · last 12 months
0.8 qtrs
Cash cover · under 2 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 874.7M per Appendix 2A (filed 10 Sept 2026).
600M700M800MDec 24Oct 25Sept 26Cash raise · 5 Aug 2026Cash raise · 7 Apr 2026Cash raise · 12 Dec 2025Cash raise · 9 Apr 2025Cash raise · 8 Jan 2025

Cash runway

0.8 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
The latest quarterly report funded operations to about Aug 2026 — that date has passed, and no later report is on record.
$2.3M 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: $2.7M cash at quarter end (item 4.6), 0.9 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 issueCMD : ORDINARY FULLY PAID874.7MAppendix 2A
8 Sept 20262A · quoted issueCMD : ORDINARY FULLY PAID867.7MAppendix 2A
8 Sept 20262A · quoted issueCMD : ORDINARY FULLY PAID860.1MAppendix 2A
31 Aug 20262A · quoted issueCMD : ORDINARY FULLY PAID860.1MAppendix 2A
31 Aug 20262A · quoted issueCMD : ORDINARY FULLY PAID856.8MAppendix 2A
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30 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 · 3 in the last 12 months

every 4.7 monthsaverage gap between raises
1.2 monthssince the most recent
8 Jan 20255 Aug 2026first to most recent in this window
$2.0M
Placement
5 Aug 2026 COMPLETE
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6 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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4 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.

About 13% of the 15% placement capacity left — about 87% 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

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

18.0%
Options & rights overhang · of current shares
In-the-money supply · most strikes not on record
157.1M
Potential new shares
Nov 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered152.8M · 17.5% of shares
    Options and warrants — they convert when the share price clears their exercise price.
    At least 93.4M of it states no exercise price — that much cannot be called in or out of the money.
  • Converts on terms4.4M · 0.5% 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: 59.4M priced, 97.8M 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
78.6M157.1M$0.017 now0.25× today ($0.004) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.009) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.013) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.017) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.021) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.026) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.034) — 45.4M of the priced supply in the money, 5.2% of shares on issue3× today ($0.051) — 45.4M of the priced supply in the money, 5.2% of shares on issue5× today ($0.085) — 59.4M of the priced supply in the money, 6.8% of shares on issue10× today ($0.170) — 59.4M of the priced supply in the money, 6.8% of shares on issue0.25×0.5×0.75×now1.25×1.5×10×

An exercise price is on record for only 37.8% 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, 0 is in the money at $0.017 today. At double today’s price it is 45.4M (5.2% 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.
  • 97.8M (62.2% 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
CMDAAAOptionsPrice-triggered$0.06030 Nov 20269.0MFiling
CMDABOptionsPrice-triggered$0.0805 Feb 20275.0MFiling
CMDOOptionsPrice-triggered8 June 202993.4MFiling
CMDACOptionsPrice-triggered$0.0308 June 202945.4MFiling
CMDAABNotesConverts on terms4.4MFiling

“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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5 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
10 Aug 2026David ChidlowOther35.0M3.0M203Y notice
25 June 2026David ChidlowOther4.4M3Y notice
25 June 2026James ArkoudisOther2.8M3Y notice
25 June 2026Wayne KernaghanOther3.0M3Y 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

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