Companies / COB

COBALT BLUE HOLDINGS LIMITED

ASX:COBMaterials
587.5M shares on issueASX (delayed) · snapshot 11 Sept 2026720.4M fully diluted+22.6% if every option and right converts$0.069price · delayed$40.5Mmarket cap · indicative

Today’s holders own 81.5% of what they think they own, once every option and right converts.

High
Dilution risk

Runway 2–4 quarters; share count grew 39% in 24 months; 3 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway2.6 quarters of funding
Share-count growth (24m)39.2%
Raise cadence (24m)3 cash raises
Options & rights overhang22.6% of shares
In-the-money supply0.0% of shares
Pending proposed issuesnone

COBALT BLUE HOLDINGS LIMITED's ordinary share count grew 39.2% between July 2024 and April 2026, reaching 587M shares. In the past 24 months, the company completed three capital raises totalling A$8.4M, with the most recent being a A$5.3M placement in December 2025. Options and rights on issue could convert into 133M new shares, representing 22.6% of the current share count; none of these options are currently in the money, and the nearest expiry is April 2027. As of the June 2026 quarter, the company reported A$3.3M in available cash, which covers approximately 2.6 quarters of operations. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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22.6%
Options & rights overhang
0.0%
In-the-money supply
1
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. Latest count 587.5M per ASX (delayed) (snapshot 11 Sept 2026).
450M500M550M600MDec 24Oct 25Sept 26Cash raise · 3 Dec 2025Cash raise · 9 Sept 2025587.5M

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.
$3.3M 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: $4.3M cash at quarter end (item 4.6), 3.5 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
15 July 20263H · cancellationCOB : ORDINARY FULLY PAID587.5MAppendix 3H
29 Apr 20262A · quoted issueCOB : ORDINARY FULLY PAID587.5MAppendix 2A
12 Feb 20263G · unquotedCOB : ORDINARY FULLY PAID583.9MAppendix 3G
15 Jan 20262A · quoted issueCOB : ORDINARY FULLY PAID583.9MAppendix 2A
15 Dec 20252A · quoted issueCOB : ORDINARY FULLY PAID577.0MAppendix 2A
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35 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

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

every 6.3 monthsaverage gap between raises
9.3 monthssince the most recent
15 Nov 2024 – 3 Dec 2025first to most recent in this window
$5.3M
Placement
3 Dec 2025
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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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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 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. The company has also placed under the additional 10% (Listing Rule 7.1A), which is not counted in this figure.
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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

22.6%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
132.9M
Potential new shares
Apr 2027
Nearest expiry
What this supply is, and what converts it
  • Price-triggered127.6M · 21.7% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered5.3M · 0.9% 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: 127.6M priced, 5.3M 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
66.5M132.9M$0.069 now0.25× today ($0.017) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.035) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.052) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.069) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.086) — 20.7M of the priced supply in the money, 3.5% of shares on issue1.5× today ($0.104) — 20.7M of the priced supply in the money, 3.5% of shares on issue2× today ($0.138) — 85.8M of the priced supply in the money, 14.6% of shares on issue3× today ($0.207) — 127.6M of the priced supply in the money, 21.7% of shares on issue5× today ($0.345) — 127.6M of the priced supply in the money, 21.7% of shares on issue10× today ($0.690) — 127.6M of the priced supply in the money, 21.7% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.069 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 20.7M (3.5% 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.
  • 5.3M (4.0% 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
COBATOptionsPrice-triggered$0.2023 Apr 202741.8MFiling
COBAVPerformance rightsCondition-triggered—1 July 20275.3MFiling Meeting
COBAYOptionsPrice-triggered$0.1215 Dec 202765.1MFiling
COBAWOptionsPrice-triggered$0.08018 Sept 202811.1MFiling
COBAXOptionsPrice-triggered$0.08024 Sept 20289.6MFiling

“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.

1 class ceased in the last 12 months and is 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.
  • COBAQCondition-triggered1.6M securities → 015 July 2026 Appendix 2A
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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 July 2026Andrew TongOther incentive8.8M205k2.2M—3Y notice
10 July 2026Joe KaderavekOther incentive5.9M—3.9M—3Y notice
15 Dec 2025Andrew TongOther incentive2.4M205k2.2M$120k3Y 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

24 Aug 2026Corporate Presentation - AMEC & RIU Resources Roadshow
3 Aug 2026Resignation of Joint Company Secretary
31 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
15 July 2026$PCobalt Blue Advances Halls Creek Metallurgical Sampling
15 July 2026Change of Director's Interest Notice x2
15 July 2026Notification of cessation of securities - COB
25 June 2026Clarification-Cobalt Blue & Glomar Progress Project Infinity
15 June 2026$PCobalt Blue and Glomar Minerals Progressing Project Infinity
29 Apr 2026Issue of Shares and Cleansing Notice
29 Apr 2026Application for quotation of securities - COB
29 Apr 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
28 Apr 2026Proposed issue of securities - COB
16 Apr 2026Corporate Presentation - Austmine CEO Leadership Luncheon
29 Mar 2026Investor Webinar 1 April 2026
29 Mar 2026$PConsortium to Unlock Critical Minerals from Nodules
6 Mar 2026Half Year Accounts - December 2025
3 Mar 2026$PRefinery advancing toward FID - pCAM specification confirmed
12 Feb 2026Notification regarding unquoted securities - COB
6 Feb 2026Results of Meeting - Extraordinary General Meeting
29 Jan 2026$PQuarterly Activities/Appendix 5B Cash Flow Report

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